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Well I do hope that there will be Wild Horse-1 activity this year, else the whole episode of drilling Snow Leopard-1 was a waste of time.
If you put your hindsight goggles on and go backwards now based on what is now known :
The plan was to drill Wild Horse-1 first, then Falcon-1 (as of early 2018 presentations).
Wild Horse-1 (Block IV) has only just(during SL-1 drilling it seems) received its final permits (chemical use) and so could not have been drilled until now anyway.
Falcon-1 (Block V) the 2nd planned well earlier this year was downgraded based on new 3D and removed.
Snow Leopard-1 (Block V) was the only drill ready prospect and which was the first to get all permits in place. MATD are also short of the required spend level of the license of Block V. It was rushed in as the replacement for Falcon-1
I would imagine Mike and his team were between a rock and a hard place here. Fox-1 the new exciting prospect from the new 3D is not drill ready and not permitted, permitting ongoing. Wild Horse-1 which was always your first drill, is not ready as final permits (chemical use etc..) are not in place. Falcon-1 which was your 2nd drill in the schedule is suddenly not worth drilling (too small) compared for Fox-1 so cannot be moved to be 1st.
You either cancel your 2018 drilling schedule (going down like a lead balloon)to allow Wild Horse-1 and Fox-1 back to back in 2019 or you put Snow Leopard-1 into play and drill that while you try to get the final permits for Wild Horse-1 to allow a seamless move from SL-1 to WH-1 in 2018 and go to the local temple to pray you get the Wild Horse-1 final permits before SL-1 finishes drilling.
If I go back now - with knowledge today - you really can see why the 2nd fund raise happened and why it was at 10p (compared to the earlier one at 6.5p - thats all down to Fox-1).
Looking at the prospects - Wild Horse-1 has simple faulting, its a 4 way dip (dome) and has soft amplitude anomalies. Pretty good target. Always was the 1st one they wanted to drill.
Snow Leopard-1 has complex faulting and therefore high sealing risk. In all the presentations after removing Falcon-1 there is nothing much exciting said about SL-1. Look yourselves....its as if someone writes the slide saying, yeah, we got this one too.
Fox-1 - extremely exciting, they spend 4 pages of their latest presentation detailing Fox-1. 3 way dip, normal faulting, bright spot on 3D, live oil shows in coring etc.. etc.. etc...
I feel the only reason they drilled SL-1 was to actually put the 2018 drilling into play and to bide time to get the WH-1 permits complete so they could drill WH-1, whilst also ensuring the spend on Block V was up to the level needed so as not to have any issues with Fox-1 which is also in Block V. And yes, in hindsight now I would say SL-1 was a strati-graphic test well in effect, one which also raised the spend level on Block V to the level required for compliance with the license. It had a (very limited) chance to strike oil and didn't and no surprise there.
Had I known prior that WH-1 was still waiting for final permits I might have put two and two together prior to events, but I didnt, and anyway, its far easier in hindsight, everyone is an expert after the event, as always :)
I dont blame Mike and his team for doing it this way if that is what happened, it makes sense in hindsight, just you started drilling with perhaps what was "off record internally" your worst prospect.
So in summary, my view, SL-1 was just a license spend compliance, waiting for WH-1 final permits, mobilize the rig and get in in the area ready for WH-1, fill in for the downgraded Falcon-1, in effect strati-graphic test well. And in view of that - I really cannot see them not spudding Wild Horse-1 asap, its a must and IMO, it WILL happen very soon.
All IMO, just my thoughts.
not good news today
Snow Leopard 1 Well Results
Petro Matad, the AIM quoted Mongolian oil explorer, provides a summary of the results from its Snow Leopard 1 well:
The Snow Leopard-1 well, drilled in Petro Matad's 100% owned and operated Block V, and the first oil exploration well ever drilled in the 60,000km(2) Valley of the Lakes basin complex of central Mongolia, has reached total depth of 2930m MD in granitic basement.
No sands were encountered at the shallower of the two primary targets of the well although drilling gases (C(1) to C(5) ) and an oil sheen in the drilling mud were observed across the interval. The gases are believed to be indicative of an active petroleum system in the basin and the oil observed in the mud is suspected to have entered the well from one of the prospect bounding faults which may be acting as a conduit for migrating oil.
