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I wish Gengis Khan was still running the show in Mongolia.He would have sorted things out by now.Anybody have his email!
Lambo and Captain S, such rubbish...but if people fall for it, can't blame you and good luck.
Would imagine the price will settle around 2p ahead of a placing, 1.5p looks likely now imo but that’s better than administration
Oiler’s next door have worked their magic by greasing a lot of corrupt palms.
It was a scenario that was mentioned time and time again. MATAD will struggle to realise double digits again.
Steer clear until you know how big a placing or how much of the pie they will get when they do a JV deal with the Chinese Oiler’s.
You never know the Indians may jump in but they’ll take a huge slice as well.
we are underestimating the influence/power of local entities/units or even tribes etc.
It appears to me that Mongolia was taken by surprise by the collapse of the USSR and was left to itself in 1992. The current "Mongolian Government" may not have the centralized (decision makting) power as we know in the UK, France, Italy etc. and is required to address local entities to a much larger extent than we can imagine.
This is not a history lesson as I am unfamiliar with the political situation in Mongolia. However, we do have some posters on this board who know more about the local and political environment in Mongolia. Let's hear what they have to say - particularly with regard to issues like "exploitation licenses".
2.25 - 2.2975
Could go lower - imho
I don't see any reason to bail out of this share.. people selling up for Christmas?
Hard to believe.
One day we will get EL
but who knows when !!!
I don't think they should get anything. Why should they?
They are just sitting on their asssssss, waiting aren't they?
Hard to believe a whole year at least will have been wasted while we are waiting for the license!
No wonder this country is still living in the dark ages how can it take this long to sign a piece of paper?
The CFO retiring may mean all the finance deals/ farm ins etc. are in place waiting for approvals, and saving the company money by existing, or got his tail between his legs.
I hope lambo doesn't respond with the same garbage he dost out out for last few weeks. Tiring agenda
§ All Executive Directors, Non-Executive Directors and other senior managers have agreed to take salary cuts averaging 50%, backdated to the start of Q2 2020.
§ The Company's professional advisers have also agreed to reduce fees by up to 45%.
§ With these measures implemented, the overhead costs of the Company have been halved whilst crucially maintaining our operating capability. Further cost cutting measures have been identified and can be executed if market conditions make this necessary.
§ The measures already undertaken will enable Petro Matad to continue to operate with the cash resources it currently has on hand up to the end of Q1 2021, and if the identified further cost cutting measures are implemented, up to the end of H1 2021.
This share will shine, but not for a while.
2020 was a wasted year. 2021 no comment. In hindsight should of gone for Heron first.
Will be alot of placing shares to churn so no rush to buy in the placing.
Accumulating cash ready to buy in again.
Llambo I sense your frustration which suggests to me you have been a longer term shareholder than me (October 2nd 2020) and have shares at an higher average. I probably would feel the same. the elections were late June (24th) so they have not been forming the committee for 9 months,as you write. That said even from late June it still does seem rather a long time to set up the committees.
ON THE PLUS SIDE
Reading the RNS it has a lot a positivity within it for the process to go smoothly when the "things at Govt level " are given the green light. In the mean time the shares are cheap.
Mike won’t run the risk of matd going bankrupt so he should be able to get a placing away but it will be at a huge discount imo, no wonder big business doesn’t want to do business in Mongolia 9 months to form a committee and they can’t even agree on who’s on the committee in 9 months let alone agree to approve anything total joke and screwing matd financially unfortunately
Wish I hadn’t mentioned the need for a public relations officer when the next day we get this rns!At least an update I suppose.I’m not going to sell and just hope a miracle will happen.At least I don’t have covid(not yet anyway!) keep the faith bros
The two bits I like:
Detailed Environmental Impact Assessment (DEIA)
The Company has had its Detailed Environmental Impact Assessment (DEIA) for the Heron Development approved by the Ministry of Environment.
This is a major milestone as the field work, documentation and local community engagement requirements in the preparation of the DEIA are significant and time consuming.
An approved DEIA is one of the documents required to get the final ministerial sign off on the EL approval.
