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Proselenes: You've mentioned the reasons for the change in drill schedule earlier on and - for me - it makes perfects sense. We need to accept that exploration drilling is not done in an ideal world and that PM's operations need to adapt to the circumstances. What's important though is that Mike and his people are doing their best to make things happen while being forced to adjust their plans to the obstacles of (regulatory and corporate) reality.
When MB first arrived the plan was Wild Horse then Snow Leopard.
MB dropped Snow Leopard and made the drilling plan Wild Horse then Falcon.
Subsequent 3D work on Falcon revealed extensive faulting and it was far smaller than thought, whilst at the same time the 3D showed a great new target Fox-1.
At that time the only wells with permits were Falcon and Snow Leopard. (Wild Horse was waiting on permits).
This meant the only choice was to reinstate Snow Leopard and drill that first, whilst they waited for the final permits for Wild Horse-1 (which eventually was granted in August 2018).
Thats how the drilling plan worked out........SL-1 was dropped but then had to be reinstated as it was the only well with permits that could be drilled in 2018 (pending the final permit for Wild Horse-1 which was granted during the Snow Leopard--1 drilling).
But when we look at today's shocking price it becomes clear that the current level of company's capitalisation does not reflect either its tangible assets or real potential. Therefore I remain confident that our risky investment in PM is fully justified. And the most important reasons of this are the presence of the big oil in Mongolia and the search is conducting by higly professional BOD capable to find it. And the only question which a bit straining me is this: are this BOD desperate to find it as soon as possible or feeling quite comfortable with their personal finances and can play another tricky game as it was done by all previous BODs? And if they are going to play again then we were wrong about these people on which we hoped. Because true professionals cannot be indifferent to the time of proving their qualification. Furthermore, any new trick and even placement can put PM in complete destruction. Therefore I think that this BOD have no more than one year time from now to discover the oil and our mysterious journey with Matad through this dark tunnel will last till November 2019. During this time we have a small probability either lose what we can afford to lose or huge chance to make our investment multifold either soon via WH or 4 drillings in the next year.
Many thanks @2010PM. That gives me a better insight as to how it was changed. I was searching for a while online to find any additional information or logic e.g. did they drill any core holes, have they done any other scans or checks or assessments? etc., etc., as I think the increase in the estimated amount was quite substantial.
Best of luck to all and fingers crossed for some good news.
BigB - nice one - to answer the question - when the original estimate was done by the previous MD . When MB arrived he brought his own experts on board - they/he after a further review changed the estimate. At the same time Falcon was removed from the drilling program and SL was decided to be drilled first and WH second. Later Red Deer and Fox were introduced also.
Hope this helps !
If that's the only reason/logic to increase the estimate, then fair enough. I just wondered if there was any other reason or logic to it, or any other information that I haven't come across, to explain the increased estimate.
"Wild Horse prospect (Block IV) resource potential upgraded from 290MMbo to 490MMbo based on revised mapping and volumetric assessment."
and then further down it states:
"In Block IV, a review by the Company's technical team of the Wild Horse prospect mapping and volumetrics has increased the prospective resource potential to 490MMbo from the previous estimate of 290MMbo."
Has anyone found or come across any other explanation of why this estimate was changed?
Not much stock Bench?
Two placements in 5 months, plus another one coming in the not too distant future?
The last placement was the real killer, as those poor punters bought on false pretenses that Block XX would be drilled.
Equals mkt cap if 19.9m with 4 fully wells to come targeting 250 million barrel.
Aaog the 1 trick pony had a 20m mkt cap last week with 1 fully funded drill and targeting 37m barrels of oil. Lol
Lots of scare mongering at the moment. If fundy was gonna derisk he wouldnt tell the whole world on lse. My guess he sold on spud announcement and now looking for a cheap entry.
As for mr orange... AKA iammrorange on twitter sometimes pumps or deramps when holding same stocks as fundy. Tag team hold on to your shares guys People want them.
On friday we had 1 mm at 5.75p all the rest were higher. You guessed it the parasite market maker JBER!
Bright anomalies tend to be gas..........gas gives the brightness. And the brightness conforms to structure boundaries, which suggests its either a gas or liquid thats held in place by the seal and formation.
4 way dip structures have seen the biggest oil discoveries all over the world, they are highly prospective.
Thats why Wild Horse-1 has excited everyone who has looked at it and everyone wants it drilled. Now..........that does not mean its full of oil - but it makes the prospect an absolute must drill.
Good luck all (for the record I still hold over 1 million shares and very happy to do and will keep holding in the event of a duster all the way through to Fox-1 and the Block XX drills next Spring.)
The anomaly, that indicates gas,is that just p1 to p5 petroleum gas,s,now it could be possible that those gases are a result of an unbroken seal, I doubt they are rising off a tank of water,but who knows.
Let’s hope so, the point is the market is just so risk off atm and is in the middle of a big sell off, investors just are not willing to risk losing 50% of their capital on a 5 to 1 shot. Yes Matd have failed so many times in the past but imo the main issue is the wider market conditions and the low COS. The Edison report was a hammer blow for Matd because when they stated WH drill had a 9% Chance of hitting commercial oil investors started to run a mile. So many read these reports, and because Matd have not given a COS the only thing investors have to go off is the 9% in the Edison report and in this market ppl just won’t take the gamble. I personally don’t mind cutting half my holding for a loss I was banking on a pre spud rise but it never came hey ho, will hold the rest for a gamble if they miss and it hits 3p I will just stick them in the bottom draw and wait until May 2019, as long as you can afford to lose 50% on a duster it’s worth the gamble imo
Not an invitation to buy but after reading your post fundraiser do remember the old maxim about the stockmarket liking to disappoint/hurt the most people possible and wonder if this drill -with everyone on the sidelines-will be the one that hits. Be just like MATD to hit a gusher and open up in the teens with no one onboard but the MM's.
Would give us a mkt cap the same as BPC what have no partner and no funding..!!!
it would also give us a 5.5m less mkt cap that I3E that need a partner or funding for there 80m barrels potential target.
We would still have 4 fully funded drills targeting 250 million barrels of oil!
Each drill is life changing if they come in.
Bpc current mkt cap 19.5m
No partner , no funds for drilling
I3e current mkt cap 25m
No partner or funds for drilling.