Spoke to Matrix Oil this afternoon, news in my opinion is not good. Negotiations on finance are still not resolved and spokesperson for the company thought it would be another two months before there would be anything to release to the market. In the meantime there is no rig on its way to Langsa. This delay can only hurt Matrix further, it must be losing a fair bit of dough. If negotiations are successfully concluded in two months ie. end July, it could be a while before a rig could be bought to the site. If I recall correctly the company was hoping to have the whole thing fixed by June but it now seems like August/September if the finance is worked out, a big if. I have decided to cut my losses and move on. If you want more info call the company direct on 08 9321 9388.
MXO Price at posting:
0.0¢ Sentiment: None Disclosure: Held