Securing the DEIA approval whilst countrywide Covid-19 restrictions have remained in force was achieved with the cooperation of central and local government bodies and with the hard work of the Company's HSSE and Community Relations departments.
The assay of Heron 1 oil has also been completed and the results are now under review.
Overall, and as expected, the assay has demonstrated that the oil from Heron 1 is very similar to the oil produced in the neighbouring Blocks XIX and XXI. Heron 1 oil is a light, sweet, waxy crude with an API gravity of 44o making it one of the lightest oils found to date in the Tamtsag basin.
GL - Oilf
Just time the oil is there i have been here 2010 so after 10 years what is another one.
Those who don't have many or need to average down good time.
You better get buying then Hull, EL was expected to be granted earlier this year, it’s now Q4 and they have not even met to discuss the first aspect of the EL, let alone approve anything. All the while matd are burning cash and will needs funds to avoid bankruptcy, sad state of affairs agree it’s not Mike fault but games been played by Mongolia here imo it doesn’t take 9 months to form a committee
Just when I thought we were going to get EL. It's unbelievable that we are still waiting almost a year and the government are still not organised.
1.. This meeting has been delayed due to a reorganisation within MMHI which followed Mongolia's parliamentary elections in Q2. We understand that whilst the nominees for the Petroleum Subcommittee - which will review the Heron reserves report - have been finalized, the full membership of other subcommittees has yet to be confirmed which is causing a delay in ratification.
NOT A DIRECT MATD ISSUE but government re-organisation
2.. We have been advised that the ministerial ratification of the MRPC is imminent and review of the reserves report is included as a matter of urgency on the MRPC agenda. We continue to work closely with the MMHI to overcome this delay, meet the MRPC and secure the approval of the reserves report to allow us to progress to the remaining stages of the approval process.
MATD DOING AS MUCH AS THEY CAN, GIVEN THE VSITUATION ....Imminent and Matter of Urgency
3..The Plan of Development is ready for submission to the relevant bodies as soon as the reserves report approval is in hand.
ANOTHER POSITIVE...READY TO GO
4.. The Company has had its Detailed Environmental Impact Assessment (DEIA) for the Heron Development approved by the Ministry of Environment. This is a major milestone as the field work, documentation and local community engagement requirements in the preparation of the DEIA are significant and time consuming. An approved DEIA is one of the documents required to get the final ministerial sign off on the EL approval
APPROVED and REQUIRED and a MAJOR MILESTONE
5.The assay of Heron 1 oil has also been completed and the results are now under review. Overall, and as expected, the assay has demonstrated that the oil from Heron 1 is very similar to the oil produced in the neighbouring Blocks XIX and XXI. Heron 1 oil is a light, sweet, waxy crude with an API gravity of 44o making it one of the lightest oils found to date in the Tamtsag basin.
ASSAY OF HERON 1 COMPLETED
6..Mike Buck, CEO of Petro Matad said:
"Whilst the delay in progressing the Block XX Exploitation Licence application has been unfortunate, we are doing all we can to support the authorities to expedite the MRPC meeting and we have completed all the necessary preparations to be ready for the subsequent phases of the approval process.
Meanwhile, securing the approval of the DEIA is a major achievement and we are pleased to have this in hand. We also continue to carefully manage our cash resources whilst we pursue the permits we need while investigating various funding options for our future operations.
THERE IS MUCH TO BE PLEASED ABOUT N THIS RNS.......BUY not SELL
AIMAG FOOD AND AGRICULTURE DEPARTMENT LADA CAR WAS AWARDED
The Ministry of Food, Agriculture and Light Industry has allocated a Lada-2131 car made in Russia in 2020 to the Food and Agriculture Department of Dornod aimag. "I wish success to your team in delivering public services without hindrance and quickly," he said......
GLA - Oilf.
i know its delays, but we have been waiting for ages, so i am happy to wait a couple more month .
hence, added some
i now its delayed, but been waiting for ages, so i dont mind waiting couple more months. so, on my sin, i added some more
Petrodollar you do realise that Mike Buck said he hoped EL would be granted before Q2 2020... they have not even met to discuss the first stage of the application yet, total incompetence and matd will soon run out of cash... placing around 1.5p is my guess but will be hard to get it away imo with no EL