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If that turns out correct, they鈥檒l absolutely be a cash raise at a deep discount. But it won鈥檛 happen - WOS has already told us this week is the week.
Think it will be another 6 months, maybe a year til we get confirmation.
SP will probably drop below 2
Researchandhold said //BP is like a stain on humanity//
No more so than you old chump!
Oh dear ! The Stain on humanity is being his usual waste of space I see !!
Researchandhold said //BP is like a stain on humanity//
//Petro China's probably bled it dry 馃//
So PM gets the LP, does the Heron workover & finds it's empty. Possible?
Why have you put this on we all know what went on
Petro China's probably bled it dry 馃
Is that supposed to be a positive?
24 Oct 2019 07:00
RNS Number : 9858Q
Petro Matad Limited
24 October 2019
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
24 October 2019
Petro Matad Limited
('Petro Matad' or the 'Company')
Results of testing at Heron-1
Petro Matad Limited, the AIM quoted Mongolian oil explorer, is pleased to announce the results of well testing operations at its Heron-1 oil discovery in the north of Block XX, eastern Mongolia, adjacent to the producing Block XIX, operated by PetroChina.
Highlights
路; Positive results of well testing operations at Heron-1 oil discovery in the north of Block XX
路; DST2 flowed oil at a peak rate of 821 bopd
路; Produced 46o API oil, without need for artificial lift or stimulation, exceptional for the Tamsag Basin
路; DST1 did not flow naturally but proved at least a 70 metre oil column in the well
路; Company will incorporate all data from the 2019 drilling campaign into rapid reinterpretation of Block XX in order to apply for an Exploitation Licence from the Government of Mongolia
Intervals for two separate cased hole drill stem tests ("DST") were chosen based on the petrophysical analysis of log data acquired over the 77 metres of potential oil reservoir in the Lower Tsagaantsav Formation in the Heron-1 well. The first test was performed over a three metre zone at 2,872 metres, near the base of the sands seen in the well. This zone proved to be tight with very limited inflow recorded. Oil was present in the test string when the tools were recovered to surface indicating that the zone is indeed oil-bearing and so proving an oil column height of at least 70 metres in the well. The pressure data from DST1 is now being analysed and will be used by specialist reservoir stimulation experts that the Company has retained to determine if improvements in permeability could be achieved to allow this zone to flow.
DST2 was performed over a 12 metre interval from 2,834 metres in the upper portion of the Lower Tsagaantsav Formation. The zone flowed oil and some associated gas to surface without the need for any artificial lift. This is exceptional for the Tamsag Basin where only a few of the hundreds of wells drilled have had the capability to produce oil to surface on natural flow. The peak production recorded during the test was 821 barrels of oil per day ("bopd"). For the main flow period, the well was choked back on an 0.3-inchchoke to optimise the collection of pressure data. Through this period, the well flowed at an average rate of 200 bopd with a well head flowing pressure of 250 psi. The oil recovered is very light, with an API gravity of 46 degrees making it one of
There is so much schadenfreude on this board 馃槼
Typo - be my guest to find this quote from me sir 馃槒
Mr Finwittrader
Be my first to find this reply to you sir.
I did say think COPL go to administration. Think I am right there!
Be Wise 馃
When I stated this to you WOS you said I was ridiculous.
Do you think the magic RNS will arrive before 2.8p sale goes through?
5 tick ups now..
cult hero .. the one and only Mr WOS ?!
Knock 4 p dead champ with as many posts a day as you can come up with... is all I got left to say on this now
good day all
While we wait for the RNS here is a refresher from the 2019 RNS about Heron:
As part of the Reserves Reporting preparations, the Company commissioned Leap Energy to prepare a CPR for the northern part of Block XX where the Company's discoveries are located. The CPR concluded that the Heron structure has mean, unrisked in-place oil resource potential of 194 million barrels. This is 20% higher than the Company's initial internal assessment and offers the potential for substantial commercial value given the low-cost, onshore operating environment and the favourable Mongolian fiscal regime.
Fenix Consulting Delft, a specialist in reservoir stimulation, has modelled the Heron 1 well test data to assess the production and recovery potential of the Tsagaantsav oil sands found in the well. They concluded that modern stimulation techniques and reservoir pressure support through produced water re-injection can improve oil recovery significantly from the levels achieved to date in neighbouring blocks. Further enhancement by slanted or horizontal drilling to increase reservoir contact and radial drilling to enhance wellbore drainage are additional technologies under consideration to increase well productivity. These techniques have not been widely used in Mongolia to date.
The work conducted by Fenix combined with the resource numbers from the CPR support the base case submitted to the Mongolian Government of an appraisal/development programme on the Heron discovery targeting a mean recoverable reserve of 33 million barrels using a recovery factor of only 17%. This is in line with what has been achieved to date in Mongolia and there is considerable upside potential that could be realised through the application of the improved oil recovery techniques as detailed above.
Wow .. three ticks ups for that post now...
Take a bow anyone who has previously offered here that Mr WOS has multiple logins/aliases for this LSE BB Service :-)
I'm guessing that 1 tick up for my last post is from Mr WOS, Sir ?!
And I'm further guessing I won't be getting any more tick ups for that post ?
And finally, Tick this post up if you'd like Mr WOS to increase his posting here to a minimum of 100 posts per day thru the coming weeks, Sirs
Towards him trying doing a better job of talking this s/p up !
(as his 50 ish ? posts per day seems to only be achieving talking this s/p down, alas.. )
PS: What I'd very much like is s/p momentum to have build AHEAD of the big news drop... so the news bomb drops when s/p is in the 4's p for eg .. not in the late 2's p to early 3'sp range for eg...
All the 3's....
3p s/p = 33m market cap
Punchy enough market cap still?
Above has me ask what are peoples latest exit s/p targets here?
I'll go 6p exit price target for me now.. (down from my 7.5p target in 23)
Stas20: _"They are all in loss positions". Speak for yourself. I wish everyone luck and profits when investing (eherever that may be).
I for one am still in the green/blue - yes, even at this level!
Mr Geo - very true 馃挴!!
Hey, iamrich is back!
No brains DikDoc83 at it again lol
It's you who needs to get a grip btw. The BB is about Matd not the posters you dislike.
Mr Stas
Maybe think about what you post.
MATD are not about to go into Administration but are loving towards TRANSFORMATIONAL RNS - think there is bug difference there 馃槒
This will open up path to regain value with massive upside Potential tual from here. Just today British Ambassador Ms Fiona Blythe on Bloomberg talking about Renewable energy for Mongolia - which UK company is involved in this & who was she meeting few weeks ago?
Ans: Petro Matad / Mr Mike Buck
All this with Heron Production base which RNS will open up.
Research help 馃