The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
We are on Mongolian Bloomberg
http://bloombergtv.mn/?-????-???????-???-???????-???????-???????-??????????-????????-xii-????-???????-???????/
Correct me if I am wrong, but if we have the resource, and it’s proven. Why is it not self financing? Mongolian government is on our side, banks will be throwing money at us, and there is a refinery being built.
Will we not want to keep it all in house?
And my opinion is, this is the tip of the iceberg! Once the mother load comes along, we won’t need anyone else.
Is it just me? Or does anyone else have the same view point.
GLA
Mike Buck, the CEO of Petro Matad said:
"The test results at Heron-1 are even better than we expected given that the well is deep in the basin centre. The data gathered will now be analysed and used to secure tenure of a development area in Block XX with a view to transitioning Petro Matad from explorer to producer with revenue generation.
I am delighted that the Petro Matad team has been able to achieve this result having put in so much effort. We look forward to progressing to the next phase of the Company's development."
Highlights
· Positive results of well testing operations at Heron-1 oil discovery in the north of Block XX
· DST2 flowed oil at a peak rate of 821 bopd
· Produced 46o API oil, without need for artificial lift or stimulation, exceptional for the Tamsag Basin
· DST1 did not flow naturally but proved at least a 70 metre oil column in the well
· Company will incorporate all data from the 2019 drilling campaign into rapid reinterpretation of Block XX in order to apply for an Exploitation Licence from the Government of Mongolia