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Mike Buck, CEO of Petro Matad, said:
"It has been a frustrating year for Petro Matad and our shareholders given the lack of progress on the land access issue in Block XX. We are hopeful that we are now reaching a new phase in the process with central government recognising that it needs to bring this access issue to an end through direct action.
Meanwhile, we are pleased with our progress on negotiations with DQE drilling and with the cost reductions that can make a real difference to project cash flows and asset value. Similar positive progress has been made on the Block V Exploration PSC area and we are excited about the potential to drill a high impact exploration well on the Raptor Trend in 2023.
I would like to thank our shareholders for sticking with Petro Matad this year and look forward to sharing further updates."
Just thinking if MB is where he should be ie Mongolia then it is very possible that this will be a recorded interview as the time in Mongolia is 01.00 - 01.30 and probably well past his bed time. In which case asking questions will be useless.
Also i doubt if he would try to stay up till this late hour if all he was doing was pass on bad news. Personally i would RNS the bad news and run for the hills. So why chose now for this interview he could have chosen any in either the run up to Xmas or even the new year. I think the news will be good and the question is when the RNS will come out. My guess would be Tuesday morning but he would still be alright with Wednesday morning becasue nothing could have impacted the markets before then.
Having said all of that i do remember an interview with another company just fairly recently where one of the board just read out an announcement in such a drone of a voice that i have heard the telephone directory read in such a way as to win an oscar. If this happens my advice run for the hills.
Dozzawba, thanks for replying, if anything this just adds more intrigue, I hope by Tuesday night we have some real clarity on the situation as sentiment here appears to be at rock bottom along with the share price. GLA
There's also this twitter post
B. Enkhbayar: The Land Law has been introduced following the Law on Permits. Only yesterday, the Parliament supported whether to discuss the Land Package Law
It is necessary to check the compatibility of legal concepts and the differences between the concepts introduced by the government
https://twitter.com/UBn_mn/status/1598530985418629120?t=6JcOAPKMlxgZjZzFkw7s4Q&s=19
Hi Jimi below is link from a post 2 days ago - heading translated as follows - so looks like 90 changes have been made. I think Land package law is different. Not sure if anybody on here can translate that is being said in the video
B. Enkhbayar: Due to the adoption of the Law on Consent, the Land Law is being changed among more than 90 changes made by the government. However, we supported the discussion of the Land Package Law just yesterday. Coming in a few days apart, the concept is different
https://twitter.com/Enkhbayar_bat/status/1598565051597787137?t=cmZq9aGsR8a0CkSOXww_HA&s=19
That's what should have happened if the company really enjoyed the support of MG. But, since the chatterbox MB was just talking about support, which actually never happened, I am sure that this decision has nothing to do with Petro Matad.
But this solution could be used if the MB began to act as a real CEO and not as a chatter or traveller around the globe.
Jimi ... that sounds like good news if I am reading it right. We live in hope.
GLA
Could this have any bearing on the LP
DECISION OF THE GOVERNMENT OF MONGOLIA
October 19, 2022
Number 377
Ulaanbaatar city
REGARDING ACQUISITION OF LAND FOR SPECIAL NEEDS OF THE STATE
Based on the provisions of Article 16.1.14 and Article 18.1.2 of the Land Law, the Government of Mongolia DETERMINES:
1. 20 hectares of land for the construction of a centralized facility for hazardous waste in the territory of certain Sum, Central Province, shall be taken for special state use, and the change of turning points of the land border and the size of the area shall be approved as annexed.
2. The Land Management, Geodesy and Cartography Department (A. Enkhmanlai) should be instructed to register the land acquired for special state needs in the land cadastre state database according to the appropriate procedure, sign a land use contract, and issue a certificate.
3. Establish a protective zone for one kilometer from the border of the land acquired for special state needs, and not to create a population settlement in the area, to engage in animal husbandry, farming, food production, service activities, and construction of buildings and structures. Governor of the Central Province, D. Monkhbaatar, should be instructed to take measures to prevent units and organizations from owning, possessing, or using land.
Prime Minister of Mongolia L. OYUUN-ERDENE
Minister of Construction and Urban Development B. MONKHBAATAR
I agree. ATB
Excellent post OST, I agree 100% with your views
What a laugh.
Mike has not only delivered a multi million barrel discovery but negotiated through some very challenging financial issues and all whilst running a very tight ship, in a young democracy, through a global pandemic.
You guys are absolute fools if you think MB has done anything other than the VERY best for the shareholders. Just because the process is slow there is absolutely no point in blaming Mike for your personal need to make a quick profit. The reasons for the delays and the process being followed has been clearly RNS'd but you fail to accept this.
It's both childish and foolish to assume the board hasn't been pulling every lever available to get the access sorted. If the local are not going to play ball the ONLY option left is to get the government to fix the access issue by linking exploitation licence with special access zone so that these issues are gone for good. This process is being debated in parliment.
I don't know what you hope to achieve by constantly and childishly making up a story to fit your agenda but it's boring and tiring.
Let's just see what MB has to say this week and we look forward.to you selling out at 4p and moving off to another board.
