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This news today is very timely :-) it would appear the second bank were waiting for the political situation to settle ( ie for the Biden / Harris to lose power and an end to the permanent war their foreign policy creates ) .Kefi are now in an enviable position with the TK project and the chairman has given insight today on just how good things are .Kefi will start to attract some serious longer term shareholders now with the juicy nearterm and longterm returns on offer. NPV Valued at 6.9p to 10.5p per Kefi share at just this project alone. Im a buyer !!

""Tulu Kapi's high grades and high recoveries offer the potential to repay all project finance debt from the estimated net cash flows of the first full year of production, at US$2,600/oz gold price.“Moreover, at US$2,100/oz to 2,600/oz gold, Project NPV to KEFI shareholders is 6.9 to 10.5 pence per share, 12-17 times the current share price, ignoring our other assets."

I think someone said earlier that MATD is perhaps the best junior oiler to be in for Q4 and early part of next year,i agree with those sentiments.All the signs are that some decent revenues could be racking up here very soon. Nice time to enter or top up ahead of what i anticipate a genuine sustained re-rating.

If the company can get a combined flow from Heron 1&2 of say 1000 bopd that will be a terrific start to production profile at the field.Petrochina will be keen to do business with us given the situation in Iran and their need for uninterrupted supply.JV deals will be stepped up IMVHO

Thornogson,,i would say if you look at what they commented on Heron 2 there is more than a dab of optimism that the well could be another decent producer,your point about gaining field knowledge is spot on too but obviously if they get a good flow from it then it is a clear win win.

From Rns:

The Heron-2 well reached TD seven days ahead of schedule following a smooth drilling operation with no safety or environmental issues. It encountered the primary target Cretaceous Lower Tsagaantsav Formation on prognosis. Oil and gas shows were observed from the top of the formation and an 18m thick interval of sandstone was penetrated in a similar stratigraphic position to the sandstone in Heron-1 that flowed good oil rates on well test. This interval was encountered at a depth of 2816m in Heron-2, 16m shallower than in the Heron-1 well and drilling mud was lost to the formation at the top of the unit, as it was in Heron-1, indicating a zone with good permeability.Petrophysical evaluation of the wireline logs indicates that oil is present to the base of the sand and there is net oil pay within it of more than 5 metres. Log correlation indicates that this sandstone is very likely to be the same stratigraphic unit as the one tested successfully in Heron-1. It also has similar log calculated porosity.

The ceremony is tomorrow but i would anticipate the well will be in production beforehand so it is operating while the ceremony is taking place,maybe it will be online sometime today .An exciting time for Matd indeed and i am also expecting they will use the opportunity to maybe get further updates out on Heron 2.

MATD could have two wells on production in a matter of days, Heron 1 previously flowed 821 bopd on test and according to RNS Heron 2 is on trend with Heron 1.So we can assume some very decent output from these first two wells even at initial startup.So Matd is now about to begin a new era with revenues and potential new JV deals with big players,and in my opinion has the potential to be one of the biggest movers in Q4 in this sector.

I forgot to add,we also need to consider that the Chinese Syc is to always plan for the long term,that is why they are highly likely to do many more deals with MATD and they will want to get them over the line as quick as possible.Lines of communication are clearly open between the executives and i do wonder if meetings will be held after the ceremony in a few days time.We could quite realistically get major news on new deals very soon IMO There is quite clearly a good level of trust between the companies now and that speaks volumes.All to play for :-)

Thornogson,yes good point about the regional governor,in my opinion everything has been stepped up a pace because the Chinese are desperately trying to get new supply in place because of the Iran situation.This will also step up JV talks and will likely give even more favourable terms to MATD.Make no mistake the company have now found themselves in a very strong position after years of struggle.Revenues could start to rack up nicely here and also very quickly indeed in relative terms.Deals with PetroChina are very much on the table now IMVHO

Worth another look at what was said in relation to Heron-2 as it appears just as promising as Heron-1, update on this next week is likely as per RNS. And they planning to get this in production ASAP.

"Casing has been run to TD and preparations are being made for a well testing and stimulation programme over the pay zone with the ambition, in the event of successfully achieving a commercial flow rate, to put the well on stream as soon as possible. Recent heavy rains in the area have caused some logistical difficulties but the Company remains focused on getting the testing programme completed expeditiously and, based on the results, will then determine if time and weather will permit getting the well on production before the 2024 winter operational shut down in late November. The well test operations are expected to be completed during the month of October."

