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

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

#236244

Postby dspp » July 12th, 2019, 4:11 pm



This could be a perfect sandpit for our resident shorter :)

- dspp

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

#236259

Postby spasmodicus » July 12th, 2019, 5:28 pm

This could be a perfect sandpit for our resident shorter


....but perchance he burned his fingers when HUR jumped 17% yesterday?

this well looks more like a straight punt on the 3.30 at Kempton Park, at maybe about 3:1. I've got a modest stake on it, more than I ever bet on a gee-gee, I have to say. Only trouble is, unlike a 4 horse accumulator, the second well is more likely to be a dud if the first one was.

S

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

#236330

Postby dspp » July 12th, 2019, 10:46 pm

spasmodicus wrote:
This could be a perfect sandpit for our resident shorter


....but perchance he burned his fingers when HUR jumped 17% yesterday?

this well looks more like a straight punt on the 3.30 at Kempton Park, at maybe about 3:1. I've got a modest stake on it, more than I ever bet on a gee-gee, I have to say. Only trouble is, unlike a 4 horse accumulator, the second well is more likely to be a dud if the first one was.

S


Yes, I'm not sure he is used to real fundamental analysis. The sort that comes out of rocks & etc.

Personally I am not in this one because of the insider risks as well as other issues.

- dspp

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

#237703

Postby Proselenes » July 19th, 2019, 8:37 am

Image

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

#238137

Postby Proselenes » July 21st, 2019, 3:00 am

Just for a bit of fun and note that any mechanical failure at all will totally delay everything....................


Based on other DQE drilling a rough schedule is averaging 130 meters per day (with no mechanical issues) over a well to TD.

Heron-1 is 3050 meters and so divided by 130m/d would give 24 days to get to TD, prior to initial wireline logging and then initial RNS at say day 30.

Red Deer-1 is 2106 meters and so divided by 130m/d would give 16 days to get to TD, prior to initial wireline logging and then initial RNS at say day 22.


Entering of the Primary Target at Heron-1 should be around 2800m onwards which would equate to day 22 of the drilling. Also secondary targets earlier.

Entering of the Primary Target at Red Deer-1 should be around 1650m onwards which would equate to day 13 of the drilling. Also secondary targets earlier.


Heron-1 spud was 19th July.

Volume spike time - anytime after 10th August. Results RNS after wireline anytime from 19th August.


Red Deer-1 spud ETD 29th July.

Volume spike time - anytime after 11th August. Results RNS after wireline anytime from 19th August.


So, from Monday 12th of August, if we get crazy volume spikes we will not know if its Heron or Red Deer or both.

Enjoy the ride.

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

#238250

Postby dspp » July 21st, 2019, 4:27 pm

Proselenes wrote:So, from Monday 12th of August, if we get crazy volume spikes we will not know if its Heron or Red Deer or both.

Enjoy the ride.


Pro,
There shouldn't be any volume spikes at all. But there is a good deal of that sort of thing going on here, which is precisely why I am not involved. But it is interesting to watch from the sidelines.
regards,
dspp

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

#240455

Postby Proselenes » July 30th, 2019, 12:32 pm

Share price moving up now. Maybe too early for Heron-1 news, however the Chinese said they could drill and log it in 19 days.....however, I think they need quite a bit longer than that. My expectation is for them to be in the target zone around 12th August........but who knows.

Will Red Deer-1 spud this week as well ?

.

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

#244146

Postby Proselenes » August 14th, 2019, 7:53 am

Quicker than was expected....with Heron-1 resolution....off we go.

https://www.investegate.co.uk/petro-mat ... 34569950I/

Heron-1 and Red Deer-1 both drilling ahead.........

50p a share of oil potential to be found :)

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

#244225

Postby Proselenes » August 14th, 2019, 1:14 pm

Mongolian oil is very valuable. The PSC terms are rather wonderful......the oil has very high value in real terms to the producing company.

