RE: Facts (Real ones)14 Jul 2025 13:09
We know Mongolia must increase oil production for the new refinery that is being built, new completion date is 2028 but Mongolia have stated they want it ready by 2027, it needs 30,000 bopd to run at 100% capacity, Mongolias current oil production is around 15,000 bopd..
We know a pipeline will be completed later this year, it runs from a few miles from the Heron field upto the new refinery.
MATADs Heron field is located in the south Tamsag basin, Petro China oilfield is adjacent to the north, Petro China have been drilling in this field since 2005 when they bought the field from SOCO for $93,000,000, all PCs best prospects in the north have been drilled and many of their hundreds of producing wells are coming to end of life, to-date these wells account for nearly 90% of Mongolia’s oil, they are desperate to get their grubby hands on MATADs oilfield to the south (Heron field).
Would the Chinese play nasty and hire BASHERs to help bring down MATAD sp, you bet they would, maybe not employed directly more likely through some shady UK trader company.
We know from the Competent Person Report that Heron has some 33 million recoverable barrels of oil in place and maybe as much as 60 million utilizing new oilfield techniques.
PC have delayed by months paying MATAD for its produced oil, when we did get paid they held back 30% saying they were unsure of the tax position, effectively starving MATAD of the working capital they required for this years low cost operations at our already drilled H2, Gazelle & Gobi wells.
Hopefully Mike Buck has learned a lesson, ie Petro China are not to be trusted, much like the BASHERs on this site that arrived on the board in hoards in September/October last year, these BASHERs are non shareholders who as you can see spend hours and hours every day on this board trying to create doubt amongst genuine holders, flooding the board with FUD and attacking anyone that dares post anything positive, lies and deceit come easy to these people, beware, check facts.
Its unlikely the refinery will come onstream and straight onto 100% capacity (30,000 bopd) more likely 60 to 70 % capacity initially before ramping up to 100% capacity within a year or so, either way they need MATADs Heron oil field and if the want it in the quantity the refinery needs they have to start drilling new Heron wells early next year, PC have had around 55 to 65% success rate in their field to the north, even drilling 30 wells in a year will result in circa 16 productive wells, MATADs H1 well is now pumping 160 bopd, considerably more than PC average from their played out wells.
Its also worth remembering the Heron field is the only untapped oilfield known at this time that has the quantity of oil in place to feed the refinery in coming years, Competent person report for Heron put the oil in place as 33 million barrels but possibly as much as 66 million barrels utilizing new oilfield techniques.
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