Member Info for Jarv55

Lets see if we can break this wall overhang is starting to clear. https://invst.ly/15hnlw

Background to and Reasons for the Capital Raising

 

This Capital Raising is intended to help Petro Matad progress its current operations. In May and June 2024, the company announced in its operational updates that:

· The Company has received the remaining approvals necessary from Matad District to allow the 2024 operational programme to commence. Land use certificates have been issued for the three areas of operation selected by the Company.

· Preparations are being finalised for completion of the Heron 1 well and the contractor, DQE, has indicated that it should be ready to mobilise in July. Not long to wait now.

With the local land use approval in place, Petro Matad is in discussion with service provider DQE to agree the timing of mobilisation of the completion crew to Heron 1. If possible, it is hoped to have the crew at site before Mongolia's parliamentary elections on 28th June, although campaigning tends to have a disruptive influence on logistics in the country. If not possible before, mobilisation shortly after the election will be targeted.

Discussions with PetroChina on oil processing, export and sale are waiting on feedback promised at a constructive meeting held in early May. Even if the oil offtake is not finalised, Petro Matad will prioritise getting the Heron 1 well ready to produce as soon as possible since we are aware that DQE expects to be busy with PetroChina and other operators from early Q3 2024.

Gobi Bear-1 exploration well provides large upside catalyst. In addition to the 2024 Heron programme, Petro Matad is also planning the high impact Gobi Bear-1 exploration well (Petro Matad 100%). This is interpreted to contain mean oil in place of 307mmbbl, implying a 55-92mmbbl recoverable number. Geological chance of success for the well is 15%, and on success the proximity to Heron could significantly assist further drilling and development.

Gobi Bear offers asymmetric drilling risk. Gobi Bear-1 is planned to be drilled with a light rig, for around US$1.5m. Unrisked we value Gobi Bear at US$257m (55mmbbl resource case), offering significant asymmetric risk/reward from this well.

Our valuation implies significant upside potential on Heron and Gobi Bear. Our NAV model values Heron at 8.9p risked (10.7p unrisked) using 33mmbbl and long term US$65/bbl Brent. We value Gobi Bear at 1.5p risked, going to 14.8p unrisked using 55mmbbl. As such, there is significant value potential in both assets, and a work programme in 2024 that could highlight this to the market and cause more of this value to be reflected in the share price.

Heron is a significant asset now moving to development. Petro Matad discovered its Heron field in 2019 (Petro Matad 100%), which is expected to contain 33-60mmbbl of recoverable oil. The field is now moving to development, with plans to bring the existing Heron-1 well onstream and drill the Heron-2 development well in H2 2024. Each well is expected to have initial production of around 300bbl/d, and the 2024 programme will establish first revenues for the company.

Heron land access clearances achieved for initial programme. Petro Matad recently secured the important land access clearances for Heron-1, several additional Heron development wells, and the Gobi Bear-1 exploration well. The company is also making progress towards getting full, permanent land access clearances for the entire Block XX.

Heron services and offtake being secured. Petro Matad has already secured the kit required for Heron-1 production and is in final contract negotiations for a rig for Heron development drilling. The company is also progressing discussions for Heron oil processing and offtake with local operator Petro China, with the support of the Mongolian government.

Higher Heron potential on improved recovery. While the existing base case recovery expectation for the Heron field is 33mmbbl, Petro Matad believes updated interpretation of existing data, alongside the application of modern drilling/completion techniques, could drive improved recovery of 60mmbbl. This provides significant upside potential, with the initial Heron production data potentially helping to confirm higher recovery expectations.

Plenty of good news to come just need to be patient and accumulate while the over hang is being churned, everyone will be jumping in when we are over 3p. Never makes sense to me why people don't buy low but will chase it when the price is higher.

If anyone can't get access to the research note it is in the telegram group https://t.co/sdwVtA4VIN

With the elcetions out the way should get an update this month

With the local land use approval in place, Petro Matad is in discussion with service provider DQE to agree the timing of mobilisation of the completion crew to Heron 1. If possible, it is hoped to have the crew at site before Mongolia's parliamentary elections on 28th June, although campaigning tends to have a disruptive influence on logistics in the country. If not possible before, mobilisation shortly after the election will be targeted.

Discussions with PetroChina on oil processing, export and sale are waiting on feedback promised at a constructive meeting held in early May. Even if the oil offtake is not finalised, Petro Matad will prioritise getting the Heron 1 well ready to produce as soon as possible since we are aware that DQE expects to be busy with PetroChina and other operators from early Q3 2024.

Https://www.montsame.mn/en/read/317924

Anyone think this could be fast tracked now?

Placees will also be able to get that 31% offer so that is why its oversubscribed.

Loads of companies suspended today Auditors snowed under. Shows the accounting systems need to be changed.

Why would they waste money on a rns, they already said we are suspending.

GL2 would be lovely for good news to be released while we are suspended. We can live in hope.

Best of luck to all the longs.

I am holding and prepared for the suspension to be longer than 4 weeks. Hopefully peace talks will start this year, Queeld shares will be sorted in October November, and the company will be free to give out news, saying that they can still put out news during suspension.

Kammy Casp put out the same rns

If they hadn't sold any concentrate then there would not be any change.

Smartpunter form that rns they are adding the sale of the concentrate in and that is what has caused the delay is the way I read it.

Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold mining company, announces that as a result of audit delays due to more complex procedures in relation to concentrate stock confirmation and also an upgrade of local accounting systems, publication of the Company's Annual Report and Accounts for the year ended 31 December 2023 (the "Annual Report") will be delayed.

The auditor has advised the Company that approximately four more weeks will be required to complete the audit. The Directors and the Audit Committee have assessed the matter in detail and have strong confidence that this is a realistic estimate.

As a result, the Annual Report will not be published by 30 June 2023, being the deadline provided by Rule 19 of the AIM Rules for Companies (the "AIM Rules"), and trading in the Company's ordinary shares on AIM will be suspended with effect from 7.30am on Monday 1 July 2024. The Company will provide further updates regarding the status of the Annual Report as appropriate.

In accordance with Rule 41 of the AIM Rules, the admission of the Company's shares to trading on AIM will be cancelled if the Company's shares are suspended from trading for six months.

Those that don't want to be in for suspension will sell in the morning. Those that think a sale will still happen will buy the dip. Will be interesting to see if the buyer that has been buying steps in or not. Its going to be very volatile.

Have to wonder why are they giving the market a day to sell.