Member Info for StockMaiden

All those months the rampers have spent arguing, and finally they got the RNS that supposedly a game changer, only for it to do 1.23% change.

Work will finally commence, a lot later than the "week" after the AGM, but tax dispute still not resolved and no deal on the farm-in.

It's always the case of "we will soon do" rather than "we have completed" for Matad.

How many times have we heard it by now?

Imho and DYOR

I guess that's that then for H2. It's either 30bopd or it's going to be a duster.

Either ways it's not going to add any significant value to Matad.

No wonder the market isn't interested.

Imho and DYOR

Well, this was a disappointing day.

Wasn't really a spectacular RNS, and rightly so the share price reflected this.

Imho and DYOR

The rampers were so sure of H2's success and gave it a cos of 70-75%, but now changed tones to "let's pray for it" to happen.

You just gotta larrrrf.

Imho and DYOR

I was right once again.

H1&H2 operational work DID NOT start a week after the AGM.

They are about to start it and still no conclusion to the farm in.

Tax dispute remains unresolved.

Imho and DYOR

"Let’s pray for commercial flow rates"

Weren't you guys so sure of the successful outcome? Why need to pray?

Imho and DYOR

Let's all take the time to remember Block Energy has went through a couple of company name changes:

Block Energy former company names:

GOLDCREST RESOURCES PLC 21 May 2013 - 05 May 2017

RARE EARTHS AND METALS PLC 15 Dec 2010 - 21 May 2013

LISUNGWE PLC 08 Feb 2005 - 15 Dec 2010

https://find-and-update.company-information.service.gov.uk/company/05356303

DYOR

It's late August already.

What has MB done since the AGM?

People are so sure that operational work will be completed this year, but looking at factual evidence they seem to be behind schedule once again.

I have always warned people about MB's empty promises. Winter shut down will be here in no time and will last several months.

By April 2026 when Matad exit winter period the money in the Matad bank will run low again

Imho and DYOR

🚫 No shareholder value, never has been 🚫

Genuine holders should demand a full investigation into Matad.

1) £180 million spent over the years and very little achieved, a huge difference from what was promised. The accounts should be audited to see if they match up with the operational costs as claimed.

2) There has been numerous operational delays when the CEO having promoted "exclusivity and support" from the Mongolian Government.

Yet, in over 10 years investors are still waiting, for Matad to get their acts together, including the promised work over for H2, and the tax dispute with the Mongolian Government.

The lack of transparency on the issues involved could be a strong case of market misconduct as MATD have constantly reassured investors and promoted the good connections with the Mongolian Government.

In reality, it is the complete opposite and investors were mislead into investing into the false prospect of the company.

Points for reference:

-All of the wild cat drills were off the mark despite investors being advised on 60-70% chance of success.

-5 years to obtain the land permit despite good connections with the Mongolian Government

-Payout to the local environmental protestors for land access were another company mismanagement which has impacted shareholders

-6 months for the export signature

-In what appears to be an over commitment / shift of focus from Heron to Borzon. Investors original bought into the strategy of steadily expanding on the portfolio and becoming a self-funded company.

With Matad without even remedying the Heron field and resolving the tax and Petro China payment issues, the CEO is already committing to a new block. Petro China is still withholding 30% of Matad's revenue from the first oil sale.

The constant bidding of new projects does not go in line with the initial strategy of becoming a self sufficiently funded company. Matad just don't have the funds to be committing to multiple projects. Hence, it has been nothing but placings thought the years.

Intentionally or not, it has been a complete shambles for Matad and all the long term holders have lost money. The outlook is grim and trust is gone. Issues and uncertainties remains around the company's forecasted oil production and revenue. The strategy is poor and Matad have lost sight of the focus. They are over committing despite continued failure to bring on a revenue stream.

Meanwhile, they are splashing cash here and there, eg: Gobi, a well that has previously been declared commercial non-viable with no oil show. In that case, why spend another few millions on it.

It's evident that there were never any shareholder value. The company's intent were never about that. It's more about the BODs keeping their own pay cheques and shareholders will be further diluted each year.

All in my opinion and DYOR

Don't be silly. If H1 and H2 were going to be remedied, and they were as simple and cheap as claimed, then it would have been done already.

But why hasn't it?

Imho and DYOR

It's been said time and time again.

Let's keep it real. MB has proven he cannot be trusted.

The market has lost confidence in Matad and rightly so.

It's time for Buck to deliver to expectations, no more hypes and talks, we want actions and results!

No good saying things will SOON happen, instead, how about just DELIVERING them.

What's holding them back?

10 years not enough time for them to sort themselves out?

£180 million isn't enough to get one well onto production on a satisfactory level?

H1 went from 821bopd to being choked back to 200bopd. Turns out it was 160bopd and latest report was 150bopd. MB once again wasn't transparent with shareholders.

What happened to the H1 & H2 well modification and production ramp up?

This company operates on new hopes and raises, but nothing ever materializes like the JV and farm in talks that has been ongoing for 10 years. The plan (or should I say hype) to become a sufficiently self-funded company seems like it can only exist in fantasy.

