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I would expect a decent divi at the very least! My intention is to hold long enough for Sunsteppe to play out over the coming years. There's even bigger potential there in my opinion. I'd probably topslice though!

That Thorn or there's the outright sale of Heron as a scenario;

Just some rough figures to prompt 'debate';

The conservative estimate of our recoverable reserves is 33 million barrels (the upper estimate is 58 million but we'll play it cautious)

The valuation of that at today's prices is 33000000 x $65 = $2.145 billion

According to my research, the rule of thumb used to value in-ground reserves in a buyout is one third of the total value, so:

$2.145 billion ÷ 3 = $715 million

At today's rate that equates to £538 million.

We currently have 1.48 billion shares in issue, so:

£538million equates to approx 36p on the share price.

I now await the greenbox tsunami.

You are baseing (sic) this on what?

At some point in the not too distant future we can start talking about Matd's PE ratio. Imagine!

Just for context...

'What is considered a high producing well?

A shallow well can produce half a barrel a day or even less. Meanwhile, a deepwater oil well can produce up to 10,000 barrels in a day. The median producing oil well production in the U.S is five to 10 barrels a day. Typically, if a well produces 100 barrels per day, it is considered a good well.'

I think that's what they call 'Game, set, match' Furry. Hahahaha.

So in other words Furry, we agree that there were no pressure problems back in 2019 - there is literally no indication of elevated pressure in the section you post - and that they only came to light with the re-entry? Moreover, the technical manager at the AGM (sorry I've forgotten his name), also intimated that the pressure issus had resolved itself, as predicted by our resident technical expert Abzzba. It really does pay to read and listen carefully, Furry.

Do you monitor the images daily Master? Sorry if this is an ill-informed question. Is it possible activities have taken place when the satellite is not overhead?

As I said, the company clearly said they would undertake engineering activities to improve the wells as soon as the winter was over. The weather in Mongolia has been great for at least a month now if not longer. If Master has monitored the wells regularly and seen no change, it really is hard to think of any other explanation for the absence of activity other than that things are going on wrt buyout, JV etc. There would have been some activity even for the simple installation of sandscreens. The stated intention was to get cracking ASAP so what has changed, if Master's image analysis is correct?

Mm's are clearly collecting shares.

If that's the case Master, then that seems to suggest a sale or JV are in the offing. There can be no other explanation for no activity taking place at the wells.

Sure, but I guess it's another month before we get another NAV update. Would be nice to get a booster before then. JV RNS'd the Luca purchase, and the recent silver purchase so I'm hoping he might also start informing the market of disposals. A bit more regular positive newsflow would not go amiss imo.

I'm going Thursday Brv. Buck is partial to a Thursday RNS!

I repeat the most salient point wrt Heron - we haven't even tried to STIMULATE it yet.

Let that sink in.

Misleading imo Furry. The delay was nothing to do with the company and it hardly needs saying that you will only encounter any start-up issues once you actually er, start it up. The claim that the pressure problems were known in 2019 is a new one for me. Can you post evidence that this was the case please?

And on top of Heron, we have huge potential at Gazelle, and in particular at Gobi, we have Sunsteppe talking with multiple potential investors, we have solid backing now from the Mongolians themselves evidenced by the recent switch to maximum flexibility to expedite permitting, we have Petrovis solidly behind us, and new blocksready to go when the time is right for us and requiring minimal outlay in the short-term

As I've said many times, literally nothing is priced in. Massive, massive potential.

BTW all production figures so far have been prefixed by 'circa'.

Of course, with several parties engaged in potential partnership or sale discussions, we want to both protect that well and highlight what it is capable of. I'm sure they will have done a lot a background data collection as they test and try different things and as they try to garner as detailed a picture as possible of the reservoir's characteristics.

I don't see the figures in such simplistic terms- there has probably been a few days shut-in for testing and well-integrity assessments, safety checks, gas pressure testing, trialling different choke sizes etc. I'm pretty sure a new well is not a straight plug and play affair and safety for personnel and maintaining the well integrity are priorities. Don't forget, we haven't even tried to stimulate it yet and they have told us that it has already flowed beyond the initial 821 bopd. To me this all smacks of a very controlled, cautious approach to a well which literally wants to release oil to the surface in big quantities. Get everything right now and this one well could really become an absolute gusher. It just sounds a bit of a wild well to control. In a good way. I'll also bet my bottom dollar they get a tune out of H2. It flowed at 30bopd already, which is considered a viable flow rate in other parts of the basin.

And we also have to Petrovis soft loan facility if we need a short-term cash injection to supplement the one-off payment for the stored oil. Plus Buck has been very focused on cutting company and production costs over the years, particularly during the Covid period. This should really pay off now we need to make the most of every penny we earn. All coming together nicely in my view.