In case MATD do strike oil - then these are the PSC terms for Block XX


Petroleum Sharing Contract (PSC)

Royalty: Block XX 5%


Low cost in comparison to other jurisdictions
----------------------------------------------------------------
Corporate tax: 0%

Speaks for itself, designed to encourage foreign investment
----------------------------------------------------------------
Cost recovery mechanism: Exploration, development and operations costs recoverable against oil production with annual cap of 40% of total gross revenue. The remainder is carried over. Transportation costs are recoverable

This really needs shouting about!! Costs of Exploration, Development, Operations and Transport can be recovered in the success case. The implication for this is that on any success, when coming to arrange finance, this puts the company in a very strong position. This is something quite special
----------------------------------------------------------------
Contractor Profit oil split: Block XX 45% to 60%

This highlights just how aligned the Mongolian government is with the success case. Implications are to enable a significant cash flow from production.

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

#244402

Postby Proselenes » August 15th, 2019, 3:01 am

My estimates now :

Red Deer-1 well will be into Secondary target during week commencing 19th August.

Red Deer-1 well will be into Primary target during week commencing 26th August.

Red Deer-1 well results and RNS week commencing 2nd Sept.

Heron-1 well into Primary target week commencing 9th Sept.

Heron-1 well results and RNS week commencing 16th Sept.

Gazelle-1 spud October.

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

#245419

Postby Proselenes » August 19th, 2019, 11:18 am


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

#245641

Postby Proselenes » August 20th, 2019, 7:38 am

Following todays update :

https://www.investegate.co.uk/petro-mat ... 00115995J/


The new forecasts by me are :

Red Deer-1 well will be into Secondary target during week commencing 19th August.

Red Deer-1 well will be into Primary target during week commencing 26th August.

Red Deer-1 well results and RNS week commencing 2nd Sept.

Heron-1 well into Primary target week commencing 26th August.

Heron-1 well results and RNS week commencing 9th Sept.

Gazelle-1 spud early October

.

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

#246148

Postby Proselenes » August 21st, 2019, 10:13 pm

Re-looking at everything I would suggest that Red Deer-1 will drill into the Secondary target Thursday 22nd of August.

They will start going Primary targets on Monday 26th August and should be at TD around Thursday 29th August.

Then they have to do the logging run........so results from Red Deer-1 expected by me week commencing 2nd Sept.....maybe mid week to late week.



Heron-1 will be into a potential Secondary target on Sunday 25th August. Heron-1 should be into the Main Primary Target on Tuesday 3rd Sept with TD around 5th Sept. Then they have to do the logging run so results week commencing 9th September.

So.......now all the fun starts......2 drill bits now about to enter target zones (secondary upside ones) with the main primary target zones being penetrated next week for Red Deer-1 and the week after for Heron-1.



.

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

#246918

Postby Proselenes » August 25th, 2019, 5:01 pm

Just a reminder, if Red Deer-1 comes in with the Pmean 48 MMBO recoverable, that would have an NPV10 of 300 million US$.

Which would be transformational for a small company like MATD.

They will be into Red Deer-1 primary target this coming week, with logging then to be done results should be during week commencing 2nd Sept.

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

#248830

Postby Proselenes » September 3rd, 2019, 7:07 am

Loads of cash on hand. Heron next week. Red Deer the week after.

Exciting 2 weeks ahead.




RNS Number : 0182L

Petro Matad Limited

03 September 2019

Petro Matad Limited

('Petro Matad' or the 'Company')

Interim results for the six months ended 30 June 2019

LONDON, 3 September 2019: Petro Matad Limited, the AIM quoted Mongolian oil explorer, announces its unaudited interim results for the six months ended 30 June 2019.

Financial Summary

The Group posted a loss of USD 4.41 million for the six-month period ended 30 June 2019, which compares to a loss of USD 6.65 million for the comparable period in 2018. The Company's cash balance at 30 June 2019 was USD 16.12 million (USD 3.79 million in cash and USD 12.33 million in Financial Assets), which compares to a cash balance of USD 15.55 million (USD 12.54 million in cash and USD 3.01 million in Financial Assets) on 30 June 2018.

Following the two successful placings in 2018, no new fund raises have been undertaken in 2019 as the Company's cash resources are sufficient to fully meet the costs of the planned 2019 drilling programme.

Operational Update

The Heron 1 exploration well in the Tamsag Basin of Block XX spudded with the DQE International 40105 rig on 19 July 2019. Land permits for Heron (and Gazelle) have been received and drilling operations continue towards a planned total depth (TD) of 3,050 metres. The well is an appraisal of the T19-46 oil field immediately to the north in Block XIX and is targeting a prospect with 25 MMbo of Mean Prospective Recoverable Resource. The Company expects to be in a position to announce the results of the drilling and logging of the well during the week commencing 9 September 2019.

