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Goodbye capt,See you next year.Don’t worry about the winter ,probably not a lot happening but the oil is still there,and will be next spring
Fully agree with Bonum
My only question I would have raised to MB at the end would have been why was Heron 1 last in the programme? If the probability of success was so high given it's proximity to PetroChina field?
They could have dug Heron earlier and used cash to get that into production?
I guess hindsight is a wonderful thing and Heron's probability of success lower than my understanding.
Overall MB's presentation was positive and straight talking. No ramping - which was refreshing.
We can only hope
Let's see how long he manages this time!
The only other thing that I would say and then I probably will go away for a while is that I had wondered whether or not the well was still being tested? Shut-in. Pressure build ups. Sequential flows to established stabilised flow rates etc. Start to obtain information for a CPR to inform Farm In discussions etc. Even perhaps sustained flows that might be sold?
From the presentation it appears not. 2 and half days flow then they stopped. So from here until March/April I'm not sure what, if anything, is going to happen?
I'll try to stay away and see you all in the Spring?
Agreed Capt Stanley - let's leave all recriminations & speculation on motives for other BBs to thrive upon and make this a platform for honest and considered debate.
We can all agree the longer term prospects for MATD at least, look very promising indeed - that's a start!
Spot on Bonum
I agree Bonum: 'Let's actually listen to what Mike Buck is saying - in its entirety!'
I did and posted what he said. If anyone wishes to listen too and raise alternative views from what he said I'd think that that could be nothing other than constructive.
I just tell the truth captain.
Appreciate that is alien to you!
The presentation is certainly an interesting one, albeit as many have commented, Mike Buck is a straight laced, to the point character - very factual, little charisma but the man to get the job done.
Firstly, we have a very promoising asset indeed in Heron and certainly a lot of positivity going forward from an opetational perspective, the more immediate issue being funding.
As he stated unequivocally, he's looking at options beyond a placing to protect shareholder value and specifically through a bank loan route and/or a partnership deal. To reiterate, he SPECIFICALLY stated that an equity issue wasnt the route they were looking at.
However, the bank loan would likely have to be undertaken through the Mongolian banks, which limits said routes to a loan but we should also consider the stronger situation PetroMatad are in now with a tangable asset in Heron and that the Govt. see the company as a Mongolian entity, who happen to be listed in the London market.
The CEO also mentioned certain informal discussion with PetroChina prior to Heron 1, which are now moving to a more formal basis, both from a logistical agreement perspective and the aforementioned Partnership options. The synergies are obvious, hence why many believe that such a Partnership agreement will be concluded.
Does that negate the possibility of a limited placing?
I believe that option may still be followed through as part of a larger deal incorporating a bank loan and to make up any shortfalls if required - it's not the preferred route or the one focused on, a point Mike Buck emphasises several times.
Of course, PetroChina would have their own strategies drawn up for the positive outcome that Heron 1 demonstrated, hence a fast track to conclusion of funding through that route.
From a petsonal perspective, I wouldn't mind the share price 'lulling' for a bit, as it would enable me to massively increase my own holding here and with what we can anticipatè for PetroMatad moving forward - we All agree on that!
However, I'm already in and certainly wont look to post a relentless, one sided perspective of the funding issue, to facillitate a re-entry into a stock previously exited from.
Let's actually listen to what Mike Buck is saying - in its entirety!
Constructive a always onerule.
Well done. You always manage to raise the tone.
Price getting low for Petrovis to take majority of dilution and average down last investment. Just trying to ignore price movements until producing first barrel.
Fact - captain said he would stop posting in here until he reinvested.
Fact - He has continued posting.
Fact - He is a liar.
Not upset by Topp0's highly factual and balanced post then?
Thought mine containing only direct quotes from the CEO wasn't reflecting the true situation?
Do you plan to raise this with him? Perhaps he needs the benefit of your insight?
Any quotes from the presentation that you think are more positive? There were a couple.
There's facts and opinion. My post contained only facts as stated by the CEO. Surely that's a sensible place to start when attempting to discuss Matad's potential and future? I'm afraid I see my post as a fair summary of the presentation by the company's CEO but feel free to disagree but only if you refer to the same interview and know facts. Otherwise it's more likely to be biased opinon? And that's likely to be one sided. Which you don't appear to like. Oneruleforall?
Captain - I don’t much like your “ one sided” discussion bias but fear a lot of traders think the same as you. Reality is this will not see a huge amount of action in the short term, I’m going to keep adding and averaging down. I do feel there is a bright future, just not in the next couple of weeks
'Facts' are simple Topp0.
