Member Info for Proquo

Right, they've done the money stuff, raising millions, sorted the consolidation, so it's now time to crack on and start delivering.

Morning all. Just on a coffee break on my way up to Santiago in Spain - decided to continue up from the Portuguese coast. Beautiful walk. Had a quick peek today to see if RNS landed, but no. So looks like negotiations are ongoing - personally I think it's just as easy to interpret the lack of news as a good thing as it is to suggest bad news in the offing. I always tend to treat those who say it has to be negative as pretty unsubtle position posters.

Anyway, all to play for here still. I'm in quite a tidy profit already here but will hold for black gold.

Good day all. Back to the camino..another 25K to do today. Done 10K already.

Has Malcy upped his target price to £5? Seems a long way away when this will only move a penny at time now.

Morning all. I'm still on my hols but just checked in to see if the RNS landed yet.

Not sure if I reposted an email I received from the company back on 6th April so I'll do it now. For me it seems to confirm that there is a contract in place, either a continuation of 2025 or the updated 2026 version.

'Thank you very much for your enquiry.

Preparations for the 2026 programme are continuing to progress as we approach the end of the winter season, which will of course include the continuation of production at Block XX.

We understand the frustration shareholders may feel on details regarding farm-out discussions, however ensuring these are confidential is both best practice and protects the Company’s negotiating position.

Regarding the recent fluctuations in global oil prices, Petro Matad's sales contract is tied to globally benchmarked crude prices.'

Right, no more posting from me until the RNS drops. Back to the hols. Walking the entire coastline of Portugal with a detour inland to visit Fatima. Portuguese people are just lovely too.

Good day to all.

Not impressed

'Huge amounts of shares'...about 2 million. Hahaha

Yes, that's very interesting about radial drilling. We can currently afford to do three of them from one month's disposable income atm.

Could well be that the farmout/ buyout of XX could involve Block VII too. We know from the last RNS that VII has attracted interested and there's nothing in the public domain that rules out it being the same entity. Buck has proved he can find the oil and bring it to production in a tricky business environment. For any investing entity looking to climb into Mongolia's huge energy potential, they won't find anyone in-country more experienced, qualified and connected with decision-makers than Buck and Zula. The whingers here won't like that statement but for me it's crystal clear. In terms of farmout appeal, Buck is an asset. Seascape isn't buying his advice as an oilman for the sake of it.

*exploring viable

I certainly think the likelihood of a sale has increased since the war and ensuing oil crisis began. I also agree with Abzzba that going it alone would not be a bad option now, especially if the oil price stays around $90 plus for the next year or so. I've said many times that we are only a nudge or two away from exponential growth. Of course, the farmout would be the biggest nudge of all, but say Gobi and H2 come in soon, we would have enough spare income for a Gazelle 2, ending up with four or five wells producing by the end of the season, maybe generating a million bucks free cash a month. That would change everything especially if we get the projected windfall from Sunsteppe this year too. Suddenly decent RBL comes into play for next year and boom!

I think it's very worthwhile viable exploring alternatives to farmout in order to counteract any developing narrative that Matad is a binary play, it just isn't.

I also challenge the oft-repeated narrative on here that this is all taking an inordinate amount of time. We only got oil pumping right at the end of the 2024 season, then have had to wrangle with PC regarding payments etc. Now since February everything has changed with the war and that must have changed the dynamics of relating to offers, negotations etc. I would certainly be disappointed if Buck didn't ask for more from any deal once the price of oil exploded - the NPV of XX alone has basically doubled so any farm-out OR sale proposals had to have been altered in light of that. If the counterparties had been dragging their feet about getting back, signing etc then tough tiitty. Price has gone up, simple. Hence this must have extended the time needed to complete the final negotiations we were informed of in the RNS of 18th February. Tbh I honestly see no other explanation that's more plausible than this.

Agreed that you can't guarantee that oil prices will stay this high long-term - I certainly hope not as it would really damage struggling economies - but I think we can discount oil going back to $50-$60 in 2026, which is what most analysts were predicting before the war, due to general oversupply. Moreover, Opec has started to fracture so they will have less scope to control oil flows from the middle east going forward.

Spot on Smythery.

Dozens of greenboxes before opening then... almost none. And the sp is ticking up. Coincidence? I really don't think so. Tells you exactly what the stockbashers and flip-floppers are about.

Anyway, bid is ticking up.

Lovely

The NPV of XX has effectively doubled. That changes everything in my view in terms of negotiations.

I'm thinking similarly Investor.

All we know is that we'll get an update on everything in the next four weeks. Everything else is just noise here. It's only two months since we were told that negotiations were ongoing. That's not enough time passed to conclude everything, lawyers to draw up contracts, terms, get the sign-off from the Mongolians etc, etc. Plus oil has doubled since then which must have changed the terms and dynamics of any agreements.

Greenbox those spreading misinformation and carry on.

As you were.

Anyone give a costing for transferring the AGM to London? As soon as you do, you'll see why they didn't. I certainly don't want the company's time and money wasted like that.

Sheet, oil going nuts. Great for oil companies (and their shareholders) and a disaster for everyone else. The global ramifications could be absolutely immense..and not in a good way. Well, the Iranians threatened $200 a barrel...