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Thanks plumo, you're on top of it as usual.
they are waiting for their license and it will not be long before we know a result I hope. see link.
http://mmhi.gov.mn/public/more/id/1121?fbclid=IwAR2PEzyWdWyMMiJblXWmYoNdJ5Q4uG0tMinqs3GirsmTEkwBzoQzHkcBCpc
Thanks plumo
Thanks Plumo for that link
a link with ceo mike buck a the latest status update on the license.
Petro Matad
[[ Thanks to Malcys Blog ]]
Oct 8, 2020
An operational update from MATD where the Block XX exploitation licence has still not been approved in what seems to be delays in finalising nominees for the Petroleum Sub Committee of the MMHI. Whilst the company is clearly working hard on this the timing (and I’m assuming the substance is aok) it is not in their gift and there will still be an unquantifiable delay. This is despite the approval of the DEIA for the Heron development which is very good news.
Finally the company announce the retirement of CFO John Henriksen wef December 2020.
Mike Buck, CEO of Petro Matad said:
“Whilst the delay in progressing the Block XX Exploitation Licence application has been unfortunate, we are doing all we can to support the authorities to expedite the MRPC meeting and we have completed all the necessary preparations to be ready for the subsequent phases of the approval process.
Meanwhile, securing the approval of the DEIA is a major achievement and we are pleased to have this in hand. We also continue to carefully manage our cash resources whilst we pursue the permits we need while investigating various funding options for our future operations.
https://www.malcysblog.com/2020/10/oil-price-hurricane-petro-matad-getech-and-finally/
Petro Matad (MATD) announced interim results
[[ Thanks to OilmanJim ]]
Posted: 23 Aug 2020 02:00 AM PDT
Petro Matad (MATD) announced interim results. It's still waiting for the Block XX exploitation licence to be approved and it doesn’t sound like that’s going to happen anytime soon. In the meantime, it reported a loss of $2.35 million for the six-month period ended 30 June 2020 and a cash balance at that date of $2.08 million. The company says it is pursuing a number of options to fund the next stage of its activities, but I think a placing is inevitable.
We hope that they will find the oil
Many exploration companies suffer but Petro Matad will be one who survive and find eventualy decent quantities of oil.
Petro Matad
[[ Thanks to Malcy's blog
https://www.malcysblog.com/2020/08/oil-price-cairn-far-petro-matad-and-finally/ ]]
Interims from MATD this morning which are largely irrelevant but the cash balance as at 30th June 2020 was $2.08m ($16.12m). Cost saving measures have been put in place ‘without sacrificing operational capability which will enable it to remain in an operationally ready state until mid 2021.
The Block XX exploitation licence application continues to progress, awaiting Government approval and a key component is approval of the Company’s reserve report for its Heron 1 oil discovery. ‘Once the reserves report has been approved, the EL award process requires the development area to be agreed with industry regulator Mineral Resources and Petroleum Authority of Mongolia (MRPAM) and then the Plan of Development must be reviewed and approved by MRPAM and MMHI. The Plan of Development has been completed save for any minor modifications which may result from the ongoing review of the reserves report and it will be submitted to the relevant bodies as soon as the reserves report approval is in hand’.
Petro Matad has suffered like most from the combined onslaught this year and the virus delay in country but that shouldnt deter buyers although some patience may be required.
Thanks for that link. Looks good if everything goes as planned and they can find a partner.
the new explotation licence which is hoped will be awarded by Q4 2020..see link
http://envoi.co.uk/wp-content/uploads/2020/07/P261PetroMatad(Mongolia-BlockXX)EnvoiIntroductionFlyerJune2020.pdf
Onshore Appraisal, Development and Exploration
Petro Matad Ltd, the London AIM listed company, has commissioned Envoi to identify a strategic partner to join in the appraisal and development of two discoveries made in 2019 with the northern part of their 100% owned and operated Block XX Licence in the Tamtsag Basin of NE Mongolia and historically the most productive part of the country. The Licence is situated at the southern end of the basin where Petro Matad’s successful Heron-1 was essentially an appraisal of an existing discovery immediately to the north (T19-46-3 made in 2009) which lies in the southern part of Block XIX operated by PetroChina. This Cretaceous play is itself an extension of the proven Hailar Basin that has been producing oil across the border in Chinese since the 1980s following exploration dating back to the 60’s. Formed in the Late Jurassic and Cretaceous, the Tamtsag Basin is filled with an estimated 4 km of continental sediments and volcanics. The complex tectonic evolution with rifting and later inversion resulting in the horst and grabens responsible for the 10 sub-basins identified today.
