The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Fact: At a meeting of the Matad Citizens' Representatives Committee at the end of February the Company's application for land use in 2024 was approved. This approval covers all the areas in which the Company wishes to operate during the year. The approval means that the land use agreement can now be prepared and signed by the District authorities and by the Company and it will allow our planned operational activities to go ahead whilst the Special Purpose Certification process is completed.
Possibility:"We are hopeful that the Provincial authorities, who are holding up the Special Purpose Certification of the Exploitation Area, will not disrupt in any way the District's approval process, but we remain vigilant."
Either way, market has spoken...
Exactly, this guy can't read :D
At a meeting of the Matad Citizens' Representatives Committee at the end of February the Company's application for land use in 2024 was approved. This approval covers all the areas in which the Company wishes to operate during the year. The approval means that the land use agreement can now be prepared and signed by the District authorities and by the Company and it will allow our planned operational activities to go ahead whilst the Special Purpose Certification process is completed.
While we wait for the RNS here is a refresher from the 2019 RNS about Heron:
As part of the Reserves Reporting preparations, the Company commissioned Leap Energy to prepare a CPR for the northern part of Block XX where the Company's discoveries are located. The CPR concluded that the Heron structure has mean, unrisked in-place oil resource potential of 194 million barrels. This is 20% higher than the Company's initial internal assessment and offers the potential for substantial commercial value given the low-cost, onshore operating environment and the favourable Mongolian fiscal regime.
Fenix Consulting Delft, a specialist in reservoir stimulation, has modelled the Heron 1 well test data to assess the production and recovery potential of the Tsagaantsav oil sands found in the well. They concluded that modern stimulation techniques and reservoir pressure support through produced water re-injection can improve oil recovery significantly from the levels achieved to date in neighbouring blocks. Further enhancement by slanted or horizontal drilling to increase reservoir contact and radial drilling to enhance wellbore drainage are additional technologies under consideration to increase well productivity. These techniques have not been widely used in Mongolia to date.
The work conducted by Fenix combined with the resource numbers from the CPR support the base case submitted to the Mongolian Government of an appraisal/development programme on the Heron discovery targeting a mean recoverable reserve of 33 million barrels using a recovery factor of only 17%. This is in line with what has been achieved to date in Mongolia and there is considerable upside potential that could be realised through the application of the improved oil recovery techniques as detailed above.
Well there might be some other issues we don’t know about or it could be almost done. It did seem pretty straightforward in the last RNS though. Not sure about 200% but I would expect 4p on the RNS and then move past 5p as we get close to first oil. Assuming we get positive news…
Jesus 132 posts! https://youtu.be/qVXqJCYWJ2o?si=4G83LB0dnAJorWCP
The trip was very successful and at a meeting to conclude the trip in Petro Matad's Ulaan Baatar headquarters the Committee thanked the Company, declared their support for the Company's development activities in Matad and agreed the terms of the Cooperation Agreement which governs community aid expenditure during oil exploitation activities. The Cooperation Agreement is being prepared for signature and will be executed once land access has been confirmed.
I like this part in the RNS - extra pressure on the local governor to sign so the local community gets some money from oil revenues.
"The mechanics of the transfer have taken some time for the Government to determine but we are pushing and expect this to go through soon." you would think they have consulted the Ministry of Finance as part of this process
Hopefully we get a proper bounce today, it would be about bloody time! Half of the stuff said on this board is complete rubbish, let's all just wait for the RNS that can land any day now, beginning of March at the latest...