Petro Matad Share Discussion Threads

[ken chung] 10/7/2023 07:20

Water, water.A fine short.Lemmings and mushrooms only.

[rose_by_another_name] 10/7/2023 07:15

Not a dry well then.

[ak62] 10/7/2023 07:10

perational Update: Velociraptor-1 well results

Result of the Velociraptor-1 Exploration Well

Petro Matad Limited (AIM:MATD), the AIM quoted Mongolian oil company, announces that the Velociraptor-1 exploration well in the Taats Basin of Block V located in central Mongolia reached a total depth (TD) of 1500m and wireline logging has been completed but unfortunately all the reservoirs encountered were water bearing.

The well came in close to prognosis at all levels. The primary objective Late Jurassic/Early Cretaceous Undur Formation was encountered at 1170m and had good quality reservoir sands interbedded with shales over a c. 200m interval. In the secondary objective Early Cretaceous Shinehudag Formation, three thick sand units were drilled with average porosity of around 18%. Good quality electric wireline logs confirmed both objectives to be water wet.

The well will now be plugged and abandoned and the rig will be demobilised. Operations were carried out on time and as budgeted with the full support and cooperation of the local community. The well results will now be incorporated into the Company's interpretation of Block V before any further operational activity is undertaken in the area.

Mike Buck, CEO of Petro Matad, said:

"The results of the Velociraptor 1 well are obviously disappointing but such high impact targets, drillable at modest well cost cannot be ignored when exploring frontier areas. The well provides a valuable new data point to help unlock the hydrocarbon potential of the southern Gobi. We will now incorporate the well results into our overall evaluation of the area. Meanwhile our operational focus shifts back to Block XX where the Heron development offers near term oil production and revenue generation and where low risk, near field exploration opportunities have already been identified which provide exciting upside potential.

LOVELY

[bones698] 10/7/2023 07:03

And that's this down 60% today . Should be mats the water discovery company lol .

[pr0t0n] 09/7/2023 17:01

another pointless idiot
-----------------------
Plenty around.
No point engagin`.

[telbap] 08/7/2023 13:49

@robert.....not even one month old and you know the market so we'll??Let's see some of your alternative log ins?

[gosoftly7] 08/7/2023 08:58

It would be great if MB outlined what is required between now and producing oil and the expected timeline and costs.

There are going to be issues - is the original well bore still in good condition after all this time, are any more permits needed.

Clarity would be great.

Hopefully we get lucky with Velociraptor.

[neo26] 07/7/2023 15:49

Velo duster 2.5p then they should have released LP, would have been 6p plus

[johnjames876] 07/7/2023 15:33

Anyone else been offered the placing at 3p

[roberth176] 07/7/2023 15:15

Pump n dump Back to 4p and below

[jungmana] 07/7/2023 15:10

Neo, LP news came first unfortunately and can't be withheld. Fingers crossed Velociraptor is not a duster or else we will see 3p again

[neo26] 07/7/2023 14:51

Jung, Could have held off with news until velo drill results.Heron permits are bigger news. We all know 4/5 chance of duster. Then they should have released heron LP rns.

[jungmana] 07/7/2023 14:38

Has the well results leaked or what?

[telbap] 07/7/2023 14:05

Lol 13.06.23. Ok Robert we are all listening

[roberth176] 07/7/2023 13:28

Overvalued at 42m mcap

[everready1] 07/7/2023 13:17

especially as you haven't bought on and no doubt waiting on the wings lol

[jungmana] 07/7/2023 13:07

Am in for the ride with average under 4p. Fingers crossed they are successful

[pro_s2009] 07/7/2023 13:00

Complex geology this aea.... If they strike oil it will be impressive... The odds are against them....

[jungmana] 07/7/2023 12:52

Neo, I know but 20% is actually good cos.Not long to go now

[neo26] 07/7/2023 12:51

Jung its cos is 20%, so i would have got that out of way before the news yesterday...

[jungmana] 07/7/2023 12:31

Good Velociraptor well results will see this go through 10p with ease. Prospective resource of 200 mmbbls is huge making this well one of the largest drills onshore anywhere in the world for 2023.

[neo26] 07/7/2023 11:47

They should have released yesterday news after drill results.

[steephill cove] 06/7/2023 10:54

I have investments in both