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Petro Matad (PRTDF)

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Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. The Group's principal asset is the Production Sharing Contract (PSC) over Matad Block XX, a petroleum block with an area of 14,250km2 in the far eastern part of Mongolia, near the Chinese border. Recently the company signed two more Production Sharing Contracts on Bogd Block IV and Ongi Block V, a total of approximately 71,000km² in central Mongolia. 

Petro Matad Limited's shares were admitted to trading on AIM, London Stock Exchange, on May 1st, 2008. The company's largest shareholder is Petrovis LLC, the largest importer and distributor of petroleum products in Mongolia. The company is the first substantially Mongolian owned company to have its shares admitted to trading on any major international stock exchange.

Since 2006, Petro Matad has carried out extensive exploration on Block XX. This has consisted of re-processing previous data and undertaking programmes of 2D and 3D seismic surveys. Petro Matad is now ready to advance to the next stages of exploration on Block XX and early stage exploration and appraisal of Blocks IV and V.

It is intended that exploration will primarily be carried out by applying modern data processing and interpretation techniques to geophysical information, acquiring additional geophysical data and then, subject to future financing, undertaking drilling programmes where warranted.




Petro Matads blocks V,IV and XX in Mongolia



BLOCK XX  prospects, leads, 3D survey



Share structure 


The Company's issued share capital consists of 184,099,253 Ordinary Shares of par value USD$0.01.  Following the issue by Petro Matad of an aggregate of 91,034 ordinary shares of $0.01 each ("Shares") in June 2011, the Company advises that the total number of Shares in issue as at the date of this notice, is 185.063.521 with each Share carrying the right to one vote.
The total number of voting rights in the Company is therefore 185,063,521

The Company does not hold any Ordinary Shares in Treasury 

In so far as the Company is aware, the percentage of the Company's issued share capital that is not in public hands is 50.14%.

The Company is aware of the below shareholders who hold 3% or more of the Company's issued share capital at 21 April 2011.




Number of Ordinary Shares
Percentage of issued
share capital

Petrovis LLC



European Bank for Reconstruction and Development



Forestberries LLC



GLG Partners LP



Janchiv Oyungerel






Stalin's Lost Oil - Mongolia
By StockGumshoe ⋅ July 22, 2010 ⋅

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I've gotten so many questions about this Mongolia oil teaser that's circulating in a few different iterations that I'm republishing an older Friday File article about the stock today - this originally appeared on the Irregulars site (for paying members) back in April, and it has not been udpated or revised in any way, though the stock is currently up hugely from that time and trades much more actively on the pink sheets than it did then, probably thanks almost entirely to this newsletter recommendation and to the company's more recent results that have raised its profile. For an updated disclosure, I personally continue to have no interest in the stock and have never owned it.

The teaser ad that has been buoyant enough to float to the top of the tank today is a good one for a Friday File treatment - it's a stock that trades in low volume and has a low market cap, and I always worry about writing about such stocks when sharing things with the broader Stock Gumshoe audience on the free site (not that I don't do so sometimes) … but for you, the few, the proud, the Irregulars, well, there's not too much risk that we'll drive a stock crazy just by discussing it among ourselves here, even if it does sound kind of interesting for a nibble.

So what is it?

We've had some mixed experiences following the far-flung resource ideas of Christian DeHaemer, from the collapsing Range Resources (the Australian company, not the big US gas company) in Somalia to the buoyant Dragon Oil in Turkmenistan (one I found very intriguing but foolishly never bought) - which is to be expected, I suppose, when you're prospecting in dangerous waters as he tries to do with his Crisis and Opportunity newsletter, looking for great opportunities in war zones, political crises, or far-flung frontiers.

And today is no different - another little company, operating in a remote area in the developing world, with a geopolitical "crisis" story behind it. He calls this tease "Stalin's Lost Oil," and he helps ramp up our interest by spinning a little tale of Russian/Mongolian history …

"In the post World War II period, Mongolia was a puppet state of the Russians.

"The strange thing is that even though the Soviets knew that Mongolia contained vast amounts of mineral and oil wealth, they inexplicably ignored it.

"Stalin owned Mongolia. He executed a Prime Minister in Moscow for not following orders. He trained the next leader, Tshoibalsan, in his own image.

"Why, then, would Stalin order his Mongolian puppet to run purges of his own and destroy all Buddhist monasteries in the country… but spare a vast amount of oil?"

