Member Info for Mullins58

We were thrilled to host the Minister of Industry and Mineral Resources, Ts. Tuvaan and other Heads of Departments from the Mineral Resources and Petroleum Authority of Mongolia at Heron-2.

MO , I agree . ATB

Https://europeum.org/data/articles/securing-europe-s-lithium-future.pdf

Https://europeum.org/data/articles/securing-europe-s-lithium-future.pdf

Https://www.mining.com/gold-price-climbs-to-new-record-now-up-27-on-the-year/

Https://www.mining.com/uranium-energy-to-buy-rio-tintos-wyoming-assets-for-175m/

MO , use the filter. I am still adding at this price. ATB

Nicole Galloway Warland, Managing Director of Thor Energy, commented:

"With all approvals in place as announced in August, Thor is delighted to commence on ground drill site preparations for our upcoming infill and extension drill program. This highlights the Company's direction in focusing on our main priority in the Thor portfolio, our uranium and vanadium prospects at the Wedding Bell and Radium Mountain Projects.

"We look forward to updating the market when drilling commences."

Https://www.londonstockexchange.com/news-article/THR/uranium-exploration-update/16679655?showDisclaimer=true

Sensible

Ash , I agree. ATB

LONDON, 23 September 2024: Petro Matad Limited (AIM: MATD), the AIM quoted Mongolian oil company, is pleased to announce that on 21 September it spudded the Gobi Bear-1 exploration well in the Tamsag Basin of eastern Mongolia. The well is being drilled by DQE International rig #30609 and is located c. 12km southwest of the Heron-1 oil discovery well in the Block XX Exploitation Area.

Gobi Bear-1 is targeting reservoir quality sandstones in the Cretaceous Lower Tsagaantsav Formation which is the main producing horizon in the Tamsag Basin and which was proven to be oil bearing in Petro Matad's nearby Heron-1 and Gazelle-1 wells. Based on seismic interpretation, the primary reservoir target in Gobi Bear-1 is anticipated to be reached at a depth of c. 1,400m within a combination structural/stratigraphic trap at the southern end of the proven prolific Toson Uul sub-basin in which c. 2 billion barrels of oil in place have been discovered in the last 20 years. The Gobi Bear prospect is estimated to have mean oil in-place potential of 307 million barrels and the well is planned to drill to a total depth (TD) of c. 1,800 metres. The well is expected to take c. 20 days to drill to TD following which wireline logging will be conducted to determine if it merits testing. In the event of encouragement, well testing will be performed using the same contractor engaged for the operations planned at the nearby Heron-2 well.

Mike Buck, CEO of Petro Matad, said:

"Gobi Bear-1 is an important well within Block XX. The prospect has significant resource potential which can be rapidly exploited in the event of success as it is located within an already approved Exploitation Licence Area.

The well cost is estimated to be $1.5 million, making this a very high impact/very low cost, near-field exploration well. It also has the potential to de-risk other prospects and leads identified within Block XX.

Gobi Bear-1 will also provide important geological information on the characteristics of the Lower Tsagaantsav Formation reservoir where petrophysical parameters may be improved at the relatively shallow depths of burial that are prognosed."

Https://www.londonstockexchange.com/news-article/MATD/spud-of-gobi-bear-1-exploration-well/16677425

Pils , nice post. atb

Mike Buck, CEO of Petro Matad, said:

"The further hold up of the construction permit at the final step of an unnecessarily complex process is unwelcome, but we are very pleased that we have the support of MRPAM to use temporary facilities to expedite production. We do not anticipate any significant facility cost increase as a result of this solution and we will closely manage the construction activities when they start, to allow construction and production operations to continue simultaneously.

The meeting in Block XIX was very productive and the operator's willingness to cooperate with the Company is much appreciated. We look forward to completing the drafting of the cooperation agreement and to securing MRPAM's approval within the next few weeks.

Meanwhile, Heron 2 drilling operations are proceeding smoothly. With Gobi Bear-1 soon to spud, these are busy and exciting times for the Petro Matad team."

Heron-1 operational update

LONDON, 19 September 2024: Petro Matad Limited (AIM: MATD), the AIM quoted Mongolian oil company, provides the following operational update on the Heron-1 oil discovery well and anticipated oil production start-up.

· Petro Matad has proposed that Heron-1 will be put onstream through temporary facilities so that production is not further delayed by slow moving bureaucracy.

· Mineral Resources and Petroleum Authority of Mongolia (MRPAM) has formally agreed to this proposal, with production start-up on Heron-1 now anticipated during October.

Heron-1 well pad - surface facilities

As previously reported, the application for the construction permit to install the long-term production facilities at Heron-1, which could only be initiated after land access had been approved in late May, had reached the final stage and the permit is with the provincial Governor for the final signature required. The Governor is new in-post, having been formally appointed in early September, and has told the Company that he needs time to review the application. In light of this, and with no indication of how long this review will take, Petro Matad has proposed, and industry regulator MRPAM has formally agreed, that Heron-1 will be put onstream through temporary facilities so that production is not further delayed by slow moving bureaucracy. The temporary facilities will be positioned on the well site to allow construction of the long-term facilities to go ahead in parallel with production operations once the construction permit has been obtained. The Company has given notice to its chosen contractor to install the temporary facilities and the work is anticipated to be completed within two to three weeks.

Oil sales

Following the high level meeting held at the Block XIX facilities some 20km north of the Heron-1 well, agreement in principle has been reached between Petro Matad and the Block XIX operator for the collection, metering, processing, storage, export and sale of Block XX production. The details are now being incorporated into a cooperation agreement which will then be presented to MRPAM for its approval. The parties have committed to try to have the agreement in place in time for production start-up on Heron-1 which is now anticipated to be during October.

Https://www.londonstockexchange.com/news-article/MATD/heron-1-operational-update/16672787

Https://www.mining.com/gold-price-sets-new-record-on-feds-first-rate-cut-since-2020/

Good appointment.

Steady Progress. ATB