The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Impatience seems to be creeping in! I never expected Heron to get "sorted" this year so I'll be pleasantly surprised if it does.
R and H I agree that 'the market' often appears irrational,, e.g. great but unpopular companies cf minnows without any income trading hands for prices way above their worth ..... but, it is still the case that there appears to be some doubt as to where PM is currently.
Doc The RNS is really not clear. Not to me anyway. The government has approved certification. Great so .... why do the local authority need to be involved? Simply to stamp it up? Or more?
MB - we need clarification please! The market seems to doubt that the matter is simply a matter of formalities !
Extract of a posters recent remaks ( not picking on the poster)
< " ...the market doesn't seem overly impressed with the current situation.." >
But this type of comment always amazes me, in that it ascribes some form of reasoning/ rational to the market or should I say MM's, almost as if its an "all seeing, all knowing" high calibre analyist weighing all data, propects and factors bhind the company inquestion or an analytical machine / specialist investment over lord.
Its much cruder...
As Warren says its a :- "...In the short run, the market is a voting machine but in the long run, it is a weighing machine"
RIGHT NOW ITS A FICKLE SENTIMENT DRIVEN VOTING MACHINE
( dare I say as fickle as some people I know and as impatient as many I know)
None of that really gives rise to a meaningful SP at present , based on the company fundementals, which incidentally I think are only just about to emerge in the next explosive RNS!!
Curious, "The Company will now work with the central Land Agency and local authorities to complete the registration"
I read this that the local government is still needed to complete sign off. I know WOS says they can be sent to prison, but could they make life difficult/delay things still?
So my additional question is
who grants certification now that the government has approved certification?
Anyway, the proof is in the pudding... we're not extracting oil.
ThePOF: Cabinet have approved it, but there are still legal "formalities", as per below. Legally, how can we extract oil when this has not yet been done?
"The Cabinet approved the certification and also instructed officials to conclude the follow up formalities required under the Land Law"
As always with PMs RNSs there is doubt.... it does indeed say we have a legal right to expoitation over the entire block xx area but elsewhere is says the government has approved certification (NB not granted certification) and that suggest there is a condition subsequent, i.e. the 'formalities'.
Basically we just need clarification on:
1. Whether there is or is not any risk regarding the formalities being finalised; and
2. whether DQE can start work prior to the formalities being finalised.
I think MB should take 'em to court!
As you have stated Doc83. They are merely formalities. I am not incorrect as I have simply quoted the RNS which is clear that we now have a legal right to exploitation over the entire block XX area.
Hamm is always looking forward to next week's RNS...
Looking forward to the share price being in double figures today (as per Mister Positive's prediction last week).
What lovely sunny day?
dull and very dark and feeling a bit chilly I might have to put a jumper on!
Don't forget grab as many shares as you can while it is quiet.
Looking forward to next week RNSs.
Will be rolling soon. I reckon from next week.
All those false red sells will be grabbed with big boys. That is what is happening.
Enjoy this lovely sunny day.
Hamm - bore off you flip flopping pathetic excuse of an investor.
ThePOF - that’s patently incorrect. Contracts and paperwork are still required to be signed.
That is a big assumption to say we can start extracting oil just because in your words it doesn’t state “that any of this stops us from commencing work.”
To me, it is quite clear that by law we are required to complete these formalities before doing anything:
“The Cabinet approved the certification and also instructed officials to conclude the follow up formalities required under the Land Law. The Company will now work with the central Land Agency and local authorities to complete the registration of the area ***and to sign the necessary contracts required by the regulations on the management of special purpose land.“***
I will say that I do think it will all be sorted. But I do not agree we can start working to extract oil just yet.
I agree, the market isn't impressed and LP isn't finalized.
Should SELL and go.
Bye bye.
Real investors will be happy to wait till retate and more.
Either way, the market doesn't seem overly impressed with the current situation. Some more clarity on the short and mid-term plans for PM wouldn't go amiss to allay shareholders' nervousness.
GLA.
//we do not have LP//
That’s not correct. If you read the RNS on the LP it states that we have to register the land for special purposes and sign contracts relating to the management of the area. It doesn’t state that any of this stops us from commencing work.
The RNS is also clear on this by saying:
“The certification of Block XX as special purpose land gives the Company the legal right of access to the entire area for the purpose of hydrocarbon exploration and exploitation.”
Mike Buck also added:
“. This important step has been a very long time coming but now provides a firm legal standing to the Company to execute the approved plan of development for Heron and to explore the exciting potential around it. “
"Now that PM has the LP all eyes will be on PM."
We don't have the LP just yet. And I think that's part of the problem for the SP. Formalities, maybe. But the fact remains that as at this very moment, we are still not allowed to park up a tanker and start extracting oil.
A sniff of a takeover from anybody and this will set the sp on fire. Now that PM has the LP all eyes will be on PM. GLA
Chance of PC being allowed to take MATD over... 1% IMO.
It would be interesting to see what the MG did if say a Shell or large oil company came in. Obviously there's a bit of history with Shell/BG if IIRC?
But if there are certain stipulations the MG have put on MATD, then maybe another company wouldn't want to touch it anyway.
I too am on the NO takeover side. Cant see the Mongolians letting china own their country unless a bit of corporate greed involved. As regards Russia, the people still prefer Russia to the West. This was in a survey taken a couple of months ago.
I personally think that there will be NO RNS ref the PM & MG agreement until the DQE deal is signed and oil is coming out the ground. As said i wouldn't trust PC one bit.