Member Info for Proquo

In reply to Investor, plenty of posters have also come on here screaming that this was going under 1p, was going bust, would never get to oil production, etc. There are always extremes on thes boards so why just focus on those who are over-enthusiastic?

Anyone who bought shares in this when they were at 35p + got all that they deserved. Always astonishes me when investors go mad for an oil play before the company has even had a sniff of oil. it still happens on a regular basis. Since then there has been ample opportunity to get out and I've yet to see a small oiler not do raises as part of its growth journey. If you're locked in on a high average you have two choices from here.

I must admit I hadn't really given too much attention to the whole Sunsteppe thing as this was always just an oil play for me but the more I read about the viability of renewable energy, particularly in the Mongolian topography, then it has the potential to be a cracking second string to the bow for the company and affords a degree of diversification that can only be a good thing.

Looking at the the long-range weather forecast, we have a window of about two weeks from here before winter really starts to set in. Currently the weather is slightly warmer than is ususal for this time of year. We have seen how quickly things have been done recently but it depends how far they have got with H2 well completion works in recent weeks. The casing had been completed by 31st October RNS so a lot of the work to get production going has been in place for six weeks or more. We'll see but I travel in hope.

Nobody can 'promise' anything with shares. As investors however, it is understandable to be enthusiastically hopeful about your investment and to use hyperbolic language on occasions. i have no problem with that as it makes much more sense than to claim to be invested and then spend all one's time being negative. Let's see how the day plays out. For sure, the investment case here became compelling for me once we started getting poil out of the ground. After all these years of waiting that should be celebrated and justifies the excited posting in some quarters imo.

I'm ok with a steady rise day on day, week on week as it tends to discourage the traders from taking control. Big spikes tend to not hold.

Just to remind everyone, in case they forgot - Petro Matad is producing oil for the first time in tis history. That's the game-changer, right there. The next big milestone, after H2, is can it secure sustainable borrowing in order to guarantee growth?

My understanding is that H1 300bopd is just an ultra-cautious opening flow-rate whilst the do all the various set-up tests and to guarantee safety. I fully expect this flow-rate to increase very quickly as they learn how to manage the well wrt to issues such as waxing, pressure-control etc. The fact that the first flows to surface were 821 without stimulation is very encouraging indeed as presumably the less stimulation the better in terms of well integrity although I obviously defer to other more knowledgeable posters about this.

I like the fact here that the company is already looking to diversify to meet the needs of the Mongolians' energy policies going forward - oil independence on the one hand, using its particular landscape to utilize solar, wind and battery technologies. Very forward thinking by Buck to get in early on this with Sunsteppe. Plan A is cracking along and Plan B is also in motion. In two years' time we could have multiple income streams.

H1 originally flowed at 821bopd, unstimulated. The company stated in its presentation that the long capping of the well hadn't impacted the integrity of the well. They also have the option of artificial lift to help things along. The only question is the rate at which they open up the choke and then toggling things a bit to balance flow and maintaining safety and the integrity of the well. They also said they were 80%+ certain that H2 would behave similarly to H2 as it had accessed the same underground oil-bearing formation. They were also happy with the relatively light quality of the oil coming up.

I do wish Doc would stop lying. It really is tiresome.

Presumably the road tankers being used tells us the storage tanks are full. We want to see two tankers a day going forward!

Yes, JV needs to get his finger out here. I said at the time that the raise was not a great to do, just from a company PR point of view if nothing else. Random raises for piffling amounts does nothing to engender confidence in a compnay and it feels like JV threw away the company's reputation for reliabilty and caution with it.

Excellent news Master. Thanks

Yes, a nice steady climb into a series of RNS's would be ideal. Steady upward momentum sustained by production figures through winter, mid-winter announcment of new season drilling programme, announcement of sustainable RBL to fund growth, Sunsteppe progressing to early monetisation. Lots to follow hopefully.

Good flow rate at H2, get both 1 & 2 pumping throughout the winter months opening the chokes incrementally to get to say 1300bopd, build income flow, start borrowing through RBL to expedite growth. Potential bonusses of farm-in, stronger State backing in some form or other, an early kick-back from Sunsteppe flipping their assets, Gobi testing returns positive results, new PSC's, PC looking to get more involved. Plenty of things to look forward to through the winter. At last we have a winter that could be good for shareholders. And to top it all, Buck is very keen on getting a divi to shareholders once the growth of the company is secured. The way this is shaping up that is not too far in the future.

Nice to see a bit of upward movement. I just keep in mind that there is virtually nothing priced in at this sp level. Field with millions of barrels in OIP, production underway, new wells coming online in the near future, local authorities supportive as they need our product, good relations with neighbouring producer, PR campaign winning local hearts and minds, excellent debt profile, virtually unlimited potential for growth with a fair wind, future diversification already being put in place, oil price looking strong going forward. Nothing is risk-free but this has a chance of being big, and relatively quickly. GLA genuine holders.

I've always believed it was just the placing being worked through as no TRi's originally. I suspect we are coming to the end now and that many potential bigger investors have held off until that happens.

Hmmm, just wondering if some people sitting on the sides are starting to think the sp nadir has been hit.

Good point Velocoraptor. The Mongolians want to keep China at arms' length from their resources.