Member Info for Adw198

Found it. Must admit I was sceptical they’d used such language but on 07th October RNs…

“Heron-1 construction operations and production startup

“”Whilst mobilising to put temporary facilities on the Heron-1 well pad in order to start production and avoid further delays in the construction permitting procedure, the Company was delighted to be informed by MIMR that its proposed reclassification of oil production well pads had been approved. MIMR also issued instruction to Petro Matad to start oil production operations”.

I’ve seen it mentioned a few times we were “instructed” to start production. Could someone please direct me to where this was announced please?

@gravy

Ok he didn’t explicitly say he thinks they’ll be a raise, but I don’t think I’ve misrepresented his belief.

In answer to me asking how funding for the wells would come he said

“This has been gone over 100 times already Adw and as you know I've stated that I'd be happy with a small raise, as part of a wider funding package, to fund the 2025 Heron Field drilling programme and well makeovers.”

Given no other explanation was given I think it’s fair to infer he thinks a raise is likely. That’s also my own thoughts. What are yours, where do you think money is coming from to keep the lights on AND fund growth? The brokers also failed to explain so you’re not alone if you haven’t got a clue.

@thorn HNY to you too.

Yes I agree you’ve acknowledged a raise is likely. I’m therefore highlighting YOU disagree with the brokers note you / WOS are quoting. Everyone is entitled to their own views, I just ask people are consistent on their own terms. I don’t see how you can accept their conclusion of a positive outlook when you disagree with their rationale of being funded for growth?

But unlike others at least you’re honest enough to realise what’s coming.

@thorn Do you honestly believe that broker note which says MATD are funded for growth? If so please explain how / why a loss making company with $2.5m in the bank can fund 4 more producing wells, at $16m?

The reality is in fact money will be needed just to pay for tea and biscuits. We all know this.

@doc

My understanding is PC will indeed act as MATD’s broker. I thought they

were selling it to their customers, broadly mixed in with theirs and then the cheques would be cut based on how much of it was MATDs. So the way I expected to work was PC will be paid by their customers and then give MATD their share.

Is your understanding that we sell directly to PC?

I must admit in my theory I wasn’t entirely clear why an export licence is needed - as ever happy to hear other views.

@thorn

I speak for myself, if someone else thinks something different to me that’s fine. What they say doesn’t contradict my own opinions.

You’ve taken one interpretation on what a deal MIGHT look like - and surprise surprise you’ve taken the more positive view. Doc has presented an alternative outcome, which is less positive. Fwiw my best guess is MATD will get paid when it’s sold, not when it’s delivered and therefore I agree your point about oil going up is probably beneficial for the stockpiled product. I completely disagree with your claim no deal is a better outcome though - we both know you’re desperate for an RNS confirming sales and revenue have begun - the market will take that as a positive.

Either way my point is there is no deal to sell despite your several posts that are either deliberately trying to suggest otherwise, or just badly written for implying it.

Exactly Doc, Thorn appears increasingly confused by his points.

@thorn it was directed to your comment which again seemed to claim there is a deal

“So they receive the oil for an agreed price? Sounds like a sale to me”

There is no deal, so no sales and no revenue. Whether that’s important can be debated but let’s start with the facts

@thorn

There is no deal in place to sell the oil. The latest RNS made it clear, given you all misread the previous one and assumed sales had already commenced

“Production is being trucked to the neighbouring Block XIX TA-1 facilities and stored. The commercial terms of the Cooperation Agreement with Block XIX operator have been agreed and the final wording is being prepared for sign off by MRPAM. Once approved, export paperwork for Block XX crude can be prepared and sales will then commence”.

I recall (but might be wrong) MB subsequently said in an interview the final wording had been drafted but MRPAM had some issues with it. So that’s where we are, ie the (current) delay is with the Mongols - yes, the same ones you also claim are falling over themselves to get us producing 4 wells this year. The sooner they sign it off and actual revenue comes the more likely the chances of that, although given it’ll require $16m to fund it, it’s almost definitely not going to happen anyway. The big issue for now is being a producer with no revenue - the cash flow problem is getting worse by the day and that’s assuming the storage is unlimited. It certainly wasn’t planned this way!

