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I dont want sp to rise above 3p as am planning to add more in 2 weeks time, waiting for my other funds. news is coming as per the website, but may take a week or 2 to be finalised imho (here i am deramping as i dont want sp to rise up yet !!)
"Took a while to translate, it reads 'The central government will soon announce the establishment of a large scale hydrocarbon plant through a company registered in the UK, #MATD. The current licensing process was completed on 24/9/2020"
From Octavius investments “the government will soon announce a hydrocarbon plant through a company in the Uk Petromatad . The licensing was completed on 24/09/2020” Could be true , might be a ramp ...let’s see in the next few weeks GLA
Mike Buck said he had been talking to Petrochina for 2 years in January about an agreement , well he has had another 8 months and with the borders open again can he make 2020 and can the Mongolian Government which hasn’t changed after the June elections , into a transformative year ...let’s see GLA
Agree Captain Stanley if you rerun Mike Bucks interview with LSE in January he was very positive about getting the licence this year ,talked extensively about a preferred partnership with a like minded oil and gas company while licence was being processed ,mentioned specifically Petrochina and sinopec ,discussed multiple Heron drills this year before November ,financed by proceeds from Heron1 ,and that the Mongolian government wants badly oil production for domestic use and some export ,it seems ludicrous that as he said 2020 is not going to be a wasted year ,therefore for long term investors like myself I cannot see further delays being beneficial to anyone .In addition a JV or partnership with a Chinese major would expedite the exploration production and finances ! GLA
Agree it EL will most likely be tied into the refinery completion due bend of 2022, I don’t think they will want matd oil going to another refinery hence why imo it could take 2 years for the EL to be fully granted as they have taken nearly 1 year to even sit round a table to discuss a reserve report that has already been audited by the experts! It’s going to be a long wait imo as ever time will tell GL all I will probably take a position in 2021 after the placing
Year in and only at first stages of application.....once again I reckon there’s one long stretch out going here to link it to refinery at some point.... Huge govt investment and no oil due to go in it .....oh hold on Matd has some Coming........sad 2020 as good as written off with no Real progress ....
Ojay I am not qualified to give investment advice, I am just responding to silly posts. The rns’s and podcast tell the story the EL license is and will take a long time longer than Mike anticipated hence cash is very low now. No not invested but i might in the future once timescales are clearer and funding is sorted
lambo: Based on what you're saying and assuming all of that is is "factual" it appears you are suggesting that investors who do not intend to stay put, i.e. continue to remain invested long term (i.e. for "many years") should bail out now - before it gets worse. Did I understand you correctly? Are you invested in PM?
Read it Jonny and it only confirms what I am saying “ key component is approval of the Company's reserve report for its Heron 1 oil discovery. The report has been reviewed by auditors appointed by the Ministry of Mining and Heavy Industry (MMHI) and forwarded for final review and approval to the Mineral Resource Professional Council (MRPC). We are pushing for the council to meet and we are hopeful that it will do so before the end of the third quarter.” so they hope the council will meet to discuss the reserve report before the end of this month, if they meet and if they approve it then matd submit their full EL application for the Mongolian authorities to review as stated by the CEO Mike Buck in the podcast. So yes we await approval of the first aspect of the application, more stages to go through after this one before EL is granted or do you dispute this fact? And btw you cannot open a short on MATD on IG or SpreadEX check for yourself if you think I’m short at this price you are crazy 4p maybe but not at the lows that’s not how shorting works. It’s all very well and good shouting shorter shorter talking rubbish bla bla but what I have said is factual based on the rns’s and podcast it can’t be disputed listen to the podcast and tell me how the EL can be granted any time soon
Dozz good post, yes hopefully they will approve the reserve report by end of October but once that’s approved matd then submit the full EL application that can only go in once the reserve report is approved Mike Buck said so in the last podcast on March. So Ojay yes imo it could take years to get the full EL if the current timescales are anything to go by all imo. The reason I posted in the first place was to respond to a poster who asked if the EL was expected by the end of this month which is impossible as the law states they have to approve the reserve report before matd can submit their full application which of course neither have yet happened
It is true Ojay listen to the podcast from Mike Buck in March he lays out what’s required for the EL and the first stage has not been approved yet, something so simple as approving a simple reserve report could be done in an afternoon yet after 9 months nothing
Ref the reserves and EL - yes 9 months is too long - but there have been numerous reasons for the delay as we all know - Covid, elections, totally overhauling there O & G procedures to follow international standards - training on these standards to all relevant departments MRPAM - MNMI - further training was carried out last week - don't forget they haven't issued an EL for over 10 years so PM are basically a guinea pig for the government using these new procedures - as mentioned previously imho i believe we will hear news by end of October
lambo: Based on what you claim to be true: Who would be interested to wait "many years" for an Exploitation License Grant? I can hardly believe that your claim is true. That would clearly mean that PM's SP would drift lower than 1.95 and in the event of a placing even lower. However, if it were actually so, I would be an idiot not to sell my complete holding - at a loss of course. I really hope you know what you are talking about - and (as said before) I hope you are completely wrong.
I am guessing if it takes them over 9 months just to look at a reserves report then it will take many years to approve a full EL given much more work involved in the environmental reports planning permission etc than simply approving a reserve report which should have been done many months ago ridiculous really Mikes hands are tied
My comments are factual, listen to the last podcast Mike did. He said first they need to approve the reserve report, then we submit the full planning application for an EL license. They havnt even approved the reserve report so it’s impossible for them to grant the EL license because the full application has not been submitted by matd yet. The need to wait for the reserve report to be approved first and 9 months on still no approval. It’s all in the last podcast do some research before you say I am wrong