Petro Matad Share Discussion Threads

[taxibabe] 18/6/2019 12:18

thanks for clarifying

[pro_s2009] 18/6/2019 12:02

Red Deer-1 cost is 2.9m US$

Heron-1 cost is circa 2.5m US$

Gazelle-1 cost is circa 2.5m US$

Further Block XX well would be circa 2.5m US$ or Block V drill would be circa 7m US$


So drilling costs either 10.4m US$ if all Block XX or 14.9m US$ if a Block V drill is the last drill and not Block XX.


They are, fully funded for all the drills.

[taxibabe] 18/6/2019 11:59

I mean After the results came out yesterday not overall

[taxibabe] 18/6/2019 11:57

yeah I mean since the results not overall. ?\ The cash burn is high

[gaffer73] 18/6/2019 11:55

Yes that's why it's gone from 1.6p to 7.5p hey

[taxibabe] 18/6/2019 10:53

the market clearly has doubts

[grannyboy] 18/6/2019 09:52

They would have put a sizable amount down on the signing of the drilling contracts...THEY HAVE STATED ON NUMEROUS OCCASSIONS THAT THEY ARE FULLY FUNDED FOR THE 2019 DRILLING CAMPAIGN..

[taxibabe] 18/6/2019 08:54

They have spent about $19 million of the $35 million raised and I dont think they now have enough for the projected 4 wells? Maybe 2 if your lucky. They had better be as good at finding oil as they are spending money from the rights issues otherwise its game over.

[trulyscrumptious] 17/6/2019 08:39

Good timing for the results and it gives us the update that all is well, just what many wanted and I expect it has locked out a lot of Friday's sellers who will have to pay more now if they want to be a part the excitement!
More news to come such as rig mobilisation for starters, clever MB with the timing of this. Good luck all holders and to the new investors joining as it is still early days.

[2solaris] 17/6/2019 08:31

Great to see everything is still on track with four wells to look forward to. I can't believe the share price is still so slow as there is so much ready to kick off within weeks now.

[pro_s2009] 17/6/2019 07:27

From todays results :


2019 Operations and Outlook

To fulfil the multi-well drilling programme for which the Company raised funds in 2018, two drilling rigs have been contracted for the 2019 campaign.

The Company has contracted with DQE International, Mongolia's most experienced and active drilling operator, for its Rig 40105, to drill the Heron 1 and Gazelle 1 wells in the north of Block XX. The contract gives the Company the option to drill an additional well to allow for immediate appraisal of any discovery made during the 2019 drilling programme. Any discovery will be tested using a separate workover rig. DQE's rig was drilling in neighbouring Block XIX up until the end of the last drilling season, so mobilisation is expected to be short and logistically straightforward.

The second rig contract is with Daton Petroleum Engineering and Oilfield Service LLC, for their Rig DXZ1, to drill the Red Deer 1 well in the south of Block XX. The contract gives Petro Matad the option to drill a second well, to either appraise any discovery made in Red Deer 1 or for drilling in Block V in western Mongolia. Any testing operations will be performed by a separate workover rig. Daton's rig was working until the end of 2018 and is currently located approximately 125 km east of the Red Deer location, so mobilisation to Block XX is relatively short.

The Company expects to spud Heron 1 in early July. The well will be drilled to a planned TD of 3,050 metres and will take approximately 40 days to drill and log. The Heron Prospect is the southerly extension of the proven oil-bearing structure drilled by the T19-46-3 discovery well in adjacent Block XIX. The latest mapping based on reprocessed 2D and newly accessed 3D seismic shows the majority of the structure, including the crest of the trap, lying in Block XX. The Heron Prospect is estimated to have mean recoverable prospective resource potential of 25 MMbo. Heron 1 will be located 1.1 km south of the T19-46-3 oil well and is prognosed to encounter the top of the primary reservoir targets at approximately 2,800 metres.

On completion of operations at Heron 1, the rig will immediately move to the Gazelle 1 location. The planned TD of Gazelle 1 is 2,500 metres and the well is expected to take approximately 35 days to drill and log. The Gazelle Prospect is located on the south-western flank of the Tamsag Basin, which is the primary source kitchen charging the Block XIX discoveries. The Gazelle 1 well will be drilled 5 km west of Heron 1 and 4.5 km southwest of the T19-46-1 oil well in Block XIX. The mean prospective recoverable resource assessment for the Gazelle Prospect is 13 MMbo.

The Red Deer 1 well will be drilled with the Daton rig and is expected to spud later in July and is forecast to take 35 days to drill and log. The planned TD of the well is 2,100 metres. The Red Deer 1 well will target a basin centre, fault bounded, structural closure in the southern part of Block XX. The mean prospective recoverable resource assessment for the Red Deer Prospect is 48 MMbo. On completion of drilling and depending on the success of the well, the Company will then take the decision to whether to drill a further well at Red Deer, move the rig to drill a well in Block V, or focus on activities in the north of Block XX.

Running two rigs, with a separate workover rig for any testing operations, should give the Company sufficient time to complete its 2019 drilling campaign before the winter operational shutdown in late Q4 2019.

[matunde24] 13/6/2019 14:13

Dont complain.. Im 7.6

[pjackson2] 13/6/2019 13:42

I jumped in too soon. Could have got cheaper if I waited.
Paid 5.45

[pjackson2] 13/6/2019 13:40

2solaris:Been in these couple months now.
Just glad he secured the rigs
Now let’s find some oil.

[2solaris] 13/6/2019 13:35

pjackson2. Are you still betting?


pjackson2 - 11 Apr 2019 - 23:35:56 - 2151 of 2377 Petro Matad - Fully funded 6 well campaign for H2 2018/H1 2019 - MATD
Whats the odds that Petro China want
the rigs in there block and have
deeper pockets??

[pjackson2] 13/6/2019 10:26

Do matd have a definite
spud date?

[taxibabe] 13/6/2019 09:12

All in the price guys £50 MILL CAP is high for a company that has never succeeded in producing one barrel of oil

[2solaris] 11/6/2019 14:20

Gazelle site almost ready!

[markstevenkirby80] 10/6/2019 11:25

Here she blows

[luckyvince] 10/6/2019 09:43

£39,000 buy. nice.