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Apologies. I just re -read the RNS saying they are looking at Heron 2 as a possible water injector well. Senior moment forgetting that.

Reports in the media of a big popular push-back against new mining operations in Portugal. Not against LS specifically but lots of people in Portugal concerned that their area will be 'sacrificed' in Europe's big push to develop their own sources of minerals, metals etc. I wonder if JV will address this wrt to LS facing opposition as it develops.

Goldman Sachs predicting Brent over $100 a barrel if the Strait of Hormuz closes.

Morning all. Thanks for the update Master. Sounds like a bit of activity at last. If they are indeed doing the workover on H2 for the conversion to an injector well, that seems to imply that we still have cash to do the works. My guess is that this is the easiest, quickest and cheapest way to up the bopd at H1. 50 bopd extra at current prices would be very welcome.

Secondly, perhaps a question for our resident technical experts, like Abzzba - what is the most likely to be injected, gas or water? Moreover, is it possible that we will be reinjecting our own gas back in? I've lost where we are wrt our gas by-product. I don't think we're flaring so what are doing with it.

Good news to see activity anyway so thanks again Master.

Re Straits of Hormuz - the Iranian parliament has voted to close the Strait but I'll be surprised if they go ahead for the simple reason that they just can't afford the hit to their own oil income. We'll see but parlous times for the world in general. Iranian foreign minister is in Moscow basically seeking ongoing Russian support from their key ally. What a mess the world is in. Tragic times.

*current funds

Progressive gave Heron a NPV of about $240 million with oil at $75 per barrel but that was also based on a higher rate of production than the current situation, so hard to judge. However, 160bopd is still considered a good rate relative to the global average, and certainly compared to the average achieved by our Chinese neighbours. My view now is that not much will happen until JV or sale play out or not definitively. I feel the new income and current finds can see us tick over steadily for most of this year now, and the money for Gobi etc will come from Petrovis and the works can be undertaken whilst the JV etc is thrashed out.

Moreover, I fully expect Sunsteppe to bring some good news our way in the near future. The renewables sector seems to have the Government's full sail rigged up for it so things should come more quickly there than in the fossil fuels sector.

Actually I got my terminology wrong re Eni -Ithaca. It wasn't a share-equity deal, it was effectively a merger with Eni ending up with a 38% stake in the larger entity. Plus there was a 200million dividend to shareholders as part of the deal bringing the total value of the deal to just shy of a billion bucks.

And yes, I've also just seen that the Iranian's vote on the Straits of Hormuz. No guarantee they'll do it though as it will hurt themselves too.

Afternoon all. I don't usually follow the board on the weekend but the 34 degree heat here in France has confined me to a darkened study with the fan on.

Interested to see the Eni-Ithaca hook-up cropping up here by way of a potential yardstick for a Matad buyout. Also, I was a shareholder in Ithaca when Deleck bought it out - shareholders were absolutely robbed there even though I bought in at 19p and the buyout was around $1.20 if I remember correctly. It was clearly going to be worth so much more, as has since been proven. Shame.

As for the Eni deal, some details to add to the mix of any further discussion here; please feel free to add, correct etc;

- the 45000 figure is for BOE/D so includes gas production - no further mention of our gas yet

- the $745 million was a share equity deal rather than cash. Eni ended up holding 38% of Ithaca's shares, I believe.

- this was only a deal for Eni's north sea assets

- interestingly Ithaca paid that money for 100million BOE/D 2P reserves in the North Sea. At the current depletion rate those assets have about 6 years of life left

- there's a big difference between offshore and onshore fields in terms of Opex and Capex as others have pointed out.

Just some observations.

With respect Uund, I don't see it that way wrt 'going concern'. If we lost SRE and Block 7 we wouldn't cease to exist nor would the core business be adversely affected. We'll see who's right soon enough.

BTW if a raise is going to happen then surely tonight after hours is now the m9st likely time, based on your rationale?

Tbh I can afford to take a bigger punt here as my other holdings are doing so well. My large holding in MAFL is currently showing 105.33% increase and that baby will only go north in the next few years. Hence I don't my putting more in a riskier stock like this. I'll probably average down next week with my Lloyds profits as the latter seems to have stalled after a good run. I only hold a few stocks at a time with a range of risk profiles. Wrt Matd I keep confidence here as I have faith in Buck to do the best he can for shareholders. The fundamentals seem great to me and the lack of debt is very reassuring and I also consider the share count to be relatively modest for an oiler at this advanced stage of development.

Sorry, what are the commitments to SRE? Why does this and Block 7 fall under any 'going concern' rubric?

One thing we have in common Uund is a near-identical average. I've manage to get down from 1.742p to 1.62p over the last week or so. Delighted.

Alan, look at the chart. There has been ample opportunity to exit over the last few years, or to average down and then get out. Unless you were foolish enough to believe the hype when this went to 30p plus!

It's relevant because, despite thousands of dire warnings for months, no raise has actually happened. You declare again that a raise was 'imminent' as so many have done before you and I outline an alternative scenario, based on your own figures, as to why the mythical raise is not a given. However, you chose to not address my substantive point. Buck told us clearly at the AGM that he wanted to avoid further dilution. That was over three months ago and it still hasn't happened. Maybe those who embrace the 'imminent raise' school of thought might explain why it just hasn't happened yet. If Buck wanted just to crack on willy-nilly in order to get things moving he simply would have done so by now. He is clearly trying to avoid it and I believe my alternative scenario is possibly the current thinking for him. It's slow and requires patience but I invite argument and analysis that refutes this as a possibility. I cannot give guarantees about anything as this is AIM but I do think it incumbent on the negs to start at least considering that their confidence in the mythical imminent raise happening might actually be misplaced and indeed wrong headed.

Has any stockbasher apologised for getting the 'imminent' raise prediction wrong every day for the last sixth months?

Correction - by your figures Uund, our cash burn is 125k per month.

BTW Uund, by your figures our cash burn now is 165k per month just to stand still. Not including a Petrovis loan, that gives us enough cash to keep going for about a year whilst we sort out a JV. A Petrovis loan would then more than cover the low-cost works planned across several wells which might well increase our output significantly. . I'm just going by your own figures. I think Buck is working along these lines rather than the now 'mythical' imminent raise predicted for the last six months.

With respect, Uund, we've had posters screaming about an 'imminent' raise for at least six months now. It hasn't happened but I've yet to see a single stockbasher admit that they've called it wrong in all that time. It's been screamed so often and so shrilly that most investors have just switched off to it. I think a quick rummage through a good dictionary to find out what 'imminent' actually means is in order for some.

Just a suggestion.