Member Info for Mullins58

Mr. Buck is a geologist/geophysicist by training and joined the oil industry in 1979. He spent 20 years with LASMO PLC working first as a prospect generator focused on the UK continental shelf. He then moved to international assignments in Indonesia, Colombia, Vietnam and Libya and was involved in the discovery of several commercial oil and gas fields. Following Eni’s takeover of LASMO, Mike became Managing Director of Eni Pakistan and then Managing Director of Eni Iran, working on major oil and gas developments in both countries. In 2006, Mike joined S E Asian focused Salamander Energy PLC as Chief Operating Officer. After the takeover of Salamander by Ophir Energy he was retained to help with the integration process following which he consulted for a number of companies in the S E Asian region before joining Petro Matad in 2017 as Chief Executive Officer. Mike has worked on all aspects of the E&P value chain. He holds a BSc in Geophysics from Liverpool University and an MSc (with Distinction) in Petroleum Geology from Imperial College, London.

Https://www.petromatadgroup.com/about-us/board-of-directors/

Oce ,news soon . ATB

Completion of this transformational transaction would represent a major strategic development for Angus Energy, with a significant increase in reserves, production and positive cash flow. The transaction diversifies Angus away from the challenging UK energy sector into assets in a highly supportive oil and gas jurisdiction, with stable and reliable production and low decline.

Stocky , perhaps existing management from the RTO will be heading up the combined new company. ATB

Angus Energy PLC

("Angus Energy", the "Company" or together with its subsidiaries, the "Group") (AIM:ANGS)

Board Change

Angus Energy announces that Richard Herbert has tendered his resignation as CEO and a director of the Company with immediate effect.

The Board is in active discussions with Jonathan Tidswell-Pretorius in respect of assuming an interim non-Board COO role.

Krzysztof Zielicki, interim Chairman commented: "The Board would like to thank Richard for his dedication and hard work in taking the Company through what has been a transformative time in its development. He was responsible for the refinancing of the Company and has set Angus on the course for future growth. We wish him all the best in his future endeavours"

The Company will make further updates as required.

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1.1 / 10.7m

Very low turnover , shorts are trying very hard at the moment !

Master , here's a thought . why don't you sell up !

Filtered

Abz, thanks , it was a miracle MATD managed to get into production. ATB

Mike Buck, CEO of Petro Matad, said:

"We are pleased to have agreed the amounts payable for Heron-1 production. We are working hard with PetroChina and the Mongolian authorities to get the first payment made and we look forward to a smooth monthly payment process thereafter. Meanwhile, our production operations continue and, as anticipated, after a period on natural flow, Heron 1 is now behaving more like the offset wells in the basin and artificial lift is now in operation. Although the pumped rate is lower than the rate on natural flow, we are pleased that the well is continuing to deliver and is doing so at a very low water cut.

We continue preparations for some low-cost well work for 2025 to support and potentially enhance production and Block VII appears to have some exciting potential. Our efforts to bring in partners are continuing in parallel."

The project to tie-in the Heron 1 wellsite to the nearby and recently upgraded electricity grid, to offset diesel use for power generation and so reduce operating costs, has reached the tender evaluation stage. If the commercial bids are attractive, we anticipate completing the connection during the summer months.

Potential to add more production in 2025

The planning for a well test on the Gazelle 1 oil discovery is ongoing. With a successful test, production via the nearby Heron 1 facilities would follow while the necessary certification work is completed to allow a full development of the accumulation. Meanwhile, a geochemistry study on cuttings samples from the Gobi Bear 1 well has concluded that migrated oil is present in the reservoir section. Whilst not a conclusive indicator of moveable oil in the well, this is a positive result and the petrophysical evaluation of the Gobi Bear 1 logs is being revisited to determine the zones with the best potential for oil pay and the optimal intervals for well testing. Success in a test at Gobi Bear 1 could add significant reserves in Block XX and the well could also be put on production through the Heron 1 facilities in short order.