To temper expectation I personally don't believe there will have been significant progress due to the slow wheel of government, however it would be nice to know how the process is moving through the parliment and an overall operational update (which may, or may not, be via RNS)
To Mike and board. The real holders appreciate your efforts and we trust you will deliver production as soon as you can
Cheers
Ost
The government recinding the exploitation licence and paying licence fee back as an inability to resolve the LP issue. Hopefully not Mike giving us the I'm off speech thanks for my wages and shares because of the above and such and such will be taking over from me , something like that would have to be RNS'd before the webinar? Has anybody seen or heard anything about the meeting supposably on Friday? I don't seem to be able to find anything about it. GLA i think we need it. Bitting nails emoji !!
Well said Manro, I agree with you. He still has a chance to fix the problem.
MB should change his course. He needs to speak up and stop saying MG has been supportive which it hasn't.
He should go back to the field where he is supposed to be to be able to understand the situation.
He needs to get support from BG to push MG to grant LP asap.
He needs to make a special team to negotiate with the locals to get their support.
He needs to warn MG that failing to grant LP would have a negative consequences for MG.
At the end of the day carrots and sticks may work!
Weather -20- to -40 in Mongolia.
Most likely the corruption is the same phenomenon in Mongolia as in neighbouring Russia, under the influence of which it was in past and continues to be today. But if there was the huge support which MB constantly chatted about, then even under the most corrupt government there shouldn't be such a ridiculous problem as land access. Therefore, the question arises why the MB constantly lied to us about this non-existent support? There are two possible answers only: either he lied deliberately or he simply ended up as an idiot abroad. I would really like him to be second one and admit a complete failure in his work as CEO. If he is strong enough and able to correct mistakes he could bring the company to its glorious future as he has promised us from the very beginning. Hope that this is exactly what will happen, everything else can turn out very badly as for the company and for him personally.
To be honest I am worried if MB goes now.
But he needs to be honest. He needs to tell us his plan if he has one! He needs to convince shareholder that he will secure LP. He needs to be level with us and telling the truth. He needs to go back to Mongolia now where he is supposed to be.
Guys good luck to all of us.
Have a lovely Sunday all,
Will mike announce his resignation.We need a breath of fresh air in the company with a different vision.This will bring the company back to health as mike did in 2018.hopefully he will take this seriously.And yes we will have to find money again to survive .so prices will be under pressure for a while .Will hope for a better CEO .But there is still hope for the company.WE HAVE FOUND OIL !!!!!!!! But they just want to buy them off cheaply (let the company go bankrupt) That is what the population and (perhaps also the government) want. That should certainly not happen !!!!!!!!!!
good luck to all
Without RNS before interview it would be all nonsense talk!
I think you are absolutely right and we will find out how stupid MB either is nor is not. This share will either climb significantly on Wednesday morning or sink below the 1p mark. If there is an RNS it is very possible this share will start inexorable rise over the course of the year if the RNS is positive. A negative RNS or no RNS then this could i fear drop below the 1p mark. If there is anyway that shareholders can get rid of an CEO without an SGM then this might be it sheer resistance to SP rise could push it.
Imarich, hear what your saying but he did an interview previously without a prior RNS - and what come of that with regards promises timelines in the interview - a big fat zilch - so he'd be bloody stupid if he did it again. I have emailed PM's broker and communication consultants and told them he will be wasting his time if he doesn't put out a RNS prior to the webinar as imo investor confidence is at an all time low with him and nobody will believe a word he says.
Simon Jordan from the brokers is aware of the lack of confidence in MB with regards promises timelines - he also states that they read the comments on here, so as said they would be bloody stupid to spin out some more b*ll**** to appease investors
Agree, and MB is not going to do a webinar unless he has something good to say to his share holders, maybe some progress but still awaiting sign off for eithe special purpose license or the land permits
Master no not saying your making stuff up was as I said just curious. I read regularly the FB posts and a lot on Twitter. There is a lot going on in Mongolia at top level ref corruption, coal theft, Petro China not paying taxes. In my own personal opinion I believe Matad has been embroiled in this in some way. I believe they have been at a stalemate with regards the LP with certain people in government who are corrupt who want paying off. Matad and MB I believe should of gone to the very top of the government to get this sorted and they haven't hoping it would go away, but it hasn't. My belief is that this impasse has now been bought to the attention of the main people in government hence the UK Ambassador getting involved. Philip Malone has confirmed in an email to me that he has been in touch with Matad with the issues and also people in government and the only way this can be sorted now is Matad engaging with the main powers in government. Let's hope this has happened now. I am hoping for all our sakes a positive RNS comes out before Tuesdays webinar as if not Mike Buck may as well not bother as no-one will believe a word he says. ATB - fingers crossed for some good news - we bloody deserve it
Sorry Tuesday… if positive news on the permit is communicated I will be taking a large position, when matd runs it really can be life changing
Mike Buck is presenting on Tuesday…. Heron has not been confiscated… if it had then it would have to be in an rns if not Mike would end up in prison if he withheld that information… he certainly would t be doing an LsE presentation on Monday if they no longer had Heron
I'm not telling people not to invest. Its a great opportunity but wait till all paperwork is in hand.
No point investigating here if PM has no right paperwork to access the field
I guess it doesn’t really matter too much what a few protesters say on Facebook, if the government give matd the land permit there is nothing a few protestors can do other than accept it or get arrested, if it is been discussed in parliament tomorrow it is obviously at the highest possible level