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Stop hounding me about Oracle Power.

I'm not giving you lot anymore tips.

If you lot were smart, you all could have made an easy quick 80% in one day the last time I tipped.

No more for tips you guys. No more.

The pump and dump crew can't be serious right.

Remember when Oracle Power were spoken on this board, and they demanded to keep it solely about MATAD since this is the MATAD board?

Well, how many times have we seen them being up Oracle Power in the last 2 days hmm....

Absolute hypocrites!!!

Well, if your tactics were to insult me, then let me tell you not to worry. I would be seriously worrying about your own skin.

MATAD is in a very dire situation. They pretty much have little to no bargaining power, limited cash and a very weak asset.

For one, I don't think anyone would be interested in a partnership with MATD (they don't offer a lot on the table), and two, I don't think anyone would buy Heron either.

Even if Matad were lucky enough to find a buyer, Heron would be sold DIRT CHEAP. Everyone knows MATAD ain't got no choice, it will be a super low ball offer. Take it or leave it.

You have little cash Petro Matad, what can you do about it. Either keep an asset you don't have the capability or funds to develop, or sell it cheap as chips.

Whichever scenario, it can't be good for shareholders. I have always said a placing is likely, that's the only thing Mike Buck is good at achieving.

Worry times ahead imho

Time is running out. Two more trading days before entering March. No sales or cash received as anticipated from the bullish(T) team. It was only ever gonna go that way. They are proven wrong again.

My more realistic view of the situation is that MATAD is fighting for its survival with very limited options.

After the failed wild cat campaigns, namely wild horse, gazelle, snow leopard, Matad were on its knees even back then.

Mike Buck, out of desperation, had to drill Heron to have some sort of campaign/asset to the Matad name.

Now that we have witnessed the results of Heron, even calling it half-decent would be quite a stretch.

MATAD, in their current position, have little to no cash, and very weak asset. Mike Buck must be scratching his head on how to proceed with keeping the company afloat.

Limited options available as they are short on funds, and Heron didn't meet the results anticipated.

Mike Buck must be running around begging other oilers for a deal on the cheap. No one is taking the bait and that would probably explain why it's taken so long without any market updates.

Same as last time, after the failure of the wildcat drills, a company can't have no asset to its name. They need something to justify a raise. It's most likely the reason Matad had bidded the Borzon Block, just like they did with Heron.

The company operates on a cycle of renewed hopes and raises.

The most likely viable option going forward is a placing imho.

I don't mind people being excited, I once was with this stock.

However, using the best case scenarios, to the point of posting misleading information, and using speculations and labelling them as facts is totally unacceptable.

Don't forget what happened to Sirius Minerals. The company were sold off to a major for peanuts.

That's just one example out of many.

There's a possibility that could happen here.

0.7p outright takeover?

Normally, one would not accept such an lowball offer. MATAD doesn't have much option, they're out of funds. It's either raising funds via placings, or selling all or part of the Heron field on the cheap, if someone is willing to pay for it, but it definitely won't be at a fair price either way, JV or outright sale.

There are certainly risks here. The people talking about £200-400 millions are out of their minds, imho.

Or, Mike Buck can ramp the xxxx out of Borzon.

Saying something like:

"Heron is progressing well. Both H1 & H2 is being remedied. The signature is on track and expected to be finalised by x date.

The plan for 2025 is using the revenue from Heron to develop Borzon. The Borzon Block is a key strategy for growing the Matad portfolio.

Borzon is believed to have billions barrels of oil potential (just like he said with the wild cat drills and Heron).

The company has no plans for a placing, it will always be a last resort. Petrovis reserved loan is there for when MATAD needs it (okay, but he said that last time and then a week later dropped a placing to raise funds for Gobi, talk about unethical)

JV talks are going well and in the final stages (I heard that one before. JV talks had been ongoing for 10 years)"

Looking forward to hearing what our CEO has to say.

It's over for MATAD in my honest opinion.

- 10 years plus in Mongolia

- Raised £174 million

- £0 revenue into the Matad bank

Mike Buck has had enough chances. The results says it all really. The sentiment of this share is at its lowest, and rightly so.

A quick summary:

- £174 million spent

- £0 revenue to-date

- Left with Heron producing 200bopd (from last update)

- H1 and H2 both having issues

- Export agreement still not materialized

- Having to rely on Petro China for their storage facility

- Limited funds in the Matad bank

If Mike Buck call that an achievement, then his standards of success is pretty low isn't it.

Stop misleading people with referencing to quick riches. Read the below paragraph taken from the article. It's a long process with the possibility of it being approved next year.

Next year means 2026 earliest, add another 5 year to that IF the deal goes ahead, that will be 2031 before anything substantial will happen. I wonder by that time of MATAD still being around and that's if they are part of the deal.

Paragraph taken from article:

"To coordinate the development policies of Mongolia and China, the two parties exchanged views on reflecting major projects to be jointly implemented by the two countries in China’s 15th Five-Year Plan, which is expected to be approved next year."

