Member Info for abzzba

Keep in mind what was said during 30th July presentation.

Gazelle wireline identified 2 other areas "A & B sands so there could be quite a lot of reserves up-dip of the Gazelle well", will need a side track drilled but its there on the wireline logs.

See presentation from 30th July.

https://www.petromatadgroup.com/wp-content/uploads/2025/07/Corporate-Presentation-30_07_25-Petro-Matad.pdf

Wherever we were re farmout discussions we just got a whole lot closer to a deal.

new zeus note out.

https://*********************/companies/uk/petro-matad-limited/research/zeus-capital/petro-matad-matd-ln-successful-gazelle-1-flow-test-corporate/0eca1ca6-52b8-46a6-a3ec-6fd67c73c160

Shhh, listen, is that a herd of Mongolian 🦬 headed out way !!

Absolute BLISTERING result with Gazelle much better than anyone expected plus good to hear the beam pump started pumping out injected fluids at H2, result on H2 will be next week, could we be lucky enough to see a few hundred bopd from H2 as well.

Congrats all genuine share holders !!!!!!!!!!!!!!!!!!, only question is where are the rockets ?.

Got to be a

Obviously a few new savvy investors buying in before the herd arrive

Some keep saying we need H2 producing 100 bopd, we do not, we need commercial which is 50 bopd, more would be better.

As for Gazelle i think most are under rating its potential.

I am still of the opinion Gazelle result could be first, either way i do not expect the results until next week.

Off for a week, will look in as and when.

Just in case anyone needs info on our farmout and those involved.

It appears there may be a new ENTITY on the horizon. MB confirmed during the presentation that talks with Indian explorer taking place.

Videsh Limited (OVL) a subsidiary of ONGC India are exploring potential oil and gas exploration opportunities in Mongolia. This interest stems from discussions between Videsh Limited (OVL) and the Mongol Refinery, with the Indian Embassy in Mongolia actively facilitating these talks. The discussions include collaborations on oil exploration and other mutual interests.

Here's a more detailed breakdown:

ONGC Videsh Limited (OVL): https://ongcvidesh.com/

OVL, the international arm of ONGC, is actively involved in these discussions.

Mongol Refinery: The Mongol Refinery is interested in collaborating with ONGC for oil exploration in Mongolia.

Indian Embassy's Role: The Indian Embassy in Mongolia is playing a key role in organizing meetings and facilitating these discussions.

“””Specific Focus:The discussions are focused on exploring oil and gas opportunities in Mongolia, with a possible partnership for upstream growth.”””

Historical Context: India has been involved in a project to build an oil refinery in Mongolia, with a $1 billion loan from India. This refinery is expected to utilize crude from Mongolian oil fields.

2025: https://www.facebook.com/100064495280063/posts/on-5-march-2025-embassy-of-india-organized-a-virtual-meeting-between-ongc-videsh/1039552271537939/

2025: https://x.com/IndiainMongolia/status/1897565460696121451

2025: https://eoimongolia.gov.in/albumimage/Mzg,

Obviously these talks have been ongoing for years, see 2021 article below.

http://www.mongolianbusinessdatabase.com/base/newsdetials?id=27601

Another “possible” in the race is Gobi Terra (UK) Limited, they have just completed a farmout with Elixir Energy Limited earlier this year, they are run by Mongolian financial guru BAYANJARGAL, Byambasaikhan, he has been involved in some of Mongolias largest energy/mining deals including the Rio Tinto mine.

https://www.listcorp.com/asx/exr/elixir-energy-limited/news/farmout-of-mongolian-assets-3154430.html

Also guaranteed Petro China & Sinopec/Dongsheng are interested in Heron.

********************Worth noting.******************

29th September RNS states: The interaction with one of these companies has reached the stage of detailed technical and commercial negotiations.

My money is on Videsh Limited (OVL) due to previous discussions with the refinery & Mongolian mining ministers.

I am intrigued by the fact we are not stimulating Gazelle, during the 30th July presentation MATAD say they expect Gazelles oil will hold gas in suspension similar to the initial oil flow from H1, could Gazelle be as "enthusiastic" as H1, certainly a nice thought.

I would plump for the following week, but you never know !!!!!