The deeper objective of the well was encountered on the pre-drill depth prognosis with good development of sandstones in an overall gross interval of more than 400m. However, no oil or gas shows were observed while drilling through these sediments and subsequent logging confirmed them to be water bearing. The absence of hydrocarbon shows is being investigated. The primary pre-drill risk for this target was effectiveness of the fault bounded trap. Given the evidence of an active petroleum system in the basin, with confirmed source and reservoir outcrops on the basin flanks and well-developed source and reservoir intervals in the well, the lack of shows at this level appears to be prospect specific, with the bounding fault either not sealing or having been breached.
The Snow Leopard-1 well will now be plugged and abandoned and the post well evaluation will commence. Initial examination of cuttings samples and wireline logs indicates the presence of a significant thickness of source rocks in the well, including claystone layers with a 'hot shale' wireline log response. The hot shale response can be an indicator of very high organic content (and hence very good source potential) and this will be investigated as the presence of thick, rich source rocks will have a positive impact on de-risking the surrounding prospects in the Taats basin and the adjacent basins.
Once operations are complete at Snow Leopard, the rig will move to the Wild Horse 1 location, a mobilisation distance of some 450km. The Wild Horse prospect, targeting 480 MMbo of prospective resource, is a large four-way dip and fault bounded closure in the Baatsagaan Basin in Petro Matad's Block IV. The Company has completed all pre-drill formalities for Wild Horse 1, has all the required approvals in hand and has engaged proactively with local stakeholders. A further update will be provided when the well spuds.
Mike Buck, the CEO of Petro Matad said:
"Whilst Snow Leopard 1 did not find the oil accumulations we had hoped for there are encouraging signs in terms of confirmation of source and reservoir rock development. The presence of oil and wet gas shows has heightened our interest in the other prospects mapped in the Taats basin. We are working these up now based on the wealth of information gathered in the well.
Operational attention now shifts to the high impact Wild Horse well which offers huge prospective resource potential and significant follow up in prospects and leads mapped in the Baatsagaan basin."
they will release a pr too same day imho...unless theres more testing....that's how I see it happening though
Doesn't seem fair to those who can't attend...
its in 2 days....they are so close...why not?
Would they release news at the AGM?
I agree...also remember several weeks ago when there was 20 million volume? it coincides when they were in the upper zone where they feel hydrocarbons are
According to the rise today I wouldn't think it will be bad news
lol...might be waiting for agm on Thursday....or finishing up,might have had a day or 2 delay from stuck bit,happends etc or other minor things....the world shall learn this week
still no news about the drilling.
this looks not good !! no oil probably ?
blocks 4/5 is where the gobs of oil lie that intrest farm-in partners not block 20....use that block 20 money to drill a 3rd well,offset appraisal here
How do you read this? It my be hopeium but the PR seems positive to me... we are still drilling WH this year too.
sorry, looking not good for this day.
another delay!!!
to an appt
now headed out....somebody wants some of this
no,just got back in
Was that 150K one of us?
Conference call audio link :
http://s000.tinyupload.com/?file_id=81857652199626046116
.
thoughs??
worth looking at the amendments to the Articles being proposed - in short
Articles 5.3,,49.1,49.2,80,93.1,97a), 102,103,105,107,108,109,112,113,114,116.117,118,147.3,and 152 - are all amended to remove the necessity of Directors to be residents outside the UK or not-ordinarily resident outside the UK.
This is said to be as a result of changes in UK law and may be PM getting ready to accept a director/farm-in partner who (one assumes would want at least one seat on the board) is a UK resident, and as they state being able to hold Board Meetings .
The other changes relates to Pre-emption and are shown in Articles 6.4 and 6.5 which have been totally re-written. I think again if I read this correctly it means they can make an allotment of shares if they want to for any reason up to the issued share capital of course, however they can relate to an event that may occur after the AGM. Further it is renewing the right that was present prior to the AGM but expires during the AGM.
To me the first set of changes I think is good news, it seems to me we may get a new non-Exec director from outside
Mongolia. Possibly a potential farm-in partner.
