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Correct. Astonishing that people post on an oil stock board and don't actually know a thing about well-intialization and using chokes to control flow and pressure early on.

H1 coming in at 500bopd and more when they can safely open the chokes. Flowed at 821bopd WITHOUT STIMULATION! H2 incoming this week, tapping the same oil-bearing formation. We are witnessing the birth of a very, very decent oil company after a long, long pregnancy (apologies for the metaphor). And the Mongolian authorities have suddenly swung right behind the company after years of feet-dragging. One has to ask what has changed? I think I know the answer.

Market is not buying it, rightly. Down nearly 30% in a week. Still Espen promises us that Chevron are licking their lips at the, er, asset.

No RNS. Ominous.

Tough week for holders coming up this week here. Literally nothing to invest in here apart from a bit of ramped up hope. Fully expect a 10-20% drop, if not more. Rampers have a lot to answer for here. Fabricated spike locked in the naive and now it's just a downward slide as the assets are actually non-existent. Rampers will try to ramp it on any pseudo-news and lock more in. Shameful really.

H1 will flow intitially at around 500bopd and then the choke will be gradually opened as they test the integrity of the well for increased pressure etc. Don't forget the flow on discovery was over 800bopd unstimulated so the stimulation they are doing will only increase that otherwise there would havr been no point doing it. There is also a working assumption that H2 will glow in a similar way as the drill made it clear that they had hit the same oil-bearing formation as H1 but at a slightly thinner end of the formation. Further drills will, imho, be between H1 and H2 as wells do not need to be 800m apart - 200-300 is the normal convention so we should be able to drop at least on straight in to position when the drilling season starts as we know exactly where the formation goes ie between H1 and H2. Hence further wells should become incrementally cheaper to bring onstream especially as the drilling team will get more and more used to the prevailing ground conditions wrt to what bits to use etc.

Make no mistake, this company has morphed into a different beast now with income growing month on month, year on year. Borrowing on decent terms will become viable as the company increasingly de-risks itself in the eyes of banks, institutional backers, as well as having the back-up of the Mongolian authorities now. I will be buying more at these levels as there is simply nothing of comparable value out there. Ignore the noise and mop up cheap shares people. Don't take my word for it, listen to Malcy getting more and more enthusiastic about MATD as the weeks go by.

Wasn't MAFL's overall take from the Ascendant deal about $9 million? Also, the disappearance of Cap energy, once touted as our biggest investment, is what concerns me about JV. He seems very straight down the line but there is often a bit of sleight of hand going on.

Correction the tram goes along the Belgian coast

Finally Doc, your point doesn't stand. The UK simply doesn't raise enough in taxation to make the country a truly great place to live. Hope on a ferry at Dover to Calais as a foot passenger, take the free bus to Calais station, take a reasonably priced train to Dunkirk (about 8 quid), explore Dunkirk on the free buses as all public transport in Dunkirk is free, then take a free bus to La Panne station in Belgium and then take the longest tram line in the world from there the whole forty miles of the Dutch coast to the Dutch border for about £2 going through Ostend, Nieuwpoort (the northernmost part of WW1 western Front) and Zeebrugge all the time folowing the coast, have a few hours walking around the nature reserve by the border and then take the same route back to Calais to come home. Fantastic day trip, without the car and all your transport all day would've cost you less than £20.

Actually, just to be completely transparent, I would support a ceiling on profits in a shares ISA, over and above which line CGT would become liable. If somebody is brilliant enough to make millions trading (that won't be me) I would have no objection to there being a bit of CGT liability at the top end.

And what's your evidence for that claim Maverick? Don't forget, the whole idea with ISA's is to encourage people to save money and to keep it saved by offering to take that money out of taxation PERMANENTLY, so that by the time you retire, if you're canny, you can actually get an awful lot of you cash away from the tax man forever - don't forget all other income in retirement is liable to taxation, including your pension although the triple lock keeps the state pension amount below the threshold for taxtation. Therefore, the strategic importance of ISA's is that it really offers an incentive to save money going into retirement and therefore should help ease the burden of supporting an ageing population and this is the biggest fiscal challenge facing all developed societies as lifespans are extending (apart from recently under the Tories of course). The Government might freeze raising the ISA asllowance for a few years but I would be very surprised if they effectively got rid of the tax free status as it is a very useful tool and leverage for helping people save for their old age. In short, it has a social purpose very much in line with a progressive political agenda.

