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At the very least I would expect any pullback to be to a higher level as people take the opportunity to add on the dip ready for the next move higher.

Still in auction.

All this talk about shares on Thursday sounds like an attempt to talk the SP down. It's old news. Should have bought more under 1.6p breakout level. Preferring to look at the fundamentals I see we are currently at only 9p per barrel for Perv #1, but don't look over there look over here. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday. Thusday.

When this moves it goes very quickly indeed.

Fall deeply once it hits 6p probably.

Not keen on COPL. Seems to be going nowhere with its African project yet shareholder keep getting shafted to pay Mullholland and the boys.

Nov 2019 presentation has securing of exploitation licence dow for Q1 2020 with production and appraisal from Q3, so obviously there is some slippage with the virus, but news could clearly land any time.

https://www.petromatadgroup.com/wp-content/uploads/2019/11/Corporate-Presentation-11_11_19-Petro-Matad.pdf

According to 2020-03-23 RNS, Heron has a mean recoverable reserve of 33 MMB with unrisked in-place oil resource potential of 194 million barrels. 33MMB is extremely large for a company with a £19M market cap.

https://investegate.co.uk/petro-matad-ltd--matd-/rns/operational-update/202003230700111659H/

Nice timing on MATD heads up. Seems to be breaking out right this minute.

We have breakout.

Bullish ascending triangle formed with successively higher lows over the last 10 weeks and now SP is breaking out. Looks like the bottom is in and its time to back up the yak. GLA

Very close to breakout here. Lots to look forward too with Heron over coming months.

That was DES not FOGL. Malvern Springs.

Just a bit of profit taking after the rise, which is never a bad thing. Some probably trying to trade it for a lower entry on the back of Thursday scaremongering, which is risky with rig contract signed and shares trading at less than 10p per barrel. This dip could easily vaporise like the others and leave sellers stranded on the sidelines desperate to get back in driving the SP even higher as they bid it up. Having waited 10 years for the drill probably best not to get too fancy at this stage especially if you have a low average.

No problem selling in chunky amounts though.

Buys starting to come in. Can't get a buy quote even for £1K.

What happens if it doesn't dip on Thursday and is already continuing higher? People will be scrambling to get back in. Less than 10p per barrel for Perseverance #1.

Today's SP action is very similar to last Friday. Just looks like a normal consolidation day to me.

Average your way in buying more on the dips and adding on momentum.

Makes for a stronger move in the end.

for Perseverence #1, which is very cheap especially given the COS. 18p on a discovery sounds far too low in my opinion as that would only be £406M market cap for 770 MMB P50 recoverable, or 52p per barrel. At $3 per barrel in the success case that gives 81.7p per share. Obviously these figures will reduce a bit with addition shares in issue, but the upside here is clearly immense.

I'm surprised the June 4 shares keep getting mentioned. As I stated previously there is a good chance they have already been forward sold into the market. There has clearly been more than enough volume the last few days to take up the slack. The market is already fully aware of the news and it should already be factored into the SP. I know we all wish we'd bought more at lower levels, but given the huge upside we all stand to do very well indeed.