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People are missing the point. PAPERWORK WAS BEING PREPARED in the April RNS. May RNS paperwork has been prepared. So Won't be long.
And yes LP is a guarantee otherwise non of this paperwork would be looked at.
Another month
Great opportunity for new comers. I expect lots of trades today.
MB isn't pleased himself but I am sure He will secure LP soon.
Mu guess is that he gets LP before v1 drilling starts.
V1, V2 is on the schedule now.
See what the market thanks about this RNS!
I still believe the share price is a bargain.
Guys,
I guess that the rig is contracted to MATD and if we cancelled we would be looking at substantial costs . We wouldn’t just be able to get another rig easily if we delayed. Mike is damned if he does and damned if he doesn’t drill… I go with the drill as a positive and will keep my fingers crossed.
Every RNS should be used as an opportunity to reapraise your investment options, especially when it's from a small cap fronteir oilexplorer without an ongoing income stream.
Today is no exception.
For me it comes down to the competencies of Petro Matad and the Mongolian Government.
I'm happy with the former but unsure about the latter. I don't think they're being actively duplicitous though just bueaurocratic with more than an element of department and political rivalry.
So it'll take time.
Heron on-stream in '23? It's only May so let's hope so.
Worst case would be '24 with a further funding round if Velociraptor doesn't strike.
That's still a very attractive worst case scenario for me with plenty of big news up-side between now and then.
Win big longer term or win mega big in '23.
I dare say there'll be plenty of ups and downs and trading in the mean time.
Make your decision on the RNS and ignore the rest?
Just shows to me that no one on here has a clue, but the majority are prepared to admit it.
The tiny vocal minority telling everyone everyday this is guaranteed, and an absolute winner really annoy me.
Nothing is guaranteed until every risk has been mitigated.
AI... there won't be any need for SPC or LP if velo is a hit as land access is NOT an issue generally. It is just a local/Dornod issue for block XX.
It is a delay but hopefully with all paperwork just being repeated that will facilitate the process.
They raised funds so they could drill VP. If MB new LP was coming he would have held off on the raise. Holding back on VP will incur further unnecessary costs!
There is a delay but fundamentally not much has changed. Could be a good buying opportunity if you believe it will eventually land or even better VP is successful!
i agree 100%% shagged.
this is absolutely mental from mongolian government. we have no evidence that we can actually get the lp if oil was found. turning into a complete **** show.
also all rampers predictions that lp coming in next week are wrong. there is always information we dont have so dont make stupid predictions
If they continue to go ahead and drill VP prior to being granted the LP.
A duster on VP, which is way more likely than not, will absolutely decimate the share price with no confirmed LP to back it up.
Totally nuts.
You guys make me laugh.. any weakness ill be busy mopping them up
Down like a sinking brick lucky to hold 5p
It’s a shame for MB. Mongolian government need to get on top of the investment opportunities.
Disappointed no update on solar panels .... getting to be a joke !
Also look like they have WON new oil block in tender & now negotiate PSC detail before RNS release on it
Drop to 5p ?
Another month for paperwork. Should be enough
Header explain all but & like Mr Dac say should not take long this time with all Ministry already see documentation before.
Good information on Velocirapror drill & explain why mr Mike Buck say "Wild at drill with better then wildcat prospect"
Excellent source rock AND priven working petroleum system. All go for "country making drill" if successful & very good chance if this for rotation drill.
Momentum up over next few week :)
BOOOOOOOM for Velociraptor
Little bit more patience for LP but not much now.
LP Documentation complete & Ministeries dud give submission to MMHI but now Minustry of Condtruction and Urban Develolment will make submission to Cabinet. Delay process but because Ministries already give submission before then submission to Ministry of Covstru tion/Urban Development should be faster.
Velociraptor - "located 7km south of Snow Leopard 1 well which shows EXCELLENT OIL SOURCE ROCKS & OIL SHOWS and prived that there is a WORKING PETROLEUM SYSTEM in Taats Basin in which the Velociraptor well is located"
Start of momentum build up for this now :)
Another delay to the LP, but if it is just repeating the process with a difference ministry it should not take so long this time.
But at my guess it’s a minimum of two months before that gets sorted.
Hopefully we will have another discovery to start.
LP.... so much for fast track then! Clearly the Mongolian govt don't know their backside from their elbow either!!!!
Otherwise good news re Velo and clears up the IOM visit, so the wild speculation should calm a bit (here's hoping).
Another 12 months for LP then, not good
So we will be spudding the Raptor without an LP. God help us!
these ******* mongolians are taking the **** mind
Mike Buck, CEO of Petro Matad, said:
"Preparations to drill Velociraptor 1 are well advanced and we are excited to spud in June and to explore the potential of the Raptor Trend.
"It is highly frustrating that the good work done by MMHI on the certification of the Block XX Exploitation Area as Special Purpose Land is now having to be repeated, but it is essential that the process is followed in full compliance with legislation. Shareholders can be assured that we are continuing to provide all input and assistance to the authorities in securing the certification.
"The recent visit to UK with senior representatives of MMHI and MRPAM provided an excellent opportunity to further strengthen our relationships with both organisations and we were honoured to be joined by H.E. Ambassador B. Enkhsukh, Mongolia's ambassador to the UK, on the visit to the Company's corporate agents in the Isle of Man."
Key Company Updates
· Rig arrival and Velociraptor 1 spud are forecast during the first half of June.
· Mobilization of site construction equipment to the Velociraptor 1 well location has commenced.
· Documentation proposing the certification of the Block XX Exploitation Area as Special Purpose Land for submission to Cabinet is being prepared by the ministries responsible.
· Negotiations with the Government for a new block in Mongolia's 2023 Exploration Tender Round are continuing.