Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Oh my, yet another epic cockup! Again, does not surprise me, when will the company get their act together?
Is this more goal post moving or just further evidence of disastrous comms?
"PETRO MATAD (MATD) (mkt. cap. £44.65m @ 8.5p)
Directors own: 5.6%
Wild Horse-1 well, Mongolia (spud 2019) – 100% MATD interest
Resource estimate: total mid-case prospective resource estimate of c. 480 MMBO recoverable
Chance of success: not yet communicated"
My bet here is very small, a lottery ticket if you will. If you size your bets with realistic expectations, it allows for calling things as they are. Whereas many here have bet too much without batting a critical eye, just trusting hope. I'm sure even you, Mike, can admit it was a mistake not reduce your exposure, as the company screwed up one thing after another. For me, the writing was on the wall and I said so.
Mike, I think the only hope here is that even Matad can't cockup every solitary milestone they've set for themselves. And hopefully some changes have been made that would allow them to deliver on something. Sadly, if they manage to cockup the WH drill as well, we should fully expect to see Matad in the 3p range.
People are right to question Matad's ability to deliver WH and next year's drills as well. Let's recap the last 6 months, shall we? "Fully funded 4 well drill program." Afraid not, might be only 1 drill and they raised capital again. "Will spud first well in April, I mean May, I mean by end of June." Of course, late again. "We're drilling on 3D!" Wrong again. "Block XX rig contractor secured!" Wrong again. Now we're to believe Matad will deliver WH with winter bearing down without delay? Meanwhile, M.Buck and the boys have not delivered a single milestone on time? And we are to believe the company will deliver 4 drills in 2019 (maybe 5 if/when they cockup WH)? Pardon me if I don't believe what these joker's tell us blindly!
Plenty of red flags with Matad, those who chose to ignore them are paying the price. Why is M.Buck focusing so much on local stakeholders with WH? And why was there no mention of this with SL? Problems? Probably!
Not that Matad are fastidious in releasing material information in a timely manner, but the idea they are holding back discovery news for AGM seems absurd. M.Buck and the boys have been playing catch up from day 1 and have literally missed every single milestone they've set for themselves and shareholders. An undisputable fact.
Mike, If Matad cockup WH as well as Block XX drills in 2018, only a special kind of fool would believe they can achieve 5 drills in 2019. While the drills are "fully funded" I am highly doubtful M.Buck and the boys could deliver more than 1-2 in 2019. In which case, they would have to raise as they burn considerable cash with fat salaries, while mostly running in circles.
Doz, I invested because I believed what M.Buck said, which a mistake in judgement. I cut back my position to what is the equivalent to a gamble on SL. When management doesn't do what they say, I reduce my exposure. If you want to blindly believe in Fairy tales, be my guest. If SL takes 90 days and they miss WH, I won't be surprised and I will accept my losses, eyes wide open.
I can honestly say that I own shares, because anything can happen with SL and the upside is staggering. But why on Earth would base your expectations on M.Buck timelines, which have, without exception, been missed? I wish the company were run better, so I could own more shares. But I am not going to ignore the nature of the beast!