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Be interesting to see how PM sorts out it's funding for Heron EL + Blocks IV & V....
At least some business is in process in Mongolia - if not PM's !!....
With slightly less funds required than these boys & girls....
Debt/Equity Conundrum for Rio Tinto & Turquoise ....
https://www.mining.com/turquoise-hill-takes-rio-tinto-to-arbitration-over-mongolia-mine-funding/
GL - Oilf.
Got the link/a link....
Just going for the search facility/translation.... GLA - Oilf
http://www.mongolianminingjournal.com/a/71238
With all the prolonged delays in getting the EL on the books for Heron from Outer Mongolia...
Beginning to think we might as well be invested in Inner Mongolia !!....
https://www.huffpost.com/entry/photos-trip-to-mongolia_b_1850847?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAB4wxSxFNZ0mKbhqaH0h9aqtsGP6H00ZtDN2psK9SW5BVB-o9QE-59kjmv8lJ1VWI75jY0GeuvLFUvW9KgTCcUmCuyyNQhTY70zF-X5U17Z65R_bIeWzGtFyX_KP3g1A1s7z1Ok4EmH-TouAnQDuK30GnVlaufFYTX7VybO_fhSi
GLALTH - Oilf
Eddison Broker Note
https://translate.googleusercontent.com/translate_c?depth=2&pto=aue&rurl=translate.google.com&sl=auto&sp=nmt4&tl=en&u=https://www.edisongroup.com/wp-content/uploads/2019/10/Petro-Matad-Commercial-flow-rate-at-Heron-1.pdf&usg=ALkJrhgOEaEP3phIZ1hiJl3NAIVknQvaxg
Page 1
25 October 2019Petro Matad has announced the flow test results from Heron-1, drilled in September 2019 in the north of Block XX. The well flowed hydrocarbons from a12m interval from 2,834m in the upper portion of the Lower Tsagaantsav Formation without the need for artificial lift.
The well flowed 46° API oil at an average rate of 200bopd, making it one of the lightest oils recorded in the basin. A peak production of 821bopd was achieved. We assumed an initial well production of 240bopd in our model.
Petro Matad will now incorporate all data from the drilling campaign into reinterpretation of Block XX to apply for an Exploitation Licence from the Government of Mongolia to be able to put Heron-1 into production in 2020. We valued Heron at 4.9p/share (out of our total 20.1p RENAV for Petro Matad).
Petro Matad has announced Heron-1 flow test results.
The test encompassed two drill stem tests (DSTs) over two different intervals over the 77m of potential oil reservoir. DST-1 tested over a 3m zone near the base of the sands seen in the well and proved a 70m oil column but did not flow naturally. DST-2 was performed over a 12m interval from 2,834m in the upper portion of the Lower Tsagaantsav Formation and flowed oil and associated gas without the need for artificial lift.
A peak production of 821bopd was achieved and the well flowed at an average rate of 200bopd with an API gravity of 46°, making it one of the lightest oils recorded in the basin. No formation water was produced during the test.
Heron-1 will now be suspended and Petro Matad will analyse all data to determine recoverable resources, previously estimated at 15mmboe, and the sustainable deliverability of the well and the reservoir.
Once all data are analysed, the company will apply for an Exploitation Licence from the Government of Mongolia to bring Heron-1 to production in 2020.
Still waiting for EL - November 2020....
GL - Oilf.
Has anybody got a link to Petrovis LLC Annual Reports /Accounts ?
Petrovis is our Largest (21.70%) Shareholder.....
https://www.petromatadgroup.com/investors/capital-structure/
This is the Petrovis website - https://petrovis.mn/
Tried searching for - Annual Reports Accounts - ?????? ?????????? ???? - but site fails to respond !!
DYOR
Thanks
Oilf.
At Least something's happening in Mongolia !!...
EXR.AX Gas !!....
https://0-nextinvestors.cmail19.com/t/d-l-ciyutkd-hriyujllt-t/
GL - Oilf.
Jimithebrush
Not watched or listened to the video yet ?
https://www.lse.co.uk/media/mike-buck-petro-matad-ceo-upbeat-about-heron-1-exploitation-licence.html
5,000 - 10,000 bbl from Heron earmarked as feedstock for the new refinery by Govt .....
DYOR - Oilf.
Re: placate the locals somehow ?
Mike Buck at 4:10/6:58 of video....
https://www.lse.co.uk/media/mike-buck-petro-matad-ceo-upbeat-about-heron-1-exploitation-licence.html
"Detailed Environmental Impact Assessment (DEIA) has been agreed (with locals) and is valid for five years.
"Which covers the first part of the Heron Development"......
Sounds as if that Placate issue is covered to me !!
GL - Oilf.
At least some people can organise a result against the odds !!....
https://www.energyvoice.com/oilandgas/north-sea/269665/chrysaor-premier-oil-merge/
GL all holders here !!.... Oilf.
While we're waiting I've been enjoying....
https://www.classicfm.com/music-news/videos/dad-daughter-mongolian-tuvan-throat-singing/
GL - Oilf.
So how much progress for US$2.08 million using those with cost saving measures ?
Whole year/season lost in the field....
How much has been achieved in the office since June ?
Still waiting with baited breath !!
GL - Oilf.
Petro Matad Limited
('Petro Matad' or the 'Company')
Interim results for the six months ended 30 June 2020
LONDON, 17 August 2020: Petro Matad Limited, the AIM quoted Mongolian oil company, is pleased to announce its unaudited interim results for the six months ended 30 June 2020.
Financial Summary
The Group posted a loss of USD 2.35 million for the six-month period ended 30 June 2020, which compares to a loss of USD 4.41 million for the comparable period in 2019. The Company's cash balance at 30 June 2020 was USD 2.08 million (USD 2.07 million in cash and USD 0.01 million in Financial Assets), which compares to a cash balance of USD 16.12 million (USD 3.79 million in cash and USD 12.33 million in Financial Assets) on 30 June 2019.
The Company has strategically put in place cost saving measures without sacrificing its operational capability, which in the absence of new sources of financing, will enable it to remain in an operationally ready state until mid-2021. Meanwhile the Company is pursuing a number of options to fund the next stage of its activities.
http://irpages2.equitystory.com/websites/rns_news/English/1100/news-tool---rns---eqs-group.html?iframe=true&article=31062411&company=petromatad
Article Supposedly in this agglomeration on 24th or 25th.... http://www.mminfo.mn/
Try finding it with Google Translate....
Found the Gas (only) Pipeline Russia - China instituted/funded by Gazprom et al.
But that's all so far...
Good luck with your searches !!...
Oilf.
Stick this link into Google Translate
https://mrpam.gov.mn/news/1896/
No mention of Matd just Gas and pipeline Russia to China with implemented/funded by Gazprom from Russia, CNPC from China and Erdenes Mongol LLC
Still looking for the Big Deal !!....
GL - Oilf