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Gobi well cuttings.

What we have been doing to prove up GOBI Bear 1.

Geochemistry of oil well cuttings involves analyzing rock fragments (cuttings) brought to the surface during drilling to understand the subsurface geology and potential for oil and gas. This analysis helps determine source rock characteristics, identify potential reservoirs, and assess the properties of hydrocarbons present.

Below link is heavy reading but gives an insight on what has been done.

https://www.slb.com/products-and-services/innovating-in-oil-and-gas/reservoir-characterization/surface-and-downhole-logging/cuttings-analysis

To summarise previous posts into one, it appears there may be a new ENTITY on the horizon. MB confirmed during the presentation that talks with an Indian explorer taking place.

ONGC (India) overseas subsidiary OVL is 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):

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

Mongolia’s vast reserves make it the ‘Saudi Arabia of Asia’

Old article but can assure you the oil is still there.

https://www.businessdestinations.com/featured/mongolias-vast-reserves-make-it-the-saudi-arabia-of-asia/

Mongolia’s Precarious Energy Security, they need the refinery and they need a lot more oil than they are currently producing to run it. MATAD happy to help.

https://thediplomat.com/2024/06/mongolias-precarious-energy-security/

Best to stick to facts/ official RNS rather than NEGs/Bashers tittle-tattle.

AGM & presentation confirms low cost emphasis on creating revenue in 2025 from our already drilled and cased wells, H2, Gazelle & Gobi Bear 1.

Thornogson, you should be honoured someone stalking you, i always feel it a badge of honour when i get a name mention from a NEG, means i am doing something correct.

Old Wolf Petroleum document but interesting read, 10 billion barrels of oil estimated by Ministry of mining, no not a typo, that was BILLION.

https://announcements.asx.com.au/asxpdf/20130328/pdf/42dy4gbvvs072h.pdf

Not sure they know the difference

LSE interview (14.31s) GOBI 1 transcript, has log response that suggests hydrocarbons that we cannot make go away no matter what numbers we use based on data from the basin, so in no way a dead well, watch this space.

Mongolias riches !!, think on, much of this now belongs to MATAD.

https://envoi.co.uk/projects/active-projects/asia/mongolia/

Little doubt that Sunsteppe will benefit. We heard how big this could be in the few years ahead would suggest you listen to the presentation.

https://www.sunsteppe.com/about-us/

UAE/Bahrain to invest $500 million in Mongolia.

https://mongolia.gogo.mn/r/ko8xm

I would expect H2 to be first up for rework, MB has stated it will be acidized and well tested, acidizing is a well stimulation technique used in oil and gas wells to improve production by dissolving formation damage or enhancing the natural permeability of the reservoir rock. It involves pumping acid solutions (such as hydrochloric acid or hydrofluoric acid) into the wellbore and surrounding formation to open up flow channels, it can improve production by a factor of ten, probably that is too much to hope for, we know H2 well tested at 30 bopd so a factor of 5 improvement would be a good result.

Keep in mind MB stated during the LSE interview (9m 03s) that at 30 bopd H2 was only marginal commercial in winter, the reason for this would be, during the harsh Mongolian winter the oil stored at the well site must be kept warm so it can be easily pumped into the tanker, we really do not need a huge increase to make H2 commercial but obviously the more the better.

During the LSE interview he also mentioned re-perforating so they seem convinced oil is there in commercial quantity but some issue, either well damage resulting in sand and fines blocking/ clogging up the perforations or even poor perforating is to blame for the low 30 bopd well test, essentially the oil is not getting into the wellbore, if they are right then acidizing/reperforating could easily result in a commercial rate well test.

Excellent article on acidizing can be found at below link.

https://www.api.org/-/media/files/oil-and-natural-gas/hydraulic-fracturing/acidizing-oil-natural-gas-briefing-paper-v2.pdf

Mongolia meeting in April, they want Petro China oil production increased but their 20 year old oilfield is played out hence trying to get our untapped HERON field on the cheap.

Transcript and link below.

""Minister Ts.Tuvaan emphasized the project’s national importance, noting the critical need to secure Mongolia’s 1.5 million-ton crude oil supply. Discussions with PetroChina Dachin Tamsag to boost crude oil production to 750,000 tons this year have encountered difficulties, though officials remain committed to achieving this goal. ""

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

Facts.

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.

Ftse, spot on, this clown continues to infest the board pushing oracle power

Example and explanation of Farmor vs Farmee deals.

https://www.numberanalytics.com/blog/ultimate-guide-farm-in-farm-out-agreements-petroleum-law

Got to say after today i am even more confident in MATADs future and my investment, also think its obvious why the latest raise was essential though i have no doubt a "few" will still question the timing, if only we had known back in January when we signed the sales agreement that Petro China were going to financially mug us things would have been so different.

I33, really depends on the farmout agreement, MATAD could sweeten the deal by agreeing to give a share of H1, H2, Gazelle & Gobi, but as we have paid costs so far i assume we keep the revenues.

Lets face, in the big picture revenues from these will be a fraction of the total in 5 years and do not forget well life is 20 to 25 years.

MBs words:

Heron 2 wasn't far short of a commercial rate when we were swabbing it during the well test. It took a long time for it to come in, but when it came in, it wasn't far short of the 30, 35 barrels a day it needs to wash its face. We're obviously hoping for 50 barrels a day as a relatively conservative assessment, and I'd like it to do more than that. I think with the acid wash, we stand a good chance. So I'd put that at, I personally haven't discussed this with anybody, but I'd put that at 70, 75%.

On Gazelle, those sands look really good. They're on logs anyway. They're a bit thinner than I'd like them to be, but we have potential for about 40 meters of vertical standoff from where we can identify water in the well itself. So if those sands extend laterally down the slope, then they should produce for a long time. So I think there's a very high chance that we'll get oil out of Gazelle 1.

and I'm very hopeful that that production will continue and won't water out. So yeah, I put that at a better than 50% chance of success.

Gobi. My heart tells me we have to test that well. The indications we got from the work we have done since we drilled and then suspended the well are positive. The log motif can't be made to go away, so damn it, we're going to test it.

I don't want to curse it by putting a chance of success on it, but I'm very enthusiastic

H2 & Gazelle, it really is only a question of how much will they give,