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bigbench- < MATD have a long relationship in the country, The Gov want this up and running.. The refinery is on course, we are linking up with a renewables firm for future plans.. in the months ahead MATD will be a completely different company..with a much higher SP>
I couldn't have put it better myself other than to add that MATD have a major Mongolian company as a significant shareholder, are now fully funded and even though they have a slow bureaucratic system the MG must want an in country rival for PC not only to lessen their dependance on China but independently develop their resources. Plus act as a yard stick by which to get PC to shape up environmentally.
Mast, I agree with you.
I am sure MB wants LP granted as much as we wants but he doesn't seem to have the ability to do so. If that is the case he might just follow his exploration dream and handed in explotation business to sb else.
I agree with D1 that if we had permit granted in RNS we had double digit share price now, but we don't!
Mb did the same sht last year. And it went down to 1.8 . From almost 9p to 1.8 .
We need someone who is confident and has authority to lead this company, not someone who sits back and waits and waits for slow government bodies.
HE has been put on the side since 2019.
It’s quite evident that local access is the catalyst to change sentiment here. Apart from the continued delay, that was a fantastic RNS and had it contained the permission we are all waiting for this would now be trading in double figures.
Just picked this out from RNS
. Formal correspondence from central, provincial and district authorities has been sent to the relevant agencies as required by the legally prescribed process ahead of submission of the certification to cabinet for approval.
Who are the relevant authorities if they are not. And i thought the local district authorities were not on our side so this is all a bit confusing to me.
Mb has cash, but that doesn't last forever.
Perhaps he should get a deal with locals by being a bit generous if he gets LP!
Spending our money for another duster or paying for the locals while LP hasn't been secured is not a very good strategy.
There should be a deadline! Now we have cash therefore we have leverage which should be used wisely and promptly.
Totally agree Hamm. What is the point of finding more Oil when we are not allowed to extract it?
Ridiculous that we have been waiting for 4 years now and we still have nothing solid from the MG at all.
The LP would give this share a lot of security and therefore be transformational for Matad and the SP.
Without the LP still being granted, there is still a lot of risk with this share and the market clearly knows that given it's reaction to yet another "Still waiting" RNS today.
It was a case of Blah blah blah....rig contract signed...blah blah blah.
This is significant and is why the placing was done. MB had to be pragmatic. Without the land permit he faced the prospect of drilling the raptor and if it hit dust having very little cash in the bank by year end and no activity either. He simply couldn't risk that. The SP would have spiralled down and any placing would then have been desperate. He now has time and activity secured. Lets hope he uses it effectively.
You may find billions of oil, but what is the point if we can't take them out?
MB should change his game. He can't just keep going and spending shareholders money!
As MB said his first priority should be Heron LP.
If that is the case then before spending a penny more he should demand LP granted with no delay.
I am sure he wants LP as much as we want too, but he needs to go to ministry and every day till get it.
4 years and still waiting.
Petrochina have plenty leverage over the MG….as good as MB says the relationship is their is no weight behind it….PC could do massive damage if they don’t get their way and I’m sure the MG know that full well.
Not surprised at all.
GLA
One thing I think we can all agree on is the current Mcap of £31m will be blown out the water if the drill is successful….I will leave the maths for you all to do.
MB may of chucked the towel in by then….sold out…Petrochina will then rule Mongolia.
If MB makes Matad into an oil producing company then he will be very, very rich. So I doubt that he has any nefarious reasons to keep Matad from becoming successful. The whole hold up here is the MG. Either they are inept, corrupt, or both.
It's hard to believe that we have discovered oil years ago and we still haven't been granted a LP.
I do agree with Hamm when he asks questions the logic behind looking for Oil again in such a country when they just bring everything to a grinding halt after doing so.
2024 new Parliament elections so no doubt more delays .... if they don't get it done this year all we have is some solar panels
I seriously doubt that MB has any intention of turning PM into an oil production company. He will probably off load Heron and any other discoveries to someone with the right experience - probably Petrochina.
You might be right about that corruption remark Doc but you only have to look at our own parasitic gov't to see that goes on.
It is having to deal with problems that take the time and as long as it works out we will all become well off. ( for those invested anyway )
But Alan, that's the problem... it's once permission is given, which it hasn't been and where there has been zero progress.
Who knows, maybe there really is corruption and reasons why we aren't being given permits.
Yes Raydio. It’s idiots like the Wise Owl who create false narratives where ever he posts Need to be careful with him
Bilko, you need to read up on MATD before making such a stupid remark.
The potential is huge here. It is just a matter of time.
I would prefer an RNS that keeps us updated with progress good or bad. This is not a bad RNS it is just the time it is taking and if read properly we will be getting quite a few bits of news one after the other in quick succession by the sounds of things once all permission is given.
Only time will tell, but in the meantime interesting updated research version today by Zeus Capital with below 'Conclusion' section for information only, clearly disclaimers apply and DYOR:
'Petro Matad operates in Mongolia where it is developing its 33mmbbl Heron
discovery. This is planned to be brought onstream in 2023, with subsequent drilling then driving
ongoing production ramp up. Development is expedited by the plan to use existing nearby
production facilities, and post the initial programme Petro Matad should be able to use the
cash flows to fund ongoing drilling, delivering regular drilling results and steady growth in
production and cash flow. There is upside on Heron from application of modern completion
techniques, which could increase recovery potentially as high as 60mmbbl. Alongside Heron,
there is very significant potential upside from upcoming drilling of the Velociraptor-1
exploration well, which is targeting c.200mmbbl. This is expected to spud in Q2 2023, and
represents a profound drilling catalyst for the stock, in our view. The company is well-funded
from its US$6.6m end June 2022 cash holding and recent US$6.6m placing. With news flow
upcoming on both Heron and Velociraptor-1, alongside the discount to our 17p total risked
NAV, we have a positive outlook for the shares.'
Come back 2024 - nothing to see here. Another joke of an AIM company!
The MG are an absolute joke. We have Oil, it's there ready to make lots of money for both the MG and for Matad, and yet here we are, still waiting, still no definitive deadlines, still not entirely sure if the LP will ever even be granted.
They've made us wait this long without any solid reason relayed back to us on why we are still waiting.
The markets have reacted to this RNS negatively for a reason.
I still believe that this share is a massive opportunity, but it is frustrating beyond belief now.
Why can't MB get green light until the process is rectified.
He needs to get the government to give a go ahead whilst paperwork is being processed. Just like when they were drilling.
PM will get a permit so why not just give it in writing..
Lets all just wait and see.
MB you need to step up your game.
Long-term holders are fedup with this sort of RNS.
Re my last post , correction Finwittrader post was 8.48 am and not 8 am.
Replying to Finwittrader at 8 am -I agree. I have traded the volatility of this share for ever it seems and short term profits have offset falls in the long term holdings. I was fortunate to top slice and sell part of my holdings at over 5p and over 4p before the raise which I subscribed to. Bought back again today. To misquote the Bay City Rollers song lyrics I say "Buy Buy Baby" and soon we will be Up Up and away! (5th dimension song lyrics). I am optimistic but Petro Matad represents a small part of my portfolio as this is not risk free. But what oil exploration company isn't. We are debt free which is a plus.