Member Info for Ibiza28

I am expecting the next RNS within the week possibly as early as Tuesday. This one very clearly points at where the hold up and although does not say as much directly it would suggest to me he has been holding out for the brown paper bag and who every suggested PC coffed up for it then i think they are right.

This will be sorted out quickly and we will all move forward in time for the new season.

Ie get out of town.

Basically we have two weeks to flow and get the hell out of Dodge as i see it

If you are getting adverts on your phone and cannot read the BB then yes i have the same problem and is freezing my phone up but then it is an old phone so assuming the RAM has a lot to do with it.

There was talk i believe on PG wanting to monetise this as quickly as possible and that i think would be the best way of doing this. And would suit me very nicely if he did.

I have been wondering why this presentation and why now. So i thought i would and sum up where we are and then work out why now. These presentations cost money not just in Paul & Lonny showing up in London but also payment to Proactive who i am sure are not doing this out of the goodness of their heart.

Morocco: We have tested by perforated guns and proven up the formation damage. The next testing in not likely to start before of March/ beginning of April according to RNS's and is fully financed (this has been repeated several times from what i can see). There does not seem to be anything new here to say but would be nice to get a complete summary of what we expect to find and prove up when we do get round to testing. There is no where that i have found in the RNS's or presentations does it give an up to date estimate of resources because it appears that everytime they turned over a rock out emerged even more gas. Would be nice to get a picture of it all. Summary of what we know and summary of what we believe might be there, I seen rought idea of field sizes and they do seem enormous. Other than this everything else could be covered by RNS i think.

Trinidad

Again i do not think there is anything startling here that could not easily be put on an RNS. I think T&T will continue to do what it says on the tin. I believe this could be a very significant purchase and possibly a big bargain. Trinidads job is not to provide the massive movement in the share price, that will or should come from Morocco, T&T's job is make sure it pays its own plus make acontribution to the running of the business leaving the money raised in the RNS to do solely the job stated in the RNS maybe a bit of additional support. Nothing startling yet that may come later when time can be properly devoted to it. Again nothing that can not be put in an RNS.

Ireland

So we come to Ireland and this is where i think the real reason for this presentation lies. PG indicated that he was expecting news i believe before end of March ie 1st quarter what is likely to happen with our Carrib assets and maybe he has heard that a decision is impending. Remember that if this comes through it would i believe completely de-risk this share for every long term holder awaiting on the results of Morocco. Now that is and would be news worth shouting about. So whilst all the other assets in our portfolio will be discussed this is the one that could just the major news story which would either come out before hand or he will intimate that is about to happen. But remember No RNS before presentation No announcement at the presentation. I am hoping this is the news that will completely de risk this share or knowing it will completely de-risk share before the testing. GLA

If the next placing is likely to be a higher price which is what i think is being suggested would it not be a Rights issue for current investors rather than for the wider public and the unsold share would then go out to the public.

Just asking and my thinking would be fair as it would mean at a higher price that we had a find.

How does one get a ticket.

My thinking is that if there is if no news before the 14th then the presentation will be just another sales pitch. I would have thought that any price sensitive information would have to RNS'd ahead of time. Hopefully two bits of news one for Morocco and sandjet testing and the other regarding Ireland. either on morning of or in run up to time if not then the presentation will be just about CM and the hope/hype around CM and the rest will be whitewashed over.

CCC

I really feel for you and yes i think you have every right to be aggrieved at our system that seems want to make those most in need seem like criminals.. I really hope your wife qualifies for transplant and on top of that we hit gas in big numbers so that you do not have to worry financially. Good Luck

AV "Test was unsuccessful"

On the contrary the test was successful it proved what they expected and probably gave them the result they needed. Ax i have said before sometimes it is necessary to prove a negative if it gives more complete data.and i think this is one of those times.

I really cannot see Morocco and ONHYM wanting to do this on their own and cut PRD out of the picture. Yes looks great if they succeed but if they fail who is going to pick up the cost cannot see governments being too popular with this.

Being slightly ignorant but if they did they would be doing it in the dark. The seismic and all the drill data would be with PRD they are hardly likely to share that if they thought the ground benefit their feet was quick sand.

By the way Exploration News are reporting that: " Phase 1 testing with perforating guns has confirmed formation (not found) and phase 2 with Sandjet testing will proceed with design parameters modified to take into account the depth of that damage.

The company says it is confident that Sandjet will achieve its objective to establish gas flow and analysis of ga samples confirmed up to 99.57% methane suitable for CNG development. Mou-5 jurassic well planning is on track and the company says there is no change to the available discretionary working capital to carry out the sandjet testing programme".

I accept this is probably the news release from the company but re written properly as we know the company RNS's are so badly written it beggers relief. Therefore IMHO that share drop is over re-action.

Appologies GRH i stand corrected.

On having another look at the RNS's I think it is unlikely we will hear anything from Paul until the start of the sandjet testing (and maybe not even then). Last RNS said RNS would start February/March well we are coming up to end of Feb and March will start soon. Does not say when in March just says March and will take about 14 days,

The results of the damaged casing i think was known and the test was to confirm the damage and hopefully how badly damaged. I would hope that by now if it was irrecoverably damaged we would have heard by now.

If it is ok drilling will i think go ahead as soon as they can and are allowed to.and we will hear in due course. Just a little more patience and we will be there. And just remember there is always the chance that we can play our Irish Super Sub.

