Member Info for Proselenes

Fundy,

The GCOS is 20% (thats the Pg figure, if you want to compare with Chariot Pg figure of 29% for GCOS).

Oil is very much in favour.................

However horrible companies with lots of debt, lots of obligations, minimal percentage holdings and all sorts of other crap like SAVP........well, what do you expect ?

It was in one of the earlier articles, you can go find it yourself.

By the way, I don't HAVE TO do anything. I am happy holding over 1 million MATD shares. Very relaxed and 5 drills all fully paid for are ahead. I am now waiting for the coming 9 months of drilling operations. Relaxed and very happy with an average price just over 6p.

You are the one who seems super desperate to be super negative on MATD in every way possible, perhaps you HAVE TO find a link stating that they are drilling 24 hours a day. You do realize this is low cost onshore drilling do you ?

LOLOLOL

Oiler, they only drill day time..........same as Snow Leopard-1, drilling operations are daytime only.

Try actually knowing something about MATD and the Sinopec rig contract before you start mouthing off.

Excellent for the next 14 days. Lots of sun, no rain and good working temperatures. Should get that rig up pretty darn quick.

https://weather.com/weather/tenday/l/Bayansayr+069+MGXX0339:1:MG

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No.........

I dont want to see anything more than 7p on spud. Hang around the 7p level during early drilling. Then its a case of wait and see. Anyone expecting a big jump on spud......forget it........not going to happen I hope. Gentle rise to say 6.8p over the coming couple of weeks, then 7p on spud and then hold at 7p during drilling. Thats good enough.,

There will be no progress on Wild Horse-1 once it spuds.

The only reason there are updates now is that many people have asked MATD to have a Twitter account and keep people updated........which they are, but once it spuds I expect no news until drilling and logging is complete.

The same "no update" line will be in the spud RNS for sure, IMO.

If you look at CHAR RNS about Prospect S

https://www.investegate.co.uk/chariot-oil---38--gas-ld--char-/rns/commencement-of-drilling-operations/201809280700042424C/

They say............. "" Operations are expected to take approximately 40 days and further announcements will be made as appropriate."

So for this well there could be news at any time !!

But if you look at MATD Snow Leopard-1

https://www.investegate.co.uk/petro-matad-ltd--matd-/rns/spud-of-the-snow-leopard-1-well/201807100700030704U/

It says..........."The Company will make a further announcement on completion of drilling operations."

So SL-1 was a tight hole. No news until complete.

BLVN same as MATD

https://www.investegate.co.uk/bowleven-plc--blvn-/rns/spud-of-ie-4-well--etinde--cameroon/201808311505444567Z/

........"The Company intends to announce the final well results after the end of drilling and testing operations."

So its all in the spud notice..........that tells you.........tight hole and nothing until the end...........or updates on major events.

Ontarget......... all depends on the spud RNS.

If they say updates will be given at material intervals - then expect lots of updates.

If they say update on completion of drilling operators, its a tight hole and no updates.

You have to remember, some UK listed stocks are also dual listed in Australia on the ASX, and as part of ASX regulations they have to provide drilling updates at set intervals. Therefore any stock dual listed on ASX will update all the time, if they are solely UK listed its their prerogative to keep a tight hole, which will be by saying "an update will be given once drilling operations are completed" when they spud the well.

This will be another tight hole.

Spud notice and "a further update will be given when drilling operations are complete"............ I am sure.

And post 2 of 2

14th May 2018

SL-1 is fully permitted for. WH-1 still does not have all permits in place.

New exciting Fox-1 prospect from the new 3D which replaces Falcon-1, but which has to start the long permitting process.

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13th June 2018

Placing to raise money to add 2 more drills. Directors buy in to the placing at 10p a share price.

New drill program :

1 Potential duffer SL-1 he dropped.
2 Great Prospect WH-1
3 Excellent Prospect Fox-1
4 Significant Prospect Red Deer 1
5 Small low risk Block XX drill
6 Small low risk Block XX drill

________________________________________________________________________________

My comments/opinions = At this stage Mike Buck is feeling much happier. Even though he still has to drill the SL-1 well he dropped initially (has to drill as its the only well fully permitted for) he now has 5 excellent prospects to drill after it. Wells 2 and 3 being high impact, well 4 being excellent size and then wells 5 and 6 being good in that they both individually are worth more than the current share price on success and are relatively low risk.

