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............................I feel the only reason they drilled SL-1 was to actually put the 2018 drilling into play and to bide time to get the WH-1 permits complete so they could drill WH-1, whilst also ensuring the spend on Block V was up to the level needed so as not to have any issues with Fox-1 which is also in Block V. And yes, in hindsight now I would say SL-1 was a strati-graphic test well in effect, one which also raised the spend level on Block V to the level required for compliance with the license. It had a (very limited) chance to strike oil and didn't and no surprise there.

Had I known prior that WH-1 was still waiting for final permits I might have put two and two together prior to events, but I didnt, and anyway, its far easier in hindsight, everyone is an expert after the event, as always :)

I dont blame Mike and his team for doing it this way if that is what happened, it makes sense in hindsight, just you started drilling with perhaps what was "off record internally" your worst prospect.

So in summary, my view, SL-1 was just a license spend compliance, waiting for WH-1 final permits, mobilize the rig and get in in the area ready for WH-1, fill in for the downgraded Falcon-1, in effect strati-graphic test well. And in view of that - I really cannot see them not spudding Wild Horse-1 asap, its a must and IMO, it WILL happen very soon.

All IMO, just my thoughts.

If you dig into the details of Wild Horse-1.

Its a 4 way dip (aka a dome) - better type of structure than SL-1 was. Many of the major oil fields in the world are this type of structure.

Soft amplitude anomalies seen (which may indicate hydrocarbons) (not present on SL-1)

Just 25 days to wait once it gets spudded soon.

Thanks Colonel.

So P&A is complete now and they are in the process of demob. Looking good for 1st week of October spud.

I agree it will be swift. Sinopec told Mike Buck SL-1 would be 70 days and they drilled it in 70 days. They told him Wild Horse 1 will be 25 days, so expect 25 days, plus maybe an extra 5 for logging.

ColonelDrake Posts: 490
Opinion: No Opinion
Price: 5.90
RE: Frequent updates required!
Today 12:35
I can confirm the following has been reiterated by MATD on current operations of which some have been completed already.

1. Plug and abandoned Snow Leopard-1 well
2. Demobilise rig and move to the Wild Horse 1 location - distance 450km.
3. All permits/required approvals in place
4. Company will update via RNS when WH well spuds

Background information:

The Wild Horse prospect is in the Baatsagaan Basin in Block IV. The well will drill a prominent structure and is targeting a mid-case prospective resource of 480MMbo, which has increased by c.200MMbo following additional technical work. If successful the well will de-risk 13 further prospects and leads with a resource potential of c.750MMbo. The well will be shallower than the other prospects at c.2,000 metres total depth and is expected to cost approximately US$4 million. Snow Leopard cost $7m and was a much deeper well. WH drilling is expected to be swift in comparison.

The biggest concern for markets was the Permitting. In July 2018 this was still being worked through and not confirmed. for the Wild Horse well is nearing completion. The Detailed Environmental Impact Assessment had been approved but the chemical permits were not done and were still progressing. Completion of permitting was required to facilitate a seamless move of the rig from Snow Leopard to Wild Horse. The company confirmed in the lastest RNS that all approvals are done.

Wild Horse will be spudding soon!

pawnsacrifice.............Promises ?

No company ever makes promises. First rules of investing include, learn about Forward Looking Statements.

All RNS have a warning on them now........... here is an example, look at the bottom.

https://www.investegate.co.uk/spark-therapeutics--inc---0l8l-/gnw/spark-therapeutics-announces-positive-chmp-opin---/20180921121749H1005/

What this says is that............any RNS captures only the moment in time that it is released. Things may change 1 minute after the RNS is released which alter the statement contained in the RNS with regards to any future plans. Therefore anything said in an RNS with concern to future events is only correct at the exact time of release and may change at any time thereafter due to presently unforeseen events.

Its just a standard CYA............but nobody makes promises..........

When a company says NO NEWS TO SPUD and then you get posters demanding news updates before spud, it kind of brings out the cynic in me..........and I just love to use CAPS when I get cynical........ I thought it was rather amusing :)

LOL :)

Why is it in danger...............and who cares ?

If you are in, you are in and waiting now for Wild Horse. Its not going away, it will be drilled, this year or next year.......its still there.......not going to run away..

Who really cares where the rig is...........the company has said, clearly in an RNS

NEXT UPDATE ON SPUD

SO YOU ARE NOT GETTING ANY NEWS UNTIL SPUD......................LET ME REPEAT.

NO NEWS UNTIL SPUD.

Everyone please note - NO NEWS UNTIL SPUD

There will be no rig updates, no we are eating chicken and driving now.............NOTHING. DE NADA.

NO NEWS UNTIL SPUD.

www.investegate.co.uk/petro-matad-ltd--matd-/rns/snow-leopard-1-well-results/201809200700053215B/

...................A further update will be provided when the well spuds......................

SO NO NEWS UNTIL SPUD.

IGNORE ANYONE PRETENDING TO PANIC AS NO UPDATES because...........

you guessed it...............

NO NEWS UNTIL SPUD.

:) :) :)

Take a screen shot of the web site showing WH-1 to be 2019.

When WH-1 spuds early October, then post the screenshot everywhere calling the website a bunch of liars..........they will love that............

If WH-1 spuds next year, then congratulate them.

Live by the sword, die by it too...............are they willing to be ridiculed if WH-1 spuds this year........lets see shall we

Sandytoes, the 4 way dip structure is an encouragement for Wild Horse-1, any hydrocarbons in there are trapped for sure.

