The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Florida,
I haven’t invented anything. Just wondering out loud why they have still not announced a drilling contract. And if by your reasoning they are trying to save £450 (haha) then you think that they would have lumped the drilling contract award in with another RNS in the past. At least Proselenes has offered his reasoning why the news is delayed.
I have every right in the world to suggest (on a discussion forum ) that the longer this goes without any news, then it doesn’t look good to me.
Proselenes,
Neither one of us know the availability of rigs really. If they have to wait till mid Sept to log all results ( which of course a farminee would want ) that gives them 2 weeks to finalize the contract (assuming rig is available ) and do all needed to start drilling Block XX.
Ojay,
Are you so emotionally attached to Matad that you can’t question anything ?
Proselenes,
Could make sense but if SL is a duster he is running quite a chance of not having rig availability when needed.
If they have signed a contract why isn’t there an RNS ? They have been talking about sourcing a rig for Block XX since February and here we are at end of August and no word. 25 June RNS says they expected to finalize this by end of July. The latest communication on this was 10 July which is 7 weeks ago saying this would be done soon. And still nothing ! Doesn’t augur well for Block XX to be drilled this year.
What was “confirmed” in the LSE interview 10 July 2018 was that Mr. Buck has spoken with Petro China re their sister company DQE and the availability of a rig to drill Block XX:
“to see if they were open to us taking one of their rigs.....very,very open. There was absolutely no problem there so we are negotiating with the company at the moment and we hope to finalise the contract fairly soon.”
So it cannot be stated that “DQE will be the rig contractor for Block XX” until that contract is finalised and we are made aware of that fact.
RNS 02 Nov 2009:
“Petro Matad advises that it has suspended operations at its’ DT-1 well site due to winter conditions”..........”A severe cold snap in the on-site weather from 30 Oct - 01 Nov precipitated an operational decision to suspend any commencement of drilling in 2009”.
RNS 03 Dec 2010:
“The DQE international rig and crew have performed remarkably well under the increasingly arduous conditions and this has enabled the Company to extend its’ drilling operational window by well over one month”.
This is why I think news on the procurement of a rig for Block XX is so important. The drilling season could quite possibly be over in just a little over 2 months and we still haven’t heard if they have sourced a rig.
Mikey30,
Hahaha. Just gave that quote from Mike Buck (none involved with PM) to 4 people and all took it the way I did. You can argue till the cows come home that it means Dec to Mar. Don’t need to further clarify anything- it’s a direct quote - take it as you want.
I’m at the point where you are not allowed in the pub haha. Let’s agree to disagree. I read it differently than you. If someone says something is not happening between November and April, I take it to mean from 1 Nov to 30 April. You don’t ..........end of story. Not trying to mislead ........just reading it differently than you.