Member Info for MIKEY30

We have neither 3D siesmic for WH or SL. We have 3D siesmic for Fox in Block V and for the northern area of Block XX.

I agree odds look good for striking oil in one of the appraisal wells (gazelle and potentially heron). Red Deer is not an appraisal well, where did you conclude 60% COS? Also where has the Fox COS of 35% been confirmed?

I would argue we have been given the period for which Sinopec expect the drill takes - 30 days. Whether this be 12hr or 24hr operations. If daytime operations only I'm more inclined to believe drilling operations to extend into December. I have no doubt the equipment can withstand these temps. A partially winterised rig 10 years ago had a tolerance of -20 degrees Celsius. I expect Sinopec's to not be far off this as a major in the industry in today's world. The limitations are on the workers.

Proselenes, I've watched all videos and cannot find this info (which to me makes a critical point - good news) do you know where this information is? Also the contract was initially 20 days (WH) and 50 days (SL) I've never seen 15 and 35 days respectively.

Proselenes, could you point me to the confirmation of no night time operations with regards to Sinopec for PM.

That video has been posted more than 10 times for everyone to see. I would let investors hold on to old news with broad contingency. There is still time. I expect an RNS on the 15th October or earlier to confirm spud. This gives sufficient time to drill and log data before the winter season begins.

I have no doubts we will spud.

These are not winterised or partially winterised rigs. Partially winterised rigs will enable you to drill to mid december under normal Mongolian weather conditions. Much like the DQE spec used for PM on Block XX.

https://www.energy-pedia.com/news/mongolia/petro-matad-to-drill-up-to-two-wells-on-block-xx--tamtsag-basin

It's actually gone from 20 days, to 30-45 days, to 25 days + 5 days contingency. Sinopec guesstimated right for SL-1 therefore we should give them the benefit of the doubt for WH-1. The additional 15 day range has no tie with Sinopec's estimations just another internal contingency for whatever reason.

I predict spud on the second week of October. RNS the Monday after (15th). Due to complete mid November.

Fund, end of November is the drilling season but I take your point. If we have a colder winter than normal then drilling operations will be suspended. I've always said a week to mobilise (even though they've now miraculously added another 150km to the mobilisation distance, just tell us 450 in the first place), 2 weeks to rig up and 25 days (sinopec estimation who know what they're doing, and to give credit to them met the 70 day estimation - few days to finalise RNS details).

This gives us a total of 46 days. You can add on another 5 if you like as per PMs generous contingency announced in the presentation, so 51 days. We have 68 days left of the drilling season. So 17 days float to rig down (complete drilling operations at SL-1). I believe we will most certainly mobilise to WH-1. I believe we will more than probably spud and I have fingers crossed that we will reach TD to enable interpretation of results over the winter period before the end of November is upon us. We may have to start the drill and return in May and hence the vagueness but nobody knows this and there is still time. If this was delayed I can't see this dropping much more to be honest. We haven't cancelled anything. Our funds alone put us at a share price of 3.2p against the current number of shares in issue.

Again haha I'm not writing it off. I have belief that WH-1 will have oil or gas shows. It is very rare however on the first drill that we will strike a commercial success. Like I say, we'll get there. Fingers crossed WH is what we guestimate. I am certainly more hopeful than SL-1 given the formations however I am also aware of the statistics on wildcat drills.

Jndavid, not writing it off mate. We need to drill WH-1. We can't come close until we do some actual drilling. A technical success is not negative news if you are a long term holder. We'll get there I just highly doubt we will on the first drills in each Block.

Hit*

Snow leopard was drilled first for logistical reasons and because WH permits were still being processed. SL permits only required renewing so quicker to resolve. I didn't expect to hut oil but I did expect a better technical success. Let's hope we hear some better news over the winter period following further interpretation of the results. Odds are we also won't hit at WH-1. Very rare to strike oil on a wildcat drill. I do hope however the technical success results are better than received at SL-1. I don't see 2018 being Matd's year now unfortunately but I do believe we will be in a much better postion. Drilled wells in Blocks IV and V, post mortem analysis, 3D seismic on upcoming drill and appraisal wells. 2019 will be interesting that's for sure. We just need to wait even longer. Annoying I know.

