Member Info for MIKEY30

Mike Buck has added float to Sinopec's drill schedule. 20 days on Wild Horse, I would guess at similar for Snow Leopard given this was previously predicted to take 50 days. So...40 days float to account for unexpected delays and maintenance. I agree mind early July spud will keep me at ease. If Visas are approved earlier than anticipated there is nothing to say we won't still commence in June. Again Mike was managing expectations, a clever and tactical method which wasn't used by the previous bod.

Have a look at my earlier posts you'll find the process.

Bigbench, visas were not on sinopec. The process for gaining approvals is on the employer. As mentioned before the delay was more than likely loss of translation or an insufficient submission.

Sorry catching up on posts. 2010pm good find. Doesn't really matter what others want to believe, everyone must do their own research and make up their mind what they want to do. So, if the approvals have in fact been made on the 16th May (swifter movement than I expect PM anticipated given an RNS posted only 2 days prior) then I would expect the applications and work permits will be completed in a week based on process timeframes (23rd May). June spud date therefore looks like it's back on the cards but we shall see. I would like to see an RNS in the next week or 2 to confirm rig being mobilised, they can kill 2 birds and confirm visa news.

Noix, Mike Buck himself said he had added a bit of float to reach TD. I think Sinopec guesstimated 25 days for Wild Horse however PM have added 5 to 20 days float to manage expectations.

I predict that we will see the Share Price fluctuate until the next RNS is Released. On confirmation of spud date or spud itself I believe the Share Price will rise up to 21p, initial rise to 15p but then to 21p. As the drilling team reach TD at snow leopard I anticipate this rising to 25p whilst awaiting results. Should we see confirmation of the rig contractor, drill programme and 4th prospect for Block XX in July I expect this to rise further to 32p. These are my predictions.

Fluctuating as expected until confirmed news of spud date. I expect on confirmation of this date or of spud iteself we will see a SP above 20p. Initial findings from Snow Leopard and mobilisation to Wild Horse will excite the market to much higher.

Next month maybe/hopefully.

Worth noting Tender completed on the 3rd March for Blocks IV and V last year, expected to complete the evaluation of the bids within the Month - took 3 months to negotiate and confirm contract (31st May). Let's hope this time round the evaluation and chosen rig contractor is confirmed quicker. I would like to see an operational update in 4 weeks time to confirm receipt of work visas, rig mobilised to drill site and confirmed rig contractor (not Sinopec) for Block XX. Notice we have not yet received the confirmed prospect for the 4th drill. Rig tender has operated smoothly, all arrows point to Petro China.

Manro, have a look at my earlier post my friend. Without clarification we cannot confirm where the delay fell...however I cannot see this being Sinopec's fault. A small delay to the inevitable rise.

Guys, at first I questioned Sinopec's ability however the delay is more than probably due to rejection of information or lack of documentation required from the employer (PM) for approval by the Ministry of Foreign Affairs and Trade. This is a complex process and the whole end to end process of initiation - application of work visa - registering of address - obtaining work permit takes roughly 4 weeks. The initiation process itself takes ~3 weeks therefore this is certainly not on Sinopec. The company would/should have had the employees docs such as CV for issue. I would guess this is simply as always in business a simple case of poor communication, a submission which was simply not reviewed by the immigration agency or an insufficient submission resulting in square 1 for consulation with the Labour and Welfare agency, movement in PMs critical path and therefore movement in spud date. This is a small mishap, Mike Buck is managing expectations "likely" to move to July. Fingers crossed the initiation process is resolved quicker than anticipated enabling the drill site team to commence work. I believe we will see an RNS by the 2nd week of June for an update which may catch a few off guard.

Possibly, I would say the prerequisite was in fact PM obtaining approval from the Labour office which within their process asks for 3-4 weeks. You may find the delay is receiving the faxed letter to provide to Sinopec. This seems most likely.

You can mate. Just filter him/her.

Fluctuations. Some may sell and wait nearer to July (risky) and others will buy knowing the inevitable rise is to come. Completely understand investors frustrations with regards the visas. Not on....but we are where we are. It's happening, slowly, but it's happening.

Before arrival the expat�s Mongolian company will need to obtain approval from the Labor Office first and the Immigration will then issue an approval letter to be faxed by the Ministry of Foreign Affairs, like the B visa. The Mongolian company should allow 3-4 weeks for this stage. The expat will then apply for the visa at the consul, enter Mongolia and will need to be registered within seven (7) days of arrival in Mongolia, including weekends, with Immigration. Once they have arrived the work permit will need to be applied for from the Labor Office. Once this has been issued the yearlong HG visa will be applied for from Immigration, at the same time applying for the expat�s long-term residency permit as well. This stage may take another 2-3 weeks, but the expat can begin working immediately after arrival. HG visas will be issued for as long as the work permit has been issued, up to a maximum of 12 months, with the possibility to extend each year. A work permit must be obtained for any foreign worker who is coming to Mongolia to work (with the exception of an investor or executive director � more on that below). Expat workers are also liable for Mongolian income tax and social insurance contributions on any income earned while working in Mongolia, subject to double taxation treaties your country may have with Mongolia.

Understand mate! I hope the next piece of news is what you've (and I have) been waiting for.

Overreaction. Should never have happened I agree, however the drills will happen this year.

Snow Leopard is logistically closer to the sinopec facility. Kind of a blessing in disguise altering the drilling campaign to make Wild Horse the 2nd drill given the permits are still being processed.

It will just delay the inevitable rise. This will stick around these levels until the company has been updated again.

I don't think the permits were ever a problem. I think Sinopec influencing the critical path with a standard task such as visas is a problem. Site construction will take 2 weeks. So 2 weeks following receipt of visas. By the sounds of it, they're expecting these mid June. In time for an early July spud.