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Yes. As Buck himself said, in the presentation;

'we have a decent amount of revenue coming through the door that pays for the company to exist and generates a little bit of free cash-flow on top of that'

You can't get any clearer a statement about where we are than that.

Who cares Horsers? At the current share count I need an MCAP of 90 million to make a profit of over 200k. Double the share count and I'm still confident of making good money here in the long-term. Can you point me to those successful AIM oilers which got to production without increasing the share count? My feeling is that we are absolutely at the turning point here. We all hope it's a farm-out that is the catalyst for that exponential growth, but a successful 2026 drilling campaign without a farm-out would still push us into a different league moving forward. It would take longer, for sure, but I'm patient.

To have got this far without debt and with a manageable share-count is a fantastic achievement, especially factoring in the Covid years. Moreover, I'm also confident that our CEO would be keen to reduce the share-count once he is able to. He's taken a huge pay cut and is a major shareholder so has more skin in the game than most. What's not to like?

Lovely

Interesting in the Q & A that Buck clearly felt that the current SP seriously undervalues the company. (BTW I'm assuming that Buck himself wrote the responses, or at least dictated them). I actually wish somebody, including myself, had actually asked bluntly what they think a realistic MCAP would be now. Maybe I'll write to them to ask. I'll post any replying receive here.

Is it time for a top-up?

My key take-away from the presentation, at around 45mins;

'...we have a decent amount of revenue coming through the door that pays for the company to exist and generates a little bit of free cash-flow on top of that'

And no debt.

Yes, the 850k plus will come at some point, as will 100% payments. We have millions of barrels of reserves with many more to be added, a 50% renewables JV with a company led by a key regional player in the sector, we are income-generating with enough coming in to cover costs and a bit on top with the company streamlining all the time, we have H2 results being analysed, we have Gobi drilling oven-ready, we have one proposal for farm-in with due dilgence underway with others loitering in the wings, we have technical work underway on the massive block VII with feelers already put out to potential partners and neighbours, and the Mongolians are relying on us. And we have NO DEBT. NONE.

These are all FACTS.

Guess that still makes me a ramper.

Lovely.

I'm a ramper. I believe in my investment.

I'm a ramper as I believe in my investment.

Having said that, the Chinese must be getting a bit sweaty about their oil supply. Venezuela will be a basket case for years to come and a lot of the Middle East is increasingly aligned with western interests. Russia needs a lot of its own supply and must also be desperate for POO to go up. Israel is lining up to attack Iran and China will need to secure a huge amount of oil for it's inevitable invasion of Taiwan, Trump's antics in Venezuela effectively giving them the green light. What happens then is anyone's guess.

I agree Furion. The Indians look the most likely, as Abzzba has been saying. I hope there's a bit of a bidding war going on.

Lovely

Looking forward to 2026. Just to remind everyone where we are, going in to the New Year;

300 million asset, company covering all costs and turning a small profit already as stated clearly by the CEO himself, nothing priced in for Sunsteppe which has multiple projects in the pipeline with monetization possible on at least one, 850k plus arriving in short order followed by full monthly payments, two wells producing with a low-cost work programme ready to go for a minimum of two more to come onstream in 2026, farm-out possibly arriving in short order as a proposal is currently under discussion, Petrovis solidly behind us, work on the huge block VII asset already under way including approaching neighbouring outfits about a potential farm-out, the Mongolians basically relying on us to fill their refinery to which a pipeline has been completed just 15km away from our producing wells, and NO DEBT!

Moreover, I'm going to say it now; I'd rather another placing happens to catalyse field development than a poor farm-out deal or toxic debt-structures. Bringing two more wells onstream at low-cost would open up the future here and put us in an even stronger position for an even better farm-out, or to go it alone. The latter would take longer but I'm happy to wait. I'll just accumulate in the meantime.

BTW my NY investing resolution is absolutely to never respond to our stockbashing zombies. This is a small AIM oiler in Mongolia with nothing priced in yet hence the infestation; it's pretty easy for them to just project endless negative future scenarios simply by saying that the good things will never arrive, and to do so, over and over and over again. My response to the rash of greenboxes will always be to reiterate the incredible investment case here.

Apparently being positive about your investment is wrong and to focus on the potential of the company is 'ramping'.