“4 more wells this year will be the minimum that the Mongolians want this year with a big push next year”

Assuming they do better than the first 2 and all 4 come good, that’s $16m required from somewhere to fund that, whilst also needing money to subsidise the current heavily loss making operation. As I said, not far off the full MCAP would be needed. But keep telling yourselves the magic Mongolian money tree (that won’t sign off a deal) will fund it if it make you feel better

Personally I have no idea what the renewable business model looks like. For now what we all know is it’s a cash cow - we just don’t the scale of the money being spent.

I’m not fixated, but I think it’s a very important short term issue. I was just asking because you claimed there “is a deal”.

As you say, we were told it had been agreed between MaTD and PC, so the hold

up (given you appear to agree there is NO deal) is with the Mongols, the same folk you claim are falling over backwards to facilitate an export deal because they need oil themselves.

So you think there IS currently a deal that is signed and complete with an export licence, allowing revenue to be received?

Surprised your posting this morning Thorn, I assumed you’d be hungover after last nights alcohol inspired posts. Nice try to pretend there’s a deal when in fact there’s evidently not one or it would have been released. You then quibble that there’s a disagreement of some sort despite the ongoing failure to sign a deal and receive revenue. I really wonder how much storage space there is - isn’t it now circa 20k barrels of oil? PC must be p i s s i n g themselves at this set up.

Still leaguing at you giving your son a choice of 2 stocks, him single fingering MATD which would have cost him 30-40% and you claiming to be some kind of tipster. Whilst getting tetchy because you pretending not to know how much you’re down here.

“Not sure that I am in Petro Matad”

Ha! Well do me a favour before handing out another bedtime story mate - go and find out.

Cool story

How much are you down in Petro Matad?

I’ve not said anything about helping anyone Tenbag.

I’m not the Messiah, just a very naughty boy for having invested here without doing sufficient due diligence.

Ha your comprehension skills haven’t improved have they?!

I’d be staggered if anything I say impacts the price, but anyone who is contemplating making a decision based on what I say PLEASE DONT! I lost money here, so I’m hardly worth following for investment advice. Albeit I’ve called this more right than most. Go back and look at my risks before this tanked - look who was mocking me then.

Separately, as a neutral with no interest but more knowledge than most (such as those who told us to expect a dividend in 2025, of course I’d rather it stayed low as when the 2025 funding lands (thats required just to keep the lights on) this might be worth another look. At which point I’d rather the share price was lower than what I sold at on reading a terrible RNS that the usual suspects (Tenbag, WOS, Abzzba ,Proquo, Gravytrain and Thorn insisted was actually positive.

Yeah I’d rather it stays low so I’ve still got the option of buying in well less than I sold for. But I wouldn’t touch it whilst there’s no deal to sell or confirmation of what’s being produced. 200-300bopd appears the happy path, anything less I see a price dip.

Quite aside from the monthly cash burn there is significant funds needed to get the 4 producing wells Thorn has targeted this year. Circa half the MCAP will be needed for that and no more duds.

Like I’ve said, we’ll see soon enough whether the Mongolian government or distressed underwater AIM investors are asked to fund it.

Anyone invested should be interested in these discussions as it’s going to shape the short terms price action.

Ok Thorn, if you think those entities will find further Heron wells you’re entitled to your position, just like I’m entitled to think a raise is miles more likely.

We’ll find out soon enough because the cash burn is indeed something all investors should be pretty focussed on. Especially whilst waiting for *checks notes* the Mongols to approve a deal to sell. The only certainty is whatever happens you’ll be here telling everyone it’s a brilliant outcome.

It’s a shame you didn’t pipe up critiquing the likes of Tenbag, WOS and Abzzba when they were making their ludicrous claims around 2025 dividends etc - you might have a touch more credibility had you corrected their lies