Gobi image from today, seems to be work there as well, various structures/cabins/ equipment, this has been ongoing for several weeks, again you can check yourself by changing the dates.

https://browser.dataspace.copernicus.eu/?zoom=16&lat=46.77&lng=115.98069&themeId=DEFAULT-THEME&visualizationUrl=U2FsdGVkX184lVgth4GhCJc61u0RrAbc9fZKjbfk0rCzaujOwZu66FNKFdSf8rq5QSnqeuup3HfLAlmZk49%2BX%2BUqZUX7YAVXPj921OUWTltuF6v1X8ZCMMSSff3KVg%2B%2F&datasetId=S2_L2A_CDAS&fromTime=2025-04-04T00%3A00%3A00.000Z&toTime=2025-10-04T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR&gain=1.3&gamma=2.7&demSource3D=%22MAPZEN%22&cloudCoverage=30&dateMode=MOSAIC

I think the rig arrived at Gazelle on the 26th Sept.

Satellite images below of Gazelle, the first link is Gazelle on 25th Sept, the second link is the image from 26th Sept and the last link is todays image, we may hear news on Gazelle well test sooner than some think.

https://browser.dataspace.copernicus.eu/?zoom=16&lat=46.82217&lng=116.06596&themeId=DEFAULT-THEME&visualizationUrl=U2FsdGVkX18v5OzG4ByWYjI3cFl0C6CcClcAlhwqTZ1LRsTPxLqALCQFwRn39pU17KSkEhxT76Y0xBe3KUDXv58xIUk9N675dc6jFU7NLMYzUMtDPYPm9Z4LN7sLBnYx&datasetId=S2_L2A_CDAS&fromTime=2025-03-25T00%3A00%3A00.000Z&toTime=2025-09-25T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR&gain=1.4&gamma=1.7&demSource3D=%22MAPZEN%22&cloudCoverage=30&dateMode=MOSAIC

https://browser.dataspace.copernicus.eu/?zoom=16&lat=46.82217&lng=116.06596&themeId=DEFAULT-THEME&visualizationUrl=U2FsdGVkX1%2Bz71DGXfwGF8T4UOUUMNr0o4FufIEejkDJPWmfL%2Fad%2B%2B0KLqmS%2BHFAPxKEU21FxKtlYlZkSGv9SsYc45yNQf%2BtnFSpDdK2wQiUKNa1kK9u2tB1UeGcJzlg&datasetId=S2_L2A_CDAS&fromTime=2025-03-26T00%3A00%3A00.000Z&toTime=2025-09-26T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR&gain=1.4&gamma=1.7&demSource3D=%22MAPZEN%22&cloudCoverage=30&dateMode=MOSAIC

https://browser.dataspace.copernicus.eu/?zoom=16&lat=46.82217&lng=116.06596&themeId=DEFAULT-THEME&visualizationUrl=U2FsdGVkX18mMIraL8Q3T%2FraVQ6yh8Wu2WFw6SJQtooEyGEIp9ChbcItO8zHGmvAfklB3sLAZlpk%2FnaMrNDzsvshxr0GPdUZd814dSz5T%2BSSIJkb0B1xrADraODYV6u6&datasetId=S2_L2A_CDAS&fromTime=2025-04-04T00%3A00%3A00.000Z&toTime=2025-10-04T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR&gain=1.4&gamma=1.7&demSource3D=%22MAPZEN%22&cloudCoverage=30&dateMode=MOSAIC

This morning satellite image.

H1 & H2 in top right of image (H2 is the lower of the 2), Gazelle 4km directly west of H2 and Gobi is extreme bottom left corner.

Note, i have played about with colours / saturation to try and make the images clearer, you can as well plus you can select different dates etc.

https://browser.dataspace.copernicus.eu/?zoom=13&lat=46.80027&lng=116.05957&themeId=DEFAULT-THEME&visualizationUrl=U2FsdGVkX1%2FCU3HlJSpFxmlP5%2FUXy8dKUvlBjKsRlGkQu9VYIaisK5Q%2BOWFQ3noMs8Ul0iTQZRNCjKKswfVXeNS8FY1zIkjZG%2F8i9IY%2BUv0JOtzg1JHwFZ2Z1Q4E3klr&datasetId=S2_L2A_CDAS&fromTime=2025-04-04T00%3A00%3A00.000Z&toTime=2025-10-04T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR&gain=1.5&gamma=6&demSource3D=%22MAPZEN%22&cloudCoverage=30&dateMode=MOSAIC

29th September RNS states: Petro Matad re-vitalised farm-in partner discussions for Block XX and the Company has now reached the stage of detailed technical and commercial negotiations with one party.