That oil is the target of several companies who've been surveying a lot of long-dormant exploration blocks in Mongolia for the last few years, thanks in part to the nearby Chinese demand … but there's one company in particular that DeHaemer is teasing us about today:

"Untouched for 57 years, this $0.64 cent company is sitting on $49 billion worth of oil… And you stand to make 55 times your money from one of history's greatest oddities.

"The country recently got ten bids on a new refinery. There are also Chinese companies successfully pumping oil out of North-West Mongolia.

"But there is one tiny company that most people have never heard of that is sitting on 638 million barrels of oil.

"My readers have already made 129% gains from this company in the past three months. And this massive profit run is just getting started…

"This company is one of - if not the - cheapest stock I've ever found. But the word is starting to leak on this company, and its stock is only going to go up.

"Right now the market value of this company is $80 million U.S…. But the value of its 638 million barrels, at $80 a barrel, equals $51 billion! …

"This Mongolian oil company I'm talking about would have to go up by 612.5 times to equal the value of its oil reserves….

"The upside on this is so large… I'm not going to even do the math. The number would seem unbelievable.

"And the company has two more large exploration blocks that it hasn't even gotten serious about yet!

"At this point, you can probably see why it's my favorite stock - one you can't afford to pass up.

"Don't kick yourself next month when it doubles again."

So who is our little Mongolian friend?

Must be: Petro Matad (MATD in London, there is a pink sheets symbol for this one, PRTDF, but it's really a "grey market" ticker that almost never trades - be careful).

Petro Matad is an interesting one, despite the difficulty in buying it (pretty much any US broker can buy a London stock for you, but it may cost more - if you do try to buy it on the pink sheets, make sure you do so in the morning, when both NY and London exchanges are open at the same time, so they can more easily buy the shares for you at a fair price (your broker would essentially buy them in London, then sell them to you and give them the pink sheets ticker in your account).

I first saw this one teased, also by DeHaemer, back in February as one of many Mongolian picks he made after traveling there - he called the several stocks he teased in that ad campaign a way to "raid China's pantry."

So why interesting? Well, they do have an awful lot of potential oil available, and the Chinese have proven that they're ready and willing to invest in or partner with firms that are extracting petro resources near their borders, so that's nice. I don't know if they're a rock-solid bargain, but the stock doesn't look expensive to me (though it did run up fast over those last few months, and could easily sell off). There are about 125 million shares outstanding, with a current share price of about 46 pence (so it has gone up a bit over the last few days - no longer 68 cents, it's more like 71 or 72 cents now, depending on when you check the price and the exchange rate), that gives us a market cap of about $88 million. Definitely a tiny company.

And definitely a risky and prospect-oriented company - the company just listed in 2008 in London, and they're still defining and exploring in Mongolia's Block XX, which is their only real asset right now (they also have production sharing contracts signed last year for Blocks V and VI, though I don't think they're focusing as much on those yet). They've done seismic studies and have identified promising drill targets so far, there was a good article about them back in December over at ProActive Investors, and in general the UK investor sites have better coverage of this stock (being that it is, after all, primarily traded in London). The Proactive hub for this stock is here (be careful, Proactive Investors works partially as an advertising platform for AIM companies, and Petro Matad is a sponsor - they have good info, but you might take some of the opinion with a grain of salt), there are some other interesting updates as well, including the appointment of a new exploration manager, but no news yet on this Spring's drilling program, which would probably be the next catalyst to drive the shares higher or lower.

Petro Matad also has an interesting group of core investors - Citadel owns 10%, which is promising, and the local petroleum distribution company Petrovis, which bought up most of the formerly government-owned gas stations and distribution infrastructure, owns about a third of the company, so there's definitely some infrastructure backbone that could be brought to bear to help develop and distribute the oil (particularly if more refinery capacity is added).

Given the huge territory they have available for exploration, this seems like an interesting speculation to me - the three blocks that they have access to together encompass more than 80,000 square kilometers, which is a huge holding but is also obviously way too much for them to explore on their own. They will need to raise a lot of money to pay for more intensive seismic studies and drilling, partner with soemone, or get bought out, I'd imagine. (Or, door number three, just take their sweet time in exploring and let the impatient investors sell off along the way). Still, if they're going to raise more money and continue exploring then I'd wager there's probably a fair amount riding on this Spring's drill program - the drilling that they do this year needn't necessarily determine their success or failure as a stock, but some nice results would make it easier for investors to buy into the bigger story of continuing to develop these underexplored Mongolian assets.



