Member Info for mikerockfield

At that rate it would take 100 days of drilling to hit TD!

We are definite gone through the first target in my opinion and are more than likely gone through or going through the potential upside area highlighted previously by MB.

Maybe there was little or nothing in the first target, hence the price drop all week, but the potential upside has "potential"?

Yes, and if SL strikes it will prove the basin for further drilling, but it also proves this region of western Mongolia prior to WH commencing.

MrDexter,

That is the most important thing, if any oil is found on SL, no matter if in small volumes, it proves the basin prior to WH and this share will explode.

SL can validate the whole region!!

Yes the volumes are great, we're already at twice the recent daily volumes!

It certainly is..now at 8.4p and we're up nearly 11% today already..keep it up!!

At the current rate she'll be above 8p today!.....7.95p now

A nice 600k buy coming through. Lots of Blue.

Colonel,

That was the main thing, price going down on no volume whatsoever. That just feeds into the whole "MM's playing games" beliefs!

And that my friends is a RAMP! :)

This is a common thread across all oilies. There was a time where a price would go up for a few weeks after spud, but not anymore. Its common across the sector for people to hold cash until closer to TD and hope to catch it on the way up. <br /><br />Look at AAOG, they spudded yesterday and the price fell immediately,and it continues to fall today. <br /><br />Only the long term investors in MATD are in at 10p or higher, if they have the courage of their convictions this will be seen as a topping up opportunity.<br />

Just to clarify, when shorting, shares have to be borrowed and then sold by the person shorting them. These shares need to be returned by a pre-determined date.

So if those who bought the placing are now shorting, then they have borrowed shares, you cant short with shares you own.

If they borrowed shares to short, they will need to be bought back at some stage. Thus increasing the buying volume. It would be wise not to gamble with these in case of news and a good opportunity to sell now at lows near 7.5p. They would have de-risked their placing by over 25%.

SM123: Daily mark down? It finished the day unchanged yesterday!

Please correct me if I'm wrong Fundy, but in order to recoup losses by shorting, they would have to sell their shares from the placing or get shares elsewhere first.

If they got shares elsewhere, then they can replace them with their placing shares.?

If that volume of shares is being shorted, we should expect a flurry of buying next week.

Unless you have inside information you'd be crazy to keep it open after that.

Yep, so they can mop up shares. The volumes here are pathetic, and the price is not being effected by them, it is solely driven by the MM's.

Yesterday, 00.57% of the companies shares were traded, practically none, and the share prices is moving??

To be fair to MM's there is not a whole lot more for them to do only play with this up an down. They have nothing to work on, positive or negative, until we get an operational update. They have to pass the time too ya know!

Redman, I don't see why he'd wait for an all encompassing RNS. It would be more profitable to release as they come.. The only reason I believe he is holding back on Block XX is that he's waiting for good news on SL. It could be used as leverage in a farm in deal with the likes of Petro-China, who's rig we'll be using there.

In the main Mikey and Ronin are correct, most rigs work 24/7. But it was posted by others previously that Sinopec work a single 12hr shift. It was also stated that their average drill rate is 45-50m/day based as an average of all their work worldwide. This would explain the 70 day programme.

Is this programmed to spud today?

Thats the thing we're not. We are may days away form expected news!..The last RNS told us they would update after the 70 Day drill programme, we are now on Day 36.

Everything else with regards drill rates, depth we are at, oil shows, no oil shows, all of it is pure assumption none of it is based on any information that we currently have.