Heron 165 MMBO OIP with 15% RF giving 25MMBO recoverable.
So why is Mike so excited and delirious ?
Net Pay is bigger than expected as per old RNS - TICK
Porosity is way better than expected - TICK
Permeability is way better than expected - TICK
Structure 5 meters higher than pre-drill estimate, so its bigger - TICK
Flow rates (not stimulated and natural flow - wow factor) - TICK
165MMBO plus 20% for better net pay = +33MMBO
165MMBO plus 15% for better porosity = +24 MMBO
165MMBO plus 10% as bigger area = +16.5 MMBO
So now Heron might well be 165+33+24+16.5 = 238.5MMBO OIP
Now........lets say the RF is not 15% but given the very light oil and the high permeability its more like 30%......
Now means Heron is looking at being 71.5 MMBO recoverable. Which is currently 100% owned.
Now you might see why Mike is pretty damn pleased and beaming from ear to ear. BUT BUT BUT, dont forget that Gazelle has been cased and will be tested in future.
Gazelle may be the key to some very serious upside. We have NGL's in the wet gas, a lot of it and then also 3M of net oil pay and this was drilled at the fringe. So not only may Gazelle deliver something important, it will deliver some very serious upside from similar strat trap plays down at the Erdenetsagaan area........ones which are multiple times the size of Heron - a few over a hundred million MMBO recoverable targets and all there in Block XX at the southerly end of the Tamtsag basin.
Lots of upsides and upgrades to come out yet..........expect to see many interviews and loads of PR over the coming weeks as MATD have a very good story to tell now and will be a producer very soon and generating their own cash.
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