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“in the end it will be worth the wait.”
Exactly. Current price of oil $123 per barrel. Estimated recovery at Heron alone between 33m and 60m barrels or between $4billion and $7.3billion.
Current mcap £27m.
This will go stratospheric when Mike releases that RNS.
Come on Mike, make it happen and make it happen soon please.
Nothing has changed. Everyone just needs to relax and let the progress run. We will put Heron on line this year and drill additional wells. We can't control the border, we can't control the Government so we have to be ready, have all the ducks lined up and be nimble and flexible.
It's a frontier country, in a pandemic, with a rigid neighbour and about as many challenges as you could imagine. So the harsh comments about MB are both dissapointing and out of line. I look forward to reading the apologies when he delivers what he said he would.
He has never over promised and under delivered. He and the board are working in the best interest of the company amd ALL of its shareholders so relax, give the board the time they need to deliver their strategy amd don't be surprised if we get some very positive news shortly.
In the end it will be worth the wait.
Cheers Southy
There are some posters who dont appear to grasp macro ecomonics
All the 10p 20p guys have disappeared. MB could've not organise a **** up in a brewery .
He is most disorganised ceo who leaves things for last minute.
Since 2018 nothing has gone right.
Just look at the SP to prove its a roller coaster ride.
MATD/ MB should have emergency meeting. They should start talking constructively with locals if it is LP issues. They should find alternative contractors from inside mongolia or Russia regardless of costs while there is still time to work! If MATD fails then MB should resign, period.
Guys,
So what's happening for 2023 ?
Looks like MATAD prog 2022 is completely ****ed !!
Putin's Toxic (but cheap) Oil & Gas flooding to China & Asia
China/Mongolia Border Closed
Mongolia Oil & Gas resource workovers bossed by Covid
Good Luck - Oilf.
With No news we might easily hit 2p rathan 20p!
Normally good news comes fast and no news would be more likely bad news!
It is a pity while oil expected to hit $150!
Guys,
Which makes it worse no rig needed just a workover and still nothing doing!
Be careful of some delicate souls. You don't want to push them off the edge! Lol
Have a lovely evening guys,
Of course - and as usual when b/p is in a good mood.
I think "full stop" is pretty much where we are at!
b/d: No drilling required for Heron 1 - full stop.
Why do you continue to undermine that statement?
//As several posters have already pointed out: "Drilling" is not required at Heron 1.//
NO - what is required is the extraction & storage equipment & a transportation and marketing strategy. No problem really?
C'mon guys. Let MB do his job.
If oil extraction is not possible this year, then I for one would expect a respective explanation via RNS. Until then I assume oil will be flowing this year - full stop.
As several posters have already pointed out: "Drilling" is not required at Heron 1.
ATB
He has had nearly a year to sign a rig contract yet still nothing, maybe they don’t have pens in his Italian villa….
A 2 week workover is very viable this year.
They should manage to do a couple of more drilling.
No excuse not to!
MB needs to go back to Mongolia. He needs to be at the field.
Enjoy your day guys
Given that several people on the board have discussed this already (prioritisation of PetroMatad Heron-1 work in exchange for additional money) I would suggest Mike Buck would certainly have thought of this himself or have been directed to it by Petrovis, who I imagine will be as keen to start seeing a return on their investment as the shareholders are on this board.
lambo: I'd guess we would need to have faith that Mike Buck would have the sense to offer an additional incentivisation payment to get to the front of the que for Heron-1 if needs be, that could be win-win for PetroMatad and PetroChina... Delaying a single workover is unlikely to make a difference to PetroChina's revenue, so they may be amenable to something of that sort in the worst case scenario.
Massive dilution in the last 5 years though, 1.5p would mean an Mcap of about £14m not that unrealistic if they don’t drill this year imo, why would the Chinese give matd their equipment when they hve their owns wells to work in first? Doesn’t make good business sense with the price of oil been so high the Chinese have their own work programs to complete before they even think about doing anything in Mongolia.. let’s see I personally also don’t see them drilling this year if nothing by July is finished for 2022 imo
lambo: for Heron-1 we are not waiting on drilling, it needs stimulated and completed for production which is a 2-4 week activity. Also my understanding is Chinese covid restrictions are loosening from the 1st of June onwards. There is still over 5 months left in the Mongolian drilling season in 2022 (mid-November closure advised by MB previously during a presentation).
Your speculation about 1.5p share price seems unnecessarily pessimistic, as the SP has never gone below 2p in the last 5 years that I can see, so it is hard to envisage a plunge that low given we now have an exploitation license in place and surface equipment on order for Heron-1...
You can’t even send a parcel to China atm without it been quarantined for 14 days… and that’s after it takes weeks to arrive, not a chance imo a Chinese rig and drill team will be allowed into Mongolia when there is a massive backlog of drills to be done in China, Petro China are not going to prioritise matd over their own work programs that are hugely behind schedule. I wouldn’t be surprised to see the matd programme delayed until Q2 2023… if this happens you should be able to pick the shares up sub 1.5p, too risky at present with too many unknowns, all imo
Petro china PSA working group to report to Mongolian parliament week of 20th June. Things should be clearer after that tor Petro Matad.
If no oil this year it would be a personal failure for MB. It also would be very difficult to raise any money if needed as the share price would tank! MB should now show he can manage to do difficult job now. No matter what MATD needs to extract oil and start a 2 week workover this year.
Waiting for a lovely RNS hopefully.
guys,
Mystic Meg sez - no oil this year, cash raise before Xmas!