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On the upside, a great low point for people looking to get in looking to get some return next year
Are you having a laugh Mike
I cant even be bothered to read that RNS, I'm just going to assume it was more crap and judging by the share price, as previously assumed, this ain't doing fack all this year, see you all next year for another dragged out mess lol
Money is going fast! Another placing soon?
It is better to get to 1p so they can't raise money anymore!
They should have stopped paying themselves. Period.
Guys,
Just look at the new threads. Wasted year/down to 1p etc Don't we just know who the shorters are!
Carry on 'guys' but remember, we could get the special licence anytime and won't those who have sold feel sick!
In late April the Cabinet of the Mongolian government gave instruction to the relevant Ministers to expedite matters reflecting the fact that Mongolia has a high-profile project underway to construct a domestic oil refinery that will need Heron production ... This high-level intervention from the Cabinet was very welcome as progress on the matter has been far too slow. The Company continues to push all governmental bodies involved to generate and maintain the necessary momentum.
MATD has been drilling for more than 10 years but they didn't know they need LP says it all!
Out of blue Mongolian care about environment!
Down it goes.
Guys,
I wouldn't put it past this going to 1p.
Nothing will happen here till June 2023 if anything
will happen..
First blame licensing. then locals . Then covid.
How can you defend MB. Look at the history of how he got PM in to this position. He took the local governor to court . Since then there's problem with local authorities.
Every other company has managed to carry out their planned activities in Mongolia besides PM.
3 years have past and he hasn't got local land issue sorted.
They should get double pay as they are working DAY and NIGHT!
Anyone expects another placing?
Should they get double or half or perhaps nothing till H1 production?
Enjoy the fall again!
You can't blame the management - or Mike Buck in particular - as matters are out of their control. This is just a waiting game.
The situation is exactly as I posted recently. They will not mobilise until the land issue is sorted out.
Mike Buck, CEO of Petro Matad, said:
"I fully appreciate that the lack of resolution on the land access issue will not be welcomed by shareholders. At this stage we have submitted an additional application to local authorities, are pushing for short and long-term solutions to speed up approval and continue to receive the support of the relevant ministries and the Cabinet of the Mongolian government to expedite the matter. We continue to work, day and night for a resolution.
In the first half of this year, we have made substantial progress on getting our production capability ready in order to ensure we can complete Heron 1 as soon as the land issue is resolved."
As for the cash:
"The Company's cash balance at 30 June 2022 was USD 6.62 million (USD 3.10 million in cash and USD 3.52 million in Financial Assets)........As previously announced, a successful fundraise totalling USD 10.4 million gross proceeds was completed in August 2021 to develop and further appraise the Heron oil field with the goal of commencing production in the second half of 2022. During the first half of 2022, the Company has used part of the proceeds raised to place orders for essential equipment required to put the Heron 1 well into production. The remaining funds received from the fundraise have been invested in relatively safe high yielding term deposits waiting on the ramping up of work programme activities. Throughout, the Company has continued with aggressive cost control measures including maintaining a small but highly active workforce with the necessary operational capability."
It would appear that the cash has been spent on running costs (including wages) and equipment.
They couldn't really say anything else. Its as we already know
They are literally stealing money from the company and the shareholders.
What a shambles. MB has proven to us he is not capable of delivering .
They are clearly doing as much as possible within their reach, as expected a slow burner where one accumulates on weakness if they, like me, think and hope that the land issue will eventually be resolved, which in turn would provide a massive rerate. In my portfolio I deem this a high risk very high return smaller holding. Time to wait.
We would like a break down of where the 10 million dollars have gone. Only 4 million left in the bank. What are the 3 million of assets and where is the other 4 million???
What a joke.
MB is full of crap. Last interview he said its on its way and will bein Mongolia in 2 weeks and 7weeks later he still has no equipment.
Looks like back down to 2p or even lower
yes, I agree. price will drop to 2p or so. what I don't understand regardless of bad or good news MATD needs to communicate with/ inform share holders, simple.
I don't believe the locals give a damn about environment. It must be all planed!
Being famiiar with the usual PM routine: If nothing changes here, i.e. no (postiive) news or any news at all, a SP drop down to 2.2p (or less!) would appear to be realistic from my personal POV. That's not nice but we'll just have to deal with it.
Where were the locals in the last 10 years when MATD has been spending money looking for oil?
If MATD/MB has been there, why is so difficult to clarify the situation and keep us informed!
Is it difficult to tell us what happened to equipment? I don't think that is too much asking since we have put lots of hard earned money in it!
The locals are basically parochial Luddites and don't want change... plus they have this romantic view of Herders... !!
but one thing I do have some sympathy with is that only 24% of profit goes to Mongolia under the PSA. In UK we charge 40% tax!
Like nearly everyone on this board I am frustrated at the lack of progress at this company.I don’t understand why pm can’t give us regular updates and also why local people are bothered about the environment near us.For Pete’s sake how many people live near our oil field.There’s only about 3.5 million in the whole country,Which is bigger than Europe.,with most near or in ulaan batar.On the other hand MB has over 8 million shares,so talk of him not being interested in PM producing oil doesn’t make sense
I'm sure if I had a vested interest in something and was in a position to "pop in and out" during the day of something of significance I'd try elaborate a bit more. This seems way to important for PM, MB, to NOT be there. I'd be breaking my neck. Maybe just maybe we'll get an update once the mining event has finished, one can only hope. GLA
Hamm. How do you know PM are not present?!?!
All you have to go on is what a person with an anonymous name on this board said.