Member Info for MIKEY30

LSE hasn't updated the number of shares in issue still. Current market capital is 56m. The NPV estimates on the Appraisal wells in Block XX results in am NPV10 = 80m at the 50%-75% COS we'd be sitting about right if we weren't targeting another 820MMBO. Accumulating the NPV values on all prospects puts us at over 6.4 Billion. Even with a conservative chance of success it's clear that a 56m market capital is ridiculous. We have over 90% COS of hitting oil at 1 of the 6 drills assuming SL and RD at 20% alongside WH, Fox at 25% (with 3D) and the Appraisal wells at 50%. We will hit oil. Even if we were to only hit at Block XX (15MMBO) this year the share price should be min 12p...this is highly likely...and this will put the company is good stead for a farm-in partner who is mainly interested in Red Deer after asking for approval from PM to take this prospects data back home with them. If WH is a winner then we could be looking at a hell of a lot more than 480MMBO as MB has ensured permits are in place for 2 locations (Appraisal well) in the event to adjust the drilling programme so that Sinopec's rig drills 2 wells in WH (Block IV) to postpone Fox (Block V). The numbers are large here. Bigbench is right. One sniff of oil from ANY of the prospects (even the low hanging fruit as MB calls it - Gazelle + TBC) will provide the confidence that is currently lost in this company and restore the enthusiasm the investors and Farm-In partners once had.

DGInvestor, worth a punt. All planned drills are funded for. News on first drill (Snow Leopard) could be anytime from now until completion (TD due date 16th September inc logging amd evaluation of results. Overall friendly board... knowledgeable posters.

- Update on SL drilling to first primary objective - Site preperation for WH - Confirmation of 4th prospect (Block XX) - Status of Fox permits - Completion of rig contract for Block XX

2010, audio released on the 10th July 18th minute confirms they have permitted all 5 prospects in Block XX.

Yep, they see a date in an RNS and straight away use this as ammo to their strategy to ramp/de-ramp (text book). We know discussions were running smoothly with Petro China, this is one bit of news we are sure of that won't be delayed. The rig is available throughout Q3. They plan to start spud late Q3/ early Q4 therefore site prep must commence no later than the start of September. I suspect we have already finalised the contract and MB is collating an operational update on multiple fronts as we speak. We are 31 days into drilling so by next week I expect we will have completed logging and evaluation of results for the first main zone. Wrap up of site prep for WH can also be included. Even with positive news I don't expect anything Wrt a farm-in partner at this early stage.

- 2 well drill programme to a 6 well drill programme. - Parallel drilling with Appraisal wells (2 rigs). - We have now spud, we were still in the process of bidding for a rig at 110m. - Efficient and knowledgeable CEO (geologist by trade). - 4 interested farm-in partners instead of 1 interested farm-in partner. - 200km 3D siesmic in Block V beforewe had 0km 3D siesmic. Yes we have more shares in issue and large investors who can manipulate the share price to an extent however the market cap is still undervalued and the placing price reflects this. One strike creating volume will return us to where we should be the list goes on.

It's laughable Mr P. None of the NPV estimates for a strike at any one of the 6 wells has been factored in for a potential discovery making it that much of an opportunity to collect shares now. Very little downfall IMO.

2010, they've mentioned potentially Heron as the 4th prospect. Already producing oil in Block XIX and next door to Gazelle for easy mobilisation. This has yet to be confirmed mind, making me believe this is a plan B should they mature another drill location in Gazelle as the prospects improve westwards or information captured from discussions with Petro China themselves.

Fund, you're like a kid in the back seat of a car continuously asking "are we there yet?" Let them drive this project forward. We're not delayed. We have time.

They're running back to back/in parallel. Wild Horse is 20% COS too. The NPV and IRR figures should provide some insight (although based on some assumptions) why people should not sell now. The market capital is already low and has not risen on anticipation of potential results. If this comes out as a duster IMO there is little downfall. However if this hits the 90MMBO expected then this should also prove the 14 other prospects within the basin and will provide confidence in Wild Horse data. The SP will shoot and any subsequent discovery although will impact greatly will not compare to the initial rise when people could have got in at a ridiculous 8p price on a massively undervalued share due to delays, placings, and currently not in production. Each to their own...

Dusterinmong, I suggest you revise the 'At least one rule' in probability. The chance of success that we hit at one of the 6 drills is over 90%. 1-(0.8x0.8x0.5x0.5x0.75x0.8). This is working to conservative CoS (50% appraisal wells and 20% red deer).

May have had some part to play however I'm leaning more towards getting the placing in as early as possible before results are evaluated at a share price which was steady to ensure the company is in a strong position financially and once de-risked can bring on a big player farm-in partner.

Have a great day cruising mate!

Chill people. The adjacent prospects to Block XIX already have permits and the chosen rig for finalising with Petro China is located 30km away from Gazelle. We're also in discussions with Petro China regards a test rig should we find a discovery this is in place as per the call-off contract we have with them. I would expect site prep at Gazelle will need to commence late August to enable spud in late September. A lot of activity is happening in parallel. Let's see where the next few weeks takes us. There is no indication that we are delayed at all.

Sinopec website - "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". These numbers result in the average drilling speed of 6.48m/h being operational for only 10 hours per day (average of 65m a day). I'm aware that a number of drill operators will work 24/7 (shift) however this makes me doubt this is the case for Sinopec. In which case the TD of 3350 calculates 51 days of drilling. This ties in with the quoted 50 days last year when the TD was slightly lower. The 20 days I believe are some form of contingency however it is worth noting that they will need to cement and tube each zone as they drill deeper and time for the cement to cure should be factored in.

Oilfated, Mix up in the sense that the 2019 funded wells next year are fox block V and red deer block XX. We also have 2 adjacent appraisal wells in block XX gazelle and tbc.

Even with conservative drill times intermittent news on the first main target is drawing close. I suspect they'll tag the current status of SL on the back of an operational update to confirm the rig for Block XX. Details of specifics correlating with how positive the findings are.

Hi cash2, they've carried out core samples in blocks IV and V which have confirmed thick sections of oil shale. Surface samples taken from the outcrops have also indicated high and potentially commercial values of yieldable hydrocarbons.

20% COS has been assigned to SL due to the fact this is a wildcat drill on a basin opener well whilst factoring in the evidence collated to date (2D, FTG, HRAM, outcrop samples). The chances are greater that we will hit a duster, the 20% COS is based on odds for previous basin opener wells which have not been drilled previously to provide post mortem analysis...however lessons learnt from Block XX, the pure volume of potential finds, the core hole samples carried out in Blocks IV and V and the formations detected to be similar to that of the Chinese basins is what makes this exciting and a better than frontier chance of success. Oh and we're doing 6 of them so COS is high based on probability to hit oil at one of the 6.

Precisely.