If so, then I'm a ramper. Big time. Please feel free to accuse me of this crime. I'M A RAMPER.. There, said it again. Louder this time.

Did I mention that we have NO DEBT?

Lovely.

Master:

'No one has any Faith in this anymore'.

Yes they do. I do. You're speaking for yourself only.

Perhaps they think they stand a great chance of making huge profits on the millions already invested in MATD rather than putting in another 20 mill. Seems logical to me.

Re reserves, Abzzba, I wonder when Buck will get around to doing a new CPR. The great result at Gazelle must have added some. Suspect if Gobi comes in this year, we'll get a new assessment pronto. Whatever, as you say the curren value of our OIP has to run into billions of dollars worth. Our MCAP is currently 20mill!

Master, I totally disagree - unless you're one of those who invested in this when the sp was over 15p and haven't averaged down since, then I find it hard to conceive of likely scenarios where you won't get your money back at least. If anyone did buy these at 20p or 30p plus, then that was just your own fault. You effectively invested in a company with no assets to speak of. We are a million miles from those days now.

Spot on Warrior.

Hamm, my thinking is that it would be in the interests of all parties to get the deal done in time to take advantage of the 2026 drilling window. If the deal doesn't land, I've stated before that I'd be content to go it alone. We'd keep all our asset, we have a low-cost programme in place to deliver another well, possibly two, and the refinery and pipeline are getting closer every day. Tick over for a year, maybe even a smallish placing, Sunsteppe projects come closer to monetization, our production progresses, our proven reserves increase after CPR, and we're away in a year's time or so. I'm always long-term with my investments. I've held MAFL for eight years and it's only now bearing fruit. An increased share count wouldn't faze me - even a doubling of the current share count would mean I'd need an MCAP of less than 40 million to break even. For me, the long-term view from here looks excellent, whatever way you look at it.

Hopefully the farm-out suitors have read it! I think your idea of an Indian farm-in partner looks increasingly likely, Abzzba. I hope Buck is currently working hard to stimulate a bidding war.

Yes, and literally billions and billions of dollars, and that's if anyone will want to take it on. Putin attacking Ukraine, threatening Baltic states, Trump empire-building in Venezuela with his beady eyes on Greenland, Israel looking to attack Iran, China war-gaming their inevitable invasion of Taiwan. Big powers need to secure all the resources they can get their grubby mitts on.

Yes, nice little tick up to start the year off.

Lovely.

Morning all. Looking forward to 2026. Just to remind everyone where we are, going in to the New Year;

300 million asset, company covering all costs and turning a small profit already as stated clearly by the CEO himself, nothing priced in for Sunsteppe which has multiple projects in the pipeline with monetization possible on at least one, 850k plus arriving in short order followed by full monthly payments, two wells producing with a low-cost work programme ready to go for a minimum of two more to come onstream in 2026, farm-out possibly arriving in short order as a proposal is currently under discussion, Petrovis solidly behind us, work on the huge block VII asset already under way including approaching neighbouring outfits about a potential farm-out, the Mongolians basically relying on us to fill their refinery to which a pipeline has been completed just 15km away from our producing wells, and NO DEBT!

Moreover, I'm going to say it now; I'd rather another placing happens to catalyse field development than a poor farm-out deal or toxic debt-structures. Bringing two more wells onstream at low-cost would open up the future here and put us in an even stronger position for an even better farm-out, or to go it alone. The latter would take longer but I'm happy to wait. I'll just accumulate in the meantime.

BTW my NY investing resolution is absolutely to never respond to our stockbashing zombies. This is a small AIM oiler in Mongolia with nothing priced in yet hence the infestation; it's pretty easy for them to just project endless negative future scenarios simply by saying that the good things will never arrive, and to do so, over and over and over again. My response to the rash of greenboxes will always be to reiterate the incredible investment case here.

Apparently being positive about your investment is wrong and to focus on the potential of the company is 'ramping'.

If so, then I'm a ramper. Big time. Please feel free to accuse me of this crime. I'M A RAMPER.. There, said it again. Louder this time.

Did I mention that we have NO DEBT?

Lovely.

Best wishes for the coming year, honest Matadors. Our time will come. And soon.