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I doubt if PM in its present form will survive long enough to see any earnings.
While earnings are clearly not happening, we do usually get an update. I’m quite excited. RNS Thursday morning !!
Oil up , PM down. This means oil prices doesn't not effect PM.
We need progress to take this up and we have no progress at any fronts at the moment..
A never ending storyyyyyy, ooh ooh ooh ooh ooh ooh ooh ooh ooooohhhhhh!
Not a good tune or situation on this rainy morning.
Come on MB, pull the rabbit out of the hat will you! Soon! Now even!!
Master has got a point.
MB should have been in Mongolia.
MB could have been more generous to the locals.
MB should have stopped drilling and used that as a leverage surely the last one.
MB hasn't informed us more often.
But I am sure he is as frustrated if not more as us and he really wants H1 in production this year and I think he would.
I don't see how H1 delay would benefit Mongolia, on the contrary it puts off foreign investors.
3 weeks gone in the month and nothing more positive in reality in the offing.
This is only a shortable stock at this stage...
another day of nothing and nothing else to say what a **** show
Ojay: “Doc: You may not be up to current events: Who cares when the refinery opens?”
Where did I say I or anyone else cares? I’m merely correcting moveonup’s assumption that the refinery would be ready next year.
FWIW, I think the refinery is irrelevant to MATD’s short and medium term.
Try again.
🆙
Doc: You may not be up to current events: Who cares when the refinery opens?
Semper idem.
Still being treat like mushrooms, kept in the dark and fed s, h, 1, t. GLA
Moveonup: “the refinery opening in 2024”
Erm, that’s been delayed, too! Think more like 2027…
I know people are going to say I go on. But you have to be blind not to realise where the problem lies. Not with locals, not with the share holders. But the person who has bought the SP to this level .
Spent 5 years chasing rainbows when he had near field exploration with infustucture stone throw away.
He wasted millions on wages .
He is the one fully responsible for this Land issue. No one else. The local government is doing their job by throwing PM out for not having permit whilst drilling. So you can't blame them.
Fresh start At PM might be the answer to get negotiation done with locals.
No one is going to negotiate with the CEO when he is never in the Mongolia to say sorry our mistake won't happen again.
He screwed up and therefore should go. No ifs no buts.
Compared to my 13+ years (since 2010) you're doing a lot better than me.
But I agree: The hardest part is over (except for the showing patience).
I was hoping I could get out of this investment at 1£+ if I waited long enough and I'm sure it will happen someday; sadly I'm not sure I will be around when it happens (so MB: step on the gas please!).
GL to all.
Thanks all for the replies and update. Shame its still dragging on, but much to my initial predications that this will fall inside the same initial timings of the refinery opening in 2024. Im sure the MATD team has done what they can to get this moving, and looking like lots of activity to come. Hardest part is now over tbh, been here 5+ years, another 6months to a 1 year and im hopeful for a handsome reward. Slight worry about a 2024 cash raise, this really is dependant on pumping self revenue isnt it. Only silver lining, oil much higher than when asset was originally estimated. Im sure we see a potential 7p exit in the coming month. Usual patterns dictates 26th Dec - 10 Jan.
Geo61
Such brainless like you cannot think, and if you want to find a nut then just look in the mirror.
Moveonup: Good thing you were'nt around lately - you didn't miss much.
Yes - the LP was awarded by the central government; whereby "local formalities" would need to be addressed. Several weeks have gone by since then and the market/investors have been left in the dark regarding the reasons for the "formality-delays". Clearly this is a lousy situation and a lot of positive news appears to depend on the final "local approval" of the LP (i.e. cooperation with DQE, logistic contracts with PC for hauling the Heron oil to PC's installations etc.).
So in summary we investors had hoped this would be done and dusted by now. However, there is still justified hope that oil can be extracted from Heron before the year ends.
The negative posters on this BB don't want to see this happen (for whichever reasons).
But as WOS correctly said many times: love it or leave it - it's your investment money - but be happy!
Allegedly pursuant to the Mongolian Govt. designating the Heron land as "special purpose" and the project being "of national importance" some formalities had to be settled with the locals - contracts regarding use of the land and alternative arrangements & compensation for the displaced herders.
As usual in Gormenghast (sorry Mongolia!) all this is taking an inordinate amount of time.
It is the earnest hope of Mr. Buck and the MG that oil production may start this year but no one is holding their breath.
Mr. Buck has given no indication of any signed agreements with DQE for further Heron drills or with Petrochina for the transport & sale of any oil produced.
Because we've not been awarded the LP.
Central government have given it their backing, but the paperwork and actually paperwork must be done by local government, who appear to continue to be determined to stall the process.
Hi All, ive been away for some time and just catching up. I see the LP was awarded, in a brief summary can someone tell me what the current position is and why we are not yet pumping oil?
Thanks
"PC is next door. You will get the rates they are getting."
I can't imagine the Chinese government are paying market rates, which is where all PC's oil must be going?
BP....
Be happy.....your decision to buy or not to buy!
PC is next door. You will get the rates they are getting.
It's going to be mixed in the same storage tanks at the facilities..
Just like dairy farmers , all the milk gets collected from different farmers and is taken to the same processing plant.
Genuine question…
As Mongolia is completely landlocked between Russia and China, the obvious places are oil could go are those two plus Mongolia themselves. Now BP has rightly commented that Russia don’t need oil and gas from anyone else, China have plenty of other sources and cheap Russian oil, and the Mongolian government (I assume) won’t want to be paying top market rates for what is their own oil.
So my question is, do any of the big oil boys in Mongolia manage to get oil to any other places in the world, and if so, at what cost? Otherwise, soaring oil price doesn’t seem to hugely matter.