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I largely agree Bobtree! Matad are not a group I would describe as being a well oiled machine, 2018 has been the year of the cockup! But M.Buck and Co could rescue a disastrous year with a discovery at Wild Horse. Barring that, credibility will be severely impaired, as will the share price.
Before getting too excited about WH, one needs to remember Matad have missed every single solitary deliverable they have laid out for themselves. Can they improve and/or stop screwing things up? YES! Will they?
Looks like the smart money are applying the "Mike Buck says" discount to Matad shares and justly so. In fairness, the company has been late with every milestone they've set for themselves, so why should it be any different this time? Fool me once and so on, but some punters aren't going to take their lesson!
Bones, Matad have not delivered a single solitary thing on time, why would you expect this time to be any different? Another worthwhile question is whether Matad is truly "fully funded" for the remaining 5 wells? A little transparency on next RNS would be appreciated, but certainly not expected given limited and poor comms. G&A expenses have skyrocketed on a year on year basis. I am doubtful they have the cash to drill 5 more wells without raising capital yet again.
This is exploration, so the odds were always going to be long. I won't fault Matad for drilling a duster, since that was the likely outcome with SL. However, cancelling the Block XX drills and spudding SL late, to where we might miss WH is unforgivable.
And we will continue to see new lows until we stop seeing operational lows. That being broken promises, blunders and goal post moving. Just wishing the share price higher won't work until Matad management can prove they can execute and deliver on commitments.
Strongman, The price may go low, but if Matad can only achieve 1 drill per year, it may never be "cheap." The way I see it, is the company is probably in the penalty box with institutions in the City, after hoodwinking them in the 10p raise. Meaning, they may NEED a discovery to raise anymore capital. Discoveries are hard to come by if you can't DRILL! So far, Matad has shown itself as a pure lifestyle company, with no substance and no ability to execute.
Strongman, Matad have had nothing but delays this entire year, how often we're they preannounced? Never. Only disclosed after milestone has been missed badly and in a very non-descript way. This is not a company you could say is ahead of the curve.