Member Info for Hertstrader74

can only buy 10k at 12.5p before NT, looks like a strong close is on the cards now the orders are filled

bare in mind only 280 million shares in issue and market cap should be at least 50 million

does look to me the market makers are order filling

some large delayed buys in the main showing from an hour ago

sod it bought 10k more at 12.1999p

great RNS yesterday did some research overnight and waited to see it settle a bit so have now bought 50k shares at 12.14p this share looks way undervalued to me

it must be placing fears causing this big sell off, am so amazed at how low the sp is now we have the licence extended

NT to buy

yes, funding may be required but not at 7p as i said 12 -15p by friday

7 July 2021

Petro Matad Limited

("Petro Matad" or the "Company")

Award of Block XX Exploitation Licence

Petro Matad Limited ("Petro Matad" or "the Company"), the AIM quoted Mongolian oil company provides the following update on its activities in Block XX, eastern Mongolia.

Key Highlights

-- Mongolia's Minister of Mining and Heavy Industry has approved the award of the Block XX Exploitation Licence

-- The approved Plan of Development will concentrate initially on the proven reserves area around Heron 1, expanding in phases to target the estimated 194 million barrels (MMbo) of total in place resource potential

-- The agreed Exploitation Area totals 218km(2) which includes the entire extension into Block XX of the proven and producing Toson Uul Basin

-- The Company will now resume discussions with potential farm-in partners and review funding options to complete the next stage of activity

-- The Company is now focused on preparing for a very active programme in 2022 including the start-up of oil production from the Heron discovery using spare capacity in adjacent infrastructure

Block XX Exploitation Licence

Mongolia's Minister of Mining and Heavy Industry has approved the award of the Block XX Exploitation Licence to Petro Matad. Under the Mongolian Petroleum Law and the Block XX Production Sharing Contract, the Exploitation Licence runs for 25 years (until 1 July 2046) with the option to extend for two periods of five years each.

Plan of Development

The approved Plan of Development, in line with the Mongolia Petroleum Law and normal industry practice, will concentrate initially on the proven reserves area around the Heron 1 well and the Company plans to stimulate and complete Heron 1 along with all subsequent successful appraisal and development wells enabling their early production utilising spare ullage in the nearby PetroChina operated processing and export facilities. The central processing facilities in Block XIX are located some 17km North of Heron 1 and during 2020 PetroChina and Petro Matad signed a Memorandum of Understanding under which Petro Matad can have access to these facilities. Now that the Block XX Exploitation Licence has been awarded, the commercial details for the sharing of PetroChina's facilities will be negotiated.

The full field development plan has been designed to target the estimated 194MMbo in place total resource potential in the Heron structure as independently certified in LEAP Energy's Competent Persons' Report. Based on the oil recovery factor achieved by PetroChina in Block XIX immediately to the north, the recoverable oil potential of Heron could be in the order of 33MMbo. Petro Matad plans to deploy reservoir stimulation technology widely used in the industry but not yet tried in Mongolia, to seek to improve on this recovery factor and sees a target of 30% or more (equating to recoverable resource potential of c. 60MMbo) as realistically achievable based on studies co

will be interesting where the market makers set this on open, i will be trying to buy more on the bell if i can get in quick

FINALLY the RNS confirming licence extension is here 12 - 15p by friday

Clearly something big is going on behind the scenes

It does look like market makers will move this back to the 70p placing price as a minimum probably tomorrow

Hoping to add some more sun 54/55p on the bell GLA

Clearly there is a lot going on behind the scenes with this. The fact they had an agm at all when in the hands of administration is encouraging for us to relist

we should see 60p tomorrow

yep, once the 1.5p sellers are clear this should do very well this afternoon, anytime it dips below 1.5p to buy there is a flood of buyers

took some on that shake at 1.5p

The market does not like (perceived) delays and despite succesfully drilled holes under budget the market is punishing the SP because of this