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from the neighboring blocks? if so then it should be much greater that 200 bbls a day
Heron being in the sweet spot could suck out all the Oil from PetroChina producing well just metres away....lol
Could that be also one of the reason PetroChina is interested in helping out MATD ?
Think PetroChina will be all over Heron and probably Gazelle also as both more or less border their wells.
Knowing this company I would say it's the opposite..the oil shows are from a already depleted reservoir where PetroC have hoovered it up :-)
I have held these for so long and I’m not giving up now, even though at times I have felt like a mug for holding I was seriously happy we have found oil and yet this appalling SP is the result. I do think Mike needs to let someone else do the communications and I’m now worried that even though common sense says a duster at red deer is factored in this will slip further. Massively fed up so I’m turning off now and will be back in October. Very best of luck to all
Why does he think heron is the sweet spot ? Hope it is but on what basis is this thought process ?
Gl all
According to his presentation 5 month ago, due to it being in the same basin as PC, he's confident he'll find oil as PCs land chops the basin in half so Matd bought the neighbouring land.. I did wonder if PC would've pumped most by now?
Lets hope not just left with the dregs at the bottom of the barrel - but this sweet spot point - why do they think its in heron ? Whati that based ? on? - just out of curiosity I ask
Heron Prospect
Based on the latest mapping, the Heron Prospect appears to be the southerly extension of a proven oil-bearing structure drilled by the PetroChina discovery well T19-46-3 in Block XIX. The data indicates that the majority of the structure, including the mapped crest of the trap, lies in Block XX. The previously identified upside potential immediately east of the Heron Prospect has now been confirmed to be part of the same structural trap and this has increased the mean prospective recoverable resource assessment for the Heron Prospect to 25 MMbo. The Heron 1 well location that has been chosen is 1100m from the T19-46-3 discovery well and the primary reservoir targets at Heron 1 are prognosed to be at approximately 2800m, roughly the same depth as they were encountered in the discovery well. Overall, the Heron trap covers 13km2 and has approximately 800m of vertical relief. Heron 1 is planned to be the first well in Petro Matad's 2019 drilling campaign.
The sweet spot is determined by the position and shape of the basin, if its on a slant in to our territory then we will have the bottom of the well as petro China would have the top.
Cheers mackey - sounds plausible - lets hope so
Gl everyone.
Our hit was 5 metres shallower than PC indicating we are at the deep end of the basin.
Just speculation but I believe the fact that Velociraptor has been confirmed as the last well in the campaign bodes well for an agreement with Petro China. Possibly cash up front and joint development of Heron and Gazelle. I think we might have drilled a Heron 2 if this was not in mind.
Sandytoes: That is defo a scenario I could live very well with!
Agreed Ojay next year could be producing from XX on the one hand and drilling campaign with the forgotten Fox well plus another Raptor and more in the Red Deer area also. Plenty to look foreword to and I agree with Proslenes. The recent RNS was very positive in its content. A little silly to quibble about wording it’s the substance that matters.
Velociraptor may not be well #4 of this year's drilling campaign according to Mike Buck.
Doesn’t that tell a story in itself ? Oil oil oil imho
I think so. Listening to MB he didn't come across as a man under pressure. He sounded relax and confident. Everything he was discussing with regards to the Petro China / Future opportunities clearly showed to me that since the discovery at Heron, he is confident this is a game changer for MATD. You don't give away 3D Seismic data for nothing.
The Mongolian Government know it - hence the delays around paperwork etc.
Petro China know it. .
We know it - which is why we are.
The only ones who don't know it (or care) are the short term day traders.
Of course, with RD and the potential for a Duster it does present an opportunity to de-risk your holding by selling now at 6.7p and buying back at 4/5p but this all depends on your investment strategy and size of your share holding. For me personally I am going to hold, as the potential upside to RD is greater than the additional couple of pence I could of made by selling now. Each to their own.
I personally believe that a positive result at RD will see a rise as it will leave MATD with two wells pending testing. Especially as RD is a 50% COS - it would show real confidence that the data we have gathered is spot on.
Long term, if you switched your computer off and returned 3 months later, I believe the share price will be a double digit starting with a 3.
I can't help but think this will be a good Christmas for all MATAD Holders!
Gunner1, I got the impression from the interview that Mike Buck was reevaluating his options between production in2019, meaning Delaying Velociraptor till 2020 due to money constraints and oncoming winter..... Just my opinion, and like all opinions not true or false just an opinion lol
apunter2: If (for the right reasons) Velociraptor is delayed - that could actually be a good sign. Once the PM machinery is fired up and delivers revenues there is no longer a need to to get the crowbar out in order to fulfill all scheduled and pre-announced drills.
Ojay, absolutely agree, the fact that production in 2019 is even being mentioned shows Mike Buck is looking at all eventualities, as he should be. However, broadcasting those thoughts are a different matter. What Mike Buck said today was revealing on how forward planning may change and we are in quite a fluid situation, which is a positive for me personally when you take into account all the other info released such a better than expected porosity/ permeability and today’s good reservoir zones and possibility of natural flow comments being the highlights,, IMVHO