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

Fair to say this "entity" is very keen and would already be aware of oilfield / Mongolia and MATADs exploration operations, if we have reached detailed technical and commercial negotiations we are nearing the point where a decision will be made, i would expect an announcement once H2, Gazelle & Gobi results are released.

According to Doc not one of the below points is a positive, very strange !!.

Best to stick with the FACTs rather than unsubstantiated claims made by those with a negative agenda.

The relevant takeaways from the recent RNS.

1: H1 well production, when compared to data the Company has for other wells in the basin indicates a pressure profile similar to some of the BETTER producing wells in Block XIX = H1 production equals Petro China higher producing wells.

2: H1 reservoir has shown no boundries as yet = reservoir is massive.

3: During the pre-acid clean up of H2 gas and oil were observed in greater concentrations than those seen in the original well testing programme conducted in October 2024.

4: Petro China / tax issue nearing completion, we should soon start being paid 100% for our oil, plus lump sum for the 30% PC withheld payments.

5: Acidization completed H2 well will now be completed by running completion string and bringing beam pump and oil tank etc onsite, bopd will be advised after injected fluid removed and pumped tests are completed.

6: Heron is connecting to the electrical grid, expected completion mid October, 15% saving in energy costs.

7: Farm in: interaction with one of these companies has reached the stage of detailed technical and commercial negotiations.

8: The rig has moved to Gazelle wellsite where it will perforate & conduct well test, results expected this month.

*********************************************************************

Zeus note 29th Sept 2025: The renewables projects are moving forward at different rates, but we believe the earliest one of them could get to ready-to-build stage in 2026, and at that point Petro Matad could potentially look to sell its interest for cash.

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Once farmout is agreed it would be normal for MATAD to recover at least part of the development costs for all producing wells.

FARM OUT -"one of these companies has reached the stage of detailed technical and commercial negotiations.", if we have reached this stage then not long before an offer/agreement could be reached.

Best to stick with the FACTs rather than unsubstantiated claims made by those with a negative agenda.

The relevant takeaways from the recent RNS.

1: H1 well production, when compared to data the Company has for other wells in the basin indicates a pressure profile similar to some of the BETTER producing wells in Block XIX = H1 production equals Petro China higher producing wells.

2: H1 reservoir has shown no boundries as yet = reservoir is massive.

3: During the pre-acid clean up of H2 gas and oil were observed in greater concentrations than those seen in the original well testing programme conducted in October 2024.

4: Petro China / tax issue nearing completion, we should soon start being paid 100% for our oil, plus lump sum for the 30% PC withheld payments.

5: Acidization completed H2 well will now be completed by running completion string and bringing beam pump and oil tank etc onsite, bopd will be advised after injected fluid removed and pumped tests are completed.

6: Heron is connecting to the electrical grid, expected completion mid October, 15% saving in energy costs.

7: Farm in: interaction with one of these companies has reached the stage of detailed technical and commercial negotiations.

8: The rig has moved to Gazelle wellsite where it will perforate & conduct well test, results expected this month.

*********************************************************************

Zeus note 29th Sept 2025: The renewables projects are moving forward at different rates, but we believe the earliest one of them could get to ready-to-build stage in 2026, and at that point Petro Matad could potentially look to sell its interest for cash.

**********************************************************************

Once farmout is agreed it would be normal for MATAD to recover at least part of the development costs for all producing wells.

Sheephatch, appreciate that info, just another example of how bad LSE are at identifying buys vs sells.

I really do not expect H2 news until mid October and i believe it possible we may get Gazelle results before we get H2 results given Gazelle is a a simple & straight forward perforation and well test.

MB also seems quite certain Gazelle will deliver pressurized oil similar to H1 initial production (listen 30th July presentation) if this is the case a beam pump may not be required initially.

MB seems pretty confident Gazelle will flow without stimulation and flow with energy due to gas suspended in the oil (listen to 30th July presentation),

I mailed IR@MATAD asking if Gazelle would be stimulated pre well test, received the below reply.

Must say they seem confident and for info the well could easily be stimulated post well test.

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

Thank you for your email - we appreciate your continued support for Petro Matad.

In answer to your question, no stimulation is planned at this stage for Gazelle. The reservoirs are significantly shallower than at Heron-1 and appear to have good petrophysical characteristics on logs. Once we see how the well tests, we will plan next steps and update the market accordingly.

Best,

Petro Matad