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Nobody knows what this so-called "development" is about, it could be a shorter ploy to cause panic and tank the SP (it is obvious that there is paid rampers and derampers operating on this board, therefore it is not outside the realms of possibilities that the "activist postings" are part of that).
Even if the "activist" is correct, and something has been declared illegal, we have no idea what that is, or what the impact on Petro Matad would be.
I think the first thing to do is to email Investor Relations and ask for clarification, or ask them to put out an update via RNS, as others have said - in fact I will write them myself just now.
Hamm took you days to come up for an excuse for looking
like an idiot.
I guess it hurt being pointed out over and over?
IF this is something serious it is price sensitive and there will be an RNS Tuesday.
IF this is normal and par for the course in Mongolia and the hoops we have been jumping through from the start then there will probably not be an RNS.
Wait and see… but it is not clear as day. We are judging from one Facebook page. If it was that important I would expect MB to be there. That he was not suggests otherwise.
FA, my post was a quick reference from the activists FB profile page, sorry if it was misleading in any way, but it has been put in today's thread. Maybe I should have taken more time to copy it all word for word but either way this all still needs clarifacation from the company as it is causing a lot of confusion to say the least.
Hamm, is this as clear as day, like when to you it was clear as day we can’t drill in the summer as it’s too hot. Which is complete nonsense. You post nonsense.
We have the exploitation licence for Heron.
We don’t have exploration licences for all other prospects.
Stop trying talking nonsense to try and push the SP down.
MB isn't to be blamed for not updating you guys. He himself hasn't been there for 3 years .
Needs to be updated home.
Have a nice evening guys
This is as clear as day light.
There is no local permit to do the two week workover.
MATD knows that there isn't all necessary permit to proceed oil extraction.
That is why they talk about all farm out, other deals nonsense to buy time linstead of being level with PS holders.
Their communication is so poor on purpose of course that guys have to dig in protesters FB which is a shame.
Best,
The long and the short of this, is this is not what we wanted going into a bank holiday weekend. I seriously hope MB is going to spend Monday talking to lawyers in Mongolia plus his other directors.
By the looks of this the nub is the courts have effectively told Petro Matad that either everything they have done since 2020 or before 2020, i am not entirely clear which, was completely illegal. By sounds of it not just parts of it were illegal but the whole thing was. This does re-enforce the opinion of some on here that MB is not up to the job.
I can imagine what has happened was he could not travel to Mongolia during all the Covid restrictions and left it to the lawyers and a couple of local directors to sort out. When lock down was over it was rather convenient solution so he stayed put and left it to the others and either they are incompetent or have been fobbing MB off with a load of rubbish. But at the end of the day the buck stops with the CEO and i would strongly suggests MB clarifies everything on Tuesday morning.
I just hope to god that i am completely misreading this and it is all easily resolved. But someone has forgotten the importance of Environmental issues in our modern world. Even Mongolia are aware of it. Maybe because Petro china can get away with it we just assumed it was unimportant.
FA - It's not suprising that one of us is getting confused because the CEO deliberately obfuscates when asked a direct question about whether they have all the NECESSARY PERMITS TO COMMENCE DRILLING - note the caps.
He waffles on about conflicts in law being relevant to exploration but not exploitation...blah blah... but that's a complete red herring, intended to throw you off track and divert from the true answer to the question.
Listen from 49m50s. It takes 2.5 minutes but I'll summarise:
Q: Do you have all necessary permits to commence drilling?
A: No
FA - follow the facebook link posted by Master82 at 18.59. That will get you to the activist's profile page. From there one can easily read and translate all the public posts referred to on here by the activist.
"I am sorry but what has been revoked. Our permit or what with all the de rampers on here one starts to get paranoid."
I'm not sure that they ever had a permit to revoke in the first place. In the video presentation that (the ironically named) FairAnalyst posted, at 49m50s, when asked whether they had all necessary licences and permits in place for drilling to commence, the CEO takes 2.5 minutes and several hundred words to effectively say 'No'.
Also from the last Operational Update RNS:
At the local level, provincial and district authorities have been unwilling to discuss local land access applications pending direction from the central government. Petro Matad is working at both central and local levels and recently made a presentation to the local authorities that administer the entirety of the Block XX Exploitation Area. The presentation was well received, which is a positive step forward in securing the permits required. We continue to push at the central, provincial, and district levels to secure the permits required for the next phase of our activities.
Thanks for the fb link. From this lonk people should be able to click on her profile name and access all her public posts
This is what she said last time. https://m.facebook.com/story.php?story_fbid=1728971434161020&id=100011445393483
She posted two letters few days ago. I've just translated it.
That's the one which was given to MATD in 2020.
Remember MATD has been having couple meetings over the few months.
She attended the last one and didn't really say much.
Im not sure Master 82 but im wondering if the. Redolution you have posted was the one up for discussion and therefore is the resolution thst has been revoked?
curiousandcuriouser: thanks for raising this point, much appreciated. I thoroughly enjoy reading any genuine new information relating to any share I am invested in whether bullish or bearish, and this is certainly information I hadn't come across before.
Aimags, regional Soums, Soum governors, herders and locals are critical stakeholders in any process in Mongolia and the Gobi.
The young lady has the right to raise concerns. For many years international companies have destroyed parts of the Gobi with little concern for locals needs especially relating to water useage.
For many many months I have spoken about ESG on this forum. Environmental, social and governance. We appear to have a bump in the road present itself which although inconvenient should not be an issue.
Herders, locals, Soum governors all will be looking for trade offs that support their community. You can only build those relationships on trust over time. Those meetings have to be face to face, and have to be frequent. The problem Mike has made for himself and Matad is he has not done this.
Many are drilling in Mongolia as we speak and have been through the same process. It’s not about corrupt payments it’s about engagement.
I am sure Matad will manage the situation but it’s the fact the situation has occurred that’s concerning. Mike has to step up his game or else he puts all of us at risk.
Good afternoon. Unfortunately I’ve been unwell and have not been able to keep up to date. Could someone please explain the relevance of today’s meeting and indeed is the information related to revoke current or past ie of no relevance thank you so much
It could well just relate to a minor issue bearing in mind Master82's post but as Jimi says PM need to clarify pronto
Sorry i meant search PetroMatad Posts/post dated/2022 (not 2020)
oke
I have no other knowledge except it seems to relate to a decision made around June or July 2020 to which is way before they granted the exploitation licence.
Plumo there is no link as its on facebook and also her name is written in Russian type. The best i can suggest is do a facebook search by tying Petro Matad/posts/date posted/202O. You then will find the girl who seems to be called Adilbish (but wrotten in Russian script) holding up a STOP PETRO MATAD poster then go to her fb page. All her posts are public. Then click on translate
Would you know if this applies to the exploitation license or the exploration license.
link please