Petro Matad It looks like the impasse has been broken at Heron-1 for MATD and that Central and Provincial Governments are ‘resolving their issues and have given verbal approval for the company to resume operations on Heron-1 whilst necessary paperwork is completed’. Operationally, preparations are being made to drill the 8 1/2 inch section as soon as possible. Standby costs so far are +/- $150,000 which is a pain but the company remain confident that both Heron and Gazelle should be completed before the end of the drilling season. The shares have rallied by 33% which is good but will only go better when some or all of these three wells come in.
RNS Number: 0118 J Petro Matad Limited 14 August 2019. A second and final Price Monitoring Extension has been activated in this security. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 0098 J Petro Matad Limited 14 August 2019. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Petro Matad Limited, the AIM quoted Mongolian oil explorer, provides the following update on the Heron-1 well in Block XX, eastern Mongolia.. Total standby costs incurred to date are of the order of $150,000. Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia.
RNS Number: 7770 I Petro Matad Limited 12 August 2019. A second and final Price Monitoring Extension has been activated in this security. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 7763 I Petro Matad Limited 12 August 2019. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Petro Matad Rather mixed news from MATD this morning, first they announce the spud of the Red Deer-1 exploration well in the Asgat Sag Basin on Block XX in eastern Mongolia targeting a prospect with 48 MMbo of mean prospective resources. The well will take around 35 days and if successful the company have a call-off testing contract in place should it be warranted. Of more worrying news, the company has announced that the Heron-1 well has been put on standby at first casing point as the provincial Government has challenged Petro Matad’s legal right to use the land without tripartite agreement from two central Governments and the Province. The company say that they have been working within the permitting regulations and this has never been an issue before, in the meantime the rig is on standby whilst the situation is resolved. Let’s hope that this is resolved swiftly as even at a low level by industry standards of $12,000 per day these are costs the company can do without. I’m not expecting to hear from Mike Buck but if I do….
Petro Matad Limited (MATD.L) Announced, in its Spud of Red Deer and operational update, that the Red Deer-1 well is targeting a prospect with 48MMbo of Mean Prospective Recoverable Resource and is planned to be drilled to a total depth (TD) of 2,100m, which is expected to take up to 35 days to complete. Additionally, at Heron-1, the first casing point at 551m was reached on schedule and casing has been run and cemented. The DQE rig 40105 is ready to drill out cement and then drill 8 ½ inch hole to the prognosed TD of 3,050m. Further, the company stated that the rig at Heron-1 has been put on standby whilst the situation is resolved.
RNS Number: 8668 H Petro Matad Limited 05 August 2019 THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION NO. 596/ 2014. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE...
RNS Number: 2347 H Petro Matad Limited 30 July 2019. A second and final Price Monitoring Extension has been activated in this security. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 2335 H Petro Matad Limited 30 July 2019. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Petro Matad Petro Matad has announced that it has spudded the Heron-1 exploration well which is targeting 25 MMbo of mean prospective recoverable resource and we should know the answer in around 40 days. Should testing be needed the company has a separate rig ready and a contract for that has been signed. If you read the write-up of my recent meeting with MATD CEO Mike Buck you may be slightly confused by the description of the well as an ‘exploration well’ and even more so as in the first paragraph of the RNS it is described as both an exploration and appraisal well. Indeed the important line is as follows ‘The well is an appraisal of the T19-46 oil field immediately to the north in Block XIX’ which I read as appraisal but apparently the answer is that when you move across the block boundary it immediately becomes an exploration well, I hope you got that…Wells don’t come much more crucial than this so an important time for shareholders.
Petro Matad Ltd (MATD) 8.75p £57m Petro Matad, the Mongolian oil explorer, announced the spud today of the Heron-1 exploration well in the Tamsag Basin of Block XX. The well is an appraisal of the T19-46 oil field immediately to the north in Block XIX and is being drilled with the DQE International 40105 rig. The Heron-1 well is targeting a prospect with 25MMbo of Mean Prospective Recoverable Resource and is planned to drill to a total depth of 3,050 metres. The well is expected to take up to 40 days to complete. In the event of a discovery, 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. Upon completion of drilling operations at Heron-1 the rig will move c. 5 km to the Gazelle-1 location. Mobilisation of the Company's second contracted rig to the Red Deer-1 location is ongoing with a targeted spud date before the end of July.
