Member Info for MIKEY30

I used the word if. You used the word when.

If this hits 4p on SL being a duster then the reaction is oversold on an already oversold market capital. If SL is a duster the funds remaining for the 5 drills puts the share price at 3.2p. The share price hit one of it's lowest points in 2016 at 1.7p when PM were left farmed-out under the immediate impression that they were not going to have enough funds to complete their exploration programme. PMs portfolio of FTG and HRAM surveys, 2D/3D siesmic data, outcrop samples, core-holes, psc licences, G&A and $34M in funds for the 2018/2019 drilling season should put this at a hell of a lot higher than it should be today. Any drop I see now only tells me how much quicker this is going to go up. Time will tell.

That's correct, good post Mike.

Agree Ojay. I think we have reached the floor or very much near it. Now would be very risk to sell. Especially in large quantities.

Yep same pattern. Good buy you got there Gatto.

That's exactly what they're doing - mopping up shares. hOILd for gOILd.

The share price has already crashed. Plenty of time for announcements.

Most oil rig work is shift work - operations are 24/7

Hi Spanish, Precisely why float is required when drilling under extreme weather conditions such as Mongolia. The end of Nov drilling season was used based on previous drilling for Block XX ending early December. Let's hope weather permits. According the 10th July audio, MB mentions permits are in place for the 2018 Block XX drills 18th minute from memory. Agree news is now welcome on this front for peace of mind. All in good time.

2nd placing carried out before completion of first drill to ensure the company were in a strong financial position should they recieve interest from a farm-in partner (pre-requisite) following a discovery (de-risking in findings and funding) as they soon realised after the drills in 2018 PM would have zero funds. As per MB.

Ironic, MB explains all in the july 10th audio. You can find this on the Petro Matad web page under Presentations.

All in good time! We have 107 days left of the drilling season (End of Nov). Sinopec Rig - SL 33 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 days (2017 Sinopec quoted 20 days however since appointed of MB decision to drill a little further TD 2000m) Total number of days 79 days Total number of float in drilling season 28 days Petro China Rig - Site Prep at Gazelle, well site construction and on site water well drilled for operations (2 weeks) - Mobilise rig from Block XIX to Block XX (Gazelle) 30km from memory (2 days Max). - Previous DT drills in 2010/2011 took 14-19 days to spud, cement, case, mobilise to the next location and rig up (average of 1800m). Gazelle is 2200m TD therefore I expect this to reach TD in 3 weeks (21 days). - 4th drill to be confirmed. Presentation (25th June) includes the 4th drill TD of 2000m (average TD in Block XX) therefore I'd expect this to be of similar timescales 3 weeks (21 days). Total Number of days 58 days Total Number of float in drilling season = 49 days Total Number of float Q4 to end of drilling season = 61 days - 42 days drilling = 19 days In between, parallel activites will take place inc - Site Prep at Wild Horse (due to commence August I expect this will commence next week). - Block XX rig contract (I expect this has been awarded and we will hear confirmation imminently, more than likely wrapped up with the confirmation of WH site prep commencement). - Site Prep at 4th drill (TBC). All complete guestimates on my part and all IMO however just wanted to provide some comfort to PIs that there is still time.

Excluding PMs exploration portfolio a share price of 4p reflects only the cash accumulated. If SL comes back a duster the share price of 3.2p reflects only the cash accumulated. The current market capital does not include potential upside from hitting oil.

Peders, here you go. https://www.glossary.oilfield.slb.com/Terms/d/dry_hole.aspx

Once drilling*

Hi Cash2, TD is mid September. News could come at any time however the RNS does state wants drilling has been complete. I would expect news in the 3rd week of September at the latest in relation to SL. News on Block XX rig contract and WH site prep is imminent I'd expect this within the next week or 2. The SP drop is due to lack of news. MMs are making sure the SP does not remain at a 'hold' status and is therefore activating stop losses and causing those that bought in pre 2nd placement to cut losses...I get that. This allows shares to be collected in readiness for an RNS drop.

Sch123, fair enough mate. Each to their own strategy.

She's in the 8s!

It did make me laugh when I first saw you post mate, great name.

Yes Ojay, fortunately bought most of mine around 3p-4p, however if this falls any lower I will be averaging up as I can see this going only one way.