We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
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Yep, good news. ATB
Great RNS, I knew it would be either today or yesterday! Watch this take off!
14 August 2019
Petro Matad Limited
Heron-1 Well Update
Petro Matad Limited ("Petro Matad" or "the Company"), the AIM quoted Mongolian oil explorer, provides the following update on the Heron-1 well in Block XX, eastern Mongolia.
Further to the Company's announcement on 5 August 2019 that the rig at Heron-1 had been put on standby pending the resolution of a dispute on land use, the Company can now report that the central and provincial governments are resolving their issues and have given verbal approval for the Company to resume operations on Heron-1 whilst the necessary paperwork is completed. Preparations are now being made to drill the 8½ inch hole section on the well and simultaneously the Company is working with the local Governor to sign a land use agreement. The signed agreement is expected to be executed within the next few days. Total standby costs incurred to date are of the order of $150,000. The Company hopes to be able to make up some of the time lost on standby and based on current forecasts, drilling operations on Heron-1 and Gazelle-1 can be completed well within the normal operating period of the Mongolian drilling season.
Petro Matad Limited ("Petro Matad" or "the Company"), the AIM quoted Mongolian oil explorer, provides the following update on the Heron-1 well in Block XX, eastern Mongolia.
Further to the Company's announcement on 5 August 2019 that the rig at Heron-1 had been put on standby pending the resolution of a dispute on land use, the Company can now report that the central and provincial governments are resolving their issues and have given verbal approval for the Company to resume operations on Heron-1 whilst the necessary paperwork is completed. Preparations are now being made to drill the 8½ inch hole section on the well and simultaneously the Company is working with the local Governor to sign a land use agreement. The signed agreement is expected to be executed within the next few days. Total standby costs incurred to date are of the order of $150,000. The Company hopes to be able to make up some of the time lost on standby and based on current forecasts, drilling operations on Heron-1 and Gazelle-1 can be completed well within the normal operating period of the Mongolian drilling season.
Further updates will be provided in due course.
Further information please contact:
Petro Matad Limited
Mike Buck, CEO
+976 7014 1099 / +976 7575 1099
Shore Capital (Nominated Adviser and Broker)
Richard Johnson
Andy Crossley
Toby Gibbs
+44 (0) 20 7408 4090
Stifel Nicolaus Europe Limited (Broker)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
+44 (0) 20 7710 7600
FTI Consulting (Communications Advisory Firm)
Sara Powell
Ben Brewerton
Genevieve Ryan
+44 (0) 20 3727 1000
...Excellent news..... lets crack on chaps!!!
25%+ today. BUY!
Flava, did you get a response from Mike?
I’ve e mailed him in the past, and had nothing back, guess he is to busy trying to sort this mess out, he was very positive about Heron. GLA
CaptainStanley - Are you confident enough to say Petro Matad teams fault?
I will say it's all about the local politician want to make sure they're hiring graduates and develop local talent.
Great info Proselenes - actually makes sense - hopefully we can get some good news soon to clear this up and crack on with Heron - GLA
Route1 - lost some money on PM in the past have you - your posts show you are a sad individual - why don't you sod off onto another BB - you are getting pretty boring and a laughing "stock" on here
Nice summary Proseleness !!!!!
I am LTH and sitting tight.
Red Deer was highlighted by geo experts during the farm in discussions and was taken up by MATD following that... Kind of like independent confirmation that its worth drilling.
So I am holding for Red Deer... Giving it over 40% CoS... Worth the risk of a drop below 2p short term against a rise to 30p plus on success.
But anyway, Red Deer-1 is ongoing.
Red Deer-1 is 48MMBO recoverable 100% owned. MATD market cap 35 million.
ECO have their small share of Jethro find - net to ECO just 37MMBO.....ECO market cap over 200 million.
This is why, if Red-Deer 1 strikes oil - MATD can easily rise to over 30p a share. 600% rise would make MATD still valued way below ECO even though they would have more oil in the event of a strike and also more potential oil to be found by de-risking of other leads. Its all about your net ownership percentage.