Mike Buck, CEO of Petro Matad, said:

"We are encouraged by the results of Heron-2 so far. Reservoir variability is one of the main uncertainties in the Tamsag Basin, so to have found what looks very much like the same unit in Heron-2 that proved productive in the Heron-1 discovery well is pleasing. Testing operations will determine the well deliverability and the forward programme thereafter. We are keen to maintain the momentum generated in the last few months."

From RNS : Not long to wait :-)

"Site construction and equipment installation activities on the Heron-1 well pad have been completed. The beam pump, generator and storage tanks are now being commissioned and will be ready for production startup on or before 25 October 2024. Petro Matad's in-field operations team is at site and all logistical preparations are being made to be ready to start the transportation of produced fluids to PetroChina's facilities some 20 km to the north in Block XIX."

Production at Heron_1 is due to commence in 2 days or less,it flowed over 800 bopd on last test,then we have Heron_2 that is likely to be put on production within a week or two.On these two wells alone the market cap needs to increase massively to give even a modest valuation.Also this is a very important regional supply for the Chinese with the real prospect they will lose their current supply from Iran. This also a reason why MATD will become a juicy bid target IMO

Very happy days ahead.

Investor33,i did not say that SIPP is tax free,it was the way i worded the sentence that implied it,of course its 25% for now and IMO likely to remain.As for ISA that is my preferred wrapper :-) i am not sure Mrs Reeves will tinker too much with the status quo at this time but we will see soon enough.

As for MATD i am feeling very positive for both near and long term,the company has a great opportunity !

WiseOwl ,some very good points you make, and i would add that it is possible they will use the 25th october heron-1 launch to get the Heron-2 update out.The timing would be perfect with so many eyes on the company and the movers and shakers onsite. As for CNPC i can see this come to fruition,the chinese know that they cannot rely on a supply of cheap Iranian oil in the current and forseeable climate,and the chinese always have the future mapped with contingency plans.In other words it would be great for all parties and a perfect match.

I am still expecting a lively close today and perky open tomorrow as the news is digested :-)

Wise Owl, one thing is clear though and that is a company that is in production and generating revenue is in a far better place to do deals and encourage investment. Much to like here and by the look of recent statements it will get a whole lot better as we move forward.I would not be suprised if MATD is trading back in the 3.5p to 4p ranges during the next few weeks and forming a new base. There will also be quite a few folks putting this into SIPP,s and other tax free wrappers IMO

I have the impression that the mm,s are filling their boots ahead of a high demand period :-) Matd are now in a very strong position to reap some nice rewards from Heron and will be an important regional player ,in a geo-political sense a very important player if the Iranian supply ceases.

Timing is perfect here IMVHO

Just seen two chunky 500k buys at full ask 2.6p ,maybe some serious and smart money starting to flow in here. Might have a good afternoon here and lively open tomorrow.

It is quite possible they are planning to release an update on Heron-2 on or before the 25th October too IMO,it would make sense with all the VIP,s that will be attending the Heron-1 ceremony.MATD now has all the ingredients to provide some exceptional returns on investment,it will not multibag overnight but steady and sustained rises very much on the cards here.

TenBagTag, exactly what i was thinking ,and that is why many new longer term investors will be attracted here,i can actually see a series of sustained rises here as MATD gets back to some sort of fair value.Nice time to bag some of these at discounted levels as the cheap shares will soon dry up IMVHO.

Also Geo-Politics can play nicely into MATD,s hands,consider if the Iranian oil exports are halted after coming under attack ,when you consider where most Iranian oil goes ,we could suddenly see MATD an important regional player for the hungry chinese etc.The timings are looking fantastic on various scenario,s now for the company.With Heron-1 and Heron-2 both on production nearterm in this period ,it is also possible someone may be eyeing MATD for a clean T/O.

The RNS states that Heron-1 is going straight into production ( on or before the 25th october ) and i would expect we will get Heron-2 onstream too in the very near future. So Matd will be getting some rather decent revenues shortly ,and the one thing the market likes is "revenue" ,this will also start attracting some longer term investors IMO. Can this get back to 3p to 3.5p during the next few weeks ? of course it can .