Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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On the move again...been trying for 10 mins to get another 100k could get firm price on anything
Petro Matad
Block XX Exploitation Licence
The meeting of the Mineral Resources Professional Council (MRPC) to review Petro Matad’s Plan of Development was convened virtually due to the Covid-19 lockdown in Ulaanbaatar. The Council concluded that it supports and will approve the Plan of Development once certain technical clarifications have been provided and any resulting amendments to the documentation deemed necessary have been made. The items requiring clarification have been received from MRPC. With the recent relaxation of lockdown restrictions in Mongolia, the Company is now in discussion with MRPC’s designated officials to clarify the points raised in order to secure MRPC written approval of the Plan of Development.
Mike Buck, CEO of Petro Matad said:
“We are pleased to have received the support of the MRPC for our Heron Field Plan of Development and we are working with the designated representatives to provide clarification and complete any minor amendments as soon as possible”
It’s good to see things moving along for MATD and with the relaxing of lockdown restrictions they must be optimistic with regards to secure written approval for the Plan of Development.
Mantasz, appreciate the posts - keep them coming
This is just the BEGINNING. Do your research and that becomes blatantly obvious.
We know the EL will be issued shortly as well as any updates.
The TA shows clear rejection of the 6p resistance, which will almost certainly get broken through in due course. A couple of further resistance levels around 8.10p & 12.7p, which I expect will see the same breach, then a clear path to around 32p.
That's the TA side of it but what I think or it suggests will be confirmed or not in actual price action, so let's wait & see.
As I mentioned in a previous post, I expect we'll soon be looking forward towards that 30p+ region rather than backwards at fractions of the 5-6p range.
Many lower entry traders have exited with new buyer momentum building up with entries around current levels and setting up for the push breaking out of the lower resistance levels.
Every day takes us closer to the EL issuance and any updates relating to it. Mike Buck has learned his lessons about keeping shareholders better informed.
The £200m mkt cap at around 30p+ will comfortably be justified as MATAD transition into a bona fide revenue generating producer and factoring in (some) potential for parallel exploratory operations.
As the earlier RNS states;
"The Exploitation Area includes the entire extension into Block XX of the proven and producing Toson Uul Basin. This basin contains an estimated 2 billion barrels of in place oil in the Petro China operated areas in Block XXI and XIX immediately to the north of Block XX. The agreed Block XX Exploitation Area contains all of the prospectivity identified within the proven basin. Petro Matad will look to undertake near field exploration drilling in this area, in parallel with the development of the Heron oilfield."
I expect Petrochina will be the JV partner in that for obvious reasons.
All that again a backdrop of bullish oil prices and a renewed appetite for oil investing and linking into RBL facilities as part of a larger fu ding package.
MATD are a uniquely positioned now and for very obvious reasons to those researched I to the stock.
My price expectations in the next couple of months dont factor in actual discoveries from exploration activity. Only the move into Heron development & the parallel exploratory a activities.
I expect we'll be omewhere into the 30-50p before that becomes the (main) focus of debate here but you can reference D1nger's excellent dive into that if you so wish.
I'll probably only post again after the next weekly candle has formed. I dont intend to derisk until we move well into Heron development and parallel exploration, so everything else happening here in the meantime is interesting but nothing more.
Dyor please, it's your money.