Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
Unlike some of you here, I think that the longer we wait for the result, the better the chances of a positive result. Even if it is difficult to compare boreholes due to their different geological conditions, the last 3 unsuccessful offshore wells (Pancontinental, Chariot, FAR) have all stayed under 21 days, and this despite some were drilled much deeper than WH-1. A borehole consists not only of drilling and cementing the borehole, but in the positive case also of analyses (if HC's are available). Well, the described wells all contained just water in the investigated zones, so that the analyses were obsolete and the drilling time has therefore considerably been shortened (the estimated drill time were similar to WH-1). We know from the seismological data that WH-1 contains several promising zones. What we do not know (and only drilling can provide this information) is whether the zones contain HC’s or are just water-bearing. Therefore, I think that so far the drilling must be positive, because in case of water-bearing zones, we would probably have reached TD already.
I'm not surprised about the huge skepticism that prevails among investors after all the negative oil drilling in recent months (Pancontinental, Chariot, FAR, ...) ... All dusters despite some excellent prospects. Nevertheless, this does not justify the current price, PM has 4 more, already funded drilling in the next 12 months. The chances of a hit are therefore very good ... hopefully already in this monster WH-1.
When a company publishes tweets, it’s always a positive sign of communication with its shareholders. However, when a company publishes tweets directly related to WH-1 and this at such a critical stage, it is clear to me that the drilling must have been positive so far. Otherwise, in the case of a duster, our CEO would look pretty stupid.
To underline once again the high risk of oil exploration. FAR Limited has just released the result of its Samo-1 drilling offshore Gambia (total depth of 3240m) --> a duster, and the well had a COS of 55%!
It is also interesting to note that the drilling of Samu-1 started almost simultaneously with our WH-1 well. Therefore, it shouldn't be long before we know whether WH-1 contains water or gas/oil.
The clock is ticking and it remains exciting. Good luck to all of us who invested!
New Tweet from Petro Matad .... One should not interpret too much into it, but such messages can also be regarded as a hidden clue that so far everything is going well ...
The Wild Horse-1 exploration well is named after the Mongolian wild horse (“Takhi” in the Mongolian language), a rare and endangered horse native to the Steppes of Central Asia. Once extinct in the wild, the species has been reintroduced to its native habitat in #Mongolia
I've been through several oil wells as a shareholder, and what I found out in retrospect is that at a certain point in time (oil / gas marks or traces of water during the drilling) the stock price reacted significantly and only for a short period of time. Thereafter the course calmed down again until the official announcement took place. So yesterday was a clear (positive) indication of an event that could possibly change Petro Matad forever.