Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Today is day 70 of an estimated 70 day drill completion at Snow Leopard and I would suggest that the probabilities of success prior to the drill to now has changed.
A success case of 20% was generally agreed prior to drilling but there are a number of factors that need considered now which suggests the success case is now a lot higher than the original estimates.
1. Matd committed $7m to this drill.
2. Sinopec advertise that they can achieve an average drill rate even during ultra deep drilling of over 60m per day.
3. Sinopec should have reached TD around day 52.
4. The last eighteen days could have been used for wire logging and testing.
5. Why test a duster?
6. Wild Horse is the main target and a priority for Matd.
7. A duster at Snow Leopard would have seen Matd pack their bags and move on as quickly as possible.
8. Only a successful drill would keep Sinopec and Matd at Snow Leopard beyond TD.
All in my opinion and I am quietly confident of a positive RNS this week.
Could be entirely wrong but I don't see any reason for a duster not to be announced before the estimated completion of activities at Snow Leopard unless Sinopec have been really slow with the drill bit.
Have a good week folks, whatever happens.
I think it's also important to note when ****ging off the board and the CEO that in the official fundraising announced on 19th January..."Certain Directors and management of the Company have subscribed for 7,756,017 Subscription Shares in the Fundraising to raise gross proceeds of approximately US$700,000." Mike Buck himself bought 2.7million shares.
A further 5 million shares were bought by other directors and management.
If certain people believe that the board and management of Matd have the sole mission to f*** up at every opportunity then they must believe that those representatives of Matd that took part in the fundraiser spent a large chunk of their salary to shove a dildo up their arse.
Come on guys, can you really question that Mike Buck and everyone involved is not doing their absolute best to make this company a success?
Lack of information provides doubt, I get that. But they all took a leap of faith and put their money where their mouth is. I am more than comfortable to remain invested as I believe they are doing what they can to be successful so that we can all reap the benefits.
Best wishes.
RNS 25th June 2018
Rig mobilisation has been completed ahead of the drilling of the Snow Leopard-1 well in Block V. The well is expected to spud during the week commencing 9 July 2018
RNS 10th July 2018
Petro Matad, the AIM quoted Mongolian oil explorer, is pleased to advise the Snow Leopard-1 well (Petro Matad 100%) in the Taats Basin of Block V spudded yesterday, 9 July 2018.
There's one.
Evening Hamm, nice to see you are still here and just as enthusiastic as ever.
The best answer I can give to your question of why did they release an RNS is that they had to release that RNS as failure to do so would have contravened AIM rule 11 which is
"“An AIM company must issue notification without delay of any new developments which are not public knowledge concerning a change in:
its financial condition;
its sphere of activity;
the performance of its business; or
its expectation of its performance,"
As we have all found out today we will not be drilling block XX in quarter 3/4 as previously indicated which I believe contravenes two of the conditions of rule 11, sphere of activity and expectation of performance.
The important thing to note though is that those same conditions apply to knowledge of a duster at Snow Leopard as it would contravene part 4 which is the expectation of its performance.
We did not have a declaration of a duster.
We have also previously highlighted that according to Sinopec's average drill rate on deep and ultra deep drills then TD should have been circa day 52. We are now at day 61 and the company is looking forward to announcing results of the drill at Snow Leopard.
Take from that what you will but in my opinion the expectations of the company are continuing to be met in regards to Snow Leopard which is 90 million barrels of oil and possibly a lot more.
Personally I would love to wait at least another week to 10 days before an RNS is released regarding Snow Leopard but I think we are now past the danger zone of an RNS release regarding a dry well.
In my opinion it's wet but how wet?
Have a great weekend.
It may have been the same chat and the same theories banded at CHAR but the fact remains that their drill finished ahead of schedule and was declared a duster.
The drill at snow leopard is now theorised to have exceeded the TD based on the estimated average drill speeds quoted by Sinopec.
Obviously nobody on this BB knows for sure as a number of factors can come in to play on site so we all await confirmation either way by RNS.
Matd stated they would make a further announcement on completion of drilling operations.
A duster requires to be RNS'd.
No duster declared as we go into day 59.
Sinopec quoted 50 days last year for 3150m and 70 days this year for 3350m.
I can only assume the extra 20 days is for the controlled drilling through the possible additional pay zones.
We will all find out soon enough but one thing is for sure we will soon be entering the most newsworthy period we have had in a long time and things may get exciting.
Best wishes
Phew. Found it. RNS 05/07/2017 Snow Leopard 3150m, 50 day drill estimate.
New target depth 3350m I am assuming due to 3D exploration.
Original target depth of 3150m at 64.74m per day equates to 48.6 days or circa 50 days. Another 3 days to drill a further 200m still puts us at a maximum 53days drilling.
Now entering day 58, no duster declared as yet.
Are we testing and evaluating?
Only those with access to the drill site know.
