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I agree with Ojay here, and I also totally feel the same way that Master82 does regarding frustration to be honest.
We are ALL desperate for this to get going as we know the potential is huge and there is only the LP now standing in the way.
I don't for a second think that MB and MATD in general are taking any us for a ride though, simply because .... why on earth would they?
MB is heavily invested also and so he would also massively benefit financially from the SP going up, so why wouldn't he be doing everything he can to get try and get this LP sorted?
The MG clearly don't want to grant the LP in general at the moment as otherwise they could just say that MB is the problem knowing that he would be ousted by Matad and it's shareholders in no time then in order for things to then progress.
But the MG don't even give a reason apparently.
I honestly think that MB is probably very stressed out by all of this and at least as frustrated as we are with it.
Some will totally disagree with that and that's fine. But I'm withholding judgement until we know some facts.
I'm not defending Matad on their total lack of comms here either but .. they may be weary of saying anything that could affect the SP negatively again until it is absolutely certain that something is the case. From example .. a simple "we are still in the same position" update would make the SP drop again when hopefully, things are still in motion and could still maybe produce a last minute LP.
Fingers crossed anyway.
GLA
Something posted on here about Petro China 1 day ago. Afraid I cannot translate the official looking documents that are posted in the comments section.
master28: I don't believe that MB/PM are trying to trick the investors - don't forget that MB is an investor himself. Clearly, all of us would like to know what is going on behind the scenes.
To me it looks like PM is under a lot of pressure and MB is trying to deal with it.
I think PM need no confidence vote on its leadership by the shareholders.
Still no sign of equipment. Or rig contract
Exactly guys, the one thing that we all agree is on is that Matad could have much better communication with us as we have no idea what is really happening and why.
Dozza: You're probably right. On the other hand don't forget we are trying to look into relevant info which is simply not available to us, i.e. we are (as usual) in speculation mode.
In the end we are at the mercy of the big wigs and can only hope that this will finally come out well.
ATB
Ojay the way I see it is my personal POV - PM had to pay for the Exploration Licence on Block XX. So paying for this without the land being special status ie allowing them to also exploit oil they discovered is irresponsible on somebody's behalf. Somebody is responsible for making this decision. Therefore us investors have funded a mis-sold licence.
Also I believe the GOM should not be "selling" these licences on any land that is not special status. GOM also wants to attract foreign investors !!! - bloody hell they need to sort simple stuff out like this. It's actually astounding in my eyes
Dozza/Bluechipz: I'm not sure you guys are on the same page.
Dozza says: "......would be a total irresponsible decision by PM". I believe Bluechipz sees this differently and - quite frankly - so do I.
However, if you accept an EL with substantial/crucial strings attached I would agree with Dozza.
My view is: If an EL is granted which is - politically, not contractually - subject to restrictions, i.e. unknowns, it would be irresponsible of the MG to grant such a license. However, if PM knew about these caveats and took their chances then we'd have a different situation.
Good point. Why would the MG even allow an EP when they never had any intention of granting an LP?
Hopefully it is just a case of red tape and / or some things needing to be ironed out rather than just a flat out refusal.
I can't see any reason as to why MB wouldn't be doing everything he can to try and make this happen. It would be a massive financial reward for him as well remember. I've no doubt that is massively he frustrated as well. It would be financially beneficial for the MG as well, so it's surprising that they aren't being more cooperative. Can only assume that there must be a significant reason behind their refusal to help things move here. MB did state that they decline the LP without a reason given though. Who knows .... ?
MATD could definitely keep us more in the loop, regardless of whether it is good news, bad news or just the same as.
We all shouldn't have to come on here to try and guess what the hell is going on all the time.
Another question how can the Exploitation Licence be granted when the land isn't special status. Have PM had to pay for the Exploitation Licence, if so this would be a total irresponsible decision by PM. Thoughts !!!
I don't think the SP will rise significantly until production starts in earnest - that may be years away & some LTHs will die before it happens (some probably already have - e.g. FA is no longer here!)
Since 2 months ago the equipment has been on the way, but no sign of it yet says it at all!
If the government were supportive then why LP hasn't been granted yet?
Guys Why do you think LP would be granted next year? What would be the difference?
We have been waiting for 3 years by now. Wouldn't be too much asking the so called CEO and the co come out of hiding and tell us the truth?
