Member Info for Adw198

“things are materially better on all fronts than they were this time last year.

Heron 1 has stabilised at 135-145 barrels per day.”

This time last year we understood it to be producing 200-300bopd with an expectation it would improve.

Since then they’ve raised (diluted) another $4.5m and spent another 3months getting nowhere with H2.

Gazelle indeed a positive but the lack of flow data a big concern

I missed a part of the Q+A so will listen back but when discussing the 2026 wok programme Jerry said subject to funds.

They said the same last year then raised. I note they also said one of the few able projects (the one most likely) needed more funding.

If there’s not a farm in deal they’ll be a raise next year imo.

The FCA won’t investigate. If they do I’d love a chat with them.

Someone mocking Investors self importance isn’t what they’re there for tho.

Are you WOS?!

Hilarious

Loved the stuff pretending to take Investor and Proquos complaints seriously. Note no lawyers were mentioned.

They have my email address so happy to help with any investigation. Will WOS be so comfortable 🤔

“They can get on with Heron and we can plan for Gazelle and Gobi in 2026.”

I think it’s been pretty confirmed a farm in deal would be for the full block XX, as MB said it wasn’t really possible to split it up.

It’s ok gravy, I’ll stick to sharing facts and objective analysis.

And you’re the only reason why I’m still here so everyone can thank you for that as they see fit.

Yes probably are nearly all negative. All factual though, so don’t shoot the messenger if you don’t like the facts.

Another omission from the latest update was the cost savings that we were promised as part of the raise. The raise told us

“The net proceeds of the Capital Raising will primarily be used to reduce oil production operating expenditure at Heron-1 through a low-cost switch from diesel fired power to grid electricity…”

In November they told us this hadn’t been done

“The infrastructure connecting Heron-1 to the national electricity grid is in place and ready to be energised. The committee required under the regulations to inspect and certify the installation and to approve its start up requires sign off from the provincial governor and this has not yet been provided. We are following up with the governor's office and we have sought the assistance of industry regulator, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM), to expedite this so that the grid connection can be commissioned and cost savings on power generation can start to be realised. Until the grid connection is energised, power will continue to be supplied by the onsite generator and operations will not be interrupted.“

I’m unsure whether the above will be impacted by the winter shutdown, ie whether the failure to get it sorted means the savings are lost over winter.

I’ve not got an issue with it, it is what it is. Let’s just ensure we account for it when making inaccurate claims about being profitable.

It amounted to 61.7% of the half year revenue and nobody else even mentioned it.

For the production from start up to end of April, ie half a year (before it declined)

Petro Matad's net receipt from this was $0.81 million. Of which $500k went out to the door in a production bonus. What a business model!

Think I’ve found it

“Under the Block XX Production Sharing Contract there is a $500,000 payment due on the start of commercial production operations payable to the government. Such bonuses are common in PSC jurisdictions“

I assume everyone has factored that into the “profit” you assert we’ve made since production?

Great, to save me trawling back to god knows when (I’ve asked it more than once) could you please explain it. I imagine it’s something all genuine investors will be interested in.

“Up to two other offers expected”

Expected by who, WOS?

That’s what I suspect too, Jimi.

I asked at the last presentation and via email to the company but they haven’t answered.

Margs claims he knows so awaiting his answer…

I still don’t know what the $500k production bonus was for, would love someone to tell me who got that and why?

I think that’s what today will be BP.

My best guess is they found out H2 was non commercial and then worked on the Jam Tomorrow update and presentation. That’s why it was such a renewables heavy update with no update on payments or flow rates.

Those asserting the company is proof making appear oblivious to the fact we don’t get paid on time, or in full for oil, whilst also not understanding expenditure.

I wouldn’t mind that all, in fact I’d much prefer it.

What made you assert a profit in a patronising way?

“I thought that every day we made more money from oil revenue than we spent.”

If that’s what you thought presumably you’ll be able to share what was spent and received?

“Gazelle 1 is currently delivering a healthy 200 bopd.”

I doubt that very much given he explicitly told us it had teething problems and omitted a figure.