Petro Matad Share Chat (MATD)

In the same article back in 2000 SOCO goes onto say :

“Log analysis on the 19-10 exploratory well indicated a net productive reservoir of approximately 77 meters in a gross interval from 2,324 meters to 2,449 meters that could yield in excess of thirty million barrels of recoverable oil.”
Interestingly enough SOCO commented also ….”The 19-3, which open-hole tested from a net 36 metre interval at a stabilised rate of approximately 690 barrels of oil per day was produced on pump during 1999 at a stabilised rate of 250 barrels of oil per day (BOPD). “

Now the interesting point……..”The new wells were not drill stem tested during drilling operations in order to avoid potential formation damage which is believed to have hampered the production rates of the 19-3 well.”

They went on to say “Each of the new wells is producing at approximately 250 BOPD at pump capacities which may not reflect ultimate flow potential.” – this we know to be true as the production from block XIX peaked at around 20,000 BOPD agreed from a large number of wells from memory over 470 wells (gives an average of around 42 BOPD/well.

The article goes onto to say : ….”Full assessment of the stabilised production capabilities of the new discoveries is pending completion of pumping and production facilities. “

My points are these:

1) 50 day well likely, to ensure no damage to the hole
2) Possible open hole testing only intially
3) Further testing likely on completion if there are positive shows
4) Mike is canny and I am sure has already seen the details released by SOCO relating to block XIX

Agreed Block IV and V are not identical geology but it may give an indicator for a RNS at 50 plus days the plus depending on the testing once complete , say around 10 to 16 days after reaching TD.

ALL IMO but maybe a thought for after breakfast.

ATB and GLA>

Good morning all!

I wonder!!!

– SOCO when they were drilling agreed a deal with Huabei Oilfield Services, a Chinese company providing the drilling services in Block XIX, to reduce drilling costs substantially.

Maybe history is going to repeat itself.

“ Under the terms of the reduced cost drilling programme (from approximately $2.2 million per well to approximately $0.5 million per well), Huabei Oilfield Services, a Chinese company providing the drilling services, would earn the right to elect to participate in Contract Area 19 after completion of the full eight well programme.

Huabei's participation of up to 20% would be on a working interest basis and fully funded by Huabei going forward.”
So may be, a Chinese company providing the drilling services, will get a similar deal of 20% of the block as a working interest, and reduced well costs from $2M a go to $0.5M.

Agreed maybe a stretch but this might make sense and hence the extra time to negotiate this contract and by doing this negate the need for a farm-in and more importantly set PM up for the future nicely.

Low rig costs, minimal dilution and everyone wins.

BUT also maybe this is the reason for the delay – remembering this is a Chinese operator and so likely to need Governmental approval not only for the rig contract but also the dilution in the working interest in the block.

In any case a thought to help you eat your toast and drink your coffee this morning!!

All the best everyone and good luck!

Safe sailing Paul, best of luck OJ, Ham, Bonum, Mr P, D1nger, Manro, Mikey, Captain, Loz, Romin et ak!!

We have 98 days left of the drilling season (End of Nov).

Sinopec Rig
- SL 24 days left
- Mobilise to WH (300km) - 1 week max (based on timescales to move 1100km for SL)
- Rigged up - 2 weeks max (based on timescales to rig-up for SL)
- Spud Wild Horse 25 days (2017 Sinopec quoted 20 days however since appointed of MB decision to drill a little further TD 2000m)
Total number of days 70 days
Total number of float in drilling season 28 days

Petro China Rig
- Site Prep at Gazelle, well site construction and on site water well drilled for operations (2 weeks)
- Mobilise rig from Block XIX to Block XX (Gazelle) 30km (2 days Max).
- Previous DT drills in 2010/2011 took 14-19 days to spud, cement, case, mobilise to the next location and rig up (average of 1800m). Gazelle is 2200m TD therefore I expect this to reach TD in 3 weeks (21 days).
- 4th drill to be confirmed. Presentation (25th June) includes the 4th drill TD of 2000m (average TD in Block XX) therefore I'd expect this to be of similar timescales 3 weeks (21 days).
Total Number of days 58 days
Total Number of float in drilling season = 40 days
Total Number of float Q4 to end of drilling season = 61 days - 42 days drilling = 19 days

In between, parallel activites will take place inc
- Site Prep at Wild Horse (due to commence late August I expect this has already begun or will be commencing shortly).
- Block XX rig contract (I expect this has been awarded and we will hear confirmation imminently, more than likely wrapped up with the confirmation of WH site prep commencement). News on multiple fronts, this could differ in content dependent on SL results. E.g. appraisal well SL-2 if positive.
- Site Prep at 4th drill (TBC). Potentially Heron. To be confirmed soon.

All complete guestimates on my part and all IMO however just wanted to provide some comfort to PIs that there is still time.

