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Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

Proselenes
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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#263143

Postby Proselenes » November 9th, 2019, 3:57 am

Mike is going to be busy next week, so far he is :


Shareholder update and presentation meeting on November 12th morning 9am

https://www.investegate.co.uk/petro-mat ... 00023019S/


Followed by

Presentation at LSE event, late afternoon on November 12th.

https://www.eventbrite.co.uk/e/oil-gas- ... ff=Twitter


Also next week he is meeting with Malcy, so an update from Malcy will also be done.

https://www.malcysblog.com/

.

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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#263423

Postby Proselenes » November 11th, 2019, 7:20 am

New Corporate presentation out.

https://www.petromatadgroup.com/wp-cont ... -Matad.pdf

All good and as expected.

Heron bigger than 25 MMBO recoverable.

Blocks V hoping to extend so can drill in 2021, focus on Block XX in 2020.

Upside from Erdenetsagaan area in South - 85MMBO recoverable.

Only need 10m to 15m US$ to get into cash flow positive and self funding.

.
So the question for Mike......will it be Petrochina farming in ? or bank debt ?

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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#263564

Postby Proselenes » November 11th, 2019, 7:30 pm

Mike Buck is now also going to be speaking at the Mello Event tomorrow (Tuesday 12th) at 15:25

https://melloevents.com/wp-content/uplo ... dulev3.pdf

.

dspp
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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#264253

Postby dspp » November 14th, 2019, 1:57 pm


Proselenes
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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#264878

Postby Proselenes » November 17th, 2019, 4:23 am

If anyone wants to download and listen to Mike Bucks' conference call, the link is below.

https://ufile.io/4bo9gkpc

.

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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#293407

Postby dspp » March 23rd, 2020, 11:52 am

RNS - Ops Update - 23 March 2020

https://www.petromatadgroup.com/investo ... -releases/

Highlights

Block XX Update

· Progressing Block XX Exploitation Licence Application

· Competent Persons' Report increases total mean unrisked in-place oil resource potential of the Heron structure by 20% to 194 million barrels

· Reservoir stimulation studies indicate significant improvements in recovery factor are possible

· Heron development base case increased to 33 million barrels recoverable

Portfolio Review

· Portfolio review underway seeking to balance a production focus with near field exploration opportunities as well as some additional potentially high impact opportunities

Covid-19

· Managing the impacts of the coronavirus pandemic on the Company's business

· 10 cases have been confirmed in-country with the first reported on 10 March

· Mongolian Government is taking a very proactive approach

dspp
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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#307548

Postby dspp » May 11th, 2020, 11:16 am

RNS - update
http://irpages2.equitystory.com/website ... e=30643587

- cash conservation
- licence progressing

- dspp

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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#318794

Postby dspp » June 16th, 2020, 12:17 pm

Results
http://irpages2.equitystory.com/website ... e=30790056

======
15 June 2020 Petro Matad Limited Final results for year ended 31 December 2019



Petro Matad Limited ("Petro Matad" or "the Company"), the AIM quoted Mongolian oil explorer, announces its audited final results for the year ended 31 December 2019. All dollar values are expressed in United States dollars unless otherwise stated.



Operational Highlights

· Three wells in Block XX, Heron-1 and Gazelle-1 in the northern part of the block and Red Deer-1 in the southern area, were completed within the 2019 drilling season and within budget.

· All three wells found oil shows, with Heron-1 declared a discovery after recording one of the highest flow rates recorded in Mongolia with 821 barrels of oil per day (bopd) produced during drill stem testing, achieved without use of artificial lift or fracking, in what the Company believes are commercial quantities.

· Gazelle-1 found two thin oil pay zones however due to the onset of winter weather the well was suspended as a potential oil discovery without being tested and so will be fully evaluated in the future, Red Deer-1 was plugged and abandoned with no oil pay zones detected.

· Application made for an Exploitation Licence covering the Heron and Gazelle discoveries which will allow the Company to move into development and production.



Post period end

· The Block XX Exploitation Licence application continues to progress through the government's approval process and is now with expert auditors appointed by the Ministry of Mining and Heavy Industry.

· Plan of Development documentation is nearing completion and will be ready for submission to the Ministry once the Reserves Report has been approved.