Petro Matad Limited (MATD.L) Announced the appointment of Shore Capital and Corporate Limited as Nominated Adviser and Shore Capital Stockbrokers Limited as joint Broker, with immediate effect. This follows the acquisition of Stockdale Securities Limited by Shore Capital Market Limited. Separately, the company announced that the spud today of the Heron-1 exploration well in the Tamsag Basin of Block XX. The well is an appraisal of the T19-46 oil field immediately to the north in Block XIX and is being drilled with the DQE International 40105 rig. The Heron-1 well is targeting a prospect with 25MMbo of Mean Prospective Recoverable Resource and is planned to drill to a total depth of 3,050 metres. The well is expected to take up to 40 days to complete. In the event of a discovery, the Company will bring in a separate rig for testing. Upon completion of drilling operations at Heron-1 the rig will move c. 5 km to the Gazelle-1 location.
RNS Number: 0492 G Petro Matad Limited 19 July 2019 THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION NO. 596/ 2014. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN...
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. Petro Matad Limited is incorporated in the Isle of Man under company number...
2019 Mongolia drilling campaign kick-off Petro Matad Petro Matad is set to kick off its 2019 exploration and appraisal campaign targeting a series of low-cost, near-field and low-risk targets. Drill sites for the three Block XX wells have been constructed and management expects drilling to begin in July 2019. Prospects Heron-1 and Gazelle-1 are analogous to producing fields to the north-east in Block XIX, while Red Deer-1 is more material at 48mmbbls and is located further away from known oil. Petro Matad is funded for 2019 from the net proceeds of equity raised in 2018. However, additional funding would be required to commit to additional exploration and to support G&A in 2020. We update our valuation based on the company’s increased estimate of Heron-1 prospective resources at 25mmbbls (gross) from 16mmbbls. Our risked valuation stands at 21.6p/share (+6%), which we expect to revisit post-drill. Analysts Sanjeev Bahl Carlos Gomes Elaine Reynolds
Petro Matad I was very fortunate to catch up with Mike Buck, CEO of Petro Matad earlier this week before he is off to Mongolia for another exciting drilling campaign. MATD is the leading explorer in Mongolia where Petrochina operates 95% of production, much of which is in decline. Interestingly, at present all crude is trucked to China and all refined product demand is imported from Russia…But, Mongolia is building its own refinery using a soft loan from India which is scheduled for start-up in October 2021 although that may be optimistic. So, with Petro Matad being the only real ‘local’ player opportunities are good and relationships with the Government are improving all the time. It is fair to say that the 2019 exploration programme is concentrating on Block XX but Blocks IV and V haven’t been forgotten, indeed these two blocks are expected to have their exploration licences extended imminently. The key well, the Heron well is expected to be spudded around mid July, carries a 75% COS and should be producing results in the second half of August. MATD has an agreement with Petrochina for use of a local testing unit which could be on site within a couple of weeks or so if needed. After the Heron well the rig moves to the smaller, Gazelle prospect probably in early September with its results probably at the end of that month. Meanwhile, using another rig, the plan is to spud the well on the Red Deer prospect in the Asgat Basin at the end of July. A number of people ask about blocks IV and V and why it is possible that the exciting Velociraptor well in the Raptor trend in Block V may not be drilled this year. As indicated above these blocks are likely to have received their extensions by then whilst the exploration licence on Block XX expires next June and the company has to ensure that it has an exploitation licence in place come July 2020. If that means spending its money ensuring that it can be held by production effectively then it will be well worth it. If successful at Heron, one can expect a long term production test which apart from hopefully keeping the licence will start to bring valuable cash into the company. Oil will likely be trucked the 25 km to the Tolson Uul CPF in unison with Petrochina with whom pretty good relations are being kept. This will probably mean that there won’t be lengthy and expensive unitisation discussions and that cash flow can be used for further drilling. Petro Matad is in an interesting place right now, disappointment over last season’s drilling campaign are behind it and it has every chance of being a producer in-country this summer. It is fully funded for this programme which has appraisal at Heron 1, high potential at Gazelle 1 and a higher risk but sizeable structure at Red Deer 1. It is clear and sensible that Block XX gets priority in the event of success for the reasons shown above and shareholders have every right to be optimistic about this summer’s programme.
Petro Matad Limited (MATD.L) Announced, in its operational update, that the drill sites for the three Block XX wells, Heron 1, Red Deer 1 and Gazelle 1, have been completed and water supply wells are ready. Further, the company is on track to spud the Heron 1 during July 2019, using DQE's rig 40105. The Gazelle 1 well will be following immediately after Heron 1 operations and Red Deer 1 is expected to spud before the end of July 2019, using Daton's rig DXZ1. Additionally, the company has received support from the working group at the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) for the extensions to the Blocks IV and V Production Sharing Contracts (PSC).
Petro Matad Ltd.
MATD.L
Petro Matad Ltd.
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