Member Info for abzzba

"Seems very undervalued at the current price", that will be rectified this year but lots more to come, block XX is the only know oilfield that is untapped, 20 to 30 years life ahead of it and a ready customer for our oil has run a 530km pipeline from our fields to the refinery.

Can we end the week with another + day, slow and steady is the way to go while waiting on the bigger fish coming along.

Quite amazing how short sighted some are.

This the linkedin one you are speaking of.

ASOKRANJAN TAPADAR

4y

A JOINT VENTURE PROJECT AT MONGOLIA BETWEEN ONGC VIDESH LTD ( OVL) , GOVT OF INDIA & PETRO MATAD (THE MOST SUCCESSFUL PETROLEUM E & P COMPANY IN MONGOLIA) MAY BE ONE GOOD CONSIDERATION FOR THE VISITING MONGALIAN DELEGATION AT ONGC LTD,NEW DELHI.

Pretty sure Indian explorer Videsh Limited (OVL) who are a subsidiary of the giant Indian ONGC are the prime candidate for a farm in and reasonably sure the proposal received will be from OVL, previously i had thought Sinopec/Dongsheng might be in the running but i guess it makes sense that PC will be the only interested Chinese party, no doubt Dongsheng ordered from above to pull out so Chinese are not bidding against Chinese ie leaving the field clear for Petro China, i suspect PC would prefer an outright buy out of block XX, the Chinese are not known for sharing.

Sure we will find out soon enough, an RNS on the farm out or outright purchase of block XX cannot be far away, likewise an RNS about the withheld circa 900k that PC are due us which will bring into play full payment of invoices.

Include the 530km pipeline priced at circa 500 million and Mongolias outlay for the new refinery is around 2.2 billion, it also plays a huge part in their Vision 2050, Mongolia cannot afford this to fail.

Quite funny reading the posts from our armchair oilfield experts who tell us Block XX is unproven and worthless, thankfully the three entities vying to develop Block XX have their own experts (real ones) and they are well aware of Block XX worth.

The fact that company has received a farm-in proposal is a positive signal. It shows that the asset has real value and commercial potential, latest MOU announcement also bodes well.

This interest will only strengthen MATADs position when negotiating.

Warrior1, agree, RNS expected very soon, could be this week or next week or even the following week but no great rush, we know its coming.

Either way, i am sure the three interested parties have their own "experts" so i doubt they will rely on a KROK of SHYTE posted on this board.

We have a Competent Person's Report (CPR) for Heron field, this differs slightly from a PRMS Reserve Report however given the proximity of the Heron field in relation to PC block XIX and the fact that both Heron field and PC block XIX field lie within the TAMSAG basin it is not at all unusual to have only a CPR in instances of adjacent fields.

Agreed, Gobi well test added to Thornogson list, more than adequate for this years works.

MB has seemed more than keen to get stuck into Gazelle 2 up dip.

Unfortunately there are an unlimited amout of lies that can be posted on the board while the facts are more limited, see Stockmads (and others) posts for an example of the lies & half truths.

See below for genuine FACTs.

1: Block XX has billions of dollars of oil. (recvoverable 60,000,000+ barrels)

2: Currently producing circa 350 bopd, Gobi & H2 delayed until this year, hot wax wash at H1 likely increase production by 20%.

3: Mongolian ministers pushing for the refinery to be completed 2026/2027.

4: Mongolian oil production dropping, they need block XX developed ASAP, Mongol production 14k bopd, refinery needs 30k bopd.

5: Once supplying the refinery via the pipeline we cut out middle man handling/transportation costs and get circa $12 more for every barrel of oil.

6: Farm in proposal received after due dilligence field visit, almost certainly by Indian explorer, no doubt PC interested as well, few days ago MOU signed with Petro China.

7: Oil sales agreement nearing completion, 900k lump sum not far off plus payment in full for invoices.

Several other points i could add but the above is more than enough to instill confidence.

12th December RNS:

Block XX farm-out

We have received a proposal from one of our counterparties to farm-in to Block XX. We have hosted their due diligence visit to Mongolia and to the Block XX facilities, and discussions are continuing, focused on bringing this potential cooperation to a mutually agreeable conclusion. Meanwhile we continue to follow up on leads with two other potentially interested parties.

......................................................................................................................................................................................................

Fair to say we can expect an update on the above proposal soon.

Bit of info on Petro China Toson-Uul oil field (block 21) in Mongolia.

Wells drilled as of 2021: 982.

Oil extraction wells: 491.

Oil extraction per day: 1,115 tonnes.

Location: Matad soum, Dornod province.

https://www.offshore-technology.com/marketdata/oil-gas-field-profile-toson-uul-conventional-oil-field-mongolia/

(Above link states: production will continue until the field reaches its economic limit in 2046, much longer than expected.)

Add to the above Petro China Tamsag oil field (block 19).

Number of wells drilled: 589.

Oil extraction wells: 311.

Oil extraction per day: 1,242 tonnes.

Location: Khalkha Gol soum, Dornod province (Few km from MATADs Heron field).

Petro CHina / DQE have the capacity to drill 50 plus wells over the 7 month drill season.

Warrior. 345 or 355 bopd who cares, circa 350 is close enough for me and more than enough to cover all costs with a "bit" left over.

Thornogson, best to stick with RNS figures rather than fake "facts" being posted by our "chums", circa 350 bopd but if we have managed to optomize Gazelle as Jerry spoke about during the presentation who knows.

Facts remain the same.

1: Block XX has billions of dollars of oil. (recvoverable 60,000,000+ barrels)

2: Currently producing circa 350 bopd, Gobi & H2 delayed until this year, hot wax wash at H1 likely increase production by 20%.

3: Mongolian ministers pushing for the refinery to be completed 2026/2027.

4: Mongolian oil production dropping, they need block XX developed ASAP, Mongol production 14k bopd, refinery needs 30k bopd.

5: Once supplying the refinery via the pipeline we cut out middle man handling/transportation costs and get circa $12 more for every barrel of oil.

6: Farm in proposal received after due dilligence field visit, almost certainly by Indian explorer, no doubt PC interested as well, few days ago MOU signed with Petro China.

7: Oil sales agreement nearing completion, 900k lump sum not far off plus payment in full for invoices.

Several other points i could add but the above is more than enough to instill confidence.

Important to keep in mind that block XX is the only known and untapped oilfield in Mongolia that can supply the oil that the new Mongolian refinery needs to operate, without block XX oil the 1,6 billion dollar refinery and the 500 million dollar pipeline will be a real embarrassment to Mongolia, they could import the oil but that hardly helps their dreams of being self-sufficient.

Fake dollars, Fake web pages, Fake MOUs, Fake farm in proposals, whatever next !!