Block XX covered 18,956 km2 when originally awarded to Petro Matad in July 2006. The completion of subsequent G&G work programmes managed through several renewals, extensions and relinquishments, included the acquisition of both 2D and 3D seismic and gravity and led to a series of wells being drilled between 2010 and 2011. These were all targeting what had been interpreted as paleo-valleys cut into the Davsan Tolgoi High in the north eastern part of the retained 10,366km2 area of Block XX, where the crestal area of a rotated fault block forms the south-eastern shoulder of the Tamtsag Basin. Although the initial wells found significant shows in sands of the Lower Cretaceous Tsagaanstav and Zuunbayan formations deposited over the high, subsequent appraisal and well testing confirmed insufficient reservoir quality for commerciality.
New management has since switched the exploration focus to the immediate extension of the proven-producing area of Tsagaantsav and Zuunbayan plays where better developed in the Toson Uul Graben. Following receipt and interpretation of the PetroChina’s 3D that extends into Block XX, the Heron-1 and Gazelle-1 discovery wells were drilled in 2019. Only the northern part of the Heron closure is covered by the 3D, however, where the 2D data to the south suggests the closure extends into a large undrilled hanging wall trap. This lies immediately updip of oil recovered on test from Petro Matad’s DT-4 well, now interpreted to have been drilled on a fault terrace. The Heron closure alone is now estimated capable of containing between 160-200 MMbo STOIIP.
The discoveries now require a southerly extension of the 3D seismic to fully map the structures and optimally locate additional appraisal and development wells. Following award of an Exploitation Licence (EL) covering the area, the initial plan, however, is to drill several production wells within the existing 3D footprint targeting first oil in 2021 while at the same time acquiring a new 250km2 3D survey over the southern area costing US$ 4-5 million. Once merged with the existing data, advanced interpretation would be employed to locate additional drilling locations. Full field development will establish cash-flow ahead of near-field appraisal and exploration to define the overall size of the project, which could easily double.
Existing oil production from the region, including Block XIX, is currently trucked to a rail terminal further south that feeds refineries just across the Chinese border. A new Mongolian refinery is being built, which in time will have sufficient capacity to refine all foreseeable Mongolian production.
Petro Matad would like to identify a strategic partner interested in joining them in the next phase of their development programme and earn material equity in the new EL Licence area by contribution to the planned 3D seismic and subsequent drilling programme. Wells can be drilled for around US$ 2 – 4 million each. A deal for Block XX could also then lead to involvement by an incoming party in Petro Matad’s other acreage covering the largely unexplored Taats and Tugrug basins in the central part of Mongolia and other opportunities being targeted.
Final results for year ended 31 December 2019
15/09/2020
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.
Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
Thanks for this news douginil. I never seen such a reduction by executives.
I checked twitter and found this posted on May 11
Some hefty top mgt cost reductions and an update on the production license.
Read at:
https://www.londonstockexchange.com/news-article/MATD/cost-optimisation-and-exploitation-license-update/14533799
must be because oil is up
no news but the price is rising?
Petro Matad
[[ Thanks to Malcy's blog ]]
This from yesterday where MATD updated the market on the state of the exploitation licence, apparently the Mongolian Government has been successful in containing COVID-19 in country and there is no significant impact on Petro Matad operations and Government Ministries are open and functioning as normal.
The Block XX exploitation licence application is progressing with meetings already held with the industry regulator MRPAM and audit of the Heron Reserve Report successfully completed. Next is the review by the technical department within the Ministry then the Plan of Development is submitted which is well advanced and the company continue to look at ways to expedite the process.
The report yesterday put costs first but the market, whilst not disinterested in money saving are more interested in the status of the Exploitation Licence first and foremost. So yes, cost saving measures are being supplemented by directors, advisors etc have halved the overall cost base of the company. Cash reserves are OK until the end of Q1 2021 or Q2 if further cost savings are made.
All depends for MATD on the successful receiving of the Exploitation licence, surely it will come but hopefully not well into 2021, having said that with crude prices at $25 and $30 there are good reasons for thanking for this hopefully modest delay.
Read at:
https://www.malcysblog.com/2020/05/oil-price-dgo-empyrean-petromatad/
As with many other oil stocks is this a waiting game and a possible time to buy at low levels
Thanks to Oilman Jim 3/29/20
Petro Matad (MATD) announced an operational update. They’re progressing the Block XX exploitation licence application and a new CPR increases the total mean un-risked in-place oil resource potential of the Heron structure by 20% to 194 million barrels. Reservoir stimulation studies indicate significant improvements in the recovery factor are possible and the Heron development base case has increased to 33 million barrels recoverable. Challenge is whether they will actually be able to get any further work done this year with the current Coronavirus situation.
Well it's not what I hoped for but maybe things will change by summer
An operations update yesterday from Petro Matad
Thanks to Malcy's blog Mar 24, 2020
An operations update yesterday from MATD in which the company discuss Block XX where an exploitation licence is progressing, a requirement to enter into development phase. Whilst the company say that there is support ‘at the very highest levels of Government’ , especially as the Government has committed to construct a domestic refinery the procedure is still taking longer than expected to complete.
