The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Hamm: I assume your summary is correct and in that case I agree that it is about time for MB to "spill the beans" - irrespective of its impact.
Clearly, I am hardly the only investor who wishes that the obstacles preventing PM from finally extracting oil from H1 will be overcome soon, i.e. this year.
ATB
MB said in his interview that equipment is already on the way!
Now 6 weeks! Isn't it fair he comes and explains what happened!
Saying that the border is completely closed can't be true.
Come on MB have decency and tell the truth regardless.
Shareholders have been patient for a long time.
Time to tell the truth.
2 weeks and equipment will be in mongolia. It's in transit.
6 weeks after still jack all
That would be short minded stupid idea if that is Mongolia government policy!
If Matd starts drilling now by the time refinery is ready there would be more oil available and more expertise I guess.
I am still hoping that H1 starts shortly and end all the speculation. But if that is the case and MB knows that he should come clean and stops all activities if any and no more payment!
Guys,
I have been with PM for the past 4 years and read this board on a daily basis, I have a good size holding. I don't always agree with the views expressed by badprophet although on this occasion I think he has made a valid point ref refinery impacting on oil extraction date. We need the revenue from oil sales otherwise the working capital will dry up well before 2025. It's also possible China may have invaded Taiwan by then which might be a really large spanner in the works!
There is little incentive for GoM to expedite extraction of the oil for sale abroad when they want to use it themselves. The refinery won't be up and running until 2024 or maybe 2025 so I think we will have a long wait. Probably another cash raise coming at 2p ?
Well Mongolians have stretched it out three years……watch all local issues disappear when the refinery is due to open…..
I’ve said it all along…..hopefully my patience will one day be rewarded and I can finally sell my extended hold of 3m shares…..frustrating to say the least
What is amazing is that MB keeps saying the government has been supportive!
I can't really see any willingness in the government! Let alone supportive.
But what I understand is that either the government should pass a law and overrule the local local law or one way or another MATD gets the LP through direct negotiations.
Then MB doesn't seem has been living in Mongolia for a long time which makes it difficult for him to understand the situation.
In that interview MB said that the equipment is on the way crossing the border to the site.
Already more than a month now.
Oh dear,
Probably he wants but unable. In such situation the only way to satisfy himself and assert - its composing and telling us various fairy tales and steal our money ??
The interview was from 1st August so it is fairly recent and is pretty good and well worth a listen or another listen if anyone didn't listen to it earlier.
Everything is progressing very well - but MATD cannot start anything until the land access permit is granted. A full explanation of this starts at 5.45 minutes in.
I would doubt the equipment would have been mobilised unless we were sure it was needed.
This is the interview that I was referring to:
https://www.youtube.com/watch?v=AhPJ8a-I0mc&t=3s
If you listen around 8 min MB clearly explains the land access issue.
At 8.53 Mike Buck says "the reality is that without legal access to land we won't mobilise - until such time as we know that we can be there unmolested we won't mobilise. We are pushing hard to get the central government solution soon and we have an application lodged with the local authorities for their next meeting of the administrative body that will look at this as soon as possible". That is how it stands. Earlier Buck explains about MATD's efforts to get the land issue permitted at a government level but that is not how it happens at the moment and unless that comes into force it will still need to be issued at a local level and that despite numerous applications this has not been granted/issued so far.
Nearly 3 years and not a drop of oil, very poor performance to say the least :+(( GLA
If you had listened to the last interview, I think it was on this website, then MB clearly said that MATD were not going to be able to get the workover rig operational or plan further drilling until the land issue was fully sorted. Much like the wait for the Exploitation Licence, this is now just a sit and wait for the paperwork to be done. This is not a worry as the Chinese block already have the full land rights but for MATD nothing can be done until this is sorted.
ATB
Yet again more talk from MB and no action last official RNS was end of June and apart from an interview on LSE diddly squat.
What happened to talks with DQE. No further updates . No further updates on equipment that was due 4 weeks ago.
Time fast running out for this year's drilling season. What will be his excuse next year when the Spring arrives . The man simply can't be trusted on any front
//Next stop learning Mongolian to get more information.//
Mongolian is hard to learn unless you are a cunning linguist.
Another day and still waiting for the fabulous RNS!
Have a lovely day guys,
From next year we can all go and supervise our investment. visa? NO problem. would be digital!
Come on MB. We just need a brilliant RNS saying H1 starts immediately.
The Government of Mongolia is implementing the "New Revival Policy" which is important to create the basic conditions for the effective implementation of the long-term development policy of Mongolia "Vision-2050" approved by the State Parliament. In this policy document, it was decided that the Ministry of Justice and Internal Affairs will develop the revised draft of the Investment Law.
In this context, the Ministry of Foreign Investment Legal Framework ” discussion on the topic was organized today /2022.09.12 /. H. Nyambaatar, Minister of Justice and Internal Affairs, opened the discussion. In his speech, he said, "The process of resolving disputes will be expedited. Civil proceedings are settled quickly with lower costs. Switch to this system. The system change that will be made at the end of this year will be a change in the structure of the court decision enforcement organization. A project has been developed and submitted to make foreign investors understand that the legal system is becoming more understandable. It is necessary to pay more attention to the implementation of laws and regulations.Changes aimed at foreign investors include the simplification of visas and legal reforms. Now there is a problem. By the end of this year, the main work of digitization of the ministry will be completed. Next year, the foreign passports of Mongolian citizens will be completely electronic. This will increase the physical amount of foreign investment coming to our country. emphasized that.
On this occasion, the Deputy Minister of Justice and Internal Affairs, B. Solongoo, presented the draft of the "Revision of the Investment Law". Also, H. Batjargal, State Secretary of the Ministry of Economy and Development, "Research presentation of the last 5 years of foreign investment" and Brigadier General Ts. Nyam-Ochir, Deputy Head of the General Police Department, "Opinions and conclusions regarding the resolution of criminal cases related to foreign investors" ", Head of the General State Registration Department D. Delgersaikhan, "Presentation of the inspection work related to the registration and operation of foreign-invested enterprises in cooperation with tax and social insurance organizations", Colonel Ch. Oyuntsetse, Deputy Head of the General Department of Court Decision Enforcement and Head of the Decision Enforcement Service, gave a speech on the topic of "Opinions and conclusions on the execution of decisions related to individuals and legal entities with foreign investments and the execution of international court and arbitration decisions of foreign countries." provided information. In the event, some leaders of the Ministry of Justice and the Interior, representatives of the Embassy in Mongolia, representatives of international trade organizations, as well as representatives of governmental and non-governmental organizations, expressed their opinions and suggestions on the current state of the legal environment for foreign investment.
They don't look happy chappy!
More like a lecture.
Next stop learning Mongolian to get more information.
Discussion of legal environment for foreign investment today. Can't translate as currently driving up M1 !
https://mojha.gov.mn/?p=8580
We might get an RNS before bowley gets back to us with any news!
Kokopellicamping.co.uk just waiting for this to get to 8p then I can buy a new hymer for me and the missus
Climbing Wooster, I just drove back from Italy , missed your campsite…and duty free!
Could you pick me up a new Yurt and bring it to your campsite in Italy please?