Petro Matad Share Discussion Threads

[big brother8] 09/9/2019 21:12

I did tell the jackoffs I was sucking them in the slaughterhouse.

[alistair4444] 09/9/2019 19:07

Thanks Pro for your Upstreamonline.com Mike Buck update, surprised share price open up 30% & ending down 0.3%

[pro_s2009] 09/9/2019 18:51

Yes, if the Red Deer-1 rig goes off there they can spud mid October and be complete....as in Block V area the weather is milder as was proven last year drilling Wild Horse. They can drill well into November and early December even over in Blocks IV and V.

It really does ooooooooooze confidence that Mike is doing this, to me, this says....Heron-1 is commercial and better than expected.

[2solaris] 09/9/2019 18:45

Velociraptor is very shallow, therefore very cheap and quick to drill, maybe they will get two wells in the area while the rig is there and before the weather turns too cold. I remember he was very keen on this prospect.

[pro_s2009] 09/9/2019 18:30

mpls, I think it also shows Mike is confident that Heron will be commercial. No rush to find some oil to declare commmerciality in the license area.......job done....move to Block V and drill the Raptor........

To me that oozes confidence in Heron.

[mpls] 09/9/2019 18:27

I guess since it might take up to 30 days to appraise Heron MATD can't wait for that result before deploying the 2nd rig from Red deer, hence no furhter well on Heron but moving to the big prospect.

[pro_s2009] 09/9/2019 18:27

Also look at Mikes comments on Red Deer-1 so far....


The well is being drilled using rig DXZ1 supplied by Daton Petroleum Engineering and Oilfield Service but has been delayed due to equipment-related issues, with drilling results due in mid-September.

Buck said progress with the well has been in line with expectations and “there have been no surprises” in terms of the stratigraphy of the targeted structure, adding that this was “positive̶1;.


So......they are not in the target zone yet, but everything is as per pre drill estimates.....no surprises.....which means.....the 3D showed a big potential reservoir and so.......something must be there.......might be water, might be oil......but its exciting that everything is "positive" so far and they are nearly into the main target zone.

[pro_s2009] 09/9/2019 18:23

Whilst disappointing not completely unexpected. The big buyers will want confirmed flow test and commercial declaration from Heron-1......then it all changes.

In the meantime.........Red Deer-1 into target late this week/weekend.....results late next week :)

[gaffer73] 09/9/2019 18:19

Very disappointing action today

[2solaris] 09/9/2019 18:12

Thanks for all that Pro, I am not a subscriber so not privy to that information. Pity MB doesn't share his information with shareholders, I wonder when we will be told officially that Velociraptor is the 4th well, Malcy didn't mention it.
In talks with Petro China, are these new talks, if so, you would think shareholders should be informed?

[pro_s2009] 09/9/2019 17:50

Mike seems confident, going for Velociraptor as the 4th well........the biggie in Block V.


.......He revealed the fourth and final well of the campaign will target a prospect dubbed Velociraptor - named after a dinosaur in the Jurassic Park movies - in its Block V in the west of the country that has prospective resource potential of as much as 200 million barrels............




Petro Matad in Mongolia oil strike

London-listed explorer hoping for commercial flows from discovery amid talks with PetroChina for possible early development Steve Marshall

9 Sep 2019 07:29 GMT Updated 9 Sep 2019 14:04 GMT
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Petro Matad has hit oil pay with the Heron-1 exploration well sunk on its Block XX in eastern Mongolia.

The probe, which was earlier stalled by land use issues after being spudded in July this year, encountered a 77-metre gross interval of potential oil reservoir after being drilled to a total depth of 2960 metres into the primary target in the Lower Tsagaantsav reservoir, the London-listed company said in a statement.

It stated the reservoir interval, which included both oil and gas shows, was “very similar” to productive reservoirs found in wells at the T19-46 oilfield immediately to the north in PetroChina-operated Block XIX in the landlocked East Asian country.
The well, which was drilled as an appraisal to the latter oilfield, had a pre-drill resource estimate of 25 million barrels of mean prospective recoverable resources.
Casing of the well is now being carried out ahead of a testing effort that is likely to require a further rig to be brought in.

Petro Matad chief executive Mike Buck said the test is aimed at delivering commercial oil flow rates so the company can move into the exploitation phase at the discovery once its exploration licence on the tract expires in July 2020.

“We have already been in dialogue with PetroChina with a view to using its existing field infrastructure to develop the find so that we can move into early production, contingent on commercial flows,” Buck told Upstream.

He added that commercialising the discovery would enable it to retain the block so that it could continue to appraise further possible finds on the acreage.
The well was drilled by DQE International’s rig 40105 that will now suspend it and then be mobilised to drill the Gazelle-1 hole in the same block, one of three Mongolia tracts wholly owned and operated by Petro Matad.
The Gazelle prospect lies roughly five kilometres west of Heron-1 and has been estimated to hold mean recoverable prospective resource potential of 13 million barrels.