Facts are in the RNSs and company presentations.
Your post perhaps has an element of wishful thinking?
Ok facts are simple, it's gonna be the most painful 2 to 8 month of matds history, we so close but it's that last tactical move or 2 to get to production without dilution or giving parts of company away,1. in herron or he wants 10 15mil so we hitting 1000 barrel a day okee and a exploration partner for elsewhere ..
We have 1 hopefully good well we need 4 5 around it to get money coming in 8 10 be better but 4 5 a start, you offer petro China a stake in herron discovery they drill the wells as part of deal we get if 50mbo great 25 mil they get 10 15 q 25 barrels too what ever and we start earing finanally and get funds to do raptor phoenix and hope they've learn there geography and we find a large pool at raptor and then we are truly truly cooking or I'll settle happily for Mongolian loan 15 mil petro China do us 6 well around herron 6 mil nice and ow look some left for raptor n phoneix.. hit Agen and we are to the ??. .. just the last 2 3 peices on chess piece and we are there but gonna be painful. Wudnt expect anything less but done right without dilution or giving away part of company or discovery and we are smoking)) 1 pound end 2020, take that all day)
Recovery rate used of 0.15 seems to be very low and extremely conservative as acknowledged by company itself after Heron surprised to the upside with oil flowing to surface naturally.
165 MMbo at 0.30 recovery rate =50 MMBO
..."by the time this gets anything, everything will be electric"...
and you think, BP, SHELL, CHEVRON, EXXON, will all just close shop and shut off their Oil reserves ???
America is finally tapping into their shale / oil reserves... you think they would also just close shop overnight???
You are not invested here, yet you make statements as if you know it all ??????????
I don't even want to guess your IQ level.....LoL
Capt. Stanley - your my hero
Yes i'm in vested and LTH, but i don't post much, cause there's so many A-holes on here..get my drift
Lots of if, buts and maybes CS, but current market cap of £25m means we’re valued at just a dollar a barrel on every expected barrel out of there and 25m is off a low recovery rate.
I think Mike bought in big time at around 10p, so doubt he wants dilution, so hopefully Mongolian bank or farm in.....
As I said at start, so many possibilities, but I do think we’re currently under valued. But some good points raised and welcome , whether your in or out
Exploitation licence: 'I would be satisfied by the end of the first quarter'
So Heron 1 income from April/May? Any need for roads/infrastructure, storage, security, fencing? Costs?
Petro China: 'We will be looking to do a commercial negotiations with them over the next few months to see what sort of terms they will offer to put our oil through their infrastructure' and 'There's a good possibility Petro China may want to join in here' RE Farming In. So nothing to hear here for 'the next few months'. Sorry Mr P no imminent Farm In I'm afraid.
Heron 1 flow rates: '821 barrels per day but it's only an initial production rate for 2 1/2 days. The sustainability still needs to be determined'
Re Heron: '... a discovery that might be commercial'. And 'The Heron discovery looks like it's going to be commercial'.
Equity raise for Heron and Heron 2, 3 and 4: 'We'll need a little equity, $10-$15m that we currently don't have to kick start it'
So today's Market Cap £25m and planning to raise up to $15m. That sounds like a lot of potential dilution to me I'm afraid.
Of last years equity raise all but $3m is left. This is enough to cover annual overheads and expenses only.
So much Guff on the boards recently about how much they'd have left over to pay for next year's drilling then?
He anticipates 4 heron wells all producing at about 350 barrels per day by the end of 2020 and each generating about $3 1/2m per annum in revenues. $10m plus in oil revenues if it all goes well? Presumably tax/costs/shipping/wages etc to be deducted from this?
And finally 'I wouldn't want 2020 to be a wasted year'.
I can't believe no one's been analysing this and discussing it? I'm not even currently invested!
Is this a discussion board?
That was an interesting comment by Mike Buck and in the context of the company being viewed favourably by the Govt. and given oil production within Mongolia essentially controlled by the Chinese, for their own domestic market.
Atb & have a good evening
Well said Simon.
I prefer a down to earth person as suppose to somebody who just hype. Nothing comes good from over expectations and promises you cannot keep.
Reminds me of Paul Haywood from Block Energy.
Sp went from 3p to 17p, and back down to 4p not too long ago from hyping and not delivering
I have just looked at the presentation and I can see why some people think that it was uninspiring.However I think that Mick Buck is a very down to earth person and probably very cautious.Not every bodies cup of tea but much more preferable to a bull—-t artist. I must admit I don’t understand the drop of the share price this week,it seems unjustified.