Member Info for Adw198

Exactly that Manx.

One might infer they need some positive outcomes from or 1 more of those wells and what pleases me was the reported probability.

Slightly underwhelmed they hadn’t discussed it themselves when making these decisions, but if taken at face value the odds are promising

You should get buying lads if you’re all so impressed.

I thought the presentation was pleasantly surprising / upbeat, but so far we’ve had £407.84 worth of buys since it finished.

Maybe less lecturing and more buying for you Rambo aka WOS?

No idea, you tell me?

Did they have land access in July 2021?

Certainly having land access and indeed a performing well will help the process of trying to find a partner.

Perhaps you weren’t aware, lucky Rambo aka WOS, that the process has been ongoing for 4 years.

No offers to date.

“Recruit a farm in partner, if acceptable terms can be agreed, in order to accelerate Heron full field development and to join in exploration efforts”

In case your wondering how long they’ve been trying find a farmer, the above quote was from July…2021.

Do people really think $4m worth of shares were forward sold?

Point me to which dates that happened please, the volume doesn’t support it.

“Current production of 150-160 barrels of oil a day (bbl/d) is generating monthly net revenues of $150-200k, which is sufficient to cover Petro Matad’s operating and overhead costs.”

I call BS on this. To some extent might depend on how you define operating and overhead costs, but clearly they just raised money to cover some operations.

Eg what is the $450k we’re obliged to spend on the new block come under?

What did the mystery $500k production bonus come under?

Obviously the reduction in MBs salary helps it still suggests we’re spending less than the previous several years, despite being more operational

I have wondered how a farm in would work, ie whether they’d be expected / obligated to use PC. Presumably not, in which case it’s back to my point about what’s the route to market then?

It’s very difficult to imagine someone buying in when there’s uncertainty over the margins (because of uncertainty of the tax due)

@ Manx

ADW - Slight misinformation.

“They have received the income from last October leas the 30% retained due to the lack of clarity and understanding by the Chinese at PC about the status of the sale of the crude being exempt from duty or tax.“

Yes I intended to write we still have t received FULL payment for last October (or indeed any other month).

October - April we received 70% and 0% for May and June.

My underlying point is the above isn’t a great selling point. You’re a fair posters, so hopefully you can see the point.

“Glad you admit there is a route to market err after denying it lol”

There is no established smooth route to market, as evidenced by the FACT they still haven’t received the payment due for the oil produced in October 2024.

I think the potential farm in partners would want some clarity and certainty before signing a deal. Others we entitled to think it’s going to be signed tomorrow. As ever, we’ll see who is right and who is completely wrong.

Yes PC are the route to market. They haven’t made 1 full payment yet.

And if they’re not the farmee will they continue to provide the services to a competitor - maybe. Maybe not.

I don’t think the Farm out is at all likely this year. I don’t see it as forthcoming news flow - I could be wrong and it could land at any point in theory, or certainly the initial announcement.

Would you sign up whilst there’s no route to market?!

“But if those odds are true, then one should be a hit. Possible chance to make some short term money here”.

Exactly Doc.

The pending news flow is now confirmation payment received, possible confirmation the underlying dispute is resolved, then Heron 2 (75% good news), followed by Gazelle at marginally odds on and then the longer shot on Gobi (but with much bigger upside).

Hopefully the bottom is in and we fill that gap. That’s my plan

The chance of success question was mine and I was surprised and impressed with the answer.

Unfortunately even the bashers didn’t think PC would be withholding payment!

Even worse update than could reasonably have been expected, aka there wasn’t enough FUD!

Isn’t anyone asking why and how he was able to raise $4.5m without telling the market their partner isn’t paying them for the oil? How can not being paid not be a material price sensitive fact?!

There were suspended because non of them merited a well test beyond Heron2 which was then deeded to only be borderline commercial.

Perhaps it’ll be different this time around

So having started production at the third best well in Mongolia last October, the total revenue received is $810k. The well is continuing to produce lower and lower amounts, a performance nicely aligned with the SP.

Things are going that well on the cash flow from MB has taken a 70% pay cut, altho I suspect there’s more to that story and the word deferred should have been used.

And still people have the front to come on and tell us it’s another positive bit of news.

Hopefully a little tick up from the presentation and I can get out!

“With a recent upgrade to the eastern Mongolian power grid, a short (4 km) tie-in of Heron 1 to the electricity grid can reduce power generation costs significantly, offering a saving in operating expense of c. 25%. The Company is going out to tender for this work”

That was March.

Today we’re told it’s now only 15% savings but needless to say they still haven’t started the work either way.

Sounds like they’re probably only working 30% of the time too!

“Deranged spamming” aka correctly predicting wave after wave of nonsense.

Plenty more in that release. How on earth can they not get paid! Beyond a joke.