We would love to hear your thoughts about our site and services, please take our survey here.
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…
Amidst the global pandemic and behaviors of the oil market, alongside items that are out of MATD’s control, the BOD has proven to be competent and dedicated to the cause IMO. Unfortunate as it is, in this case there isn’t anything different that I could imagine them doing to improve the situation.
I would be interested to see how many other AIM listed companies BOD have reduced their salaries by 50% in order to optimise costs and reduce the financial impact on the company. That alone communicates that they have the company’s interest at heart (for whatever reason) and speaks volume to me. Although I am not optimistic about the immediate future, I still believe the fundamentals here remain the same. The markets will recover, oil prices will follow and MATD will eventually have its moment. Until then, it’s a waiting game and I am holding onto my shares.
Finally, as far as I remember, its just a case of turning the on the taps at Heron 1 once we receive approval. Also, costs will be minimal to do so and finally, although drilling isn’t possible during the winter months, extracting oil still is (I’m sure someone here will keep me honest if I am mistaken) … Therefore, even if we cannot drill this year, a steady flow of oil to pay the bills and potentially accumulate a bit of excess change until next years drilling program is realistic, that is of course, if we are granted the exploitation license in the coming month(s). Either way, hope everyone is keeping well through these trying times and GLA!
Obelix - Thank for providing the link again, however, this reaffirms my initial statement. Exploration of Heron 1 was completed the date the RNS came out confirming the discovery. Article 25.1 states that the company have 90 days from that date to submit the application for exploitation (which MATD have already done).
I have not been able to find anything within the document, or elsewhere online, that defines a specific time frame which the government have to provide a response to the exploitation licence application.
In other words, based on Article 25.1 MATD had 90 days to submit the application, this has already been completed.
Obelix - If my memory serves me correctly, the 90 day requirement was for submission of the application for exploitation licence, once a discovery had been made. I do not believe it was for the Government to have provided a response. Although, I would be happy to be corrected :)
CaptainStanley - I try to avoid engaging in exchanges regarding the position of posters but from time to time, I allow myself to indulge.
At this stage, it has become apparent that the majority on investors on this board seem to have issues with your opinions. Based on observation, of course, it would seem that this is primarily due to the sudden change of tone since you sold out, alongside your 'vested interest' with promoting the potential negative aspects of MATD based on nothing but assumption and opinion when you are no longer invested here. As recent example (and one of many) is your post dated 24 Oct 2019 at 07:26am which is as follows:
"From such a low base I'm expecting a sharp rise to about half way to it's true worth. That'll be achieved over the next few days as people adjust to what Petro Matad has in Block XX alone. Cheap oil that flows well is hard to find nowadays in oil exploration. Stable, supportive government, excellent financial terms and light sweet oil with no water. A license to print money. May well need a fund raise, but it'll be small compared to what that money will be able to return to shareholders in oil revenue through 2020.
Work up Block XX would be my plan. Cheap and easy then when the company is FTSE 250 with steady income start to go after the big fish elsewhere. Bring it on"
The only aspects that have changed since then are:
1. You completely sold your holding
2. The SP has fallen while we await further news
With regards to some of the points raised in the above post:
1. "Cheap oil that flows well is hard to find nowadays in oil exploration. Stable, supportive government, excellent financial terms and light sweet oil with no water." - Still the case...
2. "Stable, supportive government, excellent financial terms and light sweet oil with no water" - Excellent point and still the case...
3. "May well need a fund raise, but it'll be small compared to what that money will be able to return to shareholders in oil revenue through 2020." - Once again, no change there and completely agree.
Once again, you are completely entitled to your own opinion and investment strategy, that is your prerogative and you are free to do as you please, however, do not expect others to not call you out on your apparent attempts to scaremonger and de-ramp. Nothing personal, just pointing out the facts and wish you the best in your investments.