Strong buy? Actually, quite the contrary.

My view is that MATAD is fighting for its survival with very limited options.

After the failed wild cat campaigns, namely wild horse, gazelle, snow leopard, Matad were on its knees even back then.

Mike Buck, out of desperation, had to drill Heron to have some sort of campaign/asset to the Matad name.

Now that we have witnessed the results of Heron, even calling it half-decent would be quite a stretch.

MATAD, in their current position, have little to no cash, and very weak asset. Mike Buck must be scratching his head on how to proceed with keeping the company afloat.

Limited options available as they are short on funds, and Heron didn't meet the results anticipated.

Mike Buck must be running around begging other oilers for a deal on the cheap. No one is taking the bait and that would probably explain why it's taken so long without any market updates.

Same as last time, after the failure of the wildcat drills, a company can't have no asset to its name. They need something to justify a raise. It's most likely the reason Matad had bidded the Borzon Block, just like they did with Heron.

The company operates on a cycle of renewed hopes and raises.

The most likely viable option going forward is a placing imho.

"Selling the Heron block to Petro China for 200-400million would be a sugar hit to the share price"

Very misleading comment!!!

Block 20 in no way is worth 200 - 400 millions.

Why would anyone pay that amount of money for an underdeveloped field? It comes with uncertainties and more money needs to be put into it to further unlock it's potential.

Don't forget there are bureaucracy challenges, and the export agreement are yet to be signed?

As mentioned, Petro China didn't want the block. If they did, they would gotten it before MATAD arrived.

Can't see anyone else wanting to buy block 20 either, who wants to pay for a block producing 200bopd, with H1/H2 both experiencing issues, export agreement not agreed, and have to rely on Petro China's storage facilities. There will be additional costs as well, like fixing H1/H2, and drilling more holes.

WTF are you smoking to suggest a sale price of 200-400 million.

The sale price would be more like £500K - 1 million at best if anyone were to offer to buy it imho

Very contradicting narratives by the rampers.

One moment, they say soft loan to fully develop the Heron fields, H3, H4, H5, H6...10-20 more wells to come to boost production

Then, they're saying, Heron sale for £20 million. The funds can be used to the renewable project.

Hang on, what about the billion dollars worth of oil underground? Why would someone give away billions worth for £20 million?

Is it Heron or renewable energies then?

One of the rampers also posted an article about China needing oil, lots of them, but nothing in the article has anything relating to Mongolia or MATAD.

That's not the end of it. Last month, the rampers were talking about Borzon being a geographic location with proven oil.

Erm...so which narrative are they really going with...it can only be one or the other....

Or more realistically, NOTHING is happening so they are desperately throwing everything at it.

More likely than their fantasy, a placing is coming to fund future operations.

Good luck in thinking MATAD can find any sort of JV or buyer. They don't even have the signature for the export, and H1/H2 remains unresolved. Knowing Mike Buck, it's easier for him to raise £20 million via a placing.

Adw198

I know where you are coming from in that scenario.

It's more a desperate move by MATD to keep the business going rather than a sweet deal.

Let's say MATD manages to find a buyer and gets their £20 million paid in the bank. The good side of that would be to have funds, temporarily, for them to do something with it.

The bad news is that MATD reverts back to a no asset company, with diluted shares. The image and reputation of the company would be far worse and future raises will be even more challenging.

Another question is what will they do with £20 million. Okay, you sort of answered that in the last post, the renewable energy.

However, what is the success case there and how much funds is required for the project to complete is anybody's guess.

My point is that, the sale of Heron (lets imagine there is a buyer) would temporarily resolve funding issues, but in the long run it's actually more of a loss.

Think about how much money has been thrown into the company for them to get to this point, £174 million and 10 years plus to find something only to sell it?

Heron, from what we know isn't that good, producing a measly 200bopd and with both H1/H2 experience issues, but it's everything that MATAD ever had.

It would be corrupt if they were to sell it don't you think.

Learn to read Thornogson

Heron is underdeveloped and not a full field.

Not too long ago yourself and your buddies were ramping Heron, suggesting H3, H4, another 10 wells to be drilled.

You guys have changed tones and now trying another narrative, the sale of Heron.

Heron is an underdeveloped field. Let alone H1/H2 are experiencing issues. No one will buy it, it wouldn't fetch a good price even if there were a buyer.

The biggest flaw is that MATAD's strategy were never about proven up and then selling assets.

It's just a desperate ramp to move the SP north.

"A sale makes sense and seems likely"

Except that IT DOESN'T MAKE SENSE.

MATAD'S objective had always been to prove up assets, develop them, and to become a self-funded exploration and producer in Mongolia.

Selling Heron doesn't align with the above strategy, let alone it doesn't make any sense.

Let me explain further. If MATD were to sell Heron and use the funds to explore Borzon, then they could be doing the same with that block in the future. Drill 1 or 2 wells and then selling Borzon to pursue another block.

