Looking at the RNS history you can see clearly the change from when the new CEO Mike Buck was brought in.
5th July 2017 Ridvan Karpus (RK) CEO
Plan to drill Snow Leopard-1 (50 day drill) and then Wild Horse-1 (20 day drill).
(The regime of RK wants to drill SL-1 and then WH-1. We know from presentations that SL-1 has no amplitude anomalies and is supposed to be self generating. WH-1 has amplitude anomalies and is based on migration from nearby massive kitchens).
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19th Sept 2017 Ridvan Karpus (RK) CEO
Plan for restructure of the management team with experience being bought in (RK will step down).
Rig for proposed SL-1 and WH-1 still not certified and not likely to be until at least October (maybe later) and so, with mobilization from East to West then drilling cancelled until 2018. Both ongoing permitting.
New 3D seismic over Tugrug basin. New 2D based on comments from potential farm in partners.
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21st November 2017 Mike Buck (MB) CEO
Drilling rig is now certified, finally. Contract amended.
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19th January 2018 Mike Buck CEO
MB drops Snow Leopard-1.
New drilling program will be Wild Horse-1 (always drill your best first) and then Falcon-1. WH-1 has bright amplitude anomalies. Falcon-1 has live oil in nearby core hole.
At this time both wells are in the process of permitting, only SL-1 is nearly completely permitted but now dropped like a lead balloon.
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13th February 2018 Mike Buck CEO
Plan is to drill WH-1 and Falcon-1, permitting is in progress for both. Wild Horse-1 is now a 30 day to 45 day drill.
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12th April 201b MB CEO
Bugger..........the new 3D has revealed the Falcon-1 prospect is very much smaller due to faulting now apparent with the new 3D. In view of this Falcon-1 is dropped and while they work on the 3D for a new prospect now seen (later will be known as Fox-1) they will now put Snow Leopard-1 back into the drill program.
Its the only well nigh on permitted for and Wild Horse-1 is still waiting for a few final permits.
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My comments/opinions = At this stage Mike Buck is feeling stressed.
His drill program is now a well he wanted to drop (SL-1), then the big prospect Wild Horse-1 he wants to drill, then 2 small wells on Block XX. Not very awe inspiring at all. He knows there are good other targets from the new 3D and 2D.
Drill program now :
1 Potential duffer SL-1 he dropped.
2 Great Propsect WH-1
3 Small low risk Block XX drill
4 Small low risk Block XX drill
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14th May 2018
SL-1 is fully permitted for. WH-1 still does not have all permits in place.
New exciting Fox-1 prospect from the new 3D which replaces Falcon-1, but which has to start the long permitting process.
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13th June 2018
Placing to raise money to add 2 more drills. Directors buy in to the placing at 10p a share price.
New drill program :
1 Potential duffer SL-1 he dropped.
2 Great Prospect WH-1
3 Excellent Prospect Fox-1
4 Significant Prospect Red Deer 1
5 Small low risk Block XX drill
6 Small low risk Block XX drill
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My comments/opinions = At this stage Mike Buck is feeling much happier. Even though he still has to drill the SL-1 well he dropped initially (has to drill as its the only well fully permitted for) he now has 5 excellent prospects to drill after it. Wells 2 and 3 being high impact, well 4 being excellent size and then wells 5 and 6 being good in that they both individually are worth more than the current share price on success and are relatively low risk.
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The rest is then very much near term knowledge. WH-1 finally got the chemical permit during SL-1 drilling last month and so can go ahead. SL-1 drilling was a duster but a good stratigraphic test well in effect, lots of data obtained.
So, MATD have drilled the well that Mike Buck dropped initially, and the next three wells are the ones that he really wants to drill. Wild Horse-1 then Fox-1 and then Red Deer-1.
Thats the hindsight after the event read of the operations RNS's and what happened in terms of the operations program. You can see why MB is pushing to get WH-1 done this year, its the well he really wanted to drill first, with both Fox and Red Deer being new prospects and wont complete permitting until Q1 2019.
Whilst some people may bemoan the 2nd placing - my view is that Mike Buck turned the company around at that point. Going from (ignoring SL-1) one prospective big drill and 2 small ones, to then three prospective big drills and 2 small ones. That second placing at 10p in which directors purchased lots of shares, is what has left MATD so exciting now with lots of back up. If they had not done it then things would not be so much lower risk now.