This is also known as ........ bloody exciting. Not long to wait now for Red Deer-1 results.
If you want some background info.
Heron-1 is located in Dornod Province.
PetroChina have ****ed off the Dornod Provincial Council as they agreed by contract to take on 200 to 300 Petrochemical graduates from the Dornod Polytechnic. They did not in the end hire any graduates.
Red Deer-1 is located in Sukhbaatar Province. Sukhbaatar has no issues with Central government or any oil companies and is looking to get oil production from their province.
Owing to Petrochina upsetting the local Provincial Council in Dornod province, it may explain the politics behind the Heron-1 delay - one assumes the local provincial council are putting pressure on the Mining and Petroleum Ministry to get at PetroChina. MATD is just caught in the middle. I am sure if Mike Buck agrees to hire a number of local graduates when/if Heron-1 goes into production, then problem solved. However, will that suffice the Governor of Dornod Province ? Or he is looking to get the Ministry to try to force more concessions from PetroChina in terms of local employment ?
Anyway, thats a bit of background info. Gazelle-1 is also in Dornod Province so that is not going to commence until the Heron-1 issue is resolved.
If Heron-1 drags on then MATD may simply use the rigs to appraise any discovery at Red Deer-1 or go off to Block V and drill one of the massive prospects in Block V.
I am expecting news next week (but hope asap).
oil price ? what has the oil price got to do with this turd.It has never produced 1litre of oil.
...up a massive 4.3% and back over 61bucks..... I wish our Buck was doing as well!
21,000 bpd
1 industry major and its Petro China
The Russians stopped because I think at the time long distance and high transportation costs which wasn't profitable?
Its 14 drilled and 14 plugged and abandoned.
How much oil is currently been produced in Mongolia?
How many industry majors are in the area?
Why did the Russians stop there long search for oil in Mongolia?
Gary1960, most sensible post I hear from you today. However, this share is not for the faint hearted
Gary - thanks matey. I will definitely take you out for nice drink if we hit black gold:)
In the meantime please relax and enjoy the evening mate. Life is too short :)
No problems at all Flava - we are all (I suppose) investing for the same reason after all to try and improve our financial position and to have some security to fall back on if things go pear shaped. I do not know a great deal about Mongolia and the oil situation apart from the fact that the country wants to reduce exports to China - refine their own oil and to encourage inward investment to those ends. Rather unfortunate with the situation with Matad and the drill stopping..............hopefully a short term issue. Good luck guys.
Gary - sorry to hear your losses mate and I can’t blame you for extra cautious.
I invested in Matad for good reason and I done my own research. Sometimes things happens beyond our control. Hope MB will sorting this issue rapidly and give us positive news.
No hard feelings mate.
Flava - feelings not hurt - far from it. I might end up investing here - just need to see how things pan out for a day or two. I would not have much free cash to put in here though as I lost my shirt on a couple of duff share holdings lost nearly £ 20k in total. Was going to retire this year but looks like that is on hold now and I will have to be careful with any investing.............
FWIW - I do genuinely feel sorry if there are people in here who have been invested at the upper end of the SP (Feb 2017) I know what its like to book a loss - not that great. At least I can own my mistakes and admit I did the wrong thing and learn from it. Good luck guys......................
Gary - sorry if I hurt your feelings. If you’re not invested here then why are you barking?
I’m sure you can post your comments on Daily Mail or Sun to vent your frustrations.
Have a good night mate - nothing personal!
Flava - Over one million shares - Not really impressed. I feel no necessity to brag about what shares I hold - it's just a "mature" way of looking at things. Personally I treat everyone the same whether they are a millionaire or a tramp - people are people except some dress better. Well then - if I buy a few Matad shares you can lord it over me - you have my permission.
More than just a signature, needed by time takeing
Flava - I have not bought any - looked at the way the SP has been heading south and decided to keep out. Did you not read my earlier post.? After a 10% drop today I will keep an eye on the SP if it heads below 3p I might buy some but even then not 100% convinced. The "cheerleaders" keep singing the praises of the stock but it looks like the wider market smells a rat....................