Petro Matad aims to spud the Gazelle-1 well by the end of September targeting a structure that is on trend with a pair of oilfields operated by PetroChina to the north, with a 50% to 65% chance of success for the probe, according to Buck.
The company is meantime also drilling the Red Deer-1 well in the southern part of the block that was spudded last month and has mean recoverable prospective resource potential of 48 million barrels of oil.

The well is being drilled using rig DXZ1 supplied by Daton Petroleum Engineering and Oilfield Service but has been delayed due to equipment-related issues, with drilling results due in mid-September.

Buck said progress with the well has been in line with expectations and “there have been no surprises” in terms of the stratigraphy of the targeted structure, adding that this was “positive”.

“We thought we understood the geology here and that has been borne out,” he said.
He revealed the fourth and final well of the campaign will target a prospect dubbed Velociraptor - named after a dinosaur in the Jurassic Park movies - in its Block V in the west of the country that has prospective resource potential of as much as 200 million barrels.

The company will thus be returning to the block where it came up dry with the Snow Leopard-1 well drilled last year, although Buck said this probe also demonstrated there was a working petroleum system in the tract.

He said there was additional prospectivity of around 200 million barrels on either side of the prospect that could potentially double resources in the event of a discovery.

“The block has larger high-impact prospects that we hope can build on what we have going on in the east where we hope to generate early production revenue from possible discoveries,” he said.

However, the drilling campaign could be extended with further wells as Petro Matad would be keen to use the rig to drill more than one prospect in the east, he added.
He admitted though “we are still scratching our heads” over prospectivity in the company’s Block IV in the west where the Wild Horse-1 well drilled last year came up dry but showed source rocks exist.

Petro Matad has recently gained a two-year extension of the exploration period for blocks IV and V to July 2021.

[alistair4444] 09/9/2019 17:45

Poor show if left to a blogger to update us not in company RNS

[pro_s2009] 09/9/2019 17:36

Looks like a rig problem at Red Deer-1 has caused a delay. But drilling ahead now. People were speculating that Red Deer-1 should have been into the target zone some time ago, looks like it will go through the target zone later this week or at the weekend.

[alistair4444] 09/9/2019 16:27

On Red Deer delay not in RNS last week on 3rd Sept have emailed Mike Buck for an explantion.

[pro_s2009] 09/9/2019 15:50

Very interesting on Red Deer-1 as well......


.......Recent speculation about that well is just that, after some slight delays due to kit on site the bit is only ‘close to objective depth’ but should reach TD in mid September before logging..........


So still not into the target as yet........soon will be.......

[pro_s2009] 09/9/2019 15:46

Link to Malcys write up.



.

[2solaris] 09/9/2019 15:23

Now we know why Red Deer is a bit later than expected. And Mike Buck is 'delighted'. He didn't tell us that!

[2solaris] 09/9/2019 15:20

From Malcy:

Petro Matad
The company announces that at Heron-1 TD of 2,60m has been reached with gross reservoir intervals appearing to be very similar to the productive reservoirs found immediately to the north in block XIX. Casing is now underway and discussions have taken place with the testing contractor to determine how quickly kit can be mobilised to the location. The timescale should be within one month and hopefully a great deal less, as the company are keen to get a flow rate and to get stimulation of the well underway.

The primary target was encountered at 2,803m some five metres shallower than expected which I am told is a good sign as was the predominantly sandstone interbedded with shales and siltstones found slightly deeper. The company are ‘encouraged and the well is better than expected’ and in my call with CEO Mike Buck this morning he was clearly delighted, particularly with the porosity and permeability in the formation a pleasant surprise.

Petro Matad is only up 5% today which is a touch parsimonious but to be fair puts it up at or near recent peaks and the market knows that they are also drilling the Red Deer well at the moment. Recent speculation about that well is just that, after some slight delays due to kit on site the bit is only ‘close to objective depth’ but should reach TD in mid September before logging.

The rig will shortly move off this site and move to drill the Gazelle-1 well which it should spud in late September which means that there is still plenty of excitement due for the company. Should Heron go on and be the success that it seems they will be able to kick on with plans to make the next steps of the operation to start producing commercial hydrocarbons from Mongolia, which they thoroughly deserve, after all some of us have been waiting a long time for this moment…

[pro_s2009] 09/9/2019 15:14

Just people derisking ahead of Red Deer-1 results next week.


Red Deer-1 is good - everyone who sold will feel a fool and the share price will fly upwards. They will miss a significant rise before they can buy back in.

Red Deer-1 is bad - everyone who sold will buy back in like crazy before Heron-1 flow test results. They will make a turn on RD-1 bd news.

Thats the situation now.

[jrewing3] 09/9/2019 14:57

10p finish?

[magnetformoney] 09/9/2019 14:51

Here you go chaps. Just so UTR doesn't dupe you. The man who looks for 200mas on monthly charts pmslMatd gap https://imgur.com/gallery/Jx1INfa

[2solaris] 09/9/2019 14:39

unlikely2. If he had included the word, pleased, in the opening paragraph the reaction may have been a bit different as omitting it is often considered negative. The RNS was obviously written last week and the Twitter feed added the missing word this morning.

[magnetformoney] 09/9/2019 14:19

Perhaps you should check the lower one!!!!