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Dozza, a leak or even confirmation of oil at Velociraptor won't sustain the SP....if there's STILL no LP for their FIRST oil find ❗❗
Lots of Rubbish being spouted on here.
LP is not imminent, quite the opposite, after 4 years, no progress has been made and the process has only just started all over again.
The truth is No One knows, Mike Buck included, when or if LP will be granted, or if it will be this year,next year or not at all.
As for not wanting to be out, I'm very happy to be out with my profit, rather than wait for Velociraptor results as the odds of hitting paydirt are only 15 to 20%.
Good luck to holders on Velociraptor but I'm waiting for the 80/85% chance of hitting dust and I may then pick these up for 1/2p.
Bigbench: Agree - unfortunately we've got plenty of those on this BB!
Dont be surprised to see some chunky buys before closing bell... only a mad man would be out over the weekend! ;-@
Wont be long Hamm... LP imminent along with double figures chap
You'd be a great politician - getting the job done!
For the last couple of years We have been paying for volleyball team + cleaning their rubbish!
MG has told MB there would be no reason the locals refuse LP if you be helpful! Perhaps MB should stop all the rubbish payment to those ungrateful people. They deserve PC really.
If we had LP secured the price would have been 20p+.
Meanwhile they( stupid) Mongolian government refused to grant MATD LP yet!
There's enough oil in Heron to last for years and years.
It'll take several years to drill enough wells to fully exploit it.
The Mongolian Government will generate much needed income/Tax receipts from any oil produced.
They've nothing to gain by waiting for the refinery to be ready.
They've everything to gain by having the field producing at good rates in time for the refinery and any pipelines that are being constructed.
Rich, can get sell quote test 500k with no problem.
Started drill on 13th June, drilling 50m's a day - 600m's will be hit around 25th June - lets hope there is a leak and a load of buys start coming in - here's hoping
MON1
I agree with you and Dozzawba
Politics in Mongolia has in the past been attached to corruption.
Many licenses over the past two decades owned by foreign investors have been unlawfully stolen.
The key for Matad is ensuring both Nyambaatar and Oyun Erdene see this project as one future investors in Mongolia will look at and believe their own investments are de-risked adequately to pump money in to the country.
If this goes south many investors will look at Mongolia as a country still un-investable. Mongolia is only at the beginning again of attracting investment to the levels seen in 2011.
The recent SME, railway, coal and education loans scandals still indicate there is much work to do.
The British government should be being much stronger and at the slightest hint of corruption, holding the Mongolian government accountable.
Moveonup is a very very well known deramper lol, lol LP coming very soon and will remind you about you one year time frame 😂
Move onup my exact sentiments too. Said the very same last week or so
Not sure about that - but we shall see!!!
Oil seeps….
They won't announce anything until drill completed and results are back, even if they hit anything they can't say what it is unless they test it,
I heard we could be hitting oil at around 600m - if they announce anything at that stage i think this will fire up! and the deeper they go the better. Yesterday on twitter - stated they had drilled 100m......
Hamm what's the buying pressure like, looks like a out to take off again
SP Tick Tock
Tick Up Tock Down
Hindsight is a Wonderful thing
Your Money Your Choice
AIMO DYOR
It obvious, the oil refinery that the Indians have funded for over $1 Billiom dollars is delayed until 2025, was meant to be done for 2024. As Mong know the heron is guaranteed, they are kicking the can so they can refine there own oil when done.
If new drill hits oil and discovers, the LP will immediately be awarded as they know they have internal, in country supplies. If a duster, LP won't be granted until next year at the earliest.
ALOT riding on results in less than 30days.
Boom or bust time.
Continuation.:-
..... basin the Asgat Sag, where the Red Deer Prospect was matured for drilling during the 2019 drilling campaign.
At the southern end of the prolific Toson Uul Basin and targeting an extension of a PetroChina oil discovery in Block XIX, Heron-1 well was spudded on 19 July 2019 reaching a Total Depth of 2960m MD within the Lower Tsagaantsav Formation and below last observed oil shows. Well data and analysis of wireline logs identified 70m of oil shows within which three zones across a 40m interval were clear candidates for well testing. Testing operations across two of the three zones were completed on 31 October 2019 with commercial rates achieved prompting the application of an Exploitation Licence across the northern part of the block for the development of this discovery and definition of possible upside potential.
