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Is not convinced about this as yet - bit of a damp squib at the moment - and for me its a case of waiting for confirmation of commercial oil and all important flow rates ( if any ) before I invest here - Gl all
news is good but flow testing will be the key and if its commercial. All pie in the sky at the moment. If Red Deer comes in, then the price will fly. If not, expect 4-5 p. Plus they will need to do a placing at some point.
Having a good Poro-perm can make or break a reservoir, having the good poro-perm basically reduces the effort needed to extract the oil as the pockets between grains (filled with oil in our case) are connected to more pockets around it. This basically allows a 'oil highway' so the oil can be extracted far easier. Having a better porosity means that in theory there is more oil than they initially estimated.
We could potentially pull more oil out quicker than the Chinese can (from a well to well comparison)
So basically the RNS tells us that this wasn't just a success, it was 10x better than they could have hoped for.
Great news this morning with a strike at Heron! All signs point to this being as good if not better than the neighbouring PetroChina wells. As always, baffled by the share price reaction. Hoping flow tests kick off ASAP which should then confirm MATD will be a profitable producer in 2020. Not bad for 8.5p per share! Onto Red Deer next with results expected in a week or so. Much higher risk with this exploration drill but any success here and MATD open up an entire new play in Mongolio. Regardless of the result at Reed Deer, Heron should now underpin the success of the company going forward.
We are in mid September.. 'The Red Deer 1 exploration well in the Asgat Sag Basin of Block XX spudded with the Daton Petroleum Engineering and Oilfield Service LLC rig, DXZ1, on 4 August 2019. The well is targeting a prospect with 48 MMbo of Mean Prospective Recoverable Resource. Drilling operations continue towards the planned TD of 2,100 metres. Results from the drilling and logging of the well are expected to be completed by mid-September 2019.'
Chaps don't worry about the sp, it will take care of itself shortly, just need to look at the experiences of shareholders at a number of the recent successes that never had huge movements at the time when everyone was saying how crazy it was, look at JOG as a great example, people were saying how massively undervalued it was - its not now.
I am encouraged by Mike Buck’s comments, the emphasis on porosity and permeability is a real positive when it comes to testing the well. The fact he referred to this twice in the RNS is, IMHO, significant.
From the RNS - exhibiting better porosity and permeability characteristics than is generally seen within the Lower Tsagaantsav at this depth including in the nearby wells in the T19-46 oil field in Block XIX.
Better than T19-46 oil field, that’s field not one well !!
I have to say this is no surprise to me at all that they struck oil, it is however a surprise that the share price hasnt gone up further.
Im glad that MATD have had a good result and everything went according to the prognoses. The geology and reservoir model looks very good indeed so there are no worries about the testing i'd say.
One thing to point out is that it is inter-bedded good quality sand and shale, meaning that perforations in the most productive zones will be mandatory. However depending on the structure of the bedding it could get a very good aquifer support and natural water drive into your production well making it much cheaper to produce than having a gas lift well. (im not sure on their plans for well design).
Petro Matad encouraged by results of Mongolia well 9 September 2019 | 07:32am StockMarketWire.com - Petro Matad said a new well in Mongolia had presented 'encouraging' results and would be subject to a testing programme.
The Heron-1 well was drilled to 2960 metres, with the top Lower Tsagaantsav reservoir, the primary target for the well, encountered at 2803 metres.
'The formation drilled from 2803 to 2880 metres was predominantly sandstone interbedded with shales and siltstones,' the company said.
'Oil and gas shows were recorded over this interval and on the basis of the drilling data, the gross reservoir interval in Heron-1 appears to be very similar to the productive reservoirs found in oil wells immediately to the north in Block XIX.'
Wireline logs had been acquired and analysis of that data supported the interpretation of a 77 metre gross interval of 'potential' oil reservoir.
'Within this interval the logs also define three zones with a total gross thickness of 22 metres, 14 metres net, exhibiting better porosity and permeability characteristics than is generally seen within the Lower Tsagaantsav,' Petro Matad said.
'Overall, the reservoir quality and oil saturations indicated on the wireline logs are sufficiently encouraging that casing will now be run in preparation for a testing programme.'
A casing operation was now underway and discussions with the testing contractor had commenced to determine how quickly the testing equipment could be mobilised to the Heron-1 location.
'The results of the Heron-1 well are encouraging,' chief executive Mike Buck said.
'Along with the well and wireline logging data being consistent with our pre-drill prognosis, there is also evidence of zones with better than expected porosity/permeability characteristics.'
'The well will now be tested and we are pushing the contractor to mobilise equipment as quickly as possible.'
Upstream Online - Petro Matad has hit oil pay9 Sep '19
Petro Matad in Mongolia oil strike
Heron-1 well delivers goods for London-listed explorer in landlocked East Asian country Petro Matad has hit oil pay with the Heron-1 exploration well sunk on its Block XX in eastern Mongolia as part of a four-well campaign.
Don't have access to the site so can only show the headline above, anyone with access?
Red Deer is a key well......... massive upside (600 MMBO recoverable in nearby leads and prospects and all 600 MMBO recoverable is 100% owned).
It would be mean a new basin open in Mongolia and it would mean MATD are going to be a very large cap company in future.
The downside is now limited, as Heron is good.
Whilst the share price would be hit if Red Deer-1 fails, it will recover on flow testing and commercial declaration of Heron later.
Next week is now the point at which the share price will fly on Red Deer-1 news, or people can get in cheap before Heron-1 gets flow tested and declared commercial.
For those holding, like me - you keep holding and add more........there is limited downside IMO as any Red Deer-1 bad result will be wiped away with Heron-1 flow testing news later. You can either win the lottery with Red Deer-1 good news, or just suffer short term pain before on Red Deer bad news before recovery with Heron flow testing and Gazelle.