Cash won't last in the Matad bank, they will require heavy funding and Borzon alone will require a whopping £14.9miion over 8 years.

The long term holders have all lost money here. Gone are the days people invest based on empty promises and trust, time to show some results.

If MB is that incompetent, then perhaps he should find a job at the local corner shop selling chewing gums instead.

All in my opinion and DYOR

There is little evidence to suggest things (either operational or bureaucratic process) have made progress.

The farm out idea is no doubt good, but realistically MB have been talking about JV and Farm out deals for years and until it has happened, it hasn't.

When certain posters quoting the 30,000bopd needed for the oil refinery currently being built and funded by the Indian, they never mention the delay.

Furthermore, to put into perspective, how many more H1 wells are needed to fill up the refinery. Let's do a basic calculation based on H1 production of 150bopd.

30,000 / 150 = 200. It means Matad will need 199 more wells like H1 to make full capacity of the refinery.

The question then becomes, how much time and money is needed to drill another 199 wells. Taking H1 for reference, Matad needed 5 years to sort out all the paperwork, licensing and other operational work to get it where it is today, and yet, the well did not perform to expectations.

To further my point about Matad needing 199 more H1 wells to fill up the refinery capacity, there is no information about how much the farm in party are willing to financially commit if the deal goes through.

Even if each well would have a cost of £1million attached to it, that would be £199millions to reach 30,000bopd to maximise the refinery capacity.

Except in reality, each well would cost more than £1million to drill, and the COS will probably be closer to 1 out of 10 wells, then there is the flow rate to be considered, not all successful wells will deliver 150bopd, take H2 for example, it's considered commercial at 30bopd. Lastly, the time required to reach 30,000 will take years of work.

MATD had taken 5 years to get H1 where it is today and still haven't sorted out the tax issues.

The point I'm making is this could take years even if everything goes towards MBs plan. Except I don't think it will.

It has been months and H1 production rate hasn't been improved. In fact it has further dropped. H2 hasn't been rectified neither and tax issue remains unresolved.

Factor in the winter shut down and any further work will take longer than many think.

No I do not trust MB quoting work will begin next week etc. It's all lies based on past statements and timescales.

It's not that all rosy as the rampers are suggesting.

All in my opinion and DYOR

It's been how long since the AGM Abzzba?

If like you say it only takes 10-14 days to rectify H2 then they could have already done it by now.

Fact is that they haven't!!!

Imho and DYOR

There's really no excuse when they had 10 years and $180 millions of funds

Imho and DYOR

Abzzba says:

"H2: Acidize/welltest & completion = 10 to 14 days work

Workover rig moves onto Gazelle, few km away.

Gazelle well test & complete = 6 to 8 days.

Workover rig moves onto Gobi well few km away.

Gobi well test = 4 to 5 days."

If that's the case then why don't they forkin get on with it. How many months has it been already?

Imho and DYOR

Works underway does not mean they will finish it before winter shut down.

Also, satisfactory results are still in doubt based on past empty promises.

Imho and DYOR

Big week ahead? More like a big delay ahead.

Those that were adamant operational work would resume a week after the AGM couldn't be more wrong.

There has been little evidence of this, certainly no RNS.

I would be surprised if there are any major news regarding the remedy of H1 and H2 for the remainder of the year.

I have always said winter shut down is approaching and now we are at the end of August already.

Imho and DYOR

It's been said time and time again.

Let's keep it real. MB has proven he cannot be trusted.

The market has lost confidence in Matad and rightly so.

It's time for Buck to deliver to expectations, no more hypes and talks, we want actions and results!

No good saying things will SOON happen, instead, how about just DELIVERING them.

What's holding them back?

10 years not enough time for them to sort themselves out?

£180 million isn't enough to get one well onto production on a satisfactory level?

H1 went from 821bopd to being choked back to 200bopd. Turns out it was 160bopd and latest report was 150bopd. MB once again wasn't transparent with shareholders.

What happened to the H1 & H2 well modification and production ramp up?

This company operates on new hopes and raises, but nothing ever materializes like the JV and farm in talks that has been ongoing for 10 years. The plan (or should I say hype) to become a sufficiently self-funded company seems like it can only exist in fantasy.

Cash won't last in the Matad bank, they will require heavy funding and Borzon alone will require a whopping £14.9miion over 8 years.

The long term holders have all lost money here. Gone are the days people invest based on empty promises and trust, time to show some results.

If MB is that incompetent, then perhaps he should find a job at the local corner shop selling chewing gums instead.

All in my opinion and DYOR

It's late August already.

What has MB done since the AGM?

People are so sure that operational work will be completed this year, but looking at factual evidence they seem to be behind schedule once again.

I have always warned people about MB's empty promises. Winter shut down will be here in no time and will last several months.

By April 2026 when Matad exit winter period the money in the Matad bank will run low again

Imho and DYOR

Perhaps MB will drop a special bank holiday RNS on Tuesday, but it will be for delays in operating activities.