A few kilometres west, the Gazelle-1 wildcat exploration well was spudded on 18 September 2019 on a separate structure but immediately updip of another Petro China oil accumulation. Total depth of 2550m MD and reached in sediments of the Sharilyn Formation and good oil shows were observed at the top of the targeted Lower Tsagaantsav Formation. Wireline logs identified the presence of two oil bearing zones and the well was suspended on 18 October 2019 for potential future testing.
Within the Asgat Basin in southern Block XX, Red Deer-1 wildcat exploration well reached a Total Depth of 2000m MD on 14 September 2019 having encountered oil shows across much of the objective Zuunbayan and Tsagaantsav Fm targets. Log analysis however did not identify any intervals for testing and the well was plugged and abandoned and. the rig released on 20 September 2019. Geochemical analysis of the oil show samples indicates the presence of a mature and active petroleum system in this basin too. The Asgat and surrounding basins are now available for relicensing and consideration is being given to this.
Hamm: All very interesting, but ultimately irrelevant questions. If you really want to get to the bottom of what is itching you, you'd be better off asking those questions elsewhere.
What you REALLY need to be interested in is the LP. This is the one thing that every investor is concerned about and (probably) everybody would like to have rather sooner than later.
So if you want to remain on the same page with all PM-investors and other posters on this BB then I recommend you focus on the LP.
"don't get me wrong, everyone wants this drill to be a success but the truth is there were 4 wildcat drills in 2018/2019 and all failed to find oil."
yet again you post inaccurate and incorrect data, which is also out of context. to say that the drills failed to find oil is totally incorrect. below is the true version of events in context.
the initial exploration work commenced on bogd block iv and ongi block v in 2009 with the acquisition of regional gravity data and acquisition of reconnaissance seismic lines across the potential basins identified by the gravity data. these blocks had never previously been seriously explored for oil and gas; consequently, there was no subsurface information of any description. the early exploration work identified potential basins; and exposed outcrops at the basin margins provided the easiest way to collect data on potential reservoir and source rocks. exploration field work resulted in the discovery of world-class oil shale deposits, which demonstrated the existence of potentially rich source rocks across the blocks.
blocks iv and v database consists of 4,400 kms of 2d seismic, 200 km2 of 3d seismic, 11,000 km2 of airborne acquired ftg & hram, the first acquired in the region; continuous core recovered from drilling of two deep stratigraphic holes (3000m total; 1400m and 1600m each); data obtained from extensive field work campaigns; and analysis of samples collected from various sites in the blocks.
within the taats basin of block v the snow leopard-1 well was spudded on 9 july 2018 reaching a total depth of 2830m md in basement granites. following the evaluation of wireline logs the well was plugged and abandoned with oil and gas shows on 25 september 2018 with no lost time accidents reported during the 80 day operation. although commercial volumes of hydrocarbons were not encountered, post-well analysis has proven the occurrence of a migrated oil in the well and a thick unit of rich source rocks which together prove the presence of an active petroleum system in taats basin.
petro matad’s initial exploration campaign in block xx consisted of re-processing existing seismic data and acquisition of 2d and 3d seismic surveys and drilling eleven wells (2010/11) on the davsan tolgoi structural high with hydrocarbon shows being encountered however no commercial discovery was made.
re-processing of 2d seismic data and access to the overlap of petrochina’s acquired 3d seismic data into the northern part of the block significantly reduced the uncertainty on possible extensions of discovered oil into block xx and matured potentially commercial drilling prospects which become the focus of petro matad’s 2019 drilling campaign.
to the southwest, prospective but frontier basins had been identified on co**** 2d seismic and gravity data on trend and with a similar stratigraphic and structural style to the proven systems in adjacent erlian basin of china. of particular interest was t
The question is when MM gave MATD EL what they checked before granting the license and why do they need to review it again and again?!
That is what I am very skepticism about the whole process, however nobody benefits of MATD failure. If MATD gets the LP now then they have money to explore and invest more in Mongolia but the reason behind the delay isn't really clear and unfortunately MB hasn't been level with us. He doesn't even tell us the reason he was in IOM.
But then again MB has been in IOM with MM shows close relationship but why can't he get the LP sorted?