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Yes, that leaves then with around £4 million in proper money and I would imagine there's about £2 million left over from the earlier placing after drilling costs.

I suppose it explains the strange pricing in the last 40 minutes of trading and should make for a very interesting day tomorrow.It was always a concern in the back of the mind if a farm in wasn't imminent and so that one has been put to bed. Gives us a lot of breathing space without further funding worries. Hopefully a rns first thing or shortly after.

520m shares plus another rounded up 137 million = 657 million shares in issue following the successful book build, which as someone has already commented, looks nailed on. Current MC around £65 million plus the £12.7 million = £77.7 million. £77.7 million divided by 657 million = 11.8p Done quickly but I believe correct.

The other interesting point is that they will happily take up to a maximun of 250,000 shares at that price.

I based the observation on dummy buys and sells. In fact it has been since the trade of 3000 at 15.52 .

Must be a glitch, for the past 5 minutes the sells are 12.725 and the buys are 12.7149 !

If we are switching from "mystic meg" mode to "concrete" statements, let's get the facts right. The pre spud price in June 2010 for DT1 was 43p.

"MATD has no fundamentals" is quite a strange thing to say. As Bladderman has pointed out they have circa $20 million in the bank and have important PSC's with the Mongolian Govt. Not so long ago a major O & G Co was prepared to pay over $32 million for a 78% share of two of their exploration blocks lV & V. On a 100% basis that represents around $41 million and of course does not include Block XX. I'd say that with all the work that has gone on since,the fundamentals are even stronger and more attractive to interested parties now. Add to that industry standard valuations for the upcoming drilling campaign and I'd say you are fundamentally wrong. But that is of course your prerogative.

Perhaps more relevant are those who timed the rise of 1p and the two buys of around 500,000 shares over the offer :)

I personally am not a fan of all this price forecasting either way and believe the board would be a better place without it. That said, I believe you are wrong about price comparisons with others. Everyone should be looking for companies that appear to be under valued and as well as industry recognised metrics for assessing the value of O & G companies, whether explorers, producers or a mix of both, peer comparison can be a useful aid, either way.

Petro China continued for about a week longer. Admittedly, you would need a good pair of mits. https://www.investegate.co.uk/petro-matad-ltd--matd-/rns/operational-update/201103110700057722C/

Within a few days it's normally around the beginning of December. Incidentally, when Mated were drilling the Davson Tolgoi, they were drilling to depths of circa 1800-1900 m in 17-18 days.

I believe it's worth highlighting the changed scheduling for Snow leopard and Wild Horse. In July 2017 the times were given as Snow Leopard 3150m and a duration of 50 days. This has subsequently changed to 70 days and 3350m. Wild Horse was 1850m, with a drilling time of 20 days which has now been revised to 35-40 days. One can put whatever spin one wants on the new figures but it rather looks to me as if the new team have written a fair degree of latitude into the new schedules. I can't wait to find out:)

"@ Bishand...or next year...weeks... months... years... they're all the same with Co. Just lose a quarter of the drill season now and run out of time this year if the rig breaks down...no visas...what a joke." It appears to have escaped your attention that there is a new management team in place. A team that has financed a 4 drill programme for 2018, which according to the latest rns was still on schedule to be completed this year. The new team thought it sensible to extend their 3D seismic coverage on the Tugrug Basin. The reasons were two fold, the complex geology and a request from potential farm in partners, who are reportedly happy with the results. In particular the new prospect Fox and its 200 MMbo possible resource. They only released the rns on the 12th April, so it's a little harsh to criticise the Company for being prudent or would you have preferred they had drilled Falcon without the benefit of the new seismic ?

Perhaps it's more appropriate to compare a MATD market cap of �105 million in early 2017 and an oil price at the time of $51 a barrel. I would suggest the Company is in a much better place today and beyond.

"I hope its not something silly like our potential jv partner is requesting 3D data rather going 2D and as a result , the drills will be delayed into 2019 and more fund-raise. Oops, did I just gave away a good excuse" That boat has already sailed. It was one of the reasons for the 3D seismic survey on the Tugrug Basin. Potential farm in partners wanted more details of the prospects, particularly in view of the complex geology in the basin. It appears to be an area of particular interest and as we all know the result of that seismic was the discovery of the exciting Fox prospect. Incidentally, in view of the Sinopec discussions, they are actually number 3 in the world in terms of turnover in the Forbes Fortune 500 for 2018.

That was said with a touch of tongue in cheek. Visas may well be an issue but as others have suggested, given MATD's partnership with the Mongolian govt one would like to believe that fast tracking isn't beyond the realms of possibility. There are clearly other things going on in the background and the rns itself highlighted the continued interest of potential farm in partners. In the final analysis this is Oil exploration in frontier territory and things will never run like Southern Rail. However Block XX drilling is on schedule and Snow Leopard has been delayed until July. Previous guidance was Qtr 2 so theoretically they could miss the earlier deadline by one day. They have the cash for a 4 well programme and I'm happy to sit back and let it take its course.

You didn't seriously expect them to say we are close to concluding a farm in agreement, or did you.

Gazelle is 2500m and was included as a beginning of Qtr 4 spud in their "firm 2018 work progamme" as detailed in Mike Buck's presentation of March 2018.

"Funding / Farmout The farmout process continues and a number of companies remain in active dialogue with management. These potential partners appear to be more willing to fund a strategy where additional seismic is acquired before a drilling campaign is undertaken. Several potential farminees have expressed a clear preference to de-risk certain prospects in the Tugrug basin using 3D seismic and better defining a number of stratigraphic 'leads' that have so far only been identified on 2D seismic data. They may also be better positioned to farm-in once their 2018 exploration budgets have been established, which could occur as early 4Q 2017. The Company remains optimistic with regards to bringing in a farm-in partner, as without exception, every company that has reviewed the opportunity has responded with very enthusiastic comments regarding the hydrocarbon potential of the licences." I wonder what's going on behind the scenes. The "Fox" would hardly have had a negative impact on potential farm in partners.