Member Info for MIKEY30

Hi Victor, I can only assume they added contingency to rig-down and mobilise.

To confirm where Sinopec quoted 25 days please see the below link.

https://youtu.be/oL9rbvLAjn4 (around 27 minutes in).

PM have added another 5 days contingency and hence the 25 to 30 day estimate. Hope this helps.

We have 79 days left of the drilling season (End of Nov).

Sinopec Rig
- SL 5 days left
- Mobilise to WH (300km) - 1 week max (based on timescales to move 1100km for SL)
- Rigged up - 2 weeks max (based on timescales to rig-up for SL)
- Spud Wild Horse 25 - 30 days (2017 Sinopec quoted 20 days however since appointed of MB decision to drill a little further TD 2000m Sinopec have quoted 25 days)
Total number of days 51 - 56 days
Total number of float in drilling season 23 - 28 days

In between, parallel activites will take place inc
- Site Prep at Wild Horse (due to commence late August, I expect this has already begun should the programme remain on schedule - update required).

All complete guestimates on my part.

Victor, get what you're saying. It wasn't exactly a meaty RNS with clarity on current status. I personally can see spud of WH commencing in October (start to mid) too. 30 day drill which will take us to mid November before the drilling season ends. Let's hope we have some detailed answers in the expected imminent RNS because the latest one is leading us to speculate on wording which has not proven wise in the past.

Personally gone with a Monday RNS on completion at the earliest. I too cannot see an RNS following the AGM on Thursday 20th September. Fingers crossed next week is our week.

When you say nothing at all...don't go Ronan Keating on us VerbierDave

Fingers crossed the next RNS update resurfaces that positivity Wildone.

Yep, 1 day = 24 hours and therefore completion on Monday 17th September. Either way we'll find out soon.

Hi Skenny, Monday 17th September is 70 days after spud.

You can't compare. Different basins. It does however provide confidence in the Blocks and that the exploration data captured to date is promising (knowing where to place the core holes).

The 3D siesmic showed how different a prospect can look only 2.5km away. SL is ~150km away from Fox.

Depends, I wouldn't want to do any damage to my drill bit.

Spanish,

I agree, milestones should be adhered to by any company. Unfortunately, as you have highlighted PM are a small company. I've worked for small timers and also some of the highest ranked ftse 100 companies and you see the differences in smooth delivery. Small company mentality consists of a tight knit community with very little turnover. Financial consquences of missing milestones are less damaging and affordability plays a key factor, constraining their options.

"The Company is pleased to announce that agreement has been reached by the parties. Under the terms of the agreement, Shell's affiliate will pay an exit amount of $10,005,303 as stipulated by the Farmout Agreement and will pay a further $5,000,000 upon completion of the reassignment. This further amount is refundable to Shell's affiliate, should CapCorp secure a partner for any of the two Blocks during the exploration period or any extension of exploration period. Any farmout entered into by CapCorp with a third-party company will be at its discretion".

Cheers for your response Mr P,

I've read that we've spent $8.14M up to the period of 30.06.18 so if we took let's say (assumption) $1.75M (G&A - 6 month period 2018) + $1.7M (PSC licence paid for 2018/19) off of the total spendings then we're left with $4.69M. Even with the $1M for last years materials and supplies we're left with $3.69M. That's a lot of money that I'm just curious where it has been spent. Maybe a requirement to pay 50% down before drilling operations started at SL?

Someone please correct me if I'm reading this wrong.

RNS - 07.09.18
"The Company's cash balance at 30 June 2018 was $12.54 million, which compares to a cash balance of $10.92 million on 30 June 2017. The cash position as of 30 June 2018 was substantially increased by the net fund raise of $15.98 million announced on 19 January 2018.)"

We had a $4.7m cash balance prior to the January placing which has been reflected in the activites budgeted subsequent to the placing.

Total = $20.68 (15.98 + 4.7)
WH = $4M
SL = $7M
Gazelle = $2.5M
Well 4 = $2M
PSC costs = $1.7M
G&A = $3.5M
Total = $20.7M

The 6 month cash balance period ending 30.06.18 = $12.54M. So we've been spent $8.14M (20.68 - 12.54).

Would be interesting know this breakdown. G&A and PSC licences aside a large chunk has been spent. Part payment to Sinopec prior to drilling operations?

after*

Wildone, RNS states "later this month". Not month end. RNS was released on the 7th September. Later this month does not conclude at all that this will move the goal posts. September the 17th is 70 days aftet spud (or later this month). I expect to hear something between completion and the AGM, hopefully the Monday.

Indeed mate, not long now.

I agree with Victor on this one. Nice to speculate the possibilities but unfortunately that's all they are until stated.

Fair enough pal, I go with what's in the RNS. That's not to say mind that if we find a discovery they may choose the utilise the budget on Block XX elsewhere (where a farm-in partner dictates to appraise)...but if they say it's been delayed because of the rig contract. Then it's been delayed because of a rig contract.

I think if it was due to a possible find they would have just updated us in 2 weeks when confirmed. The reason for Block XX being postponed is due to late changes to the rig contract of which an agreement could not be negotiated.