· The Company applied for and has been granted moratoria on Block V and Block XX which stop the clock on the Exploration Periods of the respective PSCs. The moratorium on Block XX avoids the possibility of the exploration period expiring in July 2020 before the Exploitation Licence has been granted by the Mongolian government.

· The impact of the Covid-19 pandemic on Petro Matad's activities has been limited as Government ministries have been open and functioning as normal throughout. The Company is liaising with the authorities and taking all precautions to ensure the safety of its staff and contractors.



Financial Highlights

· As at 31 December 2019, the Group's cash position was $4.3 million, including Term Deposits (Financial Assets) (31 December 2018: $21.3 million)

· The Group's current cash position is $2.3 million, which in conjunction with previously announced cost saving measures will be sufficient, in absence of new fundraising, for the Company to operate until the end of Q1 2021. Implementation of additional cost saving measures would extend this to the end of Q2 2021. Importantly, the Company has retained sufficient key staff to remain in an operational ready state.

· The Group's net loss after tax for the twelve months ended 31 December 2019 was $16.8 million (31 December 2018: loss $18.4 million)

· No dividends have been paid or are proposed in respect of the year ended 31 December 2019 (2018: Nil).



About Petro Matad

Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds 100% working interest and the operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,367 square kilometres in the far eastern part of the country and Blocks IV and V have an area of 29,062 square kilometres and 21,143 square kilometres, respectively, in the central western part of the country.

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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#373410

Postby dspp » January 5th, 2021, 12:19 pm

licence update .... progress .... slow ..... almost as if someone wants something ....

http://irpages2.equitystory.com/website ... e=31548193

- dspp

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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#406124

Postby spasmodicus » April 22nd, 2021, 12:44 pm

MATD share price is quite lively today, following a fairly recent update
https://irpages2.eqs.com/websites/petromatad/English/1100/news-tool---rns---eqs-group.html?iframe=true&article=31767731&company=

To be honest, I had almost given up on this one. The advfn chat thread
https://uk.advfn.com/stock-market/london/petro-matad-MATD/share-chat
is always good for a laugh, with the usual torrid speculation ranging from irrational exuberance to dismal pessimism.

S

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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#406596

Postby Proselenes » April 24th, 2021, 1:20 am

Certainly warmed up in Mongolia recently, in terms of the MATD share price.

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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#427831

Postby spasmodicus » July 15th, 2021, 11:07 am

Excitement on the MATD front. The day before yesterday, MATD SP dropped from about 7p to 5.3p and triggered my stop loss at 5.9p. Yesterday, MATD announced a 1 for 16 offer of new shares at 3.5p. In aggregate, they intend to raise about $10m.
https://www.lse.co.uk/rns/MATD/placing-subscription-retail-offer-open-offer-7sngpepwwqckjht.html

This caused the stock to dive again to below 3.5p this morning. I re-entered at 3.4p having noted CEO intends to subscribe for another $100,000 worth of shares. Whether this is at the offer price, or not, I don’t know, he would have to own 1.6 million shares to subscribe. On the other hand, he could just buy the shares on the open market. Furthermore Petrovis, the Company's largest shareholder, has indicated its intention to subscribe for new Ordinary Shares representing up to approximately USD$2.1 million. at the Placing Price pursuant to the Subscription.

Pre placement, MATD had 681.42 million shares in issue, which at a share price of 6.5p (before my stop loss triggered on what would seem to me to be leaks about the placing) would be indicative of a market cap of £44.3m ($61m). $10m at 0.35p (4.83c) represents an extra 207m shares, i.e. 888m total. Post placement market cap at 3.5p would be £31m, so that represents a considerable dilution.

The RNS goes on to say

The net proceeds of the Fundraising will be used to:
· Fund the completion of the Heron 1 and install well site production equipment
· Drill and complete for production (if successful) H2 and H3 wells
· Start production in mid-2022 with processing and export via adjacent Petro China operated facilities
· Recruit a farm in partner, if acceptable terms can be agreed, in order to accelerate Heron full field development and to join in exploration efforts
· Fund a portion of the Company's Production Sharing Contract (PSC) expenses
· Fund a portion of G&A and other corporate expenses.
In the event of sufficient demand, the Fundraising may be increased to fund the following contingent work programme:
· Acquire 3D Seismic on Block XX
· Drill Velociraptor 1 high impact exploration well on Block V
· Drill Saiga 1, Gobi Bear 1 near field exploration wells on Block XX.