The Gazelle 1 exploration well will follow Heron 1 after a six-kilometre rig move and will take approximately 35 days to drill and log. The planned TD is 2,500 metres and the Gazelle Prospect has an estimated Mean Prospective Recoverable Resource of 13 MMbo. Gazelle 1 is located updip of Petro China's T19-46-1 oil well on the western flank of the Tamsag Basin which is the primary source kitchen for the fields in Block XIX.

The Red Deer 1 exploration well in the Asgat Sag Basin of Block XX spudded with the Daton Petroleum Engineering and Oilfield Service LLC rig, DXZ1, on 4 August 2019. The well is targeting a prospect with 48 MMbo of Mean Prospective Recoverable Resource. Drilling operations continue towards the planned TD of 2,100 metres. Results from the drilling and logging of the well are expected to be completed by mid-September 2019.

In the event of a discovery in one or more of the 2019 exploration wells, the Company will bring in a separate rig for testing. A call-off testing contract has been signed, which ensures testing operations, if warranted, can commence soon after discovery.

The Company successfully obtained two-year PSC extensions for Blocks IV and V, as was announced on 26 June 2019.

Further operational updates will be provided in due course.

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

#248831

Postby Proselenes » September 3rd, 2019, 7:13 am

Both wells confirmed as still drilling towards TD.

Means both primary target zones not yet entered in either Heron or Red Deer.

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

#250047

Postby Proselenes » September 7th, 2019, 7:00 am

For info in case MATD strike oil :

Heron-1 smallest size 11 MMBO recoverable - 8p a share
Heron-1 Pmean size 25 MMBO recoverable - 18p a share
Heron-1 Best case size 42 MMBO recoverable - 30p a share


Red Deer-1 smallest size 20 MMBO recoverable - 15p a share
Red Deer-1 Pmean size 43 MMBO recoverable - 32p a share
Red Deer-1 Best case size 82 MMBO recoverable - 61p a share

Gazelle-1 smallest size 6 MMBO recoverable - 4p a share
Gazelle-1 Pmean size 12 MMBO recoverable - 8p a share
Gazelle-1 Best case size 22 MMBO recoverable - 14p a share

Heron-1 high chance of success (appraisal)
Red Deer-1 lowest chance of success (exploration)
Gazelle-1 high chance of success (appraisal)

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

#250155

Postby Proselenes » September 7th, 2019, 4:19 pm

Well worth a watch ahead of Heron-1 news this coming week:

https://www.youtube.com/watch?v=vwg5tW00E6A

.

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

#250424

Postby Proselenes » September 9th, 2019, 7:04 am

Time to start testing......better than expected results. MATD first oil discovery.

https://www.investegate.co.uk/petro-mat ... 00086254L/

.

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

#250535

Postby Proselenes » September 9th, 2019, 3:47 pm

https://www.malcysblog.com/2019/09/oil- ... d-finally/

Petro Matad

The company announces that at Heron-1 TD of 2,60m has been reached with gross reservoir intervals appearing to be very similar to the productive reservoirs found immediately to the north in block XIX. Casing is now underway and discussions have taken place with the testing contractor to determine how quickly kit can be mobilised to the location. The timescale should be within one month and hopefully a great deal less, as the company are keen to get a flow rate and to get stimulation of the well underway.

The primary target was encountered at 2,803m some five metres shallower than expected which I am told is a good sign as was the predominantly sandstone interbedded with shales and siltstones found slightly deeper. The company are ‘encouraged and the well is better than expected’ and in my call with CEO Mike Buck this morning he was clearly delighted, particularly with the porosity and permeability in the formation a pleasant surprise.

Petro Matad is only up 5% today which is a touch parsimonious but to be fair puts it up at or near recent peaks and the market knows that they are also drilling the Red Deer well at the moment. Recent speculation about that well is just that, after some slight delays due to kit on site the bit is only ‘close to objective depth’ but should reach TD in mid September before logging.

The rig will shortly move off this site and move to drill the Gazelle-1 well which it should spud in late September which means that there is still plenty of excitement due for the company. Should Heron go on and be the success that it seems they will be able to kick on with plans to make the next steps of the operation to start producing commercial hydrocarbons from Mongolia, which they thoroughly deserve, after all some of us have been waiting a long time for this moment…


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