The 2nd is I think housekeeping but I may be wrong.
Any comments/thoughts?
hopefully soon (in September) the results from the first drilling .and very important a partner for the future.if the results will disappoint (of all drilling) we will have no future. But let's think positively. and that we can win a lot of profit !!!!!!!
welcome to the board of petro matad
Information on Petro Matad
10th July 2018 Conference Call Audio : Audio Download
July 2018 Video Interview with CEO : Video Link
Edison July Research Note : PDF Link
Petro Matad (MATD)
Fully funded six well high impact drilling program in Mongolia, total prospective resources targeted 850 MMBO, ranging from near field E&A to basin opener potential:
1) Snow Leopard-1 well (Block V)
- Spudded 9 Jul 2018, 70 days max to complete, "results end Aug, early September".
a) 90 mmbo recoverable from two main target depths (20 mmbo + 70 mmbo) ("Snow Leopard has 2 main target sections with c.90MMbo recoverable potential [mid case])"; plus
b) There could be oil in the shallow turbidite deposits opening up an extra 200+ mmbo play even before they hit the deeper levels. ("If shallow turbidite concept is proven then a large (200+ MMbo) combination trap play opens").
c) Additionally, there are "3 or more additional stacked pay zones identified as potential upside."
There are also 13 or 14 prospects/leads of up to 500 - 600 mmbo recoverable within 35 km of Snow Leopard 1 on their acreage. ("Success de-risks 14 prospects/leads with resource potential of c.500MMbo").
2) Wild Horse-1 (Block IV)
- Spud Sep 2018, "results late Oct, early Nov".
- Targeting 480 MMBO.
- Named by Wood Mackenzie as in top 20 exploration wells worldwide to watch in 2018.
3) Block XX
- Near field Gazelle prospect targeting 13MMbo & rapid commercialization.
- Spud late Sep 2018, complete Oct 2018 (3 weeks).
4) Block XX
-TBC
-rapid commercialization
- Spud late Oct 2018, complete Nov 2018 (3 weeks).
5) New Red Deer prospect, 48MMbo in a basin analogous to nearby producing basins in Mongolia + northern China, within easy reach of existing infrastructure.
- Spud late April 2019, complete May 2019 (3 weeks).
6) Fox-1 (Block V)
- Spud early Q2 2019.
- Mean prospective resource 200 MMBO. High-quality 3D seismic late 2017.
5) Fully funded
- Oversubscribed placing in Jun 2018 provided final tranche of funding for all six wells above and management participated in placing.
- Country already produces 21,000 BOPD (2017) from fields close to Chinese border, including from Blocks XIX + XXI adjacent to Petro Matad’s Block XX. Very attractive fiscal terms).
And to put some figures on mid-case values :
2018 Mid case oil strike - 100% owned
Snow Leopard-1 90 MMBO circa 60p a share (early Sep 2018 result)
Wild Horse-1 480 MMBO circa 320p a share (Nov 2018 result)
Gazelle 13 MMBO circa 8.5p a share (Oct 2018 result)
Drill TBC - ?? MMBO circa ?,? a share (tbc...will be in Block XX) (Nov 18 result)
2019 Mid case oil strike - 100% owned
Red Deer-1 48 MMBO circa 32p a share (May?jun 2019 result)
Fox-1 200 MMBO circa 132p a share (May/Jun 2019 result)
Of course, thats not taking into account all the other prospects being derisked if they do strike oil......which adds yet more value.
oke,but about the update of:
The drilling programme scheduled for Block XX remains on track. Contract negotiations with the preferred bidder to supply and operate a rig are in the final stages. Formal award of the contract is expected by the end of July. The selected rig is in country, is operating close to Block XX and is available from Q3 2018. Permitting for drilling is progressing and the first well, on the Gazelle prospect, is planned to spud in late Q3 or early Q4 2018. The target for the second well will be selected shortly, upon completion of detailed seismic remapping. The Company intends to complete both Block XX wells before the end of the 2018 drilling season, which ends in late November, and to retain the services of the rig to drill the Red Deer prospect in Block XX at the start of the 2019 drilling season. Red Deer has 48 MMBO of prospective resource potential in a basin which the Company believes to be stratigraphically analogous to nearby producing basins in Mongolia and northern China.
