Just as a reminder... At this stage, we should have submitted the application for the EL to the Minister. Final approval regarding the EL is expected imminently. I would expect momentum to build in anticipation
"Timing: With the Lunar New Year lockdown now over, we are looking to complete all the necessary steps and to submit our application for the Exploitation License to the Minister by the end of Q1. The Company will endeavor for this to be submitted as soon as possible but given the slow progress we have seen in the process to date, this is an aggressive target and slippage into Q2 may occur, although it will not be for want of trying on the Company's part."
I'm not as concerned with the EL coming through, the key element in my mind is the 'when'. The company have clearly stated that they can run on fumes until the end of Q2 2021 (within the next 3 months). What happens if funds run out before the EL is granted? I'm holding but accept that there is a legitimate risk here, one that I'm willing to take but others may not have an appetite for. Placing at these levels pre EL approval wont go down too well unfortunately. Just my thoughts... GLA
Hadron Capital LLP offloaded 0.82% of their holdings which equates to approx. 115.166m shares (resulting Total number of voting rights 14,044,746,472 x 0.82%)... If you add up the *sells* that went through after hours you end up with 117.5m.
That would likely explain the volumes we saw out of hours. If not, I'm sure someone on the board will keep me honest...
16-Mar-21 17:31:51 0.378 10,000,000 Sell* 0.38 0.39 37.80k
16-Mar-21 17:31:50 0.366 7,500,000 Sell* 0.38 0.39 27.45k O
16-Mar-21 17:31:50 0.372 10,000,000 Sell* 0.38 0.39 37.20k O
16-Mar-21 17:31:50 0.375 10,000,000 Sell* 0.38 0.39 37.50k O
16-Mar-21 17:31:51 0.382 10,000,000 Sell* 0.38 0.39 38.20k
16-Mar-21 17:31:50 0.372 10,000,000 Sell* 0.38 0.39 37.20k O
16-Mar-21 17:31:51 0.378 22,500,000 Sell* 0.38 0.39 85.05k
16-Mar-21 17:31:51 0.355 10,000,000 Sell* 0.38 0.39 35.50k O
16-Mar-21 17:31:44 0.38 27,500,000 Sell* 0.38 0.39 104.50k
Agree with Bladderman, there is still an element of risk which doesn't whet the appetite of all our institutional friends. That being said with the likes of HSBC dipping their toes in at early stages show a vote of confidence. Once the ink has dried and the deal is officially complete, I would expect to see significant large trades coming through as the true value of the company is realised. Only a matter of time now, hopefully sooner rather than later.
A lot of unnecessary hostility here, ultimately none of which makes a difference to what will unfold in the coming days/weeks. It pointless to make assumptions at this stage and until that red dot appears and an RNS is released, its all negligible. What we do know is the deal is in the process of completion and we will know more when the time is right. In the meantime all we can do is sit back and enjoy the show.
Looking forward to the next series of news releases and what's to come in the immanent future. Wish you all the best of luck!
Arthur Millholland, President and CEO, commented: "We are on track too close the Atomic acquisition on March 15..."
"On March 15th" meaning the acquisition should be closed today. News most likely to drop tomorrow IMO. Hoping for another blue day in anticipation while we await the final confirmation. GLA
Buys have been flooding in since this morning, astonishing that they have managed to hold it at these levels but the spread is tight and it's only a matter of time... 0.3750 paid now, should move soon hopefully.
What's L2 looking like atm? Thanks in advance and ATB
Dozzawba - Thank you for sharing. Admittedly my confidence with MATD has recently taken a bit of a hit primarily due to radio silence. My concern isn't with the fundamentals or potential but more the short-term requirement for funds. Appreciate we have enough funds to keep the lights on until June but as each day passes, we face another day of uncertainty.
That good news RNS is needed now more than ever... Hoping we receive it before the close of Q1 2021! GLA
The next resistance point is at 0.3863 followed by 0.4216. I think the next hurdle might be challenging to cross but then again with the current momentum, it would also be quite plausible. This is all pre RNS as well... GLA
The final resistance point is 0.33367 and that has been tested twice over the past 7 days. Based on the current and expected newsflow, I am fairly confident it will break past that by the end of this week. Seeing some consolidation at this level before the next push which is expected at these levels IMO.
I was fortunate enough to buy just before close of play yesterday and looking forward to the coming days/weeks/months. GLA
CaptainStaley isn't far off with regards to drilling, we will most likely have to wait until early June until we can start drilling appraisals for Heron (Heron 2, 3, 4 etc...). As for Heron 1, oil extraction can be initiated at any time of the year and is not subject to weather conditions.
As for Heron 1 flow test results... I believe they have been with us for a while now and can be found on the following RNS
Results of testing at Heron-1 - https://www.lse.co.uk/rns/MATD/results-of-testing-at-heron-1-r3vjzz41t827mnx.html
Which have also been somewhat revised since then...
Operational Update - https://www.lse.co.uk/rns/MATD/operational-update-gfibfo9mhp20u0j.html
Following the EL, I'm expecting to see the flowing:
- Plan to 'turn on the taps' for Heron 1
- 2021 drilling plan (I'm forecasting the next program to be focused on Heron appraisals)
- Funding update (I'm confident there are a number of variable options available once the above has been ticked off)
If we receive the EL within Q1 2021, that will put us in a reasonably strong position to carry out the rest of the above this year.
BCInvest - There are a few additional variables to take into consideration. With regards to Heron 1, flow rates were in the region of 800 bopd (barrels of oil per day) without stimulation. The average flow rate can primarily be used to determine approximate time required to extract oil throughout the drills life cycle.
This will also give an approximate understanding of how much revenue Heron 1 will generate. Not sure what operating/extraction costs will be at this stage but based on the information at hand, it should be less than the average. Hope this helps... ATB
I wouldn’t disagree, it would be foolish to assume that the salary cut was solely an act of patriotism. Having the best interest of the company at heart, even for their own reasons, still means that we as investors will benefit. As for obtaining a license and ‘having something to raise money against and live to fight another day in 2021’… I welcome capital raising once we obtain the exploitation license, that too would most likely work to my benefit as an investor (depending on their proposed approach of course).
Ultimately, from my perspective, as long as they are doing anything within their capabilities to obtain the exploitation license, while they are protecting the interests of the company (which I believe they are) … The reason they are doing so becomes less relevant as the result/outcome will remain the same regardless.
One last thing, is anyone able to highlight an oil producer (or explorer) who is currently flourishing in the current market conditions? I haven’t come across any personally… I think MATD are holding their own quite well considering the current climate. All IMO of course…