On the last three bullet points, yeah yeah yeah. Market sentiment regarding anything to do with exploration wells is pretty negative at the moment, so MATD had better look sharp and deliver on that promise to start production in mid 2022, otherwise imo they(we) will be toast.

a further RNS today
https://www.lse.co.uk/rns/MATD/results-of-fundraise-ea10vwaq7ycep58.html
Petro Matad Limited ("Petro Matad" or the "Company") (AIM: MATD), the AIM quoted Mongolian oil company, is pleased to announce that following the accelerated bookbuild which was announced on 14 July 2021, the Company has conditionally raised gross proceeds of US$ 9.7 million through the oversubscribed placing (the "Placing") of, and subscriptions by a director and shareholder of the Company (the "Subscription" or "Subscriptions") for, 200,624,830 new Ordinary Shares ("Placing Shares" and "Subscription Shares") at a price of 3.5p (the "Placing Price") per share.

jolly good,
S

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Re: Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019

#432044

Postby spasmodicus » August 2nd, 2021, 3:07 pm

Another day, another placing. PetroMatad has been raisng money for its hoped for start of production at the Heron site.
In a the previous RNS they said “Start production in mid-2022 with processing and export via adjacent Petro China operated facilities”.
They recently raised more cash from a placing on 14th July and the share price has sagged to 2.8p, somewhat below the placing price of 3.5p. The drip drip effect of such placings represents, of course, imperceptible (they hope) dilution for existing shareholders, so far this year by some 30%. Frogs and boiling water spring to mind. As of the end of last year (2020) there were 681,422,306 shares in issue. The “Enlarged Share Capital immediately following completion of the fundraising” is now 938,921,744 and the market cap. “at the issue price” $32.9m. The market cap at 2.8p share price is about $26.3m. The book value (total equity) of the company at end 2020 was $16.5m, which included “Exploration and evaluation assets” of $15.275m, a figure that represents the current value of exploration and assessment expenditure that has remained unchanged since 2017. Probable reserves were estimated in 2019 at 15mmbbl and the Heron-1 well achieved an average flow rate of around 200bbl/day of light oil, with no water. However, according to
https://www.tandfonline.com/doi/full/10.1080/23322039.2017.1385443
…Our results suggest that proved developed reserves are the main type of reserves used by investors to forecast future cash flows……..information on probable reserves bears only a limited relevance for investors in Canadian and other non-US oil and gas firms.

If what they say is true, it’s a confirmation that investors (as opposed to speculators) value proven reserves and production and that probable reserves do not cut much ice. This is borne out by the observation that the market is currently very unsympathetic to small oilies which have no production and who rely on frequent share placings to support their development programmes. It’s a rocky road from discovery to financially significant production, which can suffer regulatory hurdles, technical problems or logistical delays in getting production infrastructure up and running. Meanwhile, cash is steadily leaking away. To get an idea of baseline expenditure at MATD, a glance at annual accounts indicates costs running at
2017 $10.0m
2018 $19.0m
2019 $17.5m
2020 $3.3m

Activity in 2020/21 has been curtailed by covid-19, so we can judge that the baseline cost of running the operation is probably around $2.5m a year, which would include director’s remuneration of around $1.2m and other basic running costs and maintenance, but not much in the way of capital outlay. Each 6 month delay thus costs more than $1m. Cash in hand at the end of 2020 was around $1 million, so total cash reserves approximate that which has been raised so far this year, i.e. about $10.4m, which would allow maybe $7m development of expenditure over and above normal overheads, until their projected start of production in mid 2022.


As Joey points out in this thread,
https://www.lemonfool.co.uk/viewtopic.php?p=431773#p431773
you are not really “investing” in such companies and “taking a punt” might be a better description. In the present environment, downside risk seems to be as big as it ever was, but multi-bagging on the upside seems much more elusive. My stop loss triggered (again) recently at 2.9p so I am out of MATD, having so far incurred a loss of about £500 and will sit on the sidelines until something substantive starts to happen.

S


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