I confront 'negs' simply because I have invested money in a company I like and like to support What other reason could there be? The 'negs' have never, ever provided a reason for posting dozens of times a day and they actually deny the one credible reason for their behaviour ie to drive the price dwon by killing sentiment, because they always, without fail trot out the old chestnut that BB's have zero effect on share price. Without ever being able to provide a reason for their behaviour, I just assume they are either sick, lonely, attention-seeking or just plain old misanthropic.

If anyone thinks the UK pays higher taxes than our continental neighbours then they simply don't know what they are talking about, especially if you factor in the opportunity for tax-free saving in ISA's etc. For example the overall tax-burden in Belgium is roughly about 12-13% higher than the UK. Stamp duty equivalent in French-speaking Belgium ranges from 10-16%. If you want to travel on the incredible French motorways from top to bottom it will cost you roughly 100 euros. But public services are way, way better in both countries than in the UK. In the last 45 years the Tories have been in power for 32 of those years. They have brainwashed the general population into believing that 'there is no such thing as society' (Thatcher) and that therefore taxation is essentially unnecessary and a waste. This has, of course, engendered the chronic and catastrophic 'every man for himself' ideology that we see played out on these boards. The UK is a horrible little country now.

I'm not going to engage with you DOC, apart from saying if somebody posts negativity on a share board upwards of fifty times a day without believing that there is some sort of advantage to be gained in doing so, then those people can only be mentally ill. That's not the same with investors who post because they've been impressed enough with a company to be enthusiastic about where they've put their money. Every board I've ever been always has loads of negs posting FUD all day long through the weekends and then claim ad nauseam that such posting has no effect on the share price. The other absolute gem from them is that they spend all day and night posting because they want to protect more naive investors from being sucked in by so-called ramping blah, blah blah. That one always makes me guffaw. Not one negative poster has ever provided a credible alternative reason for why they post negatively and relentlessly. I post because I am enthusiastic about my investment.

Profits in stocks ISA's are still tax-free, aren't they? That is the way to trade outside of taxation. Anyone not using their 20k ISA allowance yearly is missing out on the best deal out there. I'm fine with the Government raising taxes elsewhere because the UK simply doesn't raise enough. That's why the UK is currently in a shameful, shameful mess.

Never seen so much FUD dispersed in one place as is going on here right now. For the first time this tiny oiler has managed to overcome mind-boggling obstacles in Mongolia to actually produce some oil. Its debt position is good, its share count is ok especially when compared to the likes of UKOG etc, it has the support, finally, of local authorities who need it to succeed, it has placated local opposition with a well-targeted campaign to win hearts and minds, it has further testing going on other drills and wells, it has a good relationship with DQE, and apparently with PetroChina next door, it has a rig ready to go once the winter clears, it will manage to pump from at least one well through the winter, possibly two, it has Gobi samples in the lab for careful examination, it has a route to market with its product, you have respected commentators like Malcy praising the CEO ......and the way the negs on here are wittering on you'd think the company was falling flat on its face. Today's price action is simply an indication of the terminal sickness at the heart of stock markets which will one day just implode as they are fundamentally corrupt, and absolutely nothing to do with the position Mike Buck has manoeuvred the company into over these last few years, including through a global pandemic. I'm holding, I'm adding so all the negs who are driving this down are actually doing me a favour. I've got my average down to 2.45 from 2.75 and I intend to keep adding.

Slightly sobering to bear in mind that about sixty per cent of the current NAV is due to the deal with Ascendant.

Anyone remember the name of the oil company MAFL invested in early on? Was it Cap Energy? It was the company's biggest investment for some time, bigger than the initial acquisition of LS. It seems to have gone but I don't recall anything being said about it for years. Did we sell our holding?

Am I right in saying that a large part of the investment case is that GBP has been deliberately made to sound like GGP?

We don't need to do anything Gutso as I'm sure you'll be informing us of them, gleefully..