Member Info for abzzba

Plumo, check for yourself at the below link, select the date, affraid the last few days have been very cloudy.

https://browser.dataspace.copernicus.eu/?zoom=15&lat=46.8249&lng=116.12261&themeId=DEFAULT-THEME&visualizationUrl=U2FsdGVkX19nM%2Bz0LosculxQ7ABuAMPRSwjBJKWwq8Uzskm0TeSuAzDkvtS884MZdwwKjC3od4tXwO2ifm%2B1rLt45vt%2BZt%2BW8E4g5EFmJmDZq%2BH8H9ddcJLH6rI%2BovkT&datasetId=S2_L2A_CDAS&fromTime=2025-09-11T00%3A00%3A00.000Z&toTime=2025-09-11T23%3A59%3A59.999Z&layerId=1_TRUE_COLOR&demSource3D=%22MAPZEN%22&cloudCoverage=30&dateMode=SINGLE

Peterpharma, dont forget the pipeline.

https://montsame.mn/en/read/317924

The last RNS 26th August stated "The first phase is expected to take c. 20 days to complete", so 20 days was yesterday, think it fair to say RNS on H2 due any day.

50 bopd is commercial, quite sure we can better that.

0il production declining, Petro China fields played out. Refinery ready by 3rd quarter 2027.

https://www.ubpost.mn/a/13420

Also worth remembering the Heron field covers 214 km2, Block XX includes the Heron field and thousands more km2 as yet largely unexplored.

Heron estimated oil in place equals circa 4 billion dollars, that is only the Heron field, quite a small part of Block XX.

ManxK, i believe 30p post refinery is very achievable, pre March this year the refinery was due to complete March 2026, we then heard it was put back to 2028 and the latest news states it will be ready by 2027, i would assume that would be H2 of 2027.

Assuming we get our farmout deal and this results in fast track drilling of the Heron field there is every possibility we can reach 30p post refinery, remember once we are selling our oil to the refinery we will get 8 or 9 dollars more per barrel.

Mongolia need Heron field pumping oil, the refinery needs 30,000 bopd to operate at 100% capacity, currently Mongolian oil production is circa 15,000 bopd and falling, main reason for this is the fact Petro China 20 year old oil fields are played out, all the best prospects are already drilled, Heron is the only untapped oilfield in Mongolia, if Mongolia want to be self sufficient they have no choice other than support the development of the Heron field.

Realistically, i am expecting H2 to be commercial, 50 bopd is needed but i am expecting and hoping for more than that, case of wait see, will it shoot the sp upwards rapidly, probably not but every $ of income helps, then its onto Gazelle, we might get a pleasant surprise there, if we can get commercial results from H2 and Gazelle it sets us on course, proves up block XX and puts us on the right course for a farm out.

Gobi, we could hit the sweet spot which would be great, we could miss the sweet spot but still be commercial, also good, or worst case we learn a lot more about Gobi.

H2 returned 30 bopd during last years well test, marginal commercial in winter as stated by MB, no doubt marginal due to the fact the oil has to be stored in heated tanks until collected by Petro China tanker, the heated tanks keeps the oil viscosity low so it pumps easily as during the harsh Mongolian winter (-30°C) out waxy oil would become highly viscous and hard to pump, hence we only need to reach 50 bopd for the well to be commercial all year round, fact is we could easily see 75 bopd or even more from H2, case of wait see, check for yourself but acidizing carbonates (30th July RNS states we are acidizing carbonates) normally delivers much better results than acidizing sand / fines.

News next week, all to play for.

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.

The last RNS stated "The first phase is expected to take c. 20 days to complete", so circa 20 days, yes we hoped for an RNS this week but seems it will be next week now, could be MB knew i was away and decided to wait until i got home (GUFFAW).

50 bopd is commercial, quite sure we can better that.

I see our resident troll Adw198 has been out and about, usual crap from him, usual troll style and as usual he will be wrong.

Tend to agree, no news good news, if the well was not flowing we would have known by now.

GT, not so sure about a gusher, commercial ++ would satisfy me.

Think everyone now realises Petro China have starved us of working capital by taking so long to start paying out oil invoices, even when they did they have held back 30%.

End result being we had to raise at 0.8p, no matter, we will bounce back.

H2 RNS next week, commercial (50 bopd) result will be good, more will be better then the rig moves the 4km to Gazelle where i fully expect to have our 3rd producing well.

16th January RNS = The terms of the Cooperation Agreement have been agreed by the parties involved and it is now awaiting signature by the operator of Block XIX. This is expected in February after which sales revenue will commence.

(Petro China finally paid our first invoice in June, details below)

18th June RNS = Gross proceeds of $1.18 million were received representing 70% of the invoiced amount. Invoice total = $1,685,714 outstanding = $505,714

26th August RNS= May/June invoice = $320,000 received (70% of invoice total) invoice total = $457000 outstanding = $137,000.

July invoice = At time of writing no payment advised. Invoice circa $225,000.

Outstanding amount owed by Petro China = $642,714 ($505,714 + $137,000).

Outstanding amount owed by Petro China including July invoice = $ 867,714.

Peterpharma, very fair assessment of MATADs situation, simply a matter of time, patience required,

Buys looking good, expecting H2 RNS anyday now.

Https://oilprice.com/Energy/Energy-General/Africa-Emerges-as-the-New-Front-in-Critical-Minerals-Power-Play.html

I33, in all honesty i am not sure if its the case they do not understand or if its deliberate down play of anything MATAD, judge by yourself by the constant undervalues they apply to our oil and renewables and the constant over estimating of costs.

Anyway, i am getting ready for another few days away, will be back at the end of the week, will no doubt look in from time to time and will certainly be on the look out for an H2 RNS this coming week.

I33, agreed re renewables,

CW, not sure luck is required for MATAD, just patience, ORCP might be a different story.