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Absolutely D1nger. That is what I was thinking about from the very beginning. Why would the BG management decide to put millions of pounds at risk and drill the well in block if there is little chance of success? BG was very good company with clever management and Mike itself being wise man knew this well and therefore decided to start his first drill with SL. Therefore, I will not surprised and almost sure that on the next week (or at the begining on second one as the latest) we will get staggering news of the oil discovery and in volumes possibly exceeding pre-estimated. Have a nice weekend all true Matadors and even much better weekdays full of fonderfull events and news.
Improving deep and ultra-deep well drilling technologies.We undertook researches on technologies concerning safe drilling, speed and efficiency enhancement, wellbore stability and heat resistant drilling instruments for HTHP wells. We developed key tools and facilities like PDC drill bits, torque oscillator and high temperature MWD system. We improved the safe and optimized drilling technology for complex ultra-deep wells, hence supporting the evaluation of tectonic zone in piedmont in Eastern Sichuan and the exploration discovery of Shunbei Oil and Gas Field. We refreshed the record of deepest well in Asia by Shunbei Appraisal-1 well (8,430 meters) and Appraisal-2 well (8,433 meters) in succession. Throughout 2017, there were 93 ultra-deep wells drilled and finished, with an average well depth of 6,755.81 meters, a mechanical drilling speed of 6.48 m/h and a drilling cycle of 104.34 days.
Average drill depth of 64.74 metres per day which means TD on snow leopard should be 52 days. Tomorrow is day 55, Sunday is day 56 and Monday is day 57.
According to Sinopec average drilling rates then Wednesday past should have been terminal drilling date.
Going by the above then a duster should have been declared by now. Another day closer to 70 day drill completion estimates and we have not heard any news. The longer we wait the likelihood of an oil strike increases IMO.
It appears that the $7m invested in the snow leopard drill may prove to be the correct decision.
Remember that White Horse is our favoured target and we should be looking at why Matd and Sinopec haven't called it a day and moved on.
In my opinion it's because Snow Leopard is full of oil.
MisterP,I've climbed into a shell, cocooned from the deramper brigade,I filtered those that spread there venom, I see mention's but this is heaven,some might think I'm buried in the sand,but I no longer want to know these bandits,Mongolia flowing in billion,s of barrels of oil,its coming
We have 91 days left of the drilling season (End of Nov).
Sinopec Rig - SL 17 days left - Mobilise to WH (300km) - 1 week max (based on timescales to move 1100km for SL) - Rigged up - 2 weeks max (based on timescales to rig-up for SL) - Spud Wild Horse 25 days (2017 Sinopec quoted 20 days however since appointed of MB decision to drill a little further TD 2000m) Total number of days 63 days Total number of float in drilling season 28 days
Petro China Rig - Site Prep at Gazelle, well site construction and on site water well drilled for operations (2 weeks) - Mobilise rig from Block XIX to Block XX (Gazelle) 30km (2 days Max). - Previous DT drills in 2010/2011 took 14-19 days to spud, cement, case, mobilise to the next location and rig up (average of 1800m). Gazelle is 2200m TD therefore I expect this to reach TD in 3 weeks (21 days). - 4th drill to be confirmed. Presentation (25th June) includes the 4th drill TD of 2000m (average TD in Block XX) therefore I'd expect this to be of similar timescales 3 weeks (21 days). Total Number of days 58 days Total Number of float in drilling season = 33 days Total Number of float Q4 to end of drilling season = 61 days - 42 days drilling = 19 days
In between, parallel activites will take place inc - Site Prep at Wild Horse (due to commence late August I expect this has already begun should the programme remain). - Block XX rig contract (spud depends largely on rig availability, I suspect the contract will be signed once given the thumbs up from DQE, I expect this news to be imminent should the programme remain). News on multiple fronts; this could differ in content dependent on SL results. E.g. appraisal well SL-2 if positive. - Site Prep at 4th drill (TBC). Potentially Heron. To be confirmed soon.
All complete guestimates on my part and all IMO however just wanted to provide some comfort to PIs that there is still time.
VCB2, I think he has forgotten it all judging by his posts, I repeat he offers nothing here whatsoever although I am pleased to see he now refrains from signing off all his posts with the ridiculous 'In MATD we trust' mantra!
That is the only positive thing I can say about him
Could be partly right....MMs helping some of their mates to close their shorts as we enter the main deeper zone. Could poke that this weekend or early next week. Some new investors also trying to time it right. Combination of the above 2 may be the case today.
From here on, each day drilling becomes key.
Snow Leopard is the deepest drill of the lot, testing the deeper layers also. Will find out soon anyway.
Nice try B/H: As you know I solely deliver "balanced opinions" on this board; and as opposed to you I don't make hazardous SP predictions which as you should know by now are a big mistake - particularly when made under your label. Good luck to you just the same!
I think Most of investors are looking for 1000% up one day or maybe 2~4p down no problem..
And most of investors are not intereting 10% or 20%up.
I am holding alot of MATD shares.
I don't care just 10% up or down. Even zero no prpblem.
We have 6 chances, not only one chance.
Very very very positive...Holding tight....
We will reach rhe MOON within 10 month.