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*crook

I'm not sure what the answer is, but this slippage on timelines has just happened so often that I actually think it has really affected Matad's reputation. Even someone like Malcy, who rates Buck highly, often expresses his cynicism about things happening in good time. Think of Gobi - money was raised specifically to test it last October, H2 dragged on so Gobi was missed, now we don't even have a clue when we might get back to Gobi and Buck says his actual preference now is to get back to Gazelle! In the meantime literally NOTHING is actually happening operationally, let alone in terms of farmouts. Ditto Sunsteppe. Does anyone really believe that anything substantial will happen this year now? The market certainly doesn't. The new seismic? There's got to be a good chance that won't happen this year given everything that's gone on in the past. It's just got too easy to be cynical about everything Buck says. I don't think he's a crokk like a Milholland, but I do think he has gilded the lily a bit too often and it has affected the credibility of both himself and the company.

One thing has changed for me here - I will take everything Buck says with a large handful of salt, especially wrt timelines and statements projecting when things will happen. I will certainly disregard any statements using words or phrases like 'imminent', and 'nearing conclusion'. I still think this will come good, and I'm happy to wait but I think Buck needs to stop creating clearly inaccurate narratives around when he expects things to happen. The simple fact is that nothing significant has happened in line with what Buck has told us.

I've lost a bit of respect for him tbh.

Yes, Buck clearly thinks Gazelle is the hot area for drilling. The position of Gazelle 1 is the marker for others to work away from in sweeter spots with less chance of water ingress. Would be a real bonus to get a G2 onstream this season, especially if there's also a windfall or two from Sunsteppe - very hopeful Zula can deliver as she certainly has the right connections.

Come on, get on with it!

As ever with Matd, we are in a holding pattern waiting on news on numerous fronts. It would be nice if we didn't have to wait three months before the next update. Plenty to look forward to but Buck really does need to deliver something tangible this year. If I'm being honest, I'm a bit disappointed that Gobi isn't a set up ready to go. Why wasn't the crew booked and prepped over the winter? It was all ready to go last October using money from the raise so why are we now waiting for a response to a query about availability from the testing firm? I genuinely don't understand this.

Strangely, not a bad week in the end. Not quite what we were hoping for with the RNS but I genuinely feel it's all out there now; we have more clarity, we have a decent cash position, and pretty much guaranteed newsflow over the Summer months. A cliché I know, but I think the only way is up, not via solid rocket booster RNS's but by steady incremental growth via the accumulative effect of numerous relatively modest developments.

A good weekend to all honest investors.

Is Stockmaiden still posting? I wonder if this is the abusive poster Matd went after? Or Adw198? Or Doc? No surprise that LSE tried to avoid their responsibilities by saying they couldn't do very much about abuse etc on their platform. The days of social media platforms not being held accountable for what people say on them are numbered. Future generations will look back aghast and with incredulity on this period of unregulated social media. We need to rebalance the relation of 'freedom to' and 'freedom from' with a much greater emphasis on the latter.

Good move Coldfishpie imo. I think if nothing else the AGM and update provided a bit of clarity on things. Much less ambiguity for stockbashers to exploit now. Plenty of waiting to do but enough news in the pipeline through the rest of the year to keep the sp ticking up. A good solid base for bigger news to come later. No going concern issues with our cash position and enough there to get some value-accretive works completed. Doing the seismic done on a buy now pay later basis is a nice bonus and will reap rewards later on. Buying anywhere in the low 1p's region is a snip in my view.

Squeezing even 100bopd out with the radial at H2 makes a big difference, something like $160k a month if oil stays relatively high. They are not expecting Heron output to decline much more this year so our production from here on covers our running costs comfortably. The 5million or so we have now is available for these smaller works. The one thing to bear in mind is that injector wells will have to be done to support the reservoir, whether we secure a farm- out or not. Any windfall from Sunsteppe will certainly be very handy to give the oil side a cash boost when necessary.

The chap in the legal challenge is going to need more than two grand to take it on.

Great post mmafr. Spot on in my view. Gazelle seems to be Buck's favourite too, from his throwaway comment about Gazelle 2 towards the end of the Q & A. And yes, Gazelle-1 costs recovered by February this year, I think Gerry said.

Yes, I've now listened to the AGM fully too. Generally agree with your conclusions Manx, re 2026 being an unspectacular year on the drilling front. I'm happy to wait and our current cash position is very healthy with no debt to service. However, I think there are several potential news updates this year which could tick the sp up nicely - def a possibility of money coming in from Sunsteppe given how quickly the sector is moving; the sales agreement announcement can't be far away and should be closely followed by the announcement of an approx $2 million lump-sum payment; work might well start at Gobi if we can pin down the contractor and the COS is pretty good; ditto with the radial drilling stimulation at H2; everyone seems to agree that new seismic will really enhance our data to everyone's benefit; the spectre of a raise seems to have receded for 2026 as cash reserves and ongoing income will cover the projected expenses related to the above. So enough positive news to come to build momentum in the sp in the rest of 2026 without being diluted by stockbashers banging on about raises. Then if the farm-outs start to land with cash up-front for XX then this thing could rise exponentially.

Initially I was disappointed with the RNS but it's probably taught me not to get carried away so much! Generally positive still and confident the accumulation of smaller news items can push the SP along a bit - we are clearly hugely undervalued even given the most conservative valuations of our assets. Finally I think the dividend days are a away in the distant future still but interesting they passed a special resolution for a buyback before the next AGM.

Overall a 6/7 out of 10 steady as she goes update. Nothing specular but still plenty to look forward to with the farm-outs being final cherry.

I'm happy to wait for this to play out tbh. Good to have a grumble occasionally though

Yes, I agree with most of that. However, as things have panned out over the last few years, we've ended up with just 2-3 months of the year in which anything proactive can actually get done. Something needs to change with that if XX and VII are going to be successfully explored developed. Every tiny bit of site work seems to take an inordinate amount of time to plan, permit and execute. Once they actually get going it seems we're very efficient at bringing things in on time and budget. Really impressive on occasions. But actually getting to the point of boots on the ground is like pulling teeth atm. I mean Gobi was ready to go in October but was delayed by additional works at H2, perhaps justifiably so. We are now EIGHT MONTHS on from then and still no Gobi (unless something was announced at the AGM wrt this?). What's it going to be like if/when we get ourselves in a position to drill multiple wells in quick succession with the farm-out partner? A two month window just won't cut it. I'm still pretty happy with the overall picture, but damn this can really be like listening to paint dry at times.

Agreed Investor although the refinery can't come onstream quick enough. I guess things worked out last year in the end so assume they will this year, just a bit sooner! The whole contractual farrago with PC must absolutely drink man hours. Hoping to get to listen to the AGM today at some point. Only got a sketchy idea of it atm. Liking the idea of more 3D seismic though.

Must admit though, I'm now a bit confused by the whole radio silence thing from the company - seems to me there's a number of things we could've been told earlier, such as the request to go over the seismic again by the counterparty, the hitch with the contract discussions with PC, the offer for new seismic etc? What was the point in shutting down all comms with shareholders for over three months?

Good cash position, chunk incoming, no debt. That's a great base for an AIM oiler.

I've always adhered to that philosophy Gadgie. Cheers

Bit disappointed at the rate of progress as outlined in the RNS. Travelling atm so missed the AGM but sounds a bit more promising just skimming through posts. Will listen in full once I get home. Thought there might have been a bigger dip in the SP today so maybe I've been overly pessimistic. The investment case is still great but it really is one for the patient!

I'm beginning to think this won't really take off until the refinery becomes available. The Chinese continue to be obstructive at every step.