Member Info for Unnd

Margaret - I do rate SRE. It is a great company with a bright future but not a company maker that some think. Does not look like you read my post before reverting to the usual name calling. I would be interested to hear your take on SRE.

LutaLivre aka Adwl98 aka Adw 189 aka Lucky Rambo ...,, aka Wise owl speak - my IMO means as much if not more than your diatribe that you repeat every day.

SRE is a Singapore registered company with 2 shareholders holding 50% of the shares each - MATD and Sunsteppe Energy LLC (SE) which appears to be Zula.

Sunsteppe Energy LLC is active in the renewable energy sector in its own right. Zula also acts as a Consultant to the MG in her own right.

When SRE was set up the intention was for MATD to provide the funds via its production revenue and for SE to provide the expertise and contacts.

Any profit SRE makes at year end will be subject to corporation tax and any excess profit could be paid out as a dividend to the 2 shareholders.

IMO there will not be a dividend payment from SRE for a few years as I would imagine that the monies will be used to fund future projects and to retain equity in some of the larger projects. SRE would then be self funding and not have to rely on MATD to raise funds.

The funders/investors in the renewable projects will make the most returns but those returns will be over many years.

The oil side of the business is where MATD will make their monies if they can agree terms on a farm out.

AIMHO.

Fronteracheckin - thank you for the concise and factual post regarding the current position on the farmout.

Abzzba it is you that is deceitful in most of your posts.

Please reread the extract that you posted as it does support my calculation.

Also then please advise what you calculate the payment per barrel is from the following extract from the 29/09/25 RNS:-

'In late September, the Company received payment for July's production. PetroChina continued to withhold 30% so the amount received was $110k net to Petro Matad. The realised oil price for July was $66.4 per barrel.'

Margaret - i see you are playing the man and not the ball. It appears that you comment without checking the figures. If you did you would see that they were correct.

Jeez you guys. You could not make it up. Sorry forgot that you guys always make it up.

Abzzba it is you that is deceiving as my figures are correct. Are you reading the correct RNS which clearly states :-

'Oil sales payments

In late September, the Company received payment for July's production. PetroChina continued to withhold 30% so the amount received was $110k net to Petro Matad. The realised oil price for July was $66.4 per barrel.'

FYI the realised oil price is brent less 3.5% less $1.

Abzzba - up to you but I work on official notifications to the market i.e.RNS. The RNS clearly calculates at $34/barrel. It can also be calculated from the RNS that we appear to pay PC around $13/barrel to process, store, transport and sell the oil.

MATD therefore are receiving $47/barrel from $70/barrel Brent under the terms of the PSC.

Happy for you to show your calculations based on the PSC terms and PC costs.

TBT we are not cashflow positive until we receive full payments without the 30% being withheld.

Abzzba - the $34/barrel is easily calculated from the payment details officially stated in the RNS dated 29/09/2025 irrespective of what the CEO may have previously stated. MATD received $110k for the July invoice which grossed up equals £157k ($157k/31 days/150bopd = £33.76/barrel).

Also we have not energised the power line as yet as we await the Governors sign off.

Happy to be corrected if wrong but I have checked my figures and all seems correct.

At this moment in time we are invoice positive but not cashflow positive due to the 30% withheld by PC. We are receiving around $110k/month from the $157k/month due to MATD.

Up to the last payment received for August production, I calculate the withheld sums to be $780k of which $550k is due to MATD. September's payment is now outstanding and is around a further $155k to MATD if fully paid (subject to oil price).

Based on the July payment details MATD received around £34/barrel revenue after deducting PC costs for transport etc. Brent was $70/barrel at the time.

Therefore at 345bopd MATD should start to receive revenue of around $352k/month in January subject to full payment on time and Brent at $70/barrel. Monthly production costs and general overheads need to be deducted from the $352k to arrive at the free cashflow which can be used for Block V11, renewables and any further works on Block XX.

