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I'd say yes. Two power house are at trade war. Each would want to depend on their own resources rather than rely on export. We know US has lot of oil reserves. China has been buying from other countries for past years. Heavy industrial machinery needs to be powered by petro. A lot of products too are made from crude. China will definitely want to stock more reserves to remain in the game
Flashy500. I think we will see unitisation on block XX, it seems this has been broached by both parties but they need to see MATD discover oil before this goes ahead. It appears MATD may have the lion's share but Heron 1 will tell us more. If oil is discovered on the other block there would be too much for Petro China to refine at their refinery and Mongolia want to build their own, they have the infrastructure in place already.
Afternoon. I've been in Matd on and off over the last few years - but this time looks very good indeed. One thing that I would look for comment on are peoples' thoughts on whether Petro China could put in a bid for Matd if these drills come off. What do you think? On the Proactive Investor presentation Mike said they are in discussions with Matd about data for Heron, and furthermore that it is the Petro China's refineries they will use to process the product as these refineries are running below capacity as Petro China is exhausting its current wells. So, does anyone think that Petro China might take on Matd's oil fields to make the most of their refineries and infrastructure out there? (And providing the wells are successful).
I have to agree with you Cash2 and am pretty much viewing it in the same way - that's not to say I'm recommending that approach to anyone else but am artìculating my own strategy going forward.
We have excellent prospects here and a very good chance of striking oil and the fact that the multiple drills are so close together, hence providing a degree of price bouyancy on any singular drill not delivering.
Accepting the usual caveats of course with oilers generally, MATD is pretty uniquely positioned and a 'fresh eyes' approach is probably more useful than any past issues - especially with a new, more competent Management team at the helm & better Seismics to go by.
Obviously, due to the previous drop, we're experiencing some profit taking from the lower entry positions, albeit the transience is relatively minor when seen from the new trading range thats established (from several weeks ago).
That'll give us a more solid platform for further price appreciation, as we look towards the next breakout and trading range to be established - well watched so like last time, it'll be a rapid & sudden breakout.
Master - We already new MATD were drilling some wells and the information flow had been good. I don't really think the RNS told us anything new. The news was good and confirms that there are good times ahead I think and I'm happy to hold and experience some slight ups and downs to the run up to spudding.
I’m not going down that route cos I just don’t believe there will be dusters for the next two at least. Heron and gazelle are not random. Red deer not sure. But I’m sticking around for both. That’s probably till end of August. Two and a half months
Which I would like to see on regular basis. This is which distinguished by a team with a professional approach and understandings how important it is to maintain constant contact with investors. And most importantly the company's image on the market unlike from those who ignore or even not quite understand such simple things at all. Keep it up Mike and good luck will be ours.
Hi quertyqwer25 Notice your comments about selling out and free carry. I too have an average of about 9p. Its an interesting thought to sell enough shares to pay back the ENTIRE cost of all MATD purchases and then leaving some shares as effectively freebies with 100% profit on any subsequent sales. Think this makes prudent sense and I may do this if they get to 16 p or thereabouts. If they get more dusters and price falters then I don't loose out. Its a hedging move... Any one else taking this route... ?
Today's confirmation that the 4 drills scheduled for early July (and onwards) this year are still on track definitely provides comfort. I assume that it's a bit too early to announce exact spud dates - which everybody is waiting for. We should be getting those dates by the end of June.
The Heron Prospect is the southerly extension of the proven oil-bearing structure drilled by the T19-46-3 discovery well in adjacent Block XIX. The latest mapping based on reprocessed 2D and newly accessed 3D seismic shows the majority of the structure, including the crest of the trap, lying in Block XX.
That will do nicely indeed.
Excellent move by Mike Buck to publish the results to ease the minds of the worry warts. That gives him the ability to give news on mobilisation and another on spud of Heron 1. I dare say we will have more photos on Twitter as well. Unless the rig is miles away I wasn't expecting it to mobilise just yet or we'd have spud in late June! I bet a few of Friday's sellers have long faces, they ignored the Professor's advice! Good luck to all.
"The Company expects to spud Heron 1 in early July.
The well will be drilled to a planned TD of 3,050 metres and will take approximately 40 days to drill and log. The Heron Prospect is the southerly extension of the proven oil-bearing structure drilled by the T19-46-3 discovery well in adjacent Block XIX. The latest mapping based on reprocessed 2D and newly accessed 3D seismic shows the majority of the structure, including the crest of the trap, lying in Block XX. The Heron Prospect is estimated to have mean recoverable prospective resource potential of 25 MMbo. Heron 1 will be located 1.1 km south of the T19-46-3 oil well and is prognosed to encounter the top of the primary reservoir targets at approximately 2,800 metres.
On completion of operations at Heron 1, the rig will immediately move to the Gazelle 1 location.
The planned TD of Gazelle 1 is 2,500 metres and the well is expected to take approximately 35 days to drill and log. The Gazelle Prospect is located on the south-western flank of the Tamsag Basin, which is the primary source kitchen charging the Block XIX discoveries. The Gazelle 1 well will be drilled 5 km west of Heron 1 and 4.5 km southwest of the T19-46-1 oil well in Block XIX. The mean prospective recoverable resource assessment for the Gazelle Prospect is 13 MMbo.
The Red Deer 1 well will be drilled with the Daton rig and is expected to spud later in July and is forecast to take 35 days to drill and log. The planned TD of the well is 2,100 metres. The Red Deer 1 well will target a basin centre, fault bounded, structural closure in the southern part of Block XX. The mean prospective recoverable resource assessment for the Red Deer Prospect is 48 MMbo. On completion of drilling and depending on the success of the well, the Company will then take the decision to whether to drill a further well at Red Deer, move the rig to drill a well in Block V, or focus on activities in the north of Block XX.
Running two rigs, with a separate workover rig for any testing operations, should give the Company sufficient time to complete its 2019 drilling campaign before the winter operational shutdown in late Q4 2019."