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The rest is then very much near term knowledge. WH-1 finally got the chemical permit during SL-1 drilling last month and so can go ahead. SL-1 drilling was a duster but a good stratigraphic test well in effect, lots of data obtained.

So, MATD have drilled the well that Mike Buck dropped initially, and the next three wells are the ones that he really wants to drill. Wild Horse-1 then Fox-1 and then Red Deer-1.

Thats the hindsight after the event read of the operations RNS's and what happened in terms of the operations program. You can see why MB is pushing to get WH-1 done this year, its the well he really wanted to drill first, with both Fox and Red Deer being new prospects and wont complete permitting until Q1 2019.

I have dug some more and written the following post, which will need splitting into 2. So here is 1 of 2

Looking at the RNS history you can see clearly the change from when the new CEO Mike Buck was brought in.

5th July 2017 Ridvan Karpus (RK) CEO

Plan to drill Snow Leopard-1 (50 day drill) and then Wild Horse-1 (20 day drill).

(The regime of RK wants to drill SL-1 and then WH-1. We know from presentations that SL-1 has no amplitude anomalies and is supposed to be self generating. WH-1 has amplitude anomalies and is based on migration from nearby massive kitchens).
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19th Sept 2017 Ridvan Karpus (RK) CEO

Plan for restructure of the management team with experience being bought in (RK will step down).

Rig for proposed SL-1 and WH-1 still not certified and not likely to be until at least October (maybe later) and so, with mobilization from East to West then drilling cancelled until 2018. Both ongoing permitting.

New 3D seismic over Tugrug basin. New 2D based on comments from potential farm in partners.

________________________________________________________________________________

21st November 2017 Mike Buck (MB) CEO

Drilling rig is now certified, finally. Contract amended.

_____________________________________________________________

19th January 2018 Mike Buck CEO

MB drops Snow Leopard-1.

New drilling program will be Wild Horse-1 (always drill your best first) and then Falcon-1. WH-1 has bright amplitude anomalies. Falcon-1 has live oil in nearby core hole.

At this time both wells are in the process of permitting, only SL-1 is nearly completely permitted but now dropped like a lead balloon.

______________________________________________________________
13th February 2018 Mike Buck CEO

Plan is to drill WH-1 and Falcon-1, permitting is in progress for both. Wild Horse-1 is now a 30 day to 45 day drill.

____________________________________________________________

12th April 201b MB CEO

Bugger..........the new 3D has revealed the Falcon-1 prospect is very much smaller due to faulting now apparent with the new 3D. In view of this Falcon-1 is dropped and while they work on the 3D for a new prospect now seen (later will be known as Fox-1) they will now put Snow Leopard-1 back into the drill program.

Its the only well nigh on permitted for and Wild Horse-1 is still waiting for a few final permits.

____________________________________________________________

My comments/opinions = At this stage Mike Buck is feeling stressed.

His drill program is now a well he wanted to drop (SL-1), then the big prospect Wild Horse-1 he wants to drill, then 2 small wells on Block XX. Not very awe inspiring at all. He knows there are good other targets from the new 3D and 2D.

Drill program now :

1 Potential duffer SL-1 he dropped.
2 Great Propsect WH-1
3 Small low risk Block XX drill
4 Small low risk Block

Did not say when the photo was taken did it. The company said in an official RNS that the site prep was completed on 1st of October........... so you are saying they are lying based on an undated photo ? Come on...........

Red dot on the pic below is where WH-1 is.

http://oi63.tinypic.com/2vdjnmt.jpg

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And when you put all that together...........you understand the 2nd placing.

Mike Buck was facing :

Drilling Snow Leopard-1 which he dropped initially.......but ended up having to drill as no other locations had permits.
Drilling Wild Horse-1
And then 2 drills on Block XX..........both not that big.
Not having money for the great new Fox-1 prospect on Block V and not having money for the great new Red Deer prospect on Block XX.

In effect his 4 well campaign would be :

1 duffer
1 Great prospect
2 small drills.

