Member Info for Ninesandytoes

Lets talk about what is not speculation.

IOM meeting took place.

MG ministers, PM CEO and staff member present.

Photos taken to tecord event.

Petro Matad Energy Ltd is formed.

Heron Field is being proposed by the same ministers as of national importance.

Work has started on connecting this area by pipeline to the refinery.

Refinery to be completed in 2025.

Refinery capacity circa 30k barrels a day.

Petro China production declining and being sent to Chinese refineries.

Mongolia has a goal of being energy independent.

These are all facts and they do point towards a JV which would be mutually beneficial.

There are three docs you can apply for on the link. I haven't looked at these as they are pay locked. On another line of thought we may be in a position to force the company into announcing something. Thoughts.

All, Just had a look through the IOM company register database and what d'ya know. A new company named 'Petro Matad Energy Ltd' has been registered on the 15th May this year (Monday this week). The registered agent for this company is Crowe. We will no doubt be made aware of this very soon. We knew something happened and we are about hear what it was. Possibly discussed/signed off by cabinet this week. Hope the news is as good as we all want it to be.

Velociraptor has to be drilled anyway. The block expires next year and time is needed to apply for an exploitation license upon success. If its not drilled PM have to telinquish the block.

It is one month for V1. The second well is an assesment well. If V1 hits dust it will not get drilled. It will only get drilled if the first well is a success or gives a high indication that its worth it.

Total depth for the raptor is 1500m and of there is oil it could be encountered at the 600m depth. So less than half way through. Anything after ten days post spud things could get very interesting.

Thought I might post some actual information to interupt the tit for tat.

TMK are drilling in southern Mongolia about 20km from the Chinese border. So for those who are interested it looks to be around 200km from the raptor location.

One peice of news that should come our way this week and solidify the raptor drill date is the completion pf the second lucky fox drill for TMK. This spudded on 2nd May so should finish this week all being well. If it does go to plan then every chance the third and final one will also complete on time.

The key for Matd is a more rapid development of Heron than we are currently able to go for. The DQE contract has been hanging for a while and maybe MB has come up with a better solution in the form of a gov farm in. Unlikely to include block v as the oil has not been found and I believe we would also be liable to repay funds to previous farminee. One way or another its hard to believe with all this going on that the LP is anything other than done and dusted.

Definitely verified now that MB also flew over another staff member to UK. The lady with the laptop in the photo I believe was a minute taker at the meeting. I have seen her job description and verified she was in UK. So we now have CEO, company registrar and what I believe to be a minute taker all at this meeting with MRPAM and Ambassador etc.

Some extra money spent on air fare to IOM of all places for MB and staff. I suspect it will be worth it though.

All, inspired by the master himself I believe I have tracked another person in the IOM meeting and its good news. The woman standing in the front row with the laptop appears to be a person listed as a Corporate Manager at Petro Matad. She is Mongolian and is based in Mongolia. I think this confirms once and for all that this was a PM meeting and that MB was not acting as some form of intermediary. Lets hope its big news and soon. GLA

Dozz, Lucky Fox 2 actually spudded 2nd May. So following an identical pattern for all 3 drills the rig should be free after 5th June.

These are shallow drills (375ft) taking about two weeks each. The second of three spudded last week. They are only 200yards apart so they will have similar geology and since the first went well the others should also do so and the rig can move quickly between them. Early to mid June we should have our rig.

Its worth mentioning the economics of these wells. If a MG farm in means an accelerated development up to 15 wells at say 500bpd each. Each well costing around £1.5m to drill will pay for itself within less than six months.
This may be on the cards with the IOM meeting. The MG gov want to ensure this oil is earmarked for their pipeline and refinery and one of the main objections by the activists is that China gets everything and leaves a mess behind. They would have control of both the environmental protections and the destiny of the oil and Matd would get what they want as well. A good deal all round.

Somebody mentioned a while ago that it would be a mistake to drill raptor without the LP. Not something I actually agree with given the exploration deadlines. However given that the IOM meeting took place on 23rd April with photos taken and registrar present, its likely MB goes into the raptor spud knowing exactly what's happening at Heron and its probably something very good.

Second 'Lucky Fox' well spudded a couple of days ago. Shallow 375ft well expected to take two weeks then on to the third one. With travel time looks likely we will have a rig around the 10/12th of June to drill the raptor. I reckon we will know what happened on the IOM by then as well. Interesting times.

6.16 on google

If those blocks are no longer part of the general offer I'm hoping thats a pointer towards some form of JV between PM and Gov.

Could be nothing but worth a mention. The facebook page of one of the geology people who worked for Matd before states he's back in Mongolia mid May. He does have a Mongolian wife but he did say it was for field work. Interesting.