Member Info for Proselenes

And with the rig packed and onsite over winter at WH-1 location it would be very easy to drill the appraisal well at WH-1 in April before moving the rig to Fox-1 on the way back to UB.

They have contingency funds.........and can delay Block XX again and use funds from there, only 4m for an appraisal well :) :)

So Shell...........deal in January for XXX million, or deal in May for XXXX million after appraisal...........

The plan is good.............just need to strike some damn oil.

They also want the Winter to do a deal with Shell, if Wild Horse-1 strikes oil.

They can say to Shell, you said you were willing to pay a lot more in the event of oil, well here it is on Block IV. We are going ahead in April to drill Fox-1 in Block V and we are confident that is looking very good.

Want to farm in now............ for XXX million..............or you want to wait for Fox-1 and then again pay even more........

Thats my hope, Wild Horse-1 strikes oil and then during the winter months a great big fat farm out deal..........so the appraisal well they have already permitted at Wild Horse-1 location can be drilled.

Dont forget............again........SL-1 was just on its own.

Wild Horse-1 they have already planned and permitted an appraisal well............so the moment WH-1 strikes oil (fingers crossed) they can move straight to appraisal...........in April ether before or after Fox-1.

Now.........thats the push to Shell..........get in before its appraised, or see the price go from XXX million to XXXX million after appraisal.

GLA.

Already plugging since earlier last week. The RNS was on Thursday after logging completed and geologists assessment, however the P&A was already in process and AFAIK completed on Friday.

As they are using 60 trucks to shuttle they dont have to full demob the rig, as parts of it are free they can start shuttling them already while the rest of it is taken apart. Thats why I believe they will have the rig on site WH1 on Thursday this week.

Prep work at WH-1 is already under way.

Do you think they have just been sitting around and now said hey, better shoot of to Wild Horse now and start the prep work there then.......... Monday 8th October is my view for spud. Hopefully before then.

Weather is currently very good.

https://weather.com/en-GB/weather/monthly/l/MGXX0036:1:MG

Saikhan-Ovoo is probably a good representation of the WH-1 / SL-1 area for weather.

They are using around 60 trucks and shuttling the 450km distance. Trucking roads are there to use. Shuttling the rig across whilst its being taken apart they should be able to complete in 4 to 5 days so all the rig should be onsite Wild Horse-1 by around Thursday this week imo. The rig up, H&S checks and spud no later than Monday 8th October. Everything has been planned.........trucks will have been on site waiting the moment SL-1 was completed P&A. Prep work already commenced at WH-1 site.

To put things into perspective.

Cormorant-1 (announced today as a duster) which was the big talked about well for TLW, PCL, ONGC was targeting only 124 million barrels recoverable, with follow on prospects for 790 million barrels. This of course being split between the 4 parties involved with the most going to Tullow who had 35%.

Now, Wild Horse-1 is 100% owned by Petro Matad.

It is targeting 480 million barrels recoverable (100% owned by MATD) with follow on prospects of 750 million barrels (100% owned by MATD)

Its way bigger than Cormorant-1..........

That is the reason why Royal Dutch Shell having been talking with MATD and are keenly waiting for the result of Wild Horse-1 - because if it strikes oil then its pretty bolted on that Shell will be looking to farm in to Block IV and Block V given the potential of over 20 billion barrels recoverable in the 2 blocks. Thats why MATD is exciting.

Yes. As we stand now forecasts for the area do not show -15 daytime temps until very late November for the area concerned.

Some rain forecast for Wed, so hopefully they are in process of getting most of the stuff transferred to Wild Horse-1 location yesterday, today and tomorrow (using 60 trucks with them dropping off, returning picking up more and dropping off again)

CORMORANT-1 WELL

Pancontinental Oil and Gas NL (ASX: PCL, “Pancontinental”) advises that the Cormorant-1 exploration well in PEL 37 offshore Namibia has reached a total measured depth of 3,855m and is to be plugged and abandoned as a dry hole.

The well has been efficiently drilled by operator Tullow Oil, reaching total depth on 21 September 2018, materially quicker than prognosed. The Early Cretaceous age Cormorant Submarine Fan target was encountered close to the predicted depth but no accumulated hydrocarbons were found. The Fan contained approximately 50m thickness of interbedded sands and claystones that were water-wet.

Https://pancon.com.au/investor-centre/asx-releases/

CORMORANT-1 WELL A DUSTER

Pancontinental Oil and Gas NL (ASX: PCL, “Pancontinental”) advises that the Cormorant-1 exploration well in PEL 37 offshore Namibia has reached a total measured depth of 3,855m and is to be plugged and abandoned as a dry hole.

The well has been efficiently drilled by operator Tullow Oil, reaching total depth on 21 September 2018, materially quicker than prognosed. The Early Cretaceous age Cormorant Submarine Fan target was encountered close to the predicted depth but no accumulated hydrocarbons were found. The Fan contained approximately 50m thickness of interbedded sands and claystones that were water-wet.

Https://pancon.com.au/investor-centre/asx-releases/

Yes, rigs in Mongolia are semi-winterised, which means they can drill from start of April to end of November (and cannot drill December/January/February/March).. They are not winterised and so cannot drill during those 4 winter months.

Fully expect the spudding RNS to say 30 day drill (the actual 25 + 5 for completion and logging).

My estimate is Monday 8th October spudding RNS (although I hope they can do it before then).

The latest news is always the correct news......thats the way companies work. If Mike says Sinopec say 25 days in March, then that is the latest update. Feb statement might have been based on a different spec of rig ? March is the latest news, and so the current news.

7 months ? Errrrr the non-drilling season is just 4 months (Dec/Jan/Feb/Mar)...........so its only 4 months, not 7............so you are telling porky pies there.