Mike quite clearly states drilling results will be end of August/beginning of September for snow leopard in his interview. After that the rig will be moved to the site of wild horse. So far no delays. Watch the interview on YouTube to see for yourselves. This means early next week we may still hear nothing. It could be the week after. As per the schedule

Captain, if we have a cold snap then I agree winter shutdown will take place earlier. Mike Buck's schedule runs into November and therefore if weather conditions worsen more so than expected then we will need to shutdown early. If weather permits as usual we will be drilling until the end of November as quoted by Mike Buck to complete the 4 well 2018 drilling programme.

Victor, I thought we agreed to disagree?

Mikey30,

Hahaha. Just gave that quote from Mike Buck (none involved with PM) to 4 people and all took it the way I did. You can argue till the cows come home that it means Dec to Mar. Don’t need to further clarify anything- it’s a direct quote - take it as you want.

Thx cash2 - I guess you know what opening phrase we are all looking forward to.

When the rns is released and you start reading it, look for ‘pleased to announce that....’ if you don’t find the phrase ‘pleased to announce’ then it pretty much means bad news. Once you keep scrolling, the details will be about no oil present or no presence of hydrocarbons etc Hope that helps in some way

OK peeps: What I and - presumably many other posters on this board - would be interested in is what an RNS would contain if it DOES NOT ANNOUNCE "oil strike confirmed" or "sorry - looks like we missed the target".

A lot of statements could be "in between". Let's hear what those could sound/read like!

Bobtree,Here,s the problem RN,s says 70days,in my mind only a duster would warrant an RNs,20 days to test and result with AGM is possible, but TD is this weekend, who knows

Does anyone one really believe it will take 70 day to reach the planned TD? Maybe it takes 70 days to complete the well but not to reach TD !
When TD is reached we would expect an RNS stating one of three things - 1. Nothing there we're filling it in. 2. Jed Clampet time we found commercial amount and we will be evaluating it. OR 3. We have some shows but unsure how we will progress more evaluation on the commerciality of the well is being undertaken.
Failure to disclose that the drill has reached TD should be seen as a violation of the rules.

Jndavid, bit of Friday entertainment haha.

And you have therefore specified dates for yourself without further clarification. Further clarification can he found in other sources which have been posted on this bb. Agree, let's agree to disagree and move on.

Mickey30.you got me laughing, Here,s something,comparable Fridays,last week and this,also I'm sure market knows when RNs is lodged,, Friday afternoon,bad news,I wonder how many sold expecting just that,now Tuesday will be a great time,TD,to me is 50 days,and I think an RNs is possible,and I think Mike knows how to deliver.

I’m at the point where you are not allowed in the pub haha. Let’s agree to disagree. I read it differently than you. If someone says something is not happening between November and April, I take it to mean from 1 Nov to 30 April. You don’t ..........end of story. Not trying to mislead ........just reading it differently than you.

ARahim,

Good spot....i never thought about it...

...interesting date selection for the AGM.

https://www.youtube.com/watch?v=ra79wR0_jS0

4 mins 30 seconds in.....Mike Buck (CEO).

..."continuous drilling till latter part of Nov"...

Hiatus period:

...."End of Nov till the latter part of March"....

Excellent interview by the way.......Its a MUST WATCH...

Ok we're going there.

Between - in between period (2 seperate points in time).

So, in answer to your question. I wouldn't come to your pub fullstop...but if a sign said shut between November and April I would assume it could mean it was shut at any point in November or on the 1st December and would ask for further clarification (fortunately we have LSE interviews, presentations, drill schedules and past events to clarify this for us). If the sign said shut between November 10th and April 10th then I would not turn up on the 15th. If the sign said shut between November 30th and April 30th then I would turn up to the pub on the 15th.

Has this cleared things up?

what a coincidence or what a plan? today is day 45 after the drilling started. they must have something to be proud about. I expect an RNS or two before the AGM to prepare share holders

Why keep taking the time to post if your outlook is negative here, what is the point? Care to explain. You have never said anything positive about Matd in all of your posts you have ever written here. So what is your purpose here???? Your a tad strange pal!!

Proselenes,

Excellent posts today mate.

Good re-cap / summary for anyone looking in.

Mikey30, I gave you a quote from Mr. Buck. Maybe he wasn’t clear, he should have said between December and March.

My pub has a sign - not open between November and April - would you show up on 15 November assuming I would ne open. Think not.

Do I really need to define between for you. You are wrong just accept this. Drilling season runs to the end of November. Past Block XX drills back in 2011 shut down for winter on the 3rd December. Mike Buck has confirmed the drill schedule. Spud Gazelle at the end of Q3 / start of Q4 if we spud Gazelle on the 1st of October and this takes 3 weeks and we then mobilise to TBC and this takes 3 weeks we will finish mid November - end of November. Mike Buck has confirmed this. Between November - between the 1st November or between the 30th November?

Please do your research! You're being childish and if you're invested I'm only trying to help and give you the facts. You are not giving the facts.

Mikey 30,

If, for example, I told you I don’t go to Greece between November and April because it’s too cold, would you think I travel there in November and April ? No, you wouldn’t.