There's no need for foul language and raging tirades in this podcast, so let's just start with Petro Matad, which announced results of testing at Heron-1.

Peak production recorded during the test was 821 barrels of oil per day (https://www.share-talk.com/petro-matad-ltd-lonmatd-results-at-heron-1-70-metre-oil-column-in-the-well/) and through the period of the test, the well flowed at an average rate of 200 barrels of oil per day. The company will next engage with the Mongolian government to secure an exploitation licence in order to be able to put Heron-1 on to production in 2020 and pursue the development of the discovery.

They hope to secure the tenure of a development area in Block XX with a view to transitioning Petro Matad from explorer to producer with revenue generation. It could be good, but all this (and the postponed exploration of Block V) has to be financed, so there's almost certainly a large placing coming up.

Eco (Atlantic) Oil & Gas provided a Guyana operational update. Multiple prospects currently are being reviewed with further high graded candidates under consideration for a 2020 drilling programme. Hannam & Partners have calculated an un-risked value of £12 a share and for the 5 most material prospects a risked net asset value of 216p a share. Eco is fully funded for their current planned activity and, interestingly, Hannam & Partners think management would sell for the right price.

Angus Energy suddenly decided they needed to provide for decommissioning liabilities, in particular, £1.25 million for the Saltfleetby field, which they got for "free." They're financing all this with a £1.5 million convertible loan note facility (https://www.share-talk.com/angus-energy-plc-lonangs-decommissioning-liabilities-and-associated-funding/) from Riverfort Global Opportunities, who of course will now just start selling shares. It's a strange, rather contrived sounding announcement they’ve put out and somehow I think there's a bit more to this story.

Red Emperor Resources issued its quarterly report. They’ve appointed a new man, John Begg, and are now conducting due diligence on a number of new projects. Cash currently is approximately equal to market capitalisation. I'm sure that a new deal will go in and they'll ramp it, so it's perhaps not a bad speculative opportunity at this level.

Finally, it might be worth keeping an eye on Cadogan Petroleum, which announced a general meeting on 15 November to consider resolutions proposed to remove certain directors. The requisitioners are not happy with the company’s share price, which is not an unreasonable position when net assets are stated at nearly $52 million and the market capitalisation is only £12 million. It could be interesting.

Moving on, news from all the other companies who made announcements last week will be covered in the Sunday blog and I'll be back mid-week with another podcast focussed on whatever interesting looking news comes along in the meantime.