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#584   Nice move indeed Tamtam 12/11/17 05:19:23 PM
#583   Hi Plumo. Thanks for posting this douginil 12/11/17 12:12:17 PM
#582   good news.nice move today plumo 12/11/17 04:14:28 AM
#581   Petro Matad Limited Termination of Bergen financing facility. plumo 12/01/17 08:35:03 AM
#580   Appointed to the Board of Mike Buck, CEO plumo 11/22/17 08:51:20 AM
#579   It's good to see there's progress Tamtam 11/21/17 05:59:52 PM
#578   Petro Matad Limited Sinopec Drilling Rig Contract Amendment plumo 11/21/17 05:36:44 AM
#577   Thanks plumo as usual you're on top of it Tamtam 11/14/17 03:20:30 AM
#576   Participation in GAP Investment Forum and New Investor Presentation plumo 11/14/17 03:12:19 AM
#575   Appointment of CEO plumo 10/25/17 12:42:54 PM
#574   Well this will be another long wait before Tamtam 10/25/17 02:41:56 AM
#573   Operational update - 3D seismic campaign plumo 10/24/17 03:09:22 AM
#572   Can,t wait to see that seismic program Tamtam 10/12/17 06:10:26 AM
#571   Petro Matad shares rise as it moves forward plumo 10/05/17 10:14:52 AM
#570   Bad news indeed Tamtam 09/19/17 05:20:35 PM
#569   Saw that coming... new I should have sold eom7 09/19/17 10:18:30 AM
#568   bad news today!!! plumo 09/19/17 03:34:41 AM
#567   bad news today !!!! plumo 09/19/17 03:32:46 AM
#566   She is not leaving completely as she has Tamtam 09/12/17 07:14:32 PM
#565   Sorry, I didn't mean to be an alarmist, eom7 09/12/17 02:05:31 PM
#564   Why? Tamtam 09/12/17 02:04:50 AM
#563   that doesn't look good... eom7 09/11/17 09:16:41 AM
#562   11 September 2017 plumo 09/11/17 08:02:11 AM
#561   Issue of Ordinary Shares plumo 09/01/17 10:27:55 AM
#560   LONDON, 01 September 2017: Petro Matad Limited, the plumo 09/01/17 04:05:58 AM
#559   Indeed plumo, sp is up considerable and volume Tamtam 08/31/17 09:02:22 PM
#558   nice volumes today .news is coming(mayby pending)!!!!!!! plumo 08/31/17 11:22:04 AM
#557   100 shares, that gives confidence Tamtam 08/24/17 07:30:44 PM
#556   Great news! Hope this run continues... eom7 08/16/17 02:06:53 AM
#555   Update re. Financing Agreement plumo 08/15/17 03:22:24 AM
#554   Transactions by Director plumo 07/25/17 01:52:28 PM
#553   Thanks Plumo Tamtam 07/20/17 06:51:19 AM
#552   18 July 2017 plumo 07/18/17 06:28:20 AM
#551   IMO you made a good move Tamtam 07/14/17 02:15:37 AM
#550   Took a position here over the last few eom7 07/13/17 10:53:09 PM
#549   Corporate Presentation plumo 07/10/17 04:02:27 AM
#548   Excellent news plumo, two more months and the Tamtam 07/06/17 01:26:13 AM
#547   Drilling Rig Contract Signed, Drilling Targets identified plumo 07/05/17 08:31:15 AM
#546   Well that doesn't seem too bad. Unfortunatly the Tamtam 06/29/17 06:44:26 PM
#545   Final results for year ended 31 December 2016 plumo 06/29/17 03:19:32 AM
#544   Nice to see there's an extention of 2years Tamtam 06/15/17 07:19:43 PM
#543   Block IV and V PSC Extensions plumo 06/15/17 08:32:25 AM
#542   Issue of Ordinary Shares plumo 06/13/17 07:41:53 AM
#541   Great news plumo, thanks Tamtam 05/31/17 05:19:13 PM
#540   31 May 2017 plumo 05/31/17 03:43:35 PM
#539   Despite the bullish sentiment the stock is not Tamtam 05/24/17 06:54:16 PM
#538   8 May 2017 plumo 05/08/17 04:42:55 AM
#537   Wow nice rise today Tamtam 04/14/17 06:26:03 PM
#536   I believe Tim Bushell becomming a director of Tamtam 03/11/17 03:02:51 AM
#535   Directorate change, receipt of bids for drilling rig plumo 03/10/17 10:33:25 AM