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Bowley: Petro Matad are dependent on Petro China exporting oil to bring Heron-1 online, this is stated in the most recent RNS,
"The current suspension of all oil production and export from PetroChina's Blocks XIX and XXI and with all on site storage full means that we need oil export to restart in order to optimise the start-up sequencing on Heron 1."
How exactly could Petro Matad management be able to give a firm plan with dates when they had no visibility on the export route re-opening? You seem unable to grasp this basic point.
With the re-opening of the export route Petro Matad management can update the market on timelines for Heron-1, hence anyone with half a brain should understand the importance of the PetroChina export operations re-starting...
Bowley: I am having a laugh to myself, PM have already ordered the surface equipment for Heron-1, meaning they know EXACTLY how they are going to extract the oil from the well, as they have already completed the detailed engineering. They are way beyond the "strategising" stage as you call it, they are now at the "execution" stage,
Your statement "They do not have plan" is laughable, where is the evidence for this? They have a brief plan on page 11 of the investors presentation, what level of plan sharing do you expect them to give to the market beyond that, for such a simple plant as Heron? Sorry but this does not wash,
Your may feel that PetroMatad are not executing well which is your opinion (and is fair enough you are entitled to your opinion) but the rest of what you are saying sounds frankly made-up,
I wonder if perhaps you have spent too long in the public sector and expect to see endless strategy documents and flowcharts, sorry but the productive private sector does not work in that fashion, less is more in the private sector,
Goldmine.
You seem to be pumping old information.
Of course information will be available in the next RNS. That’s what an RNS is for. The fact we are approaching the end of June, three months into the 2022 drilling season and we still have no update let alone an execution strategy that is firm and shared with shareholders is on the Matad boards part delusional.
It’s unacceptable and is not down to Covid.
Time for the board to wake up and do what they are paid to do.
Bowley: we most definitely do have product to export, it is under the ground at Heron-1 waiting to be taken out. The plan was stated in the last Operational Update RNS:-
"With the Covid-19 situation in China causing operational delays in Mongolia, the Company continues to prioritise its efforts to get Heron 1 on stream. The contract with the chosen well completions contractor is in final form. We are seeking confirmation that equipment and crews for the completion and readying for production of Heron 1 are available as soon as we are ready to mobilise. It is our operational preference that as soon as the well is stimulated and completed it should immediately be put on production. The current suspension of all oil production and export from PetroChina's Blocks XIX and XXI and with all on site storage full means that we need oil export to restart in order to optimise the start-up sequencing on Heron 1."
With oil export soon to be underway from the PetroChina blocks, I am expecting the dates for stimulation and completion of Heron-1 for production to be confirmed in the next RNS...
LOL curiousandcuriouser talk about looking a gift horse in the mouth, sorry if I do not know all the personal details of the lady in question
The Gold mine... i was actually thanking you for posting! Something lost in translation perhaps??
Ibiza28: We investors are being tested - no doubt. An oil extraction delay to next year would clearly put the
SP under pressure - but wait a second: That means oil extraction would happen in 2023; and who would jump in then?
plumo: Same here! Sit tight - the best is yet to come!
Goldmine.
We have no schedule. We have no dates for production. We have no product to export.
Simply put we are TBA. To be advised.
We have no strategy.
And that is what the government advisor thinks and believes.
Think everyone is waiting for the next RNS, thats why SP holding around 3p . Im stating the obvious here i know . The RNS when its comes , will get everyone buying or selling up . I have a few grand waiting but not confident enough to invest more now with info .
Will HAMM be right with 1p or will he be very happy with a big SP as he has more shares than petrovis
It has been a fairly exceptional few years mind you. Not what you would call an ordinary few years.
"once we tick up past 4" - I will be tempted to sell!
14 comments & 2 trades sez it all really.
Every rns is the same.always delays in progress.I've been a shareholder since 2010.so i can wait a long time but it makes me nervous !!!!
I hope your right not really looking forward to another winter hiatus and if no drilling at all this year what time frame does that give to get Velociraptor drilled before permits run out for that. GLA
Everyone who believes in MATD is in and sitting back...the traders are nursing losses from the wider market and are not bothered here at the moment.. once we tick up past 4 they will come running back my guess
That RNS - you know - THE one:- is coming after 21st and before 30th
Or lack of it, not really sending out the right signal even the day trader's have taken a back seat. What we need and soon is some Comms from company, there are 12 trading days to the end of this quarter and each passing day is looking grimmer by the minute. Come on MB give us something soon and make it special even my patience is starting to wane. GLA
Bowley: PetroMatad have advised there preference is to bring Heron-1 online as soon as it has been stimulated and completed for production, this implies they need the export route open and in operation...
This was written clear as a bell in the last Operational Update RNS.
For a supposed government advisor expert you seem to be unable to grasp basic facts relating to the start up of Heron-1 written plain as day inside the RNSs.
Restarting of oil export from PetroChina blocks is good news for PetroMatad,
If the oil was ready to export I would agree. As it is we have no idea when this might be the case. Experience and lack of clear and timely communications from the company do not instil confidence that it will be this year.
If sacasm is lowest form of wit I wonder how low sarcastic deramping is
Goldmine you cannot export if you have no product !!
You seem to be continually confused by this process.
Bowley: given that Petro Matad will be sharing processing and export facilities with Petro China, I would suggest that you as an investor should care what Petro China is doing,
If PetroChina is unable to export, then neither can PetroMatad... Not too hard to understand, is it?
Who cares what PC are doing.
I am more interested in what Matad are doing, or rather the lack of what they are doing.
LOL curiousandcuriouser talk about looking a gift horse in the mouth, sorry if I do not know all the personal details of the lady in question, however the important point for the billboard is it sounds like PetroChina oil export is going to restart in less than 48 hours (if the lady is to be believed), exciting news I would have thought, more so than me referring to the lady by the wrong job title...
AIMHO/DYOR
... as an aside she is not just a "local environmental activist" (as referred to somewhat dismissively on this board but some), but stated to be a qualified oil engineer who has turned activist journalist based in Ulaanbaatar. She has managed to get a place on the petro china working group (the one reporting back to Mongolian parliament) and has been disseminating a copy of the current contract, so that people can voice their views to the working group. Her current aim is to get enough issues with the Petro China contract to force closure for the rest of the year... but I can happily report she appears to be getting little support for this.
Anyway thanks for posting TGM as I like to know what my enemies are up to rather laughingly turn a blind eye!
Not ideal seeing that news on BBC, surely the chinese need to realise soon the damage their zero covid policy is having, making matd holders suffer. beginning to wonder if any work on heron will happen now this year very sad