IABA & Mr P, thank you. Have a good weekend.

I personally believe we finished drilling not long after the RNS on the 7th September. I believe the additional days since original estimates (2017 WH - 20 days, SL - 50 days to 2018 WH - 25 days PM est [30], SL - 70 days) have taken into account the additional depth and wireline logging. Just a case of running those logs and reporting the data which should be with us next week. Regardless of results they will always spud WH as they will require several months to evaluate findings further (and to discuss the findings with potential farm-in partners). We must however remember this is a wildcat, we are fortunate in that we have source rocks and outcrops to help map proven charge but this is a wildcat. SOCO in Block XIX didn't hit on their first well I believe they hit on 19-2 (1995). Statistically we're in a good position as we are targeting multiple zones this provides multiple intervals with potential hydrocarbons to explore and evaluate, the question is, have we found sufficient volumes?

My thoughts are this, I would expect if we had hit a complete duster we would have abandoned the well by now (assuming nothing went wrong with the drilling operations), I believe TD has been met and we would know the results by now. If we hit the recoverable oil we've estimated, we're one lucky exploration company and this will be massive for PM. My expectation is that we have found hydrocarbons that can be used for post mortem analysis to enable good chance of success for finding oil on the second drill (maybe Block XX will be a blessing in disguise in this instance for use of funds to extend the Sinopec contract to use rig 4518 in 2019 before Fox). This is still good news in my eyes as we have the flexibility and funds to alter the programme to suit finding that oil. All IMO and good luck guys,

It is Thursday you know? Not Friday...but yes I reckon an RNS next week.

Correct, this is also confirmed in the 10th July Audio by MB. 70 days to drill, log and evaluate. An estimate, an approximate and we have been told will complete later this month in the latest RNS. I too cannot see us getting this news after the AGM.

WildOne, I agree deliverables should be met...but to say MB has been off the mark in all instances is unfair. Things have gone right and things have gone wrong. Yes SL spud was July and not April but in fact if we were to complete and spud WH (which we have been told enough float exists) then the only element MB hasn't delivered is Block XX (of which these weren't even in sight for 2018 until MB was appointed) and this is being postponed to 2019. It's not cancelled. We don't know what happens behind the scenes but I am confident that MB has cleaned and transformed the previous mess this company was in a year ago and for that I'm confidently invested. To confirm once more;

- Latest update suggested spud Q2. We spudded 9 days after.
- 3D siesmic due end of Q1. We received results and change of programme 12 days later.
- SL permits complete, due end of April 18. We received permits 14 days later.

Expect short periods to finalise the details.

An anagram of Wildone is Lie-down. I suggest you do this for 7 or 8 days and if we are still unknown to the companies current status then come back and unleash your fury!

I wouldn't be surprised if the MM's took this above 9p tomorrow in readiness for either a rise or fall on Monday following the weekend and known timeline of SL = 70 days.

Delboy a lot of assumptions and very little research.

Average temps in November are -13.2 degrees. The drilling season in Mongolia is to the end of November. Though there are some rig specs that are partially or fully winterised that can drill further. A partially winterised wig has a tolerance of -20 degrees and will drill to mid december. I believe we would have been told if our Sinopec rigs met this spec and therefore we will need to stop drilling end of November, or mid November if we have a colder winter than usual. Sinopec, one of the best in the industry have quoted 25 days to drill Wild Horse TD 2000m. They have also quoted 70 days for Snow Leopard of which we have not yet finished (Monday 17th) and you're already writing WH off. I agree with others wrt lack of info for Site Prep and I can see spud taking place at the start to mid October and completing mid November. Any sooner provides an earlier finish and more time to evaluate findings over the winter period.

Let's see where we are this time next week.