Member Info for Coldjoe

· Preparations are being finalised for completion of the Heron 1 well and the contractor, DQE, has indicated that it should be ready to mobilise in July.

Last update in the placing RNS, I don't think there is a delay. We had massive placing two weeks ago, some selling here and there is completely normal. Hold strong for 4p in the next few weeks!

Why 50%? The rise in the sp last year happened after the Velociraptor placing. Now we have about 30% more shares in issue compared to last year.

Any chartist here? There should be a gap somewhere after the last massive drop right? I'm guessing something like 2.7-3.3?

Yep, hopefully the volume holds

Just turned blue

Go on X with hashtag #matd and join the telegram group, it’s available there

Highlight this to the market and cause more of this value to be reflected in the share price.

Heron is a significant asset now moving to development. Petro Matad discovered its Heron

field in 2019 (Petro Matad 100%), which is expected to contain 33-60mmbbl of recoverable

oil. The field is now moving to development, with plans to bring the existing Heron-1 well

onstream and drill the Heron-2 development well in H2 2024. Each well is expected to have

initial production of around 300bbl/d, and the 2024 programme will establish first revenues

for the company.

 Heron land access clearances achieved for initial programme. Petro Matad recently secured

the important land access clearances for Heron-1, several additional Heron development

wells, and the Gobi Bear-1 exploration well. The company is also making progress towards

getting full, permanent land access clearances for the entire Block XX.

 Heron services and offtake being secured. Petro Matad has already secured the kit required

for Heron-1 production and is in final contract negotiations for a rig for Heron development

drilling. The company is also progressing discussions for Heron oil processing and offtake

with local operator Petro China, with the support of the Mongolian government.

 Initial Heron production data to underpin ongoing development. Production data from

Heron-1 and Heron-2 should help Petro Matad further refine its interpretation and well design

for the field, targeting higher recovery. We then expect further Heron development drilling

from 2025 onwards.

 Higher Heron potential on improved recovery. While the existing base case recovery

expectation for the Heron field is 33mmbbl, Petro Matad believes updated interpretation of

existing data, alongside the application of modern drilling/completion techniques, could drive

improved recovery of 60mmbbl. This provides significant upside potential, with the initial

Heron production data potentially helping to confirm higher recovery expectations.

 Gobi Bear-1 exploration well provides large upside catalyst. In addition to the 2024 Heron

programme, Petro Matad is also planning the high impact Gobi Bear-1 exploration well (Petro

Matad 100%). This is interpreted to contain mean oil in place of 307mmbbl, implying a 55-

92mmbbl recoverable number. Geological chance of success for the well is 15%, and on

success the proximity to Heron could significantly assist further drilling and development.

 Gobi Bear offers asymmetric drilling risk. Gobi Bear-1 is planned to be drilled with a light rig,

for around US$1.5m. Unrisked we value Gobi Bear at US$257m (55mmbbl resource case),

offering significant asymmetric risk/reward from this well.

 Our valuation implies significant upside potential on Heron and Gobi Bear. Our NAV model

values Heron at 8.9p risked (10.7p unrisked) using 33mmbbl and long term US$65/bbl Brent.

We value Gobi Bear at 1.5p risked, going to 14.8p unrisked using 55mmbbl. As such, there is

significant value potential in both assets, and a work programme in 2024 that could

Funny though how they always mark it down 2-3% on two or three bigger sells

Well, it was clearly manipulated in the past two weeks, no question about it... hopefully, they are ready to move it up now

Nice buying, 4p soon?

Hopefully, they will finally let it move up

Yep, weird trading and we haven't seen any big delayed sells yet

I have to say that I'm quite perplexed by the MMs, they have been quick to mark the sp down on a few sells and big buys barely move it... this has been going on for the past two weeks... wtf

A lot of the cash used last year was for Velociraptor imo… this year we haven’t bought any equipment or drilled so cash burn should be slower

How does the latest satellite image look master? Can you see Chinese crew preparing the pump? :D

Hmm MMs are happy to drop it on a few smaller sells again and mark it down with more buys than sells overall, I guess the weird trading from last week is set to continue

All these buys now and the sp does not move, it's been the same pattern all week...

Hah there has been decent buying pressure for three days and they haven't moved the sp at all, then you get not even 10 sells and they drop it 4% wtf :D

Strange trading recently, decent buys but the MMs don't move the price up, they are always quick to drop it though