MAD has grown from around 25 staff at listing to around 250...

MAD has grown from around 25 staff at listing to around 250 personnel at this time. This staff growth has been matched with the acquisition of drilling rigs, workover rigs, pipe & materials stock, support vehicles etc. etc. let alone the training and productivity costs in creating new drilling crews.

There have also been funds spent on improving their knowledge in the drilling of their lease areas at different depths to validate seismic data.

Not many oil companies have committed themselves to building an entire in-house operation from the ground up to control costs rather than splash money on contractors.

Cash flow is important but it must be viewed in the context of the company's objectives.

I will be looking more towards production in the next 6 months or so to see how their method produces that high quality oil.