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It’s been years, it may be more years but there are a number of reasons as to why I’m still invested apart from being underwater lol.
1. Petrovis - Parent company with majority stake. Stable company. Large presence in Mongolia.
2. Mike Buck - I know, I know but he has found oil and has invested his own money into Matd. You could say it’s our money but he knows it’ll come good eventually or he wouldn’t have bought millions of shares.
3. This part from the last RNS that highlights that Mongolia NEEDS our oil. “ Mongolia has a high-profile project underway to construct a domestic oil refinery that will need Heron production.”
4. Our current mcap is £21m when we are sitting on a potential recovery of 60m barrels in Heron alone.
There’s a re-rate coming and that’s why I’m staying.
Best wishes
100% agree with you Ojay on your last post. I'll leave it there
curiouser: I agree that it's a WAITING game - as it's been for quite while. I'm not happy with that but it is how it is. The delays are - at least from my modest POV - due to issues beyond the control of MB and PM mgmt. It will take a while but PM will come good. This investment is nothing for investors with weak nerves and lack of patience.
ATB
If I were given to speculation, I would very much imagine senior staff were present.
Thie summation of the mining week (below) confirms everything that PM have been saying. Its just a w..a..i..t..i..n..g game.
As I understand it the next big decision due is the PC PSA contract renewal terms outcome. I hope that once this is sorted and the angry mob dealt with (either with incentives, compromises or tougher legislation - or a combination of all three! ) then things for us will roll into place - hence I remain invested.
However, we can explore all 'what if' doom mongering scenarios whilst we're waiting - and no doubt some will.
This from curiouserandcuriouser post earlier, In addition, within the framework of the "Mongolian Mining Week 2022" event, a "Responsible Mining and Local Area" conference was held to discuss the problems faced by domestic and foreign investors and seek solutions. Petro Matad must have had representatives at these meetings, if not then perhaps that's why it's taking so long, concerns them very much in my opinion and just show's a complete disregard to there way of doing business!?? GLA
In summary the first few paras are pasted below, but if you want to read the whole article just copy and paste sections into google translate. Personally I think this explains the situation better than conspiracy theories
https://news.zindaa.mn/4cdq?fbclid=IwAR1CdhWqyjKnw51ZQlxbAwd5GlM6lbEGBoCumNvPdn25E1uTV_IeREOG6mA
The "Mongolian Mining Week 2022" event of the mineral resources industry was held this week. One of the main problems that have attracted the most attention of the industry and are waiting for a solution is the resistance of the local people.
In addition, within the framework of the "Mongolian Mining Week 2022" event, a "Responsible Mining and Local Area" conference was held to discuss the problems faced by domestic and foreign investors and seek solutions.
S. Enkhbold, Head of the Exploration and Use Department of the State Mining and Development Authority, said, "In 2005, the number of special permits in our country was 5,913, and in 2022, it has decreased by 2.5 times to 2,564. But the share in the territory was 44.7 percent in 2005, and it decreased 11.5 times to 3.9 percent in 2022. "Also, the funds spent on environmental restoration and restoration have increased year by year, and now it is 34.2 billion MNT."
curiouser - excellent. Thank you for doing that. That's the sort of posiive action we small investors can and should be doing and sharing via these bulletin boards rather than the "trader agenda driven *****ing & moaning "!
As I always said MATD has given Mongolian government wrong message by keep saying they have been supportive!
MATD should starts criticising Government for not helping. That may help.
We can't just wait 3 years and still waiting for LP.
It is just a plot from government and perhaps MATD is part of that and MB is acting as scapegoat, period.
There are 3 problems here:
MATD isn't inform investors properly! While there hasn't been any progress they pay more salaries to themselves!
MATD keeps saying government has heen supportive which is absolutely not true. MB hasn't been in the country where he should which is very important.
LOCALS who didn't care about environment while explorations and now they are difficult!
MONGOLIAN GOVERNMENT who are supportive! They keep talking nonsense!
We all know (or should) that AIM is like the Wild West and the UK regulator will do diddly even if there is fraud. Maybe a good old-fashioned lynching....
What I have done yesterday, which is probably more useful, is respond to Minister J Ganbaatar's Facebook post, which is promoting a Minining exhibition event to attract investment, explaining to him exactly why foreign companies should NOT invest in Mongolia. At least not until they sort out their conflicting laws which grant licences but refuse to deal with access issues and pointing out that local people are hostile, expect foreign investors to spend millions finding them resources but to get nothing in return.
Bowley thanks. I'll try you at your linkedin account. Cheers
Bowley, why don't you investigate thoroughly while you are there please if you have time ofcourse.
Surely you may find someone to talk to regarding MATD.
TIA
Curious.
Send me an email. Richard.bowley@eot.mn
That’s my government email address. Happy to validate my who I am.
EOT manages the governments 34% investment in OT which to date has invested $14bill.
Slightly different economic size of scale to Matad, hence the confusion I guess why they struggle to operate in Mongolia.
Look forward to hearing from you.
Employee benefit costs increase to USD874,000 from USD331,000.
Since they work DAY AND NIGHT they get 2.5 times more!
God save us.
Why dont you report Petro Matad to the UK regulators now? Why do is it have to wait for you to return in October? Do they not have email?
Dear Bowley
The company is called Petro Matad. not Matad. You have already been caught out pretending you were Richard Bowley. You cannot answer even a basic question as to what was said at the mining meeting you purported to have dropped in at. My conclusion is that at best you are a fantasist but more likey a common or garden paid deramper.
Come up with some concincing and irrefutable prood of something please.
Ostraliamate,,,”a positive RNS”. What on earth am I missing? Do you know garbled of the range board?
bowley, please tell us more about your investigation.
thanks
That is the most correct conclusion Bowley and absolutely necessary step to undertake by every self-respected LTH.
Glad to know that I am not alone now in my intention to do the same and ask SFO start investigation this crook in case of no drilling and another wasted year.
bowley, please tell US if you found MATD office so you would be able to have a chat with them or not?
TIA
All in all I feel embarrassed for Matad.
It’s clear the current management group cannot operate in Mongolia. I deal with the government most days on matters. It’s not that difficult.
If I were the Matad management group I would buy a couple of gers, pitch them in the Soum they have the license issues in and until the matters are concluded stay on site. This is what they are paid for, to manage.
There is no Matad presence in Mongolia, they are wasting shareholders money, and shareholders time.
It’s time the performance of the company was brought to the attention of the UK regulators. No forward looking statements I believe will legally protect Matad as I honestly believe they are misleading shareholders, which creates the question has securities fraud been committed.
I will be reporting Matad to the UK regulators on my return to the UK in early October. Enough is enough.
Calamari
How long is the drilling season in Mongolia?
I assume they don't drill during the winter?
As it's MATD, they don't drill at any time.
MB is already so mired in his lies that he doesn’t even understand how he refutes himself. In August last year, he declared about “excellent relationship with the Mongolian government…” and today he admits that during all this time the company has not made any progress in resolving this issue and its “field operations remain on hold pending progress on the land issue”.
And at the same time, again and without any shame, he continues to lie, saying that he works day and night on to solve this issue, but does not give a single fact of how exactly he does it or with whom he meets. Moreover, we do not even know where he is in Mongolia or Hawaii. This is more of a disgrace than CEO.
There are more buys than sells so carn't be that bad, we got our update just what most of us were asking for so carn't winge on that front just not the news we wanted, oh well just a paper loss at the moment, so next year for any further developments unless we get a surprise RNS. Looks like it's turned out to be another wasted year, we'll be closer to getting Velociraptor drilled and hopefully producing oil. Going to be a long winter. :-((