Seriously i really think you should go back and read the RNS's and do a bit of basic maths.

July 31 2023

Proposed Placing to raise a minimum of £7 million[1]

The net proceeds of the Placing will be used for completion of an extended rigless testing programme for MOU-1, MOU-3 and MOU-4, commencement of CNG development studies and tendering for long lead items, residual MOU-4 well costs and general working capital.

In the event of excess demand, the Company reserves the right to increase the size of the Placing in its sole discretion.

1st August

pleased to announce that the Bookbuild was oversubscribed and it has successfully raised gross proceeds of £10 million, with good new institutional support, pursuant to the Placing.

A total of 90,909,090 new ordinary shares of nil par value ("Ordinary Shares") were placed with investors ("Placing Shares"), at an issue price of 11 pence (the "Placing Price").

7th November

On completion, PRD has paid to CEG US$1 million;

A further US$1 million, due to be paid by PRD to CEG 6 months after the Completion Date, will instead be paid immediately by PRD direct to the MEEI, in part agreed settlement of past dues on the Cory Moruga licence;

And exchange rate 1.218 in November 2023 according to HMRC official figures.

Wanted to raise a minimum of £7m Actually raised £10m to cover

Spent $2m at 1.218 = £1.65m

Excess £8.35m

Required amount £7m therefore we have more than £1.35 over and above what we require.

I would say we were fully funded.

The only other thing is that occasionally it is necessary to prove a negative before moving and that is exactly what the company did and said it would do. No more and no less. Went in proved it as far as necessary and withdrew. I should imagine it was a very cheap drill and certainly NOT £8.35m.

So to reiterate others I would say we are fully funded.

Every so often pays to read RNS's rather than listen to whole load of rubbish that is being spouted.

I must admit i really do not understand the vitriol and quite frankly vicousness that goes on on these BB;s No one should suffer the abuse that GRH has had to suffer and besides the game is not yet over. If you like in Rugby parlance we are one try 7-0 down coming into the second third of the match. YEs i am down about 1/3 on my investment but that is all 1/3. I have not lost a third just down a third. It will be a loss if i cashed the whole lot in now.

The investors make their own decisions helped on the way by others who know a hell of a lot more about these things that i do but in the end of the day it is my money my decision and me who pushes to buy or sell. Others will advise me and i am far more likely to listen to rationed argument.

There are some on here who if invested in the company are completely bonkers. Those are the ones who think the company is a sham and the directors a bunch of shysters. Why are they bonkers mainly because i see no reason to be invested in a company if i thought it was a sham and the Dirs shysters. So why are they on this board. I do not waste my time or money on companies where i do not trust the directors and think it is a sham. Hence why i sold up on one company and took my medicine and blame myself i had suspicions about the Directors but did not listen to my own jungles drums. My fault my moey. When we hit the end of phase 3 drilling (end of match) maybe even phase two as that i think will decide phase 3 then you can shout about how great you are if you have won the match. Personally i do not go around gloating in other peoples failures. I have far better things to do.GLA, we have not lost yet just 7-0 down on the scoreboard and a lot of try line pressure. Come on England.

Being a bit ignorant on these things can someone explain to me

1) Why sandjet testing might be better surely if the formation is damaged and by all accounts we do not know how far it is damaged.

2) Can we be sure all the gas is still there is there not a danger that we may have damaged the casing in our drilling that some will start to seep out.

3) Could the damage to the casing affect the flow rates.

I presume the danger is that the rigless testing woudl further weaken the structure and the gas would seep out so how does sandjet prevent that.

In all that has been going on i have got myself a bit confused.

Are we still on phase 1 testing

or

Have we moved onto Phase two testing

Or

Have we merged Phase 1 and 2 testing together.

My thinking and i happily stand to be corrected is that we have merged 1 & 2 Together because results for phase 1 probably came in first day or two. Just a guess. Any thoughts/ GLA

Personally i do think this is up to MB. I think it is MG who have lost control and lost it some time ago and are trying to pretend they still have some sort of say over this. At some point they will use the full force of the law they have created but that will not happen in an election year,. So do not hold your breath would be my opinion.

I have also emailed seeking asuurances that we are fully funded and asking that they keep the SH informed.as i said this SP is going nowhere (even on news) that a raise will not be required soon and saying it will become a double edged sword.

I will let you know.

I got so frustrated over the weekend on this share i finally got round to emailling HO.

I print my bit and then put i their answer.I will leave my view of the answer out but think it is self explanatory.

Mike

I have been a patient shareholder here for several years now and was hoping after the last RNS we would finally be getting somewhere.

Can you please give us an update as there are more than a few of us who think that the Mongolian Government have lost control of this whole situation and the reality is that the tail is wagging the dog here. We pass over the money to ministry and I assume that by now that has found its way to the right province and is being held up deliberately at that end. I am sure that the weather at the moment is hardly conducive to staying outdoors for two long but it will not be long now that -40 translates to Zero and we back into an active time period. Is this likely to happen this year and how concerned should we be with impending Mongolian elections later on this year.

Answer

We appreciate your support and continued interest in Petro Matad.

We share shareholders frustration at the bureaucratic delays that have held up our activity at Heron 1 and are doing everything possible to push the Mongolian Government at all levels to allow us to move forward.

Please rest assured that we will update shareholders in due course on the progress we are making.