Member Info for MIKEY30

525m shares currently in issue.

Over night*

I can't see how this is negative? The company cannot plan for 2019 operations off of a punt on some basin opener wells. The appraisal wells are being spud late Q3 / early Q4. Providing a cash flow from findings will not happen oversight so I foree this RNS as a strategic path to enable continuation in further 3D siesmic and drilling (I can't see the full 18.3M being for 2 drills). There is a lot happening at once.

Forward planning isn't to be put down. They need to be looking years ahead. I would however be interested to understand the cost breakdown. 18.3m seems a lot of cash for only 2 wells. Makes me think there may be additional seismics planned over the winter shut down period. What I did take from the RNS was the plan to drill 6 wells in 5 different prospects. Was this confirmation that both drills this year for Block XX will be carried out at the Gazelle prospect? Nice to see operations are running smoothly and still on plan for a July spud. The rig has been mobilised this should see us to the first week of July.

Agree with Ojay and Bishand. I'll help you out though bucc, Block XX has only confirmed one prospect Gazelle, they have not confirmed the drill coordinates and therefore they have not confirmed the TD. They have also not confirmed the 4th prospect. This is to be confirmed and I am waiting patiently as I forsee this news and potential discovery keeping PM in a stable financial position and subsquently progressing with additional siesmic, post mortem analysis and drilling in Blocks IV and V. The drill costs for block XX are 2.2m each from memory and from reviewing SOCO RNS who carried out exploration and drilling in the neighbouring block XIX the average TD was 2400m. Hope this helps. Guys have a good rest of week. Judging previous operational update releases we should expect to see an RNS this week. Hopefully the one we've all been waiting for.

Western/Central

Nice sentiment this morning. Having a quick read through SOCO's old RNS in relation to their discovery over at Block XIX. "The results are particularly encouraging in that these wells are the first to be drilled based upon the 3D seismic acquired in 1999 and under the reduced cost drilling contract. The 19-9 well was drilled as an appraisal well to the 19-3 discovery well and the 19-10 tested a new structure approximately 2.5 kilometres north of the 19-3 well. Upon completion, both wells flowed oil to surface. Log analysis on the 19-10 exploratory well indicates a net productive reservoir of approximately 77 metres in a gross interval from 2,324 metres to 2,449 metres that could yield in excess of thirty million barrels of recoverable oil". We are in that same boat for Block XX! Nice to read how most discoveries exceeded expectations too. 4 weeks on Monday, I'd be keen to know if a decision has been made on the bids. I'd feel more comfortable if drilling commenced in September. Spud in October may leave little room for error and certainly cannot adjust for an early Mongolian winter. Previous drilling commencing in Q4 by SOCO for TD between (2000m - 2700m) only allowed room for one drill...noting this was 17 years ago and technology has moved on since. Additionally worth a read of the RNS for the selling of Mongolian assets over to Petro China - €93m (bare in mind this was 2005) plus subsquent payments where oil produced exceeded 27.8MMBO (calculated on variables such as crude oil price at the time). I can see Block XX being the financial investment and stability for exploration and drilling in Central Mongolia where the numbers really are mind numbing. Have a good weekend all. 2010pm good post yday!

Irrational* decisions

It is silly. No one can manipulate the SP but the MM's. If anybody invests or sells based on comments made on bulletin boards then they are making rational decisions without doing research. The RNS issued are the facts and these facts can change quickly. In the interim everything else is an individual's educated guess...albeit some are more logical (to me) than others. The comments made which do not quote an RNS should at most only prompt an investor to do further research on the associated topic of interest to enable said investor to make their personal educated decision.

IF the spud timescale predictions are aligned with the turnkey contract and therefore a 3 week mobilisation period between prospects then I would expect the rig is probably already on site or certainly will be very soon given the decision to spud Snow Leopard first due to logistical benefits and confirmation of notification to Sinopec over 3 weeks ago. As others have said before the operational updates are constructed to provide updates on a number of events including site works, rig operations, seismic results and rig tender (Block XX) therefore I expect the next RNS to be the awaited news which will impact the SP. Downwards or Upwards depending on whether the events have operated as expected. More can go right from here than wrong.

Mr P, I agree it won't take 70 days to spud Snow Leopard. I also agree that the 70 days includes the time to mobilise the rig to Wild Horse. The consistent delta for both Wild Horse and Snow Leopard with spud estimations is 20 days. Wild Horse RNS quoted 20 - 45 days, Mike Buck confirmed Sinopec estimations of 20 days however they have added 5 days contingency. Snow Leopard RNS quoted 70 days however the previous year Sinopec had estimated 50 days. Mike Buck confirms this is a turnkey contract therefore I believe the 20 days is the time in which to complete spud and arrive to the next drill site.

If we spud on the last week of July w/c 30th and the spud for Snow Leopard takes 10 weeks (70 days) and spud for Wild Horse takes 4 weeks (28 days) we still have 4 weeks to mobilise the rig between prospects before winter shutdown. There's float in all of them activities. I'll worry when we're in August and are yet to spud.

The Share Price was overvalued last year given the whereabouts of the drilling programme (rig for tender). The Market Capital of 109m was achieved on an understanding by investors of how much potential PM has to offer. Updates to the Market were running smoothly and expectations were set high that a farm-in would come into play. Financially able to drill multiple prospects and to commence in 2017 (initially expected summer spud). The Share Price dropped on Bergen news and has been trying to recover since. Unfortunately/Fortunately however you want to look at it the Market Capital is now undervalued in comparison to other O&G companies. PM are further developed against the Exploration and Drilling programme, are self funded and have a certified Rig for use. Not to mention change in strategy to incorporate some Appraisal wells to cover all chances in becoming successful in 2018 and therefore provide cash flow for further drilling (Fox) and/or to put themselves in a beneficial position for a future farm-in partner. The market is wary and I can understand why, even now we are so close. This will rise significantly when confirmed spud date is announced but this will also rise significantly throughout spud of Snow Leopard and Wild Horse on anticipation of the results. Each investor to their own. DYOR. I anticipate an RNS soon. Let's hope it's finally the one we've all been waiting for.

There is one positive point to take from Bishand's post. I forgot Britains Got Talent was on tonight until reading the board comments. Cheers!

Drilling season in Mongolia is typically April - November.

Buccaneer cheers for the share, though this is the typical response irrespective of business whereabouts. We received something similar "Guidance for Q2 spud" a couple of days previous to being told "likely to spud in July"...and this works both ways. You will have a response aligned to the expectations in the previous announced RNS.

Agree Loz, ignore all the ramping and deramping and just hold patiently. This is only going to fluctuate until the next RNS. Very little can go wrong from here. Very much can go right. See where we are come spud when the market capital realises its true value.

PM will continue to fluctuate until news lands which I believe will be this week or next week once the rig has been mobilised. We can only sit and wait patiently, no point playing games with the MMs. They will win.

Chez, the latest update can be found in the latest RNS (14th May).

I reckon the next RNS to be confirmation of mobilised rig, with the addition of approved Visas and subsequently confirmed spud date/period. I believe this will land within the next 2 weeks.