Sequential well intervention activities on Heron 2, Gazelle 1 and Gobi Bear 1 offer a highly cost-effective way to further evaluate these wells. All three are cased to bottom and suspended so the cost to re-enter and perform well tests is low given that a small workover rig can execute the programme.

Block VII

An Environmental Baseline Study for the newly signed Block VII has been completed and this and additional documentation have been sent to the relevant ministries for approval after which the formal Exploration Licence will be issued. The 2025 work programme and budget comprising studies and fieldwork have also been approved by the Mongolian regulator, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM).

In parallel with these legal requirements, Petro Matad has been working on the existing data. Examination of the data available on the well drilled by the previous operator confirms that it did not reach its target depth before it was abandoned. Drilling conditions appear to have been benign, as they generally are in southern Mongolia, and the abandonment seems to have been the result of equipment related and financial issues. The existing 2D seismic data is under review with indications of a large structure in the northeastern part of the block and this will be the subject of further work.

Operational Update

LONDON, 30 May 2025: Petro Matad Limited, the AIM quoted Mongolian oil company is pleased to provide the following operational update.

Key Company Updates

· The invoices for Block XX Heron 1 production from October 2024 to end April 2025 have been processed by PetroChina and are ready for payment. Prior to making payment, PetroChina has asked Petro Matad to get confirmation from the authorities that there will be no customs, VAT or tax charges levied resulting from the Oil Sales Agreement. That engagement is underway and if the response is slow in coming, Petro Matad and PetroChina are discussing payment of the majority of the amount due with a percentage withheld pending confirmation.

· Pumping at Heron 1 is now in operation to lift oil to surface with the well delivering c. 160 barrels of oil per day (bopd) with very low water cut below 6 %.

· Evaluating the merits of converting Heron 2 into an injection well to provide reservoir pressure support to Heron 1 to enhance productivity and recovery.

· Tenders for connection of Heron 1 to the local electricity grid to offset diesel usage are under evaluation.

· Gazelle 1 well test planning is ongoing with potential to put the well on production immediately if the test is successful.

· Gobi Bear 1 geochemistry study has confirmed the presence of migrated oil in the reservoir section.

· Block VII Environmental Baseline Study completed, 2025 budget approved and technical evaluation ongoing and attractive exploration targets identified.

· Discussions with potential partners on Block XX are ongoing.

Operational Update

Block XX

Oil sales

Invoices for payment for production from the October 2024 start-up of Heron 1 to the end of April 2025 have been processed for payment. Prior to making payment, PetroChina has asked Petro Matad to get confirmation from the authorities that there will be no customs, VAT or tax charges levied resulting from the Oil Sales Agreement. The engagement with the authorities is underway. The Company's tax experts have been of the view throughout the negotiations of the agreement that no such charges are applicable under law and by precedent but if confirmation from the authorities is slow in coming, Petro Matad and PetroChina are discussing payment of the majority of the amount due with a percentage withheld pending confirmation.

Heron 1

After several months of production from Heron 1 on natural flow, the reservoir pressure has declined in line with the trend seen in Block XIX production wells and the originally installed beam pump to lift oil to surface is now in operation. The pumped production rate of the well is averaging circa 160 bopd with low water cut below 6%. Based on the results of successful reservoir pressure support programmes applied in Block XIX, we are reviewing the merits of converting the Heron 2 well into a water injector. Pressure support can enhance daily production and overall recovery.

Oil and gas exploration has a high failure rate. A significant percentage of exploration wells result in dry holes, with commercial success rates often lower than technical success rates. For example, one analysis of 104 exploration well segments in the Moray Firth and Central North Sea showed that 90.4% were dry holes. Similarly, a report on North Sea exploration between 2015 and 2019 indicated a 12% success rate for high-impact drilling.

The process of transitioning from oil exploration to oil production involves several key stages: identifying potential reservoirs, drilling exploration wells, assessing the find, and finally, developing and operating production wells. This journey from initial exploration to full-scale oil extraction is a complex process requiring significant investment and technical expertise.

Please do

If that's what you think , sell the rest of your shares , I would.

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= $500,000 gross payment to come.