The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
If Matad are doing an investor presentation and analyst meeting, 100% Snow Leopard spuds next week. Very encouraging RNS
No doubt they will visit institutional investors as part of these events and maybe another appearance on London South East?
Operationally and Public Relations about to go full out, but by all means panic out of your shares! I am happy to buy them below 9p.
Fund,
I think your compass is off a bit here mate. 20% COS is for commerciality, which is not at all critical for a Basin or Play opener to be a "success." Establishing Movable Hydrocarbons and a Proven Petroleum system would have potential farminees queued up around the block. Likewise Matad's valuation would re-rate considerably higher, as they would have two basin's with Proven Petroleum systems. Furthermore, we are not likely to know the outcome of commercial testing until after Wild Horse is spud, a 400m bbl prospect which the worldwide oil industry is quite keen on.
As for this being "Mongolia", why yes, indeed it is and I would much rather be allocated there than most or all of Africa where 100's of Billions in wealth are being created by hydrocarbons. Violence and sovereign risks are far greater on nearly the entire African continent.
And speaking of farminees mate, have you noticed how different Matad are talking about the farmout process of late? I think it would be quite foolish to ignore this as a significant and perhaps likely catalyst. If you haven't noticed, Brent is sniffing $80 again and most of the industry desperately need to improve their reserve/replacement ratio.
Recall I have been quite critical of M.Buck and the boys with regards to the recent raise, so I am no perma-Matador. But you would be a fool to panic out of the stock one week away from spudding the most consequential well drilled in Mongolia to date.
Matad only need live oil shows, some gas kicks out of Snow Leopard and we're off and running. A commercial discovery in a basin opener would be tops, but no one with half a brain will sell with some nice shows and those odds are quite good.
Snow Leopard is the amuse bouche, Wild Horse is the real prize.
M.Buck has been a serial over-promise UNDER-deliverer, however, it looks like he finally has a grip on things. He would have made some achievable promises to the institutions who coughed up the $18M and who probably have his cellular on speed-dial!
No reason to cry over the spilled milk, raise is done, yet punters wetting themselves puking shares with spud days away. I wouldn't be surprised if next RNS announces well has already been spud with site prep for Wild Horse underway.
I continue to be intrigued by the dramatic shift in RNS language around potential farm-in, maybe a surprise in store? If farm-in soon, Matad won't need to raise capital again until 2020?
Shares sub-10p are a true gift, dumb money is selling at 9.30p.
It's both sad and funny to watch the punters get chopped up. While M.Buck and his brokers did quite a number on retail shareholders, punters are now selling well below where the smart money bought, does that make sense? You can bet all the ducks will be in a row for the next RNS, otherwise the smart money would have never bought $18M of Matad, even at a hefty discount. Promises have been made and will very likely be delivered on, this time. Days away from a spud announcement, yet the sheep panic!. Very Darwinian don't you think?
Spanish, I take what you say and also believe they will deliver at the end of the day. After all, they just raised $18M and if Buck manages to screw this up, he will be in permanent retirement. Very interesting watching the retail mindset. Why would a punter sell where the smart money bought at 10p? I would imagine Buck has the first spud locked up, but anymore lack of disclosure in the next RNS and I will be calling their NOMAD! While we are in the dark, the institutions know all, get special access to Buck with conference calls and his brokers
There's no reason to tell Mike Buck what he already knows. He knows that despite using the term "Fully Funded for Four Wells", he's out raising more money four months hence having achieved very little and mostly just moving goal posts he himself set. He needs to be much more explicit about the permits for Wild Horse and rig tender for Block XX work, as it is almost July for Pete's Sake! It is perfectly fine to be optimistic, but the man sitting in the executive suite is not delivering on his promises and this should be a concern for everyone.
Bullant, if management calls out an issue which delays prior guidance it most certainly is material. The share price took a big hit on that news, yet hedge funds were able to buy at 10p with the full knowledge that these permits were issued and the rig had mobilized. Does that sound fair to you? Mate, how many times has the first spud been delayed? April, then May, then June and now July? To equate critical permits which are called out in an RNS and the weather is plain absurdity. The company should have notified the market as soon as they were given the government approval for visas, period, end of story. I'm sorry, but you should expect more from management, especially in light of these delays. And while we're talking about the weather, what about those Wild Horse permits?
I find it disconcerting management announced delays in Visa's, only to price a capital raise before publicly disclosing rig mobilization, which implies the Visa issue was solved. Furthermore, if rumors on this board were true about the Visa issue being solved in mid-May, they held back a material non-public piece of information which was presumably communicated to the participants of the capital raise. I would also add that the explanation for pushing Wild Horse back because Falcon was too small doesn't really hold water, because management are yet to fully permit that Wild Horse and it's mid-June! So was Falcon too small or did they have problems with permits? Some truth please. MB and the boys are playing a little too fast and loose with the facts for my taste, I hope they can bring themselves back from the sleazier side of town and not exclusively set the table for hedge funds, while serving retail shareholders for dinner!