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It's in NO ONES interest not to get all the requisite Paperwork signed off and the local governor would need a very good reason not to, with all the official paperwork completed and preliminary requirements having been previously satisfied.
We know this is essentially about individual personal gain for said individual, which the Mongolians withing the Pwtromatad structure, will be more than familiar and able to deal with.
How much will it cost Petromatad - enough to satisfy the official (and his minions), but not so much as to put a significant dent in our budget.
In the meantime, even with a faster drill time, we'd still be off actual TD / results, hence no doubt some people following the price rather than rationally assesing the issues.....and no doubt more than a few stop losses being hit, to exacerbate the situation.
Interesting times ahead, when we actually have something tangable to report & certainly will be invested for that.
They allowed us to keep drilling this is just process. It can take 3 to 4 weeks for me and my CFO to be in the sand place to sign off documents so don't think it's a significant issue. If we were still stopped then fair enough but we aren't. Onwards and upward today GLA
Here's my post from yesterday in regards to permit:
Mongolia Local Authority process for issuing permit very slow unless you pay him/her extra $$, hence the causes of slight delay in getting the signed document. Why Matad avoiding paying bribes? once a bribe is given, the bribe giver and the bribe taker become partners in crime:)
We should expect the confirmation RNS very shortly.
Further to its announcement on 14 August 2019, the Company reports that all processes for obtaining the land permits for the Heron and Gazelle well sites have been completed and issuance of the permits is waiting on final signature by the local governor. In the meantime, operations are continuing as normal at the Heron well site and based on current performance the drilling and logging of Heron-1 are forecast to be completed around 9(th) September
Morning Bigbench, I understand the MM's needs to fill the Sell order bringing the price down. However, today it's a different day and the big sell it's gone. The trade are solved, but the post before mine from John_hornby still valid (my opinion) If the Government Authorities agree with the exploration & drilling, why local Government not signed yet? Conspiracy? They want to delayed was more as they can? Petro China are involve in this issue? Mongolia turns to International Oil Production, why they don't let us to go? We will create jobs, pay tax, help the locals and they still not see this? Unbelievable how thinks works over there...
Good Morning to all here, No news released (at the moment) regards to, the big sell yesterday. No news released about sign the paper (Heron) So, not a single bad news, I believe we will see more Buys than Sells and possible a BLUE day here. Let's see how MATD will be from 8am. Have a nice day all, Obelix
As I mentioned earlier, I'm a bit cynical regarding what is going on with this local official. There is no way he/she was not aware that the drill rig was in his province long before it commenced drilling. If there were issues with the "permit", they had plenty of time to inform MATD before they ever went to spud that they would shut it down, but they chose not to. Now we have an extended delay to sign off on paperwork which is likely done for some time, yet nothing. Not to be a conspiracy theorist, but it would not surprise me if the let it go all the way to an oil strike before they come back and insist there is still something wrong with the permit. After all, at that point they would have maximum leverage over the company to "deal." If one really wanted to fantasize, then the national GOM could be called in to mediate the discussion. Sounds kind of like Oyu Tolgoi? I have no doubt that if they hit oil at either site, the shares will pop, but not like it would if they have a clean ramp to production. The GOM really needs to get their act together, and this is not helping.
Drill Operator says 3 weeks to drill Heron well Heron-1 no more casing strings to slow progress it was about a 10 day delay to Heron which will be drilled quicker, crew experienced Chinese operators, recently drilling in Block XIX so should be familiar with what's coming, plus no more casing strings to slow progress... Petro Matad CEO Mike Buck comments "drill operator has said he can drill Heron well in 3 weeks because he has experience of drilling lots of similar wells of this type in basin"
They mention below..that they expected signed doc.s from the governor in the next few days...that was on the 14th August...is there an issue here we need to be aware of as we are over two weeks since then... Petro Matad said it was preparing to start drilling a well in Mongolia after achieving verbal approval from local authorities that had been delaying its progress.
The rig for the Heron-1 well had been put on standby, at an ongoing cost to the company, pending the resolution of a dispute over land use.
'The company can now report that the central and provincial governments are resolving their issues and have given verbal approval for the company to resume operations whilst the necessary paperwork is completed,' Petro Matad said.
Preparations were now being made to drill the well, while the company also worked with the local governor to sign a land use agreement.
The signed agreement was expected to be executed 'within the next few days'.
Total standby costs incurred to date were of the order of $150k.
'The company hopes to be able to make up some of the time lost on standby and based on current forecasts, drilling operations on Heron-1 and Gazelle-1 can be completed well within the normal operating period of the Mongolian drilling season.'
At 9:57am: (LON:MATD) Petro Matad Ltd share price was +1.38p at 7.28p
Today was a strange and quite intense at times looking at the price falling with a full blue screen.
I think we can get back to 8.5/9p in no time, same as a week ago. To start we need an RNS stating the permits have been singed and a small operational update on both drills. This should take us finally towards 10p in my opinion waiting for the news on oil shows at RD