Back in the old days trying to find these domes was the way of speculating where to drill for oil, and many of the major oil fields in the world were discovered by people looking for the domes of a 4 way dip.

This is the reason Shell want Wild Horse to be drilled..........its exciting in their book. Blooming exciting in my book.

......................

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LOLOLOL

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And on and on and on and on..............

Read the DISCLAIMER at the bottom.

This is just a website run someone. Its their personal opinion.

The reason of course they have put 2019 is they want you to sell you shares so they can get the price lower to buy in......................

And people fall for this...........and the negative posters will jump all over it.............. LOL :)

My strategy here is very simple. Every one of those coming 5 wells if they strike oil is worth far more than the current share price, so you have back up recovery all the way to the final drill.

Wild Horse-1 is massive but very high risk. If it comes off this is going to over 100p in a flash, if it fails and with winter this is going to say 3.5p before recovering next April when drilling season starts and Fox-1 is spudding. So hold the shares over winter and you will see 8p or more in Spring ahead of spudding.

Fox-1 is massive too, but with much reduced risk, the 3D bright spot and local live oil in coring and high correlation of the coring result to seismic gives great confidence.

The good thing here as well is the SL-1 and WH-1 and Fox-1 are all in different basins so there is no relation of any result to any other drill...........completely different systems so you can have 2 dust and 1 strike or 1 dust and 2 strike or all 3 dust.

And then the 3 proposed Block XX appraisal drills are also big in terms of the current share price. So lots of back up.

Wild Horse-1 is worth about 320p a share if it strikes good and is appraised - would push MATD over 100p on the initial news.

Fox-1 is worth about 132p a share, so again initial strike pre-appraisal about 60p a share.

Red Deer-1 is worth about 32p a share and quick into production.

Gazelle-1 is worth about 8.5p a share and quick into production.

AN Other-1 drill too.............is funded.

My average is now 6.9p after buying a bucket yesterday and I will continue to average down in the event of Wild Horse-1 failure on the basis that there is still big upside from Fox-1 (which has all the signs it could be oil due to excellent 3D, bright spot on 3D, a coring well done nearby which had live oils shows and also tied in excellently with the seismic), Should all 3 big ones in Blocks IV and V fail - then you are left with the Block XX drills - all worth more than the current share price and they are in effect appraisal wells with RD-1 and G-1 and the other one.

Yes, this is a puntvestment (you dont put you real investment money here)..........but can you name a better one on AIM ? So much upside potential and so much back up to support the share price on failure.......as there is always another drill to come and no need to raise money as all 6 wells fully funded already thanks to placings earlier this year. After yesterdays buying I now hold 850K MATD and I am very relaxed with that as a punt- but for sure its going to be very exciting on Wild Horse-1 and Fox-1 drill results for sure..........

IMO MATD remains the best stock out there on AIM to put a wedge of your puntvestment money in real shares (not short term crap like spread bets) and just hold and wait through all the drills and ride the downs to get one big up in one of the remaining 5 drills - or at least a small one like G-1 coming in to get you 8.5p a share.

Edison Flash Update:

https://nofile.io/f/8jBAvrFmPwS/IM00B292WR19PetroMatad+200918flash+-+Copy+-+Copy.pdf

.

Manro, as I have posted earlier.

They had to drill Block V first..........they are short on the money spent according to the license terms and needed to spend money on it to put the license back into compliance.

Falcon-1 was the original drill. That was cancelled after the 3D revealed it was much smaller and faulted than first thought. They have Fox-1 now which is excellent from the new 3D, however Fox-1 will not get approval to drill until next year.

The only other prospect on Block V they had that was drill ready was Snow Leopard-1. So they had to drill it.......it was the only one there was.

Thats the CEO doing his job properly. Cannot blame him for it.

Spanish, thats why they need to spud 1st week of October.

25 days to drill and a couple on the end for logging.

Dave, got to allow for punctures, trucks getting stuck in the mud, breakdowns etc..... thats why 5km an hour..........under promise and over deliver.................. :)

Indeed, when you refer to West or North its as the bird flies. Not the actual distance by road.

I would estimate 7 days to by road. If you average 5km per hour, 12 hours per day and so around 7 days of travel time.

Apologies for the constant buying.......just cannot resist at this price.

Wild Horse-1 next and then Fox-1 in April next year..........just so tempting to pick up more stock today at these cheap prices.

I should not have, but have. Purchased some more that is.

Average price on my holding now down to 6.95p.

Got to hold off now. Need to keep another load of cash ready for WH-1 failure, if that happens. Then its average down time over the winter for Fox-1.

Fox-1 remains the most likely to succeed of the Block IV and V wells......3D excellent, bright spot on 3D and then live oil in a nearby coring drill.

Thats my strategy going forward......if WH-1 fails then get the average price down to say 5p over the winter and be ready for Fox-1 in April next year.

Of course if WH-1 is good, its party time :)

Yes he does......the most promising well in Block V that was drill ready and permitted was SL-1. So this was the only choice.

Block V had to be drilled first to spend the money in 2018, and with only 1 choice for well for 2018 in Block V - it was his most promising one as it was the only one. If you care to look back at the company presentations it was always Falcon-1 and then Wild Horse-1............only very much later changed to SL-1 as Falcon-1 was downgraded.

Everyone should know that...........it was there to see in all the company presentations.