The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Which is it Dave? Are you expecting an RNS on day 70, or should investors prepare themselves for results much later, since it's just an "estimate." My skepticism is based on a well established track record. Are you trying to have it both ways mate?
More specific Ojay? Comms are a disaster. Do you believe they happened to realize they weren't going to drill XX the day they were filing 1H? Or is Matad just batching market moving news, as they've always done. I'm sorry Ojay, but if you don't see a problem with their comms, we probably have nothing else to say to each other.
Mate, Do you believe if the guilty party can somehow be identified, be it Buck, an employee, or an uncooperative government, that it somehow matters? As an investor, you need only identify what is working and more importantly what is not. There are clearly issues here and I'm not convinced the company has been as forthcoming as they could. And my exposure has been reduced to reflect this perception, which is supported by M.Buck's constant goal post moving. I hope you understand that Matad may well go from four drills to one for 2018.
Dave, With your vast experience in the oil patch, you would agree that when exploration companies cancel exploration, that is in fact NOT a good thing? That absurd notion is the only thing I am currently responding to. As for everything else, I accept M.Buck is not the best operator in the world and am hoping SL comes in.
I wish punters would stop spinning the loss of the Block XX drills as some kind of positive. The loss of these drills increase Matad's risk significantly and reveal a high level of operational incompetence at the company.
It is sad that we've gone from doing the odds on 4 drills for 2018 and arriving at 90% combined COS for one coming in.
Now we're just happy that odds of another cockup aren't worse than 20% for a well that has a 10-15% COS?
My how things have changed!
I am obviously very concerned about their ability to execute, but it looks like we'll get a TD out of SL so I will be around for that. While fun, it's useless to question whether you or I could do a better job. The ultimate responsibility rests with CEO M.Buck, who spoke quite confidently about what he could and would do. If holding him to his word is somehow unfair, welcome to the capital markets.I am quite sure the investors in the second raise are doing the same And based on that track record, I think the odds are at least 1 in 5 WH somehow gets screwed up in 2018, though I hope it does not.
Dave,
Whatever the reasons, if a company can't execute, then investors should run and fast.
Losing the Block XX drills was an epic cockup and something to be very concerned about. If they can screw up Block XX, they can screw up WH, then we go from "Four Fully Funded Drills" in 2018 to one. If you are not concerned about this, you should be. Matad were also quite vague about WH details which is also bothersome.
M.Buck can either operate successfully in Mongolia, or he can't. Currently there is more evidence supporting the latter, though I do wish that was not the case.
Dave,
No, I am afraid I do not work in the oil fields. But I have invested in resources for some time and scrutinize what management say and then do. Suffice to say, Matad's track record has been poor, though I am holding shares for the Snow Leopard results.
Merely being satisfied with an "ESTIMATE" is all fine and good until you realize the Mongolian winter is bearing down on drill operations, especially related to Wild Horse. Add to that, management's inability to deliver Block XX drills as promised and everyone should be concerned with the company's operational abilities.
Yes, you are correct, "later this month." My bias caused me to interpret as end of month. That bias was caused by the company being late with every milestone they've set forth for investors. With that said, I am sure they will miss 70 day timeline as that is the nature of the beast.
It's obvious to me that the company effectively moved the goal posts again by saying SL results will be near month end, past the stated 70 day guidance. Yet another missed timeline by M.Buck and the boys. I was also concerned that the last RNS made no mention of the Testing Rig. Surely if M.Buck is "excited" about SL results, he would have that testing rig previously mentioned on site?
I am also invested but very disappointed in M.Buck's constant goal post moving. Will watch timelines on SL completion closely, as that also appears destined to be late, in typical M.Buck fashion. Mongolia only has a six-seven month drilling season, which the company has mostly wasted.
And Block XX drills Mikey? Did you forget about that mess? Fully funded for 4 drills in 2018! Nope, maybe only one! Is that cleaning things up? Increase your standards for company managements and odds of making $$ increase greatly!