ANOTHER DELAY????I think
or the farm out process ?
many questions are still about it!!!!!
i.r. said not til testing all done...still drilling
Not sure why they do that...
Fingers crossed...
according to my calculations a few days ago I felt we were right above ready to enter that zone that said 20 mil potential on the seismic....perhaps we hit something?? I hope so,we soon see but they said they would release info when done....I like that + volume
the sorry bastard...lol
Someone just bought 300K seems he doesn't care good advise or know better
hold off on any buying til 3 weeks from now...let the mms take it as low as they can before results,that way you get the most shares you can for the same $$
Thanks buccaneer for keeping us posted with info from Ronin1 and The Fundmanager website. I found the video very interesting.
I always thought the oil was lower because according to the 3d that's where it shows the targets,the first possibility and middle possibility are just that,the main targets are lower,imho that's where we will hit....I wonder when he made the time estimate if he figured in putting in the surface casing,cementing it...and setting for 24 hrs?
It doesn't matter if it's a bonus zone or not. It can be a testzone for the deeper targets. We saw positive reaction on other explorers in the past during drilling and afterwards that ment they had already found good quantities of oil before reaching TD. I don't see such reaction now, Sp is even going down which is not a good sign. Of course that doesn't mean no oil will be found deeper.
that's just the bonus zone....a possibility but the target zones are deeper...the bottom 2
According to ronin first target should have been reached a couple of days ago. If the target was good we should have seen a rise in sp imo.
the market is watching from the sidelines,they will come in on the first strike
Thanks! How the hell are we still at $0.12?
Notice of AGM and proposed Board changes
Tue, 24th Jul 2018
Petro Matad, the AIM quoted Mongolian oil explorer, advises that the Annual General Meeting ("AGM") of the Company at which, inter alia, shareholders will be asked to receive and adopt the Annual Report for the year ended 31 December 2017 will be held at 4pm local time (9am BST) on Thursday 20 September 2018 at Blue Sky Tower, Topaz Conference Hall, Peace Avenue 17, Sukhbaatar District, Ulaanbaatar, Mongolia.
The AGM notice and form of proxy will be posted in due course to shareholders who have opted for hard copy communications and shareholders who have signed up to the Company's electronic communications service will receive notification by email.
The Company has been notified by Dr. Oyungerel Janchiv, Non-Executive Director, that she intends to retire from her position on the Board in order to spend more time pursuing her other interests. Dr. Oyungerel was instrumental in the formation of the company and has served on the Board for 13 years including 10 years since the IPO. She will step down at the forthcoming AGM with her resignation then being immediately effective.
Dr Oyungerel's position on the Board is on the nomination of Petrovis Matad Inc, the Company's largest shareholder, who have indicated that they shall be nominating a replacement Director. Details of this appointment, which will be subject to completion of regulatory checks, will be notified once available.
The Company also announces that it is seeking to strengthen the Board with the appointment of a further independent Non-Executive Director. A search has already begun and an announcement in this regard will also be made in due course.
Enkhmaa Davaanyam, Chairperson of Petro Matad, commented:
"The Company has been very fortunate to have had a person of Dr. Oyungerel's calibre and standing serving its Board. During her tenure she has served variously as Chairperson, Deputy Chairperson and most recently as a Non-Executive Director and has provided wise counsel and leadership throughout. On behalf of the Board of Directors and Petro Matad staff, I thank Dr. Oyungerel for her service to the Company and we wish her well in pursuit of her many other interests."
Thanks plumo for keeping us so well informed
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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.
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.
Capital structure
The Company’s issued share capital consists of 333,258,252 Ordinary Shares of par value USD$0.01. 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 34.18%.
The Company is aware of the below shareholders who hold 3% or more of the Company’s issued share capital.
Number of ordinary shares | Percentage of share capital | |
---|---|---|
Petrovis Matad Inc. | 94,684,262 | 28.41168 |
Janchiv Oyungerel | 13,267,946 | 3.98128 |
Tuya Danzandarjaa | 11,694,427 | 3.50912 |
Forestberries LLC | 11,000,000 | 3.30074 |
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