The CPR increases resource value potential by some 20% to 194m barrels giving a base case of 33m barrels recoverable at a 17% recovery factor. Whilst there is still significant process involved such as detailed appraisal and reserves reports as well as development and detailed EIA submitted it should all be done ‘in a number of months’. The 17% recovery factor is in line with up-to-date Mongolian practices but there is considerable upside potential realised by use of improved industry techniques.
At Blocks IV and V the company expect to relinquish Block IV but keep Block V after previous drilling showed promise but expect a partner or funding before drilling here. This will likely be something to be considered after Block XX and the excitement of Heron is delivered.
Overall MATD may or may not drill in the forthcoming season as the process slightly holds them back but the season lasts from now until November so rule nothing out. The company has cash of $3m and very low costs at present so a decision will have to be made in the autumn, hopefully when both the oil price and the virus have taken a turn for the better. Petro Matad has a good asset, reasonably protected from China but will need some of the returning workforce when the borders reopen, a market cap of £14m doesnt justify what it has found but like others in the market patience will be required.
Read it at:
https://www.malcysblog.com/2020/03/oil-price-dgo-gkp-ascent-resources-petro-matad-and-finally/
We all are suffering douginil but I'm willing to add some more and hope it will be close to the bottom.
Unfortunately some of it is mine. Don't have the cash to take advantage of the great buying opportunities in the miners and others. Can you believe Exxon at US$ 40-42?. Of course If I had done so last week I would be looking at some losses. AOI really hurts.
Where will the bottom be?
When there's blood in the streets it's time to buy. Question is, did we see enough blood already?
Hmmm Do not know. Last post on Twitter is 13 Nov 19
If anyone wants to download and listen to Mike Bucks' conference call, the link is below.
https://ufile.io/4bo9gkpc
.
https://www.youtube.com/watch?v=c5yhqwCyeqQ
around 57:25 mike buck starts talking
https://www.youtube.com/watch?v=c5yhqwCyeqQ
watch
around 57:25 mike buck starts talking
New Corporate presentation out.
https://www.petromatadgroup.com/wp-content/uploads/2019/11/Corporate-Presentation-11_11_19-Petro-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 are 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 ?
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-matad-ltd--matd-/rns/shareholder-update-meeting-and-presentation/201911051000023019S/
Followed by
Presentation at LSE event, late afternoon on November 12th.
https://www.eventbrite.co.uk/e/oil-gas-investor-briefing-speakers-from-petro-matad-nostra-terra-eco-atlantic-coro-energy-tickets-77838684601?aff=Twitter
Also next week he is meeting with Malcy, so an update from Malcy will also be done.
https://www.malcysblog.com/
.
Means we will get an Operations Update on or before the 12th of November. Looking forward to the updates and latest news on testing and everything else.
https://www.investegate.co.uk/petro-matad-ltd--matd-/rns/shareholder-update-meeting-and-presentation/201911051000023019S/
.
Cash forecast:
Based on my figures, which include a slight overrun of Heron-1 due to the G2G permit issue and then the cancellation of Velociraptor MATD will have net cash left on Dec 31st 2019 of 7.5m US$
Perhaps someone can ask Mike that on 12th November.
Production start up requires a couple of hundred thousand dollars only, just some facilities and storage tanks - everything else is there already.
.
(Note that the 16m US$ cash at half year end includes lots of advance payments for the drilling of RD-1, H-1 and G-1.......... long lead time items, deposits etc... all paid in advance. They dont just drill a well and pay the full amount on completion. Large part of well costs is paid in advance. )
Looking at the potential news flow ahead :
Operational Update - completion of all testing operations at Heron-1 - (possible)
Block XX update - reserves and prospects - submission of documents to MRPAM for Exploitation License (probable)
Award of Exploitation License for Block XX (probable) (Dec 2019 or Jan 2020)
Once the Exploitation License is awarded then MATD have something with which to secure a Farm Out or Bank Loan so farm out/loan update Jan/Feb 2020
Post Exploitation License award - Ops Update Production start up progress (probable early 2020)
Production started Operations Update (early 2020)
Looks like a transcript of the TV interview.
https://www.inews.mn/a/10477
Basic points again.....
Gazelle still very much in play, thought to be drilled on the edge of the Strat Trap and so expecting much thicker pay in alternate location.
Heron-1 - no water produced at all, very much thinking that its bigger than 25 MMBO recoverable pre drill estimates. This man seems to think the lack of any water means much bigger........ Mike has not said that yet, he refers only to the very conservative 15% recovery factor used pre-drill. Maybe he is saving the water/size upgrades for the presentations to come........
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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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