George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
According to the last Freeport LNG news release restart is due "early October",
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Currently, it is estimated that the resumption of partial liquefaction operations will be early October 2022. With commencement of such operations, we expect to be able to deliver substantially all baseload production volumes. At this time, we continue to target year-end for a return to full production.
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http://freeportlng.newsrouter.com/news_release.asp?intRelease_ID=9746&intAcc_ID=77
No additional updates have been provided by Freeport LNG to the market since the update made June 30th I believe? These things have a tendency to grow arms and legs, Jadestone recently suffered an oil leak on one of its FPSO and there was various hatchet job news articles and doomsday talk of "structural integrity" issues and implied long term shutdown of the facility... What transpired was a less than 3 week shutdown then the facility restarted again.
Thanks for the update Viable, can you reveal your source? Also, do you have an indication on when the next batch of drilling at Gwinville will start?
I find it concerning when companies drip out information informally via supposed "insiders" on bill boards as opposed to formal channels (interviews or presentations) and putting it squarely into the public domain for all to see, not least of all because the info put out which I see by these "insiders" has tended to be crap... Which I am not suggesting is the case here, but elsewhere this has been the case.
Adillathehun: yes the environmental activist has made a posting showing an oil tanker and added the words
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The bird of myth is scattered
Darkhan open your borders
And the oil haul has begun [crying emoji]
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Seems like PetroChina oil export is back in business....
Starbuck0121: Care to elaborate on the euphoric celebrations going on? I can't see any RNS has been issued.
They will need to draw down the levels in the tanks a bit before they can start the pumps up... A delay between startup of export and pump startup would therefore be expected.
The main concern I had for getting Heron-1 online was the closure of the oil export route; with this now (apparently) re-opening I can't see any insurmountable barriers to bringing it online.
PM still have 5 months left in the Mongolia drilling season for 2022, plenty of time to bring Heron-1 online given that they were aiming for a Q2 startup originally.
AIMHO/DYOR
Bowley: Petro Matad are dependent on Petro China exporting oil to bring Heron-1 online, this is stated in the most recent RNS,
"The current suspension of all oil production and export from PetroChina's Blocks XIX and XXI and with all on site storage full means that we need oil export to restart in order to optimise the start-up sequencing on Heron 1."
How exactly could Petro Matad management be able to give a firm plan with dates when they had no visibility on the export route re-opening? You seem unable to grasp this basic point.
With the re-opening of the export route Petro Matad management can update the market on timelines for Heron-1, hence anyone with half a brain should understand the importance of the PetroChina export operations re-starting...
Bowley: I am having a laugh to myself, PM have already ordered the surface equipment for Heron-1, meaning they know EXACTLY how they are going to extract the oil from the well, as they have already completed the detailed engineering. They are way beyond the "strategising" stage as you call it, they are now at the "execution" stage,
Your statement "They do not have plan" is laughable, where is the evidence for this? They have a brief plan on page 11 of the investors presentation, what level of plan sharing do you expect them to give to the market beyond that, for such a simple plant as Heron? Sorry but this does not wash,
Your may feel that PetroMatad are not executing well which is your opinion (and is fair enough you are entitled to your opinion) but the rest of what you are saying sounds frankly made-up,
I wonder if perhaps you have spent too long in the public sector and expect to see endless strategy documents and flowcharts, sorry but the productive private sector does not work in that fashion, less is more in the private sector,
Bowley: we most definitely do have product to export, it is under the ground at Heron-1 waiting to be taken out. The plan was stated in the last Operational Update RNS:-
"With the Covid-19 situation in China causing operational delays in Mongolia, the Company continues to prioritise its efforts to get Heron 1 on stream. The contract with the chosen well completions contractor is in final form. We are seeking confirmation that equipment and crews for the completion and readying for production of Heron 1 are available as soon as we are ready to mobilise. It is our operational preference that as soon as the well is stimulated and completed it should immediately be put on production. The current suspension of all oil production and export from PetroChina's Blocks XIX and XXI and with all on site storage full means that we need oil export to restart in order to optimise the start-up sequencing on Heron 1."
With oil export soon to be underway from the PetroChina blocks, I am expecting the dates for stimulation and completion of Heron-1 for production to be confirmed in the next RNS...
Bowley: PetroMatad have advised there preference is to bring Heron-1 online as soon as it has been stimulated and completed for production, this implies they need the export route open and in operation...
This was written clear as a bell in the last Operational Update RNS.
For a supposed government advisor expert you seem to be unable to grasp basic facts relating to the start up of Heron-1 written plain as day inside the RNSs.
Restarting of oil export from PetroChina blocks is good news for PetroMatad,
Bowley: given that Petro Matad will be sharing processing and export facilities with Petro China, I would suggest that you as an investor should care what Petro China is doing,
If PetroChina is unable to export, then neither can PetroMatad... Not too hard to understand, is it?