Now, why would they do that. If every time they drilled some holes and then move onto the next opportunity, it means that they are not really generating any substantial revenue stream compared to keeping the acreage for a more consistent and stable revenue stream.

The Heron block is in an initial phrase and underdeveloped, not the full field. Even if someone were to buy it, don't expect the offer to be decent.

With MATD moving onto a new opportunity, it means that they are taking new risks. Will they be lucky to find oil on first strike?

All in all, MATD's strategy isn't to prove up and selling assets.

If they went down this route, it means MATD would never become a producer, they are just selling any goodies that they find.

If they sold Heron, it means they might receive a lump sum at one go, but without any revenue streams, they are placing all bets on exploring and prove up the next fields? How can that be good for investors?

Only watching the funds in the MATD bank dwindling away? And taking unnecessary wild cat risks? And never becoming a cash positive company? Because they will sell any cash generative asset that they come across?

Whoever suggesting the sale of Heron doesn't know what they are talking about.

Except I would like to add, I don't think anyone would be interested in buying Heron.

I have mentioned before, it certainly wouldn't be Petro China as some have suggested.

Petro China could have taken that block any day before MATAD's arrival if they wanted to.

Petro China has the funds, people, and expertise to, its right next door to them, but the fact they they didn't want it sums up the case that Petro China doesn't see it as a viable investment to invest into.

Petro China, in my opinion, have probably already foreseen the problems MATAD are going through now with H1/H2.

No one seems to have given a good reason as to why Mike Buck has already provided the market with the thought of moving onto Borzon.

If Matad was sitting on a treasure trove worth billions, you thought he wouldn't just get on with it and drill several more holes.

I dare say Mike Buck is hiding some things from share holders. He is slowly trying to abandon the Heron field. The Borzon commitment is just a distraction, serving to create hype and renewed hopes.

Otherwise, why start all over on a new under explored block, taking unnecessary risks, and spending funds that they don't have.

This is my speculation from the information provided. Mike Buck has loads to answer.

I would go as far as to say, if Matad don't sort those financial situation out, then there is a real risk of the share going into a point of no return.

We are near the end of February and still no news about sales, or any revenue in the form of cash into the MATAD bank, concerning?

Think about it. If anything happens to Heron, it means that MATAD would revert back to a company with no producing asset and cashless.

Heron pumping 200bopd is better than nothing, but in the long run it wouldn't really be a game changer due to the new commitments of the Borzon Block. £1million over 2 years, or £14.9 million over 8 years.

I fully expect any revenue from Heron will be put into Borzon exploration activities. We all know 200bopd from Heron wouldn't quite cut it, and that's if a flow rate of 200bopd are maintained.

I don't think there will ever be a point MATD will achieve being a cash positive company. All funds received are being used here and there and will dry up quickly.

Borzon is not a sure win. Buck is just trying his luck in yet another rainbow chasing expedition.

The fact that there has been no mention of expanding the Heron field says it all. It's a failed campaign with remedial work of H1/H2 yet to be realised.

Reading between the lines，the MATAD team must have decided Heron isn't worth throwing more time and funds into. It is the probably the reason Buck has already set eye on pursuing the Borzon Block.

Up to £14.9 million commitment, but the results are not guaranteed. There will be further share dilution. If Borzon doesn't come in, then I think it is safe to say that MATAD as a company, will be damaged beyond repair. Their reputation isn't already great.

10 years plus in Mongolia

£174 million spent

£0 revenue

It's really not as rosy as the rampers thinks. DYOR.

There are real risks here.

1: if HERON doesn't come in, by that I mean if there is no improvement from 200bopd or worse the flow rate drops off and H2 cannot be fixed, then that would put the share price into jeopardy

2: If the above becomes reality, this would mean that there are little to no foreseeable revenue to cover for the upcoming Borzon commitment of £1million over 2 years / or £14.9 million over 8 years. Whichever way you look at it, the expenditures far exceeds any potential revenue streams.

Hence, the ramping group are trying to intimidate and silence anyone that raises these concerns. They are constantly bombarding the board with messages in attempt to bury meaningful posts.

FACT is that H1 is producing 200bopd. Both H1 and H2 are being remedied, and being remedied doesn't mean that it will guarantee a boost in production. It just means that the company is at this stage doing all they can to try and save the wells.

Mentioning the risk here is totally acceptable. There's the possibility that H1/H2 gets fixed, but there is also the possibility that they don't. It's a fair comment and assessment of the situation.

I also think it is fair to say MB have over commited by sighing the Borzon Block when there are so many uncertainties looming. The export processes and signature still needs to be signed.

Almost into March, still no sales

Shareholders waited and waited 😞

Still no sales or cash into the MATD bank 😞

February first sales and cash into the Matad bank anyone?

Or are we shifting the goal posts as usual when things doesn't happen?