The Snow Leopard-1 well, which is targeting 90 MMBO and is the first of the Company's 2018 four well drilling campaign targeting c.600 MMBO, is planned to drill to a total depth of c.3,350 metres and is expected to take up to 70 days to complete. In the event of a discovery, the Company will bring in a separate rig for testing.
The Company will make a further announcement on completion of drilling operations.
Announcement on completion of drilling operations.
No duster announced.
Looking less likely to be dry the longer we await news in my opinion.
Best wishes
The 70 days was for completion of operations which includes well testing I think. I'm going to have to do some more research again but I seem to remember a guidance of 50 days for the drill and the extra time for casing, testing etc.
I don't know if it was rns'd, or if it was in Mike Buck's presentation or a theory presented on this BB but I'm going to have to try and find it now.
Had a glass or three of wine, so if I don't post I've fallen asleep lol.
Cancel that last question. It would be straight away as Sinopec use MWD technology on their drills.
"Some modern drills contain Measurement While Drilling (MWD) technology which relays important information about the well to the surface. MWD technology saves time since it does not require the removal of the drill each time measurements need to be taken."
Duster needs RNS'd .
No RNS yet and Sinopec's average drill speeds suggest TD was achieved at least last week.
Could be issues on site or could be hydrocarbon discovery being tested.
Who knows.
That's interesting MIKEY30. That would suggest that their drilling speeds are quicker on a drill of snow Leopard's depth and that they should be at TD before day 52 barring any hiccups.
How long would it take to establish a duster after reaching TD?
Exactly the point that a few of us have tried to make Johnny. A duster would need an RNS.
Total depth of Snow Leopard is 3350m.
Sinopec are claiming their average drill depth of 6755m averaged just over 104 days which equates to an average of 64.74m per day.
Snow Leopard is 3350m which should take 51.74 days to TD.
We will now be entering day 58 of the drill.
I don't know if the drill speed is slower at upper levels and quickens as it progressively deepens or the opposite with fast speeds at shallow depths and slow speeds at deeper depths or whether a steady speed can be maintained throughout the drill but the indication from Sinopec's own figures is we should have reached TD.
No duster declared as yet and the longer it goes without news I feel that it's less likely to be a duster.
But none of us are there and everything on this bb is speculation.
Best wishes
Hi Johnny. The following extract is from Sinopec's website. It appears they have little trouble in drilling to the depths estimated at Snow Leopard and are more than capable of drilling past 8000m.
Not by any means saying that there will or won't be difficulties but it appears that they are capable and experienced.
Best wishes
"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."
I understand your frustrations Cannons but technically news is not yet overdue.
The timelines issued on the vanadium project had a maximum estimated period of 9 months from the 31st January which takes us to the end of October.
The lithium project was submitted for independent analysis on the 17th July with a timeframe estimate of 3 months.
The important thing to note about the lithium project is that it is being independently tested which means that if it didn't work then what would be the point of spending money testing a dud.
Accudo was a bummer but ultimately if things progress well here, those that failed to back the financing on the Accudo deal might have to give themselves a serious boot up the arse!
2 months max then by all means call for an egm or whatever you feel it takes to get Rosser and Clegg to change gears.
Best wishes.
www.bloomberg.com/news/features/2018-08-30/miners-are-searching-for-battery-riches-in-sweden-s-rock-archive
Cobalt, Lithium, vanadium.
Hope to goodness our Lithium and vanadium processes work.
Best wishes
Obviously nobody here knows the state of play at snow Leopard and we can only speculate but claims suggesting factual occurrences in support of an argument need to be checked.
CHAR announced the duster ahead of the estimated drilling timeframe, just as JOG did with the verbier drill prior to them conducting a sidetrack and making their discovery.
It's just theorising that the longer it takes for news to be announced then the chances of success may increase.
If it's a duster, there's nothing else to do but seal and abandon and move on. If there are hydrocarbons discovered then other work needs to be carried out which takes time.
By my calculations this is day 57.
Best wishes
Picked this paragraph up from Sinopec.
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.
What do you think?
I feel that the longer we go without news from Snow Leopard the more likely we have hit oil.
In my opinion I would think that considering Wild Horse is our main target then the quicker we could close operations at Snow Leopard and move the rig the better.
I feel that the only thing keeping us at S/L is either we have not yet reached TD or we have and there is good reason to stay.
Now entering day 54 of the drill.
All a guess, who the f knows?
Agree Chesh. I feel let down by today's news considering it was the only thing that kept us invested for such a long time.
Fortunately we now have our fingers in other pies and I've kind of resigned myself to seeing this through to the end whether boom or bust.
Try and enjoy the rest of your day mate.
Australia is ours again mwah ha ha ha..
Total world domination!!!!!!
When? Is the question.
I have checked all the RNS releases, PDF presentations and listened to the two Mike Buck presentations and can confirm that there has been NO COS quoted for any targeted drill on blocks IV and V, i.e. Snow Leopard, Wild Horse etc.
The only COS quoted was the 50 - 75% in blocks XX.