This is likely to be the one of those rare occasions where a stock price rises strongly on spud news. So many people wanting to buy, but too scared, are writing their hearts out trying to say no spud of WH-1 in 2018 to stop other people buying.................so when the news comes of spud there is going to be a mad rush to buy.

And of course, the video where Mike says 25 days for Wild Horse-1...........is from March 2018

LOLOL

Keep on trying to peddle your lies fundy................ :) :)

And again, the video reaffirms that at the time, they were drilling their best prospect first (Wild Horse-1) and then their second best (Falcon-1).

What actually happened as we know - Falcon-1 scrapped due to new 3D. Wild Horse-1 only just got its final permit (chemical use) in August 2018 it seems........and so the not so fancied Snow Leopard-1 was thrown in to be the start of the 2018 drilling program.

But, we know this :

Increased spend on Block V to the required level to be compliant with the licenses terms (Block V was below) therefore removing any concerns over Fox-1 planning and permitting in Block V for 2019.
Started the 2018 drilling program and got the rig very near to Wild Horse-1, whilst final permits were obtained.
Gave the company very much needed bore hole data for this basin in Block V, which will assist with future well planning.

But the main thing is.........its going to be a very quick well to drill once spud is done.

3 stacked targets..........Upside at the top and then the main target at the bottom. 25 days to TD and add on a few days for logging.

Video is also on Daily Motion

www.dailymotion.com/video/x6u32kz

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You can download a very short video clip on the below link :

http://s000.tinyupload.com/index.php?file_id=00758589054016149903

Where Mike says that the Wild Horse is 25 days to TD, according to Sinopec

Not sure why the liars need to lie.......but you can make your own conclusions for sure..........

From the horses mouth..........Mike Buck. Wild Horse-1 it was said by Sinopec will be a 25 day drill (Mike has added on 5 days and given them 30).

Given Sinopec predicted Snow Leopard would be 70 - and it was 70......I think their drilling team are pretty damn good at their estimates. So expect Wild Horse to be at TD in 25 days from spud.....and then a few days for logging.

Its an absolute Red Herring imo....... from my earlier analysis it seems one of the main reasons of drilling the only target they could, SL-1, was to bide time to get WH-1 chemical permit done and get the rig quite close to WH-1 to allow a quick move to get WH-1 spudded asap once SL-1 was complete.

Mikey30, well, if you ever wanted to drill a wildcat well you should always look for a 4 way dip. Domes are the most often and prolific of plays to succeed. With bright spots in the seismic of Wild Horse-1 conforming to the play edges........this is going to be one of the best wildcats of 2018. And thats why Wood-Mac chose it. Officially its played down with a low CoS, it has to be low as its a Wildcat. Unofficially I think a lot of people have much higher hopes for this one.

Mikey30. I certainly would not write off Wild Horse-1. WH-1 is a 4 way dip, its a dome. These are the majority and the most prolific of oil finds in the world. SL-1 was supposed to be self generating charge, but we now know the seal was bust. Seal failure on a 4 way dip is down to the top only, its all about a migration path. WH-1 is like a normal 4 way dip in that it has stacked targets........3 of them.

The big difference, SL-1 had nothing, no positive signs pre-drill really.

WH-1 has bright amplitude anomalies. These can be indications of hydrocarbons. So in my view WH-1 will have gas, or oil or oil and gas. I am much more hopeful on WH-1 than SL-1.

The bright amplitude anomalies can be seen the photo in the link below :

http://oi67.tinypic.com/s5h549.jpg

Fingers crossed its a gas cap on a huge load of oil :) :)
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Part 1

If you put your hindsight goggles on and go backwards now based on what is now known :

The plan was to drill Wild Horse-1 first, then Falcon-1 (as of early 2018 presentations).

Wild Horse-1 (Block IV) has only just(during SL-1 drilling it seems) received its final permits (chemical use) and so could not have been drilled until now anyway.

Falcon-1 (Block V) the 2nd planned well earlier this year was downgraded based on new 3D and removed.

Snow Leopard-1 (Block V) was the only drill ready prospect and which was the first to get all permits in place. MATD are also short of the required spend level of the license of Block V. It was rushed in as the replacement for Falcon-1

I would imagine Mike and his team were between a rock and a hard place here. Fox-1 the new exciting prospect from the new 3D is not drill ready and not permitted, permitting ongoing. Wild Horse-1 which was always your first drill, is not ready as final permits (chemical use etc..) are not in place. Falcon-1 which was your 2nd drill in the schedule is suddenly not worth drilling (too small) compared for Fox-1 so cannot be moved to be 1st.

You either cancel your 2018 drilling schedule (going down like a lead balloon)to allow Wild Horse-1 and Fox-1 back to back in 2019 or you put Snow Leopard-1 into play and drill that while you try to get the final permits for Wild Horse-1 to allow a seamless move from SL-1 to WH-1 in 2018 and go to the local temple to pray you get the Wild Horse-1 final permits before SL-1 finishes drilling.

If I go back now - with knowledge today - you really can see why the 2nd fund raise happened and why it was at 10p (compared to the earlier one at 6.5p - thats all down to Fox-1).

Looking at the prospects - Wild Horse-1 has simple faulting, its a 4 way dip (dome) and has soft amplitude anomalies. Pretty good target. Always was the 1st one they wanted to drill.

Snow Leopard-1 has complex faulting and therefore high sealing risk. In all the presentations after removing Falcon-1 there is nothing much exciting said about SL-1. Look yourselves....its as if someone writes the slide saying, yeah, we got this one too.

Fox-1 - extremely exciting, they spend 4 pages of their latest presentation detailing Fox-1. 3 way dip, normal faulting, bright spot on 3D, live oil shows in coring etc.. etc.. etc...