There is very little cash for further drilling and therefore it is imperative that a Farm out deal is concluded for MATD to progress on Block XX.

Hope the above clarifies things for some posters.

'130% increase in daily production equates to 22% drop in the sp'

No. We had a 100%+ increase following the RNS on 9/10/25 which confirmed Gazelle flow tests at 160 - 460 bopd.

Todays drop in the SP reflects the fact that Gazelle is now flowing at the low end of the scale at 200 bopd, H2 has further issues and has not been declared commercial, the electrification works now needs the Governor sign off before being energised and the payment issues with PC have still not been resolved.

Surprise, not at all, new TROLL UNND appears to support our Kev & Adw

Margaritas thank you for proving my point about childish name callers and persistently playing the man and not the ball.

I see the Sept/Oct 24 cohort of childish name callers and persistent players of the man and not the ball have started early today to squash any sensible discussion on the pro's and con's of investing in MATD. I liken them to football hooligans who go to the match without a ticket in the hope of goading the opposition into a fight before and after the match. This board would be much better without them. Unfortunately they do not appear to have any self awareness.

Stockmaiden appears to have stopped posting on here which is also a good thing as his posts were mainly historical facts which don't impact the future.

Thanks for sharing your research Dan. Much appreciated as it is now much easier to track the companies that are highlighted in your flowchart.

Thanks Dan_LSE. Any information yet on the shareholders of Sunsteppe Energy LLC?

Dan_LSE - Sunsteppe Renewable Energy (SRE) is a Singapore registered company and incorporates Sunsteppe Power LLC.

SRE is a seperate entity to MATD albeit MATD have a 50% shareholding. The other 50% shareholder is a Mongolian registered company called Sunsteppe Energy LLC. I have been unable to find any details for Sunsteppe Energy LLC so anything that you can find would be interesting. I suspect that Sunsteppe Energy has links with Zula and Wolfson Energy. Wolfson Energy was founded by Zula.

I33 - 'This is the guy who stated that the renewables side of the business would be " worth pennies " and had seemingly no idea that each MW is valued at 50k to 100k USD, thereby valuing the 4 RTB projects at between 90m to 180m when they are sold to developers.'

So how does that $180m relate to MATD given that Sunsteppe Renewable Energy LLP (SRE) is a seperate entity registered in Singapore?

Based on the full amount being distributed to the shareholders of SRE and assuming that no monies are used for future cashflow or invested in the projects over the next few years:-

$180m = £133m

£133m less 25% MG Corporation tax = £100m

£100m divided by 2 = £50m (MATD/Sunsteppe Energy LLP)

£50m divided by 1.85B shares = 2.7p @ $100k/MW or 1.35p @ $50k/MW.

I would say that KevinRound was correct in this instance and that the greater value to MATD is the oil.

'I'm presuming that the JV split with SunSteppe is a 50-50?'

The answer is in the annual reports which genuine investors would have read.

'made fortunes through getting PP for a block of flats and multiple houses and then selling the plot with the permissions to a developer'

They make money because they are selling the land which they own, Matd do not own the land.

Jeez

Proquo, the 30/07 RNS stated that they were awaiting final approval from the power station. The latest RNS did not mention it so its reasonable to assume that they are still waiting

Adwl98 aka Adw189 aka LuckyRambo aka Realprotrader aka wiseowlspeak please confirm what you are in disagreement with so that we may have an adult discussion.

Hi Adw198, I see that WOS is back trying to masquerade as you. He is a very disingenuous poster who will no doubt be banned again.

It stated in the presentation and in the last RNS that H2 would be put on production before year end if commercial. I guess that we have to go with that in the absence of any other information.

I take your point on the going concern statement but unfortunately it seems common to AIM shares. The CEO/FD will do the 12 month cashflow and use the best case scenario and maybe massage the figures to suit. From my experience auditors rarely question it as the CEO/FD signs it.