Member Info for Doc83

"Who has this many shares. To keep selling."

Buck's II mates in the city, who were given £millions of shares at 2p. We talk about II's getting involved, but they're here to make a quick buck, in and out. We're seeing the problem with that for genuine LTHs.

But I also said previously that the market won't believe anything until they physically see a barrel of oil out of Heron and money in the account, such has been the sheer number of delays. And now we're potentially seeing another one with this construction permit that, to my knowledge, has never been mentioned. And if it is a simple 10 day turnaround, why put it in the RNS, or just wait to RNS it until it is sorted next week.

Stas, our 500k seller is back but he’s taken the feedback on board that it’s a bit too obvious, so going for a 300k and 200k within 10 seconds of each other. Twice!

Stas, if that’s the case then they’ve got plenty more to be buying by my reckoning! All joking aside, I think the RNS yesterday was very good, a relief to see Heron 1 still ok and ready to go. Just brutal selling stopped it moving higher.

Gobi is a free it. If it doesn’t come off, it shouldn’t matter.

But it’s only 10 days start to finish. Apparently. So we should hear “imminently”!

“Production facilities” for Heron 1, i.e. storage tanks and pipes etc. As in, nothing can happen without this.

And it’s quite literally in the middle of fecking no where, with a gazillion PC oil fields around it, so it would be scandalous if it’s not approved immediately. I’m just confused as to why this isn’t applied for along with everything else, in advance?

Ok, so would be lovely for MB to RNS as soon as that is approved. After all, I’m sure he’ll understand any nervousness given all the obstacles we’ve had put in our way over the years. Even those that were supposedly at an advanced stage.

So who is right… 10 days or 200?!

Don’t say that! Can you imagine… we think we’ve found a way around him and he does us on a construction permit for another 4 years 🤦‍♂️

Stas - if it’s one large seller, I can’t see they can have many left to sell. It’s been relentless for a good fortnight plus. In fairness, the SP has held up well. I just hope once this seller is gone that there is still appetite from others to push this SP on a bit.

"Here we have gaped up after breaking that resistance line"

Gaping and gapping are quite different things ;)

What a chastening day this is turning out to be. Undoubtedly a positive RNS which has been blown into the weeds by relentless selling.

Could be Asher. But this has been so consistent. The 513,000 more likely a regular PI

Well our seller had a couple of hours off for lunch and to let some piddly buys go through but is straight back in with 200k and 500k sells 😂

“This is down simply because we do not have PC deal..”

That’s just not true. We’re seeing big volume, lots of buyers, nearly everyone on here is happy with the RNS. Every time we get a slew of buys, a bunch of big sells comes in, just like we’ve seen for the past few weeks. I nothing to do with bad management or a PC deal (even though I would like that done and dusted).

Sorry, I'm a week out there! We started to see heavy selling and SP depreciation on 29th July, so 18/19 sessions! So let's say 2m x 18 (36m) plus whatever today... That really should be them done after today.

PatShare, I hope so. I said first thing this morning I'd be happy to see us consolidate in the 3's. I reckon our seller is on for 10m shares sold today. Jakass was right about one thing - to keep below reporting thresholds they can't have more than say ~45m shares. I reckon they've been offloading on average 2-2.5m ish, daily, for the 13 sessions. They have to be close to clearing out.

"We've missed the spike on this occasion."

I suppose yes, we have. But because of a large seller. Frustrating.

Ready to drill. DQE, the main provider of drilling services in Mongolia, has

been approved (as the winning bidder) for the 2024 drilling programme.

This will comprise the drilling of the Heron-2 well and Gobi Bear

exploration well. The Heron-2 well is located to the south of the Heron-1

well and is expected to spud in mid-September, giving enough time in the

operational window to allow full evaluation, flow testing and completion

as a production well. Management is getting a smaller rig mobilised to drill

the Gobi Bear exploration prospect in the south west of the licence. This

is expected to spud towards the end of September and is probing a

stratigraphic/pinchout trap, which is up-dip and in the same geology as

the Heron oil field. Management estimates that oil resources in place

could be 307 mmbbl. Assuming a similar recovery factor (30%) to the

Heron field, this would imply recoverable resources of approximately 90

mmbbl. Gobi Bear is a high-risk prospect with an estimated chance of

success of approximately 15%.

▪ Overview. This operational update is good news for shareholders after so

many delays over issues such as land access. Petro Matad will soon start

production at Heron-1, and this will quickly build with further wells.

Management believes that it could ultimately get production up to 9,000

bbl/day at the field, which would provide significant cash flows. The Gobi

Bear exploration well, although high risk, could provide a very significant

boost to the resources base of the group and shareholder value.

Elsewhere, Petro Matad continues to look to grow. SunSteppe, its

renewable energy JV, is moving several projects ahead (such as its battery

energy storage system at Choir). Petro Matad is also looking at building its

oil exploration acreage in the current licencing round.

Aeschylus, here you go. I've copy and pasted as it won't share the file/link.

Preparations for production gather pace

Petro Matad has issued an operational update this morning. The Heron-1

well has been re-entered and management is looking to put in the required

production equipment. PetroChina, in the neighbouring licence, is providing

oil storage tanks for the production. Petro Matad is also looking at

mobilising rigs to start drilling the Heron-2 well and Gobi Bear exploration

well. This is exciting news. After many delays, the group is about to start

production, which will provide cash flow and accelerate the growth of

shareholder value.

▪ Heron-1 re-entered. Work on the Heron-1 discovery well has been

completed with a down-hole pump installed, following a successful

reservoir stimulation programme, ahead of the start of production. The

reassuring part is that the well was found to be in good condition and the

perforated zone, which flowed in the discovery well, was successfully

isolated and hydraulically stimulated. Management has already

purchased the production equipment, which is ready to be installed now

that the completion equipment has been removed. PetroChina, operator

of the adjacent licence, has provided spare oil storage tanks (at nominal

cost), and these are being integrity tested. Management continues

discussions with PetroChina and MRPAM (Mineral Resources and

Petroleum Authority of Mongolia) on the processing, transportation and

sales of crude produced through these adjacent facilities.

Cont...

Disagree again. We're seeing some big sells (another couple of delayed trades totalling 2.7 million shares at 10.50am), very clearly from the raise. Buying strong from PI's, but it can't compete with that. Santiago looking like he's going to be right with us finishing down if this persists.

Longer term, should be OK. But it's a shame that all the PI enthusiasm and buying is just being soaked up by these sales.