Member Info for Adw198

@thorn

I quoted the same section as you so how am I quoting selectively?

If you know what that quote means enlighten us - I was gracious enough to concede I didn’t know exactly and ventured an explanation. It’s the maximum - like the maximum was 821 in 2019 but with an AVERAGE much lower.

We (sorry, the company) aimed for an initial 300bopd and are doing200-300 bopd. They’re the facts that’s are clear - from that your mates are quoting 1000bopd so over to you

In my experience when an RNS is written in opaque language it’s deliberate.

Nowhere has the company told us what to expect as a long term flow from H1, so hard to know what any bettering of that might look like - IF achieved

“we are encouraged that higher than expected stabilised flow rates may be achievable”

Typo

“deliverability “ not ‘severity’

@wigster

It costs $1.5m to drill and another $2.5m to bring to production. So there’s $2.5m cashback saved if it doesn’t come on stream.

I’m not sure about the 1000bopd. I guess it’s because the company said

“Heron-1 is producing well with maximum deliverability estimated to be similar to or greater than the 821 bopd achieved on drill stem testing in 2019.”

I’ll be honest I don’t know what “maximum severity” means. My best guess is the peak flows - which will

presumably be different to AVERAGE flows.

If they do get it to 1000bopd that’s a brilliant result.

@mike yes they’ve agreed the commercial terms just not drafted them. Not huge progress since September when it was largely similar, ie being drafted…

“agreement in principle has been reached between Petro Matad and the Block XIX operator for the collection, metering, processing, storage, export and sale of Block XX production. The details are now being incorporated into a cooperation agreement which will then be presented to MRPAM for its approval. The parties have committed to try to have the agreement in place in time for production start-up on Heron-1 which is now anticipated to be during October.“

This is based on what the company has said or implied

Complete the drafting of the deal

Get it ratified

Sign it

Complete the export paperwork

Begin the exporting, ie drive the oil to China.

Chinese buyer pays PC (any guesses on payment term times?)

PC pays MATD (any guesses on payment term times?)

A busy “2 weeks or less”. :)

Be careful listening to these guys

Example 1 of fake news that has now been restated several times

“sales revenue in the next 2 weeks, if not sooner”

Putting aside the fact all these people swore blind sales revenue was already being received, where on earth do they get the next 2 weeks or sooner claim?

This is what the actual truth is

“the final wording of the Cooperation Agreement is being prepared to include details of exactly how the produced volumes will be offloaded, measured and confirmed by the relevant parties. Once agreed with the Block XIX operator the Cooperation Agreement will be presented to the industry regulator, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) for their approval. The Company is pushing to expedite these final steps after which export paperwork will be prepared and sales of Block XX oil to the buyer in China will commence”.

And given all the terms had apparently been agreed (apart from an admin fee) last time, what actual progress has been made?

How triggered do you have to be to take issue with a username the “magnacarter” :)

The problem with proquo and his ilk is they only want an echo chamber. If you’re not invested (like me now) you’re not allowed to comment. If you are invested (like I sadly was) and make objective balanced posts you labelled a shorter and attacked.

So instead people like proquo only want to hear positivity to reassure them. It’s an awful strategy and explains why on reading a terrible RNS that shaves a 3rd of everyone’s funds, the lads one by one all hail it as great and nothing more than a buying opportunity. Which is what they said when it was mid 2’s and higher too.

So whether or not you like, trust or agree with me - be careful following these guys.

Exactly magna

200-300bopd for the foreseeable it seems. No current deal to sell any of it. We don’t know what its costs to produce or what we’ll receive receive for it when a deal finally does complete. We know the company raised $9m specifically not to be reliant on one well and that’s now the current position.

A raise is certain, it’s just the when and how much, at what discount.

An alternative claim is a 2025 dividend based on that 200-300bopd metric.

Be careful folks

Should be a constructive board with pro quo telling us one who he’s filtered. :)

My fair and balanced post must have struck a nerve.

I’d encourage all readers to be very careful reading the concerted push from the team - whilst some fair observations you’ll note not one of them ever mentions any negatives / potential issues. It’s literally all great news. Be careful - you don’t want to end up a loser like me who could buy more shares than I owned yday with my sale proceeds - and have a substantially lower average than any of these smart lads

Fwiw I don’t blame Mike Buck for the fact H2 didn’t really flow - that’s geology not a CEOs fault.

I’m less charitable about the failure to complete a deal with PC after literally years of negotiation. Granted, he can only control his half of the equation but even so that’s his job. Could probably nitpick the Gobi decision but again that criticism would need to be levied before the result came out, otherwise it’s after timing.

Very fair to speculate about revenue numbers but apply a large dollop to some of the figures being quoted. Bear in mind the company (to my knowledge) haven’t told people the break even point or even given too much details on the sales price. Without these figures it’s not possible to take a firm view. The company themselves have been clear they intended to bring 2 wells to production with the AIM of being self sustainable. So being 50% down on that gives a clue as to whether they’ll be self sustainable from 1.

I tried a few times to find out what the H1 flow expectations were on here, beyond the INITIAL 300bopd (which they’re hitting). I’m not sure we ever got to a longer term figure so I don’t know the extent to which these might be surpassed. Long and short of it there’s probably a reason the company haven’t shared some of the seemingly brilliant figures we get in here - they won’t be true.

I expect a flurry of replies telling me to go away. Don’t bother - either address the substance or ignore please.

Well I don’t really mind the principle of it, it’s just a bet the other way.

I should probably learn how to do it because it’s increasingly apparent to me AIM is better played that way.

Anyway, last one of the day from me - this will probably get back up at some point but ultimately the new dilution will kill things. You win some, you lose some and I lost here

You were absolutely desperate for the shorts to be burnt.

Don’t preach about wanting to people lose it. The fact you have is the best part about today

Tenbag let me help you with how it works.

You’re entitled to mock me for my loss

You’ve even allowed to mock me for your mistaken claims I’m working for someone and made a profit.

But you can’t do both simultaneously.

Get back to Telegram where you get away with this stuff

If you can find a like and “quote” it I’ll go.

As for this ….

“All your attempts to manipulate and you still lost your money. That's gotta sting”

So I tried to manipulate it down as a holder?

I know you’re over emotional but think it through?!

What did I say about leaving the board?

I specifically said I’m giving myself a couple of days because my wasted investment entitles me to that. Hopefully I manage to save anyone else from falling for the pumpers. And I don’t actually think you’re one proquo - you’re not the fiddle you’re only smart enough to be the one being played.

To double down on the £10m and dividend claims is obviously just trolling at this stage. But that’s your level.

Impressed you’ve not taken more / any flak for being the Mocker in Chief for my belief that the RNS telling us there was NO DEAL meant exactly that.

Yep got it all wrong here. Couldn’t agree with you more there.

But better to take the medicine than just double down. Too emotionally invested - it’s a share not your wife.

You’re really struggling to name a single lie. Last offer, if you can find one I won’t ever post here again

“Sale agreement close ✅”

But Tenbag you absolutely guaranteed there was already a sales agreement. So confirmation you weee completly wrong can’t be a positive can it?

Great effort to keep pumping but the credibility is less lively than even Heron 2 :)

Yes pro quo et al

I’ve said how much I got this wrong. But guess what, I could buy back tomorrow and have a lower average than you. I won’t be doing that though

Stick to the company and you enjoy the $2.5m ✅ you save from a non commercial drill. Doesn’t bode well for the rest of the field though does it.

Are you still struggling to “quote” a lie? I’ll double up and call it £100 if you can find one