LOL curiousandcuriouser talk about looking a gift horse in the mouth, sorry if I do not know all the personal details of the lady in question, however the important point for the billboard is it sounds like PetroChina oil export is going to restart in less than 48 hours (if the lady is to be believed), exciting news I would have thought, more so than me referring to the lady by the wrong job title...
AIMHO/DYOR
Anyone who wants to read for themselves, I posted the instructions how to do it on the ADVF*N board as it allows me to post the slavic characters, unlike this board.
TGM
Oil Export from PetroChina restarting, according to local environmental activist
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Looks like oil export will be starting up in 2 days from PetroChina facilities, according to our friendly environmental activist! Timing couldn't be better for the RNS.
As translated word for word from her facebook page, posted 5 hours ago!
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Oil transportation is leaving in 2 days, let's see what you do, one driver said kkk
Thank goodness, when oil transportation starts to operate, they demand to #demand Mongolian laws, #demand to #demand the paved roads, and #demand to change the product distribution contract, and #demend the result of the social responsibility contract shown with soums d, They also held a protest rally protesting the slowdown of their criminal case.
It's showing the exact exact time??
# ??? remind PETROCHINAAD that Mongolian youth has already woken up!! !!?!!? !!?!!? !!?!!? ??
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Text in original Mongolian, however I don't think this board show the characters correctly!
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2 ???????? ????? ?????? ????? ?????? ????, ?????? ????? ???? ? ???? ?????, ????? ?????? ???
????? ??? ????? ?????? ????? ???????? ?????? ????? ????????? #????? ????????, ????? ????????? ????????? #????? ????????, ???????????? ?????? ???????? ?????????? ? #????? ????????, ??????? ????????? ???????? ??????????? ???????? ?? ???? #????? ????????, ???????? ???????? ?? ??????????? ??????? ??? ??????????? ???????????? ??????? ??????????? ???.
??? ???????? ?????? ? ????????? ?????? ?????
???????? ????? ?? ??? ???????? ?????? ??????? #????? ???????? ????????????????????
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Obviously people will have to make there own mind up given the source, but I for one am convinced we could be in business soon .... fingers crossed!
AIMHO/DYOR
There is a whole lot of potential news on the horizon:-
* Conclusion of deal for using PetroChina facilities & logistics for Heron field
* DQE Partnership deal / multi-year drill programme update
* Velociraptor drilling update (in-country drilling contractor identified during last RNS)
* Contract sign-off and slot booked for stimulation and re-completion of Heron-1
Plenty of upside and still 5 months left to go in the drilling season... And all the while the global energy crisis continues humming away in the background, oil sitting at $110+ plus,
AIMHO/DYOR
Given that several people on the board have discussed this already (prioritisation of PetroMatad Heron-1 work in exchange for additional money) I would suggest Mike Buck would certainly have thought of this himself or have been directed to it by Petrovis, who I imagine will be as keen to start seeing a return on their investment as the shareholders are on this board.
lambo: I'd guess we would need to have faith that Mike Buck would have the sense to offer an additional incentivisation payment to get to the front of the que for Heron-1 if needs be, that could be win-win for PetroMatad and PetroChina... Delaying a single workover is unlikely to make a difference to PetroChina's revenue, so they may be amenable to something of that sort in the worst case scenario.
lambo: for Heron-1 we are not waiting on drilling, it needs stimulated and completed for production which is a 2-4 week activity. Also my understanding is Chinese covid restrictions are loosening from the 1st of June onwards. There is still over 5 months left in the Mongolian drilling season in 2022 (mid-November closure advised by MB previously during a presentation).
Your speculation about 1.5p share price seems unnecessarily pessimistic, as the SP has never gone below 2p in the last 5 years that I can see, so it is hard to envisage a plunge that low given we now have an exploitation license in place and surface equipment on order for Heron-1...
Oilfarmer: I would imagine China would be delighted if Russia could "flood" the Chinese marketplace with oil, unfortunately they do not have the logistics or infrastructure in place to do this... New export pipelines cannot be magically created instantly or shipping routes shortened, unfortunately!
There is a worldwide energy crisis going on and China being the largest importer of crude oil would be happy to take any oil that is going, I would imagine... Brent crude at $123 dollars currently,
Bowley: given the exploitation license was only granted 11 months ago I'd be astounded if the Mongolian government were "focusing" on MATD because it wasn't online yet, as we all know all oil and gas projects go through a process which takes time:-
Conceptual study/Concept Selection - FEED/Detailed Design - Engineering Procurement and Construction
I can't think of a single instance when a project has been brought online in less than one year, and definitely I have not seen this occur during covid. I would have thought an oil and gas / mining "expert" like yourself would be aware of this fact,
I also would have thought the Mongolian government would be more concerned with the plunge in oil exports (down from 24,000 barrels/day in 2015 to 12,000 barrels/day in 2021) and the loss of revenue associated with this, if I was the Mongolian government I would be asking my Strategy Consultant why they didn't put a plan in place to prevent this?
In my experience I generally come across oil and gas experts, or mining experts, I don't think I have ever came across anyone claiming to be both... As the two industries are not exactly similar... But whatever, lets keep the act going!