The 2nd placing changed that. This allowed the forward program to be :

1 differ
1 Great Prospect
1 Excellent Prospect
1 Significant Prospect
2 small dills.

If you really dig into the chain of events and RNS and changes in the plan...........you can see that what Mike did was excellent for shareholders and really put a positive outlook into things from what was a mess before.

Victor.

The RNS says that the certification "would not be" finished BEFORE October, it did not say "would be", it said...would not be. This means that the actual date of completion might have been 15th October, or 30th October or November.

You are correct in that 2017 summer RNS they said Snow Leopard-1 was 50 days and Wild Horse-1 20 days. However...........that rig contract was subsequently amended on 21st November 2017.

It seems that the rig did not get its full certifications until November 2017. Please see above about would not be before......................

Mike Buck joined the company as CEO in October 2017. All previous estimates where the previous CEO. Mike Buck is an industry veteran and has cleaned things up.

It was decided to drop Snow Leopard-1 and the new drilling program was Wild Horse-1 and Falcon (nobody liked Snow Leopard as no seismic anomalies?). Both WH-1 and Falcon-1 were seen as good prospects with seismic anomalies.

Subsequently to that Wild Horse-1 could not get its chemical use permit for the drilling and Falcon was downgraded in size following the new 3D seismic.

And so, it came about the dropped Snow Leopard-1 was back on the table again (the only location with full permits in place) and Wild Horse-1 was ongoing negotiation for the chemical use permit, finally obtained in August it seems.

As per the RNS then on the 12th of April this year..........Snow Leopard was a 70 day drill.

Ultimately there was a change of CEO in 2017, thankfully.

All in all...............Snow Leopard-1 was dropped by Mike Buck and his team (and who can blame them given zero seismic anomalies) however, it ended up back on the table thanks to the problems with Wild Horse-1 permit and the fact Falcon was dropped and new permitting needed for the highly prospective Fox-1. Snow Leopard-1 was the only drilling location with all its permits in place. FACT.

WH-1 got final chemical use permit approved during Snow Leopard-1 drilling. FACT.
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As I have said before, Snow Leopard-1 ended up being a pure stratigraphic test drill - good for getting data - absolutely no surprise it was a duster.

But Wild Horse-1 and Fox-1...........they are very much (like very very much) better prospects.

And as the company says...........spud will occur LATE OCTOBER..........so take that as around the 29th October give or take a couple of days.

So Oiler87 is fundraiser222 ???

Time to ask the Moderators to do some IP address checking and find out which names are in the fact the same person just with different log in names..........

Everyone has an agenda. Now, rampers or investors or whatever who hold MATD shares want the price to go up.

Anyone wanting it to go down is either short or jealous.

Take for example CHAR......... now :

CHAR have only enough cash to drill the ongoing Prospect S. After that they need to raise money or farm down/partnership. So a big placing is coming more than likely. If Prospect S is good and strikes oil that placing will be at a higher price. If Prospect S fails then that placing will be at a massive discount, perhaps fundraisers 3p.

But fundraiser is long on CHAR and pumping it (on Twitter).

So Fundy might see 3p on CHAR and holds, but does not hold MATD and is negative as hell on it.

Thats the basics........if your negative on a stock, you dont hold it, you either are short or jealous or want to buy in lower.

Its very simple, nothing complicated about it. Human nature.

People claiming to have bought in and deramping like mad...............the sign of a lunatic !!!

Of course, they claim to have bought in because in the event of success they can claim all over the place they were in and were holding and knew it was going to be good.

If its a duster they will claim (after the event) that they sold out and they were right all along with their negative posts...........

Nothing like a lunatic who wants to win/win.......... LOL :)

Anyway............less than 30 days to spud of Wild Horse-1 now.........bring it on.

Super Major farm in I think, if the Wild Horse strikes oil. Will happen over Winter........if the offered terms are good. Super Major wont want MATD drilling a WH-2 appraisal and so pushing the price up even more.

You can see why its exciting :

http://oi64.tinypic.com/ej7j8y.jpg

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The selection of the top 20 conventional wells to watch by Wood Mackenzie is done by over 200 senior energy leaders and professionals, it is indeed a big endorsement of Wild Horse-1's potential.