Member Info for MIKEY30

Block XX drills expected to take 3 weeks to drill each (21 days), as per Mike Buck.

Superman, to be honest it was mentioned so many times I had it in my head as 20% COS. Facts are, the company has never mentioned the chance of success for Wild Horse and Snow Leopard.

My personal opinion based on the data gathered, knowledge of source rocks and oil stains proven within Blocks IV and V. The question is more how much we find. Do we find as much as we say we've predicted, 90MMBO.

Confirmed

Chance of success talk has made me ponder. Wondering where the 20% discussions came from. They all stemmed from the below link;
http://tradeinsight.co.uk/petro-matad-the-pheonix-is-rising-matd/
There hasn't been anything confirmed in an RNS or a presentation or an audio. I've just checked every single one since the drill prospects were confirmed.
The chance of success for block XX has been confirmed between 50% and 75% and Blocks IV and V have been conformed as being frontier exploration with a better than frontier chance of success. Being so close to hearing the findings I think it's time to let the next RNS do the talking.

We will get news after the drill, logging and evaluation (70 days) good or bad. Even better if we hear before.

Just caught up on today's posts. Shameful how bad some people's maths is. Ironic you are describing the nth rule 2^(n-1). This does not define a "bagger". If the Share Price = y, a bagger is calculated y*(n+1) the difference is y*n. If y=9.5 (share price) and n =10 (bagger), then the share price after a 10 bagger is £1.045p. Hope this helps.

No it's not the same spike912 I agree. VerbierDave, indeed it would be brilliant if PMs first drill hit oil. The potential would very quickly realise.

To confirm the facts, RNS states for SL; 2017 RNS TD 3150m 50 days 2018 RNS TD 3350 70 days Audio interview with Mike Buck which can be found on the Petro Matad website under Presentations 10th July (worth a listen if not done listened to already). Mike Buck mentions the estimated time to TD, log and evaluate Snow Leopard is 70 days, he would have liked it to have been a little earlier however these are the estimations given by Sinopec. To comment on now my opinion, the changes in graphs from 2017 to 2018 for the inclusions of 'potential upsides' makes me believe additional intermediate casing/cementing timescales have been factored, further 200m to TD in addition to the logging and evaluating of results, all which account for the additional 20 days.

What?

Jarv55, Spud date for SL was the 9th July, not 19th and Red Deer is planned to drill Q2 2019 similarly to Fox.

Superman, I can confirm they have not announced the COS for SL however I would assume this would be the same as WH given the same exploration 2D, FTG, HRAM, outcrop samples on a wildcat undrilled area. The data captured however does look promising. Also, agree with Mikerockfield. Sinopec average 7m/h. Yes SL requires intermediate casing/cementing however we are on day 39. I see this at the 'potential upside' depth...but to be honest this is just guesswork from me like it is anybody else.

I mean...I did say this would bounce back quick. Hopefully the same volume and rises next week. Welldone everyone that bought in yesterday/this morning.

In hindsight 7.5p was the floor. About time it bounced.

Morning Spanish, Indeed! Now up to catch a flight. All go haha. Quite right, business milestones will always have hurdles in its path. The hurdle heights can only be estimated based on previous jumps, however sometimes it's easy to misjudge.

Good point, mind you I'm aware they've arranged permitting for WH-1 and WH-2 should they find a discovery (appraisal well will be more promising than Fox). I wonder if they have done the same for SL (I suspect they would have). I have seen so many slips in the presentations against the RNS released and even in other slides of the presentations themselves. Not good. - Gazelle spud late Q3, Early Q4. Gazelle spud Q4 - Gazelle TD 2500m. Gazelle TD 2200m - Wild Horse 480MMBO. Wild Horse 490MMBO Details change, but these slips are at the same time as news being announced. Be consistent.

Land rig drill (onshore)* Sleep deprivation!

Land rig to watch from the 2018 list for Wood Mackenzie*

I think the reason PM have decided to drill SL first is nothing more than logistical and permitting reasons. MB explained SL was closer to the sinopec facility. WH permitting took longer than expected (month after SL were complete). Sinopec would need to await for all approvals (permits) to be in place before moving long lead items and mobilisng the rig. They are going to drill both SL and WH in 2018 and if 1 or both find oil then perfect. Both have confirmed source and reservoir outcrops which can be mapped to the 2D siesmic. The 20% COS has only been given for WH however we can assume this the same for SL. These are wildcat exploration drills, I'm not sure what COS some were expecting? All signs are looking good, data and samples looking promising and hence WH being the only land rig to watch in 2018 according to MB.

40% reduction on 7.5p = 4.5p. The funds accumulated - $7m on SL equate to a SP on 3.2p. I don't believe the PM exploration portfolio equates to an SP 1.3p. Yes this is AIM. Anything can happen and yes if SL comes back as a duster I expect this to drop but not by 40%. This is a decent share with over 90% COS of hitting oil at 1 of the 6 drills planned in 2018/19.

Ronin, good post mate. Keep them coming. Have you ever noticed the original presentation for SL when originally estimated for 50 days to reach TD at 3150m hasn't included the 'potential upside' inbetween the primary zones. I'm not going to look to much into a picture placed on a powerpoint presentation but it looks to me like they've wanted to include this should they hit lucky on the vertical drill down to another potential marker...maybe this is where the additional 20 days estimation has come into play. Taking into account intermediate casing/cementing of the well.