Member Info for Peterpharma

Finally managed to sell my holding today at a nice profit, will most likely buy back now during winter shutdown as apart from heron 2 nothing else planned until April 2026 so the price will fall back, huge sigh of relief when I saw the rns

Agree Master, I’m afraid all the issues lead back to one man, it can’t be everyone else, even last tow rns’s, oh we couldn’t pump the acid fluid wash out, oh no problem Petro China will lend us a pump and we will start pumping it out by month end, oh wait the pump needs a refurb first, he hasn’t got his finger on the pulse at all, they should have bought their own equipment or used the Russians or Indians, the Chinese have given him the run around for years, be interesting to see how many dry wells we would have had if the Chinese were not the ones drilling them

You will see my posts were all positive until the last 3 rns’s that quite frankly show Mike is not in control of operations, how can an acid wash that’s supposed to take 48 hours result in fluid been stuck down the well for 6 weeks? I’ve invested in multiple companies that have done an acid wash over the years not one of them had a problem, I can assure you my account was not set up 9 months ago to slate Petro matad what a bizarre comment, we are allowed to call out failures it’s a chat board, and what should have been a straightforward acid wash and well test has turned into an 8 week mess with a broken pump to recover fluid that should not still be in the well if they had done their job properly

Good post Hamm and fully agree, I have to say I’ve lost confidence in him for a few reasons. Acid wash should not have resulted in the fluid being stuck down hole and delayed the testing by 6 weeks! He went on record in interview and said “we want to play the potential farm in partners off against each other” well yes Mike that’s business negotiation you don’t say it outlined on an interview, he’s clueless on how to handle the Chinese hence why they are playing games with him at every opportunity. If H2 fails after all this messing about the share price will be sub 0.5p imo and he needs to walk, big sells still going through today so it oooks like a big player exiting given the volume of sells yesterday too, genuinely think a new CEO can turn this around but imo Mike is not up to the job

Some big sells going through today, I have now received a response regarding my questions on the refurb timescale, only a vague apology, don’t rns saying pumping to begin by month end, then 5 days later at month end say it needs a refurb first, at least they responded but it’s things like this that erode trust even further

No they are refurbing the pump because it doesn’t work, it’s needed to pump the acid out of the well that shouldn’t still be there, again another mistake by the contractor, pump shouldn’t be needed at all to start with!! Imagine running a company worth £13m agreeing to pay for a pump, to then tell the market 5 days later the pump doesn’t work, it’s beyond incompetent

I’m sorry abzz but the H2 flow test is not ongoing, the pump to pump out the acid need to be refurbed first before the acid can be pumped out, only then can a flow test begun

I hold 2m shares here but let’s be truthful, it wasn’t a good update hence why the price is down again, it’s not acceptable to say 5 days ago that pumping will start by month end, then to say 5 days later oh sorry the pump needs to be refurbished first and no date set. You don’t agree to pay for a pump then find out afterwards it doesn’t work and needs refurbing, it’s astonishingly incompetent, so now we wonder will the acid even be pumped out before winter shutdown. This company is been poorly run, like the prospects but the management is very very weak to put it mildly

They can’t do a flow rate test with all the acid stuck down the well, which again is an error by the contractor DQE, beam pump apparently provided by Petro China to remove the acid, yet now the beam pump isn’t working and needs to be refurbished lol, you couldn’t make this incompetence up

Rns just 5 days ago states “ PetroChina has provided us with a suitable second-hand beam pump and our construction contractor has mobilised to site. We expect to be ready to start pumping operations by month's end to recover the remainder of the injected fluids”

Rns today states the beam pump is now been refurbished and no date for pumping operations to begin!!! How did he not know the beam pump would need to be refurbished only 5 days ago?? It’s totally unacceptable, he’s been played for a fool by Petro China on all levels, emailed the company this morning to ask how it’s possible to not be informed the beak pump would need a refurb only 5 days ago, these works could take weeks as no date now given for the pumping to start, shambles

Total joke yet again, how is the beam pump still not even in place?? How long will the refurb take? H1 production dropped from 165bpd to now 150bpd, still not getting paid on time and still withholding 30%, Mike Buck needs to be forced out now imo he’s clearly not up to the job and been played by the Chinese, odds on this beam pump working look slim to non, all of a sudden it’s still being refurbished yet the last rns said it would be in place by month end!! Total joke

Very disappointed with that rns, 5 weeks to pump the acid wash out and they still can’t do it, unheard of, if they can’t pump the acid wash out then my worry is can they pump the oil out, after all the disappointments they really needed this to run smoothly and it’s not, it’s incompetence from the contractor an acid wash should take no more than a few days it’s a straightforward process, they can’t use DQE again now they need their own equipment and team

Haha if that were the case shares would be 3p!! From all time lows any positive news at all is a bonus and will start the long road to recovery, farm in agreement will be truly transformational and could give some life changing gains, MATd has been well over £200m Mcap before on hype alone, cycles on aim tend to repeat the potential is still here

Apart from pumping oil out, us getting paid, and farm in discussions resulting in a deal that transforms the company so they can feed the new $1.7bn Mongolian refinery, but apart from that get everything stops

Even if they use heron 2 as a water injector and we get more bpd from Heron 1 it’s all a bonus to what we currently have now, any increase in production is a positive whether it’s heron 1 or heron 2 then we move to gazelle and gobi

Agree so let’s wait for the multiple rns’s over next 8 weeks then judge

Erm the placing overhang that’s been around for the last 2 months 😂 funny thing about investing is when your not in a share you talk it down to try get in cheaper which btw has no effect at all, then because your so caught up in the negativity you end up missing the boat, if all the 3 well tests fail then yes you’ll get in cheaper, if any are successful you won’t, and a farm in is nailed on, so either wait for all 3 well test to fail over next 8 weeks then buy lower, take a punt now, or buy when well tests are a success it’s not rocket science but posting negative rubbish has no effect apart from on your own mind

10 million buy just gone through…. £80k in one buy, that’s not PI money

Well 0.2p would be £3.5m Mcap with 200m bbl in Heron, £4m in the bank, operating at breakeven and 4 large renewable projects with farm in discussions at an advanced stage, let’s not be silly 😂

Average producing well is not 50bpd, heron 1 is doing x3-x4 of that currently, gazelle could be a biggy as could Gobi, 20 mill could drill 20 wells, those 20 weeks then self fund the development of more wells, can quite easily achieve 10,000bpd with the right partner, if we get a farm in your taking a 5 bagger from these levels then sky is the limit especially with the new blocks too, Petrovis have huge influence with the government, the government have close ties with India and India need their $1.7bn refinery full so they can be repaid their loan, MATd is too important to fail imo it’s too important to Mongolia, and too important to India, they are not going to allow a $1.7bn refinery to run at less than half capacity they will want the oil and what better way than farm in to MATD receive a chuck of the oil revenue that’s going through their refinery and have a say on what areas get drilled and explored next, ducks lining up here you just have to look at the wider picture