Member Info for investor33

Wigster ; if the RNS stated that the payment from PC had been held up, then of course the AI algos scanned that at 7am and then acted quickly at 8am. The only way to have avoided it would to have not released an RNS until payment had been received.

It's just that people always make it sound as though an RNS could have been better worded by MB, and expressed the update differently. That's BS.

Well said Billy.

I wonder what the likes of Adw live on to be on here during all working hours, throughout every evening and on weekends and bank holidays ? Is he living with his parents or on benefits ? Sounds like he is just bored, so enjoys needling people to spice up his life a bit.

I might have it wrong, but I didn't get the impression that he is around retirement age, and if he sold at a loss with his MATD shares yet spends every minute on here then he certainly can't be rich through investing in the stock market.

Of course, he might be a paid basher - but I don't feel that comments on here have any impact when the volume is normally extremely low anyway, and very likely most this volume is just trading desk computers doing routine algorithmic buying and selling.

If the 30% fall on Friday was down to the wording of the RNS, then why were there more buys than sells over the course of the day ?

Still people in denial of the tricks that are played with the price action in order to create liquidity with very low volume stocks which generally have low liquidity....That July 2023 RNS was a positive one, yet the price plummeted at the 8am open to 1.8p and then shot up on the same day to 6.5p. Liquidity created both ways - job done.

Anyway, back to the fundamentals.

I realise that H1, H2 and Gazelle were all located within the part of the 3D survey which PC did, and which stretched south into MATD's acreage. Back in 2020 MATD were looking for a partner to do a comprehensive 3D survey for another portion of Block XX. Does anybody know whether this was ever done ? I suspect not, as the likely cost was going to be about $4m.

It's just that obviously it would help the JV and buyout talks if a 3D survey had been done.

Nonetheless, it's obvious to me that PC would be taking far less of a risk through buying Block XX than they took when paying $120m in today's money for Block 19 which had had no 3D survey done by Soco. And oil was only about $45 back then, and Soco had only extracted about 350 bopd from some 27 wells. PC could not have been sure how big a success it would turn out to be back in 2005 with so little data to go on. Block 20 at that point had only been drilled once by Soco and it was a duster - they then focused on Block 19 instead. So in fact this made it even more of a gamble for PC to buy Block 19 at the time.

That's if it as low as 150m Dollars of course.

Whatever - I would take 7.5p.

Anyway, it's higher than 7.5p isn't it ? I thought that just over 2p gives an mcap of 30m?

WIgster ; I have no interest in what WOS or Hamm predict - they are both either paid rampers or fantasists.

Hamm predicted 15p on the local consent, and 40p by the end of last year....

At the end of the day, PC bought block 19 without any 3D survey having been done and then did it themselves after buying the block.Part of Block 20 has already been 3D surveyed by PC themselves.

And in Block 19 Soco drilled 27 wells and only achieved about 350 bopd, yet the field was sold to PC for about 120m in today's money.

Those thinking PC won't be interested in Block 20 have simply no idea of the history of these blocks. Soco once had the rights to Block 20 as well, but had no 3D data to go on. They just drilled one duster in Block 20 and then moved on to Block 19.

Based on that Socco sale back in 2005, and what the price of oil was back then, Block XX has to be worth at least 150m Dollars.

Unnd ; PC were willing to pay the equivalence of 120m Dollars in today's money for Block 19 back in 2005, when oil was about 45 Dollars a barrel. And no 3D surveys had been done in that block up to then - PC did this later, including into some of Block 20.

This is also very interesting from the 2020 report ;

" in 1993, SOCO International plc was awarded the PSC for Block XX. Within Block XX, they only ever drilled one well, 20-1, in 1998 to a depth of 2,503m as this was dry. As a result, SOCO relinquished Block XX in 1998, to concentrate on developing Block X1X which it subsequently sold to Daqing. Petro Matad's new mapping on the reprocessed seismic shows the 20-1 well was not in fact located on any valid closure "

SOCO then drilled 27 wells in Block X1X and only extracted about 350 bopd - it sounds like they weren't a very capable outfit, yet still sold that field for $120m in today's money....

Gigi ; you're being rational with some extremely irrational people, who are mainly here for schadenfreude reasons, due to their own specific mental issues.

Gigi ;

" I'm surprised people have fallen for the 2024 operational expenses argument for a raise extrapolated to the current 2024 lean cost operational mode lol."

I'm not - like I said you are debating with people who have an agenda, and are in no way objective in their thinking processes. That's why I filtered them.

This from the June 2020 report ;

" PM are planning concurrent acquisition of a new 250 km2 3D survey over the Exploitation Licence, estimated likely to cost $4-5m, with a view to detailed evaluation of the southern closure and location of additional near-field appraisal and exploration well locations. "

Does anybody know whether this 3D survey was carried out in the end, as obviously it would now be hugely important for a potential JV partner or a buyout party ? They would no doubt now be very carefully scrutinising PC's original 3D survey that originally extended into PM's acreage, plus the subsequent 250 km2 3D data which PM might have commissioned. Plus any further 2D data beyond this area as well no doubt.

Gigi - thanks for that. I hadn't seen the Zeus report yet. I will look for it now.

Thorno ; I think we can be reassured that what SOCO were paid back in 2005 - which was £120m in today's money - is the absolute baseline for what XX can be sold for. And the price of oil was about $45 back then as well. It should be a fair bit higher than that figure.

Ultimately this is our insurance policy I feel, however much the algorithmic trading throws the share price around like a ping pong ball against a wall.

Actually, it is from June 2020 that document - when covid was in full swing !

Gigi - the people you are debating with have an agenda, and are not objective thinking neutrals by any means. Thanks for your calculations.

This document with the link below dating back from 2019 or 2020 ( I'm not sure when exactly ) is an interesting one. I wonder whether they are still using Envoi to source a JV partner ? Back then it was far too premature to seek a partner, without both the local access consent or the 25 year special purpose licence in place. it shows how much progress has been made since then ;

https://envoi.co.uk/wp-content/uploads/2020/07/P261PetroMatad(Mongolia-BlockXX)EnvoiIntroductionFlyerJune2020.pdf

Personally I think MB made a mistake in not clarifying about the sand screens - whether their usage is pending or not etc, and the fact that if they are being fitted then the current H1 flow rate is very much provisional, and subject to any improvements brought about through this procedure.

Let's not forget that SOCO sold their field to PC for the equivalent of about $120m in today's money off the back of something like 350 bopd, and had drilled 27 wells ! They had no 3D seismic data to go on apparently.....