RE: Up over 5% in the last month17 Mar 2025 11:09
The only shame here at this rate, is that Mr CEO will take to his grave his bad reputation with Matad.
He has let down all his shareholders, and for years failed to deliver. Most of it to be fair was poor decisions made.
An example of this would be rather than focusing on an oil discovery such as Heron, he goes and waste funds he doesn't have on wild cat drilling.
What a disgrace when the year before that Matad were literally surviving to keep the company afloat. It was also at the shareholders expense, via a placing, to help the company going.
But it seems our Mr CEO doesn't know gratitude, whenever he gets his hands on a bit of funds, he gambles it rather than putting it to use strategically. An recent example of this is the bidding of new Borzon Block for up to £14.9 million commitments over 8 years.
Has Buck not learnt his lessons yet? He hasn't even remedied the Heron field yet, and he is already thinking of spending more. What happened to the plan of becoming a cash positive company?
What a shame...
The cash in the Matad bank is at approx £3million.
That means Heron MUST deliver. Not an ideal position to be in if I'm honest.
I, for one, can already foresee there will be more spending towards Borzon and possibly the renewable energy project in the foreseeable future. It means that even if Heron does deliver, Matad will still be cashless (minimum cash in the Matad bank) because any source of revenue will be put back into wildcats and renewable projects beyond Matad's capabilities.
The believers are talking about a JV, an ideal situation where a major would fund and deploy experts to help Matad. What are they smoking to think someone would step in to help these bunch of incompetent b*****ds.
Even if a JV were to go ahead, it won't be free. In all honesty, I don't think there'll be any kinds of JV. This kinda talk has been ongoing for the last 10 years and no deal have closed to-date.
In the recent AGM, Buck said they are in talks with 3 potential partners. That is a red flag in my books. If Petro China have shown interests, you'd think Buck will talk to other potential parties. Its more a case of there being a lack of interests so Buck is engaging with multiple parties one-sided in hope for a deal.
We all know nothing major will happen in 2025. Buck is allowing himself time to make something out of nothing. If JV discussions were in the advance stages then he would have had the confidence and gave a more detailed plan with a more definitive time scale.
Having been here for 10 years, I can say it's likely that Buck is using the same old tactic of dangling a carrot and using it to attract new investors.
Worry not, because nothing will ever happen. I have been saying this for years, best for Buck to prove me wrong by delivering some concrete results.
Shareholders has been Bucked.
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