Wouldn't be fair to ask where MB has been in the last 3 years?
Wouldn't be fair to asked them stop paying themselves if there is nothing to be done?
Wouldn't be fair to ask them why the haven't been present in the last oil/ mining exhibition?
Wouldn't be fair to tell us if the so called blue chip guys really exist or if that is another fantasy?
Wouldn't be fair to question them why last year wages gone up considering no progress has been done?
To be continued,
Surely the big question, the elephant in the room, is IF the government is supportive then why hasn't it granted the special licence already?
Once granted then the answer is the share price will go up and even Fair Analyst's share price prediction might be correct. But bearing mind that a) these contracts have termination rights and land use rights revocation rights and c) that the local people and its local government have systematically refused to grant the licence, is that the reason the government hasn't (and won't?) grant the required licence?
I agree Ojay, if we have to wait a few more months then I can deal with that as a LTH. As long as it does eventually happen of course. Quick question for anyone wishing to answer it - I'm assuming that the LP could still be granted to us this year even after the time for using it this year would have passed? If so, then surely the SP would still rise given that we would then be ready to go as soon as weather permits next year?
Guess you know what you're talking about.
Old saying comes to mind - "Good money after bad"!
Defn - to waste money by spending more money on something you have already spent money on that is no good:
Agree Bluechipz. From my POV the deal is: Quite a number of investors were counting on H1 exploitation this year. Most of them will say: If it's going to take another year - I'm out. I myself hate the prospect of having to wait another year but it is how you correctly say: It's not a question of IF - but of WHEN. So what is the definition of a LTH?
ATB.
Dear Mike,
I gather from what you have said you read this forum and i would guess take note of it and hoping that you will take note of this.
I have been away for several weeks having a holiday in the states so i managed to keep up to date to a degree with what is going on or rather not going on.
At the point i left had you had stressed you were still expecting to drill for oil this year. That is how it came over to me as you had plans to bring the rig in from China as soon as the borders were opened. Obviously something changed your mind between that presentation and the latest RNS. Perhaps you can update us on what forced you or persuaded you to change your mind.
We were also waiting on a court ruling i believe regarding Land Permit. Can you give us an update on this as well. All of this causing a lot of tension on this board as you can well imagine and an idea as to when this court case is likely to be would be very much appreciated. I would assume it is still to come as i am sure if it had already happened you would have passed on the news as i am sure it would be price sensitive and therefore need to be reported.
Also i gather there was to be meeting when parliament re-convened around the beginning of October i believe it was about giving us a special permit. Again can we get some idea when this hearing will be. Most of us, are obviously in this to the, end but a little communication would be much appreciated now that we must be heading into the winter months.
With all sincerity
Surely Mr P is your man! Same old same old. Unfortunately I still hold...hmmm...
I'd probably top up now a little myself as well if I had the funds Ojay.
Still in the frame of mind that it's a case of WHEN and not IF Matad finally gets the LP and the SP finally rises again.
Nobody wants that to happen next year rather than now, but as long it happens .....
We all live in hope.
I guess I should've waited a bit longer....
ATB
If some one who has sufficient experience in writing formal/legal draft please do. NO need to be too strong language/ wording please. We need some kind of constructive conversation at this stage if possible.
Best,
Hamm
Just a thought would it also be worth trying to contact Petrovis ref the treatment of investors and our dissatisfaction. They obviously are also investors and their CEO is chairman of Petro Matad.
Hamm, you know very well that each of us has written letters before and asked many questions, but never received any satisfactory answer, but only formal responds. That is, in fact, they ignored us and we simply became for them some kind of herd of sheep, which can be ignored. That is why the time has come to show that we are the owners of the company and they are our employees. So, our opinion should not only be considered, but taken as a guide to action. And for this we must act in an organized manner and as a whole, otherwise we really are sheep that can be sheared or slaughtered. Therefore, as Dozzawba writes correctly someone need to compose and post here a draft letter with all the main questions, and then each of us can add our own questions. Having received the answers, we summarize everything that they answer and, depending on this, decide whether we will apply to the SFO or not.
Jimithebrush, would be interested to know your opinion in this matter too, please respond.
B/P, MB and the board will probably get share awards before the cash raise don't think they've had one for a while. GLA