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The above company was incorporated on the IoM by Crowe Trust on 18th May 2023, company number 020889V. This was as a result of the visit to IoM by MB and reps from Mongolian Gov. To embark upon a jv of this nature does not suggest that the relationship between PM and the Mon Gov is in difficulty- just the reverse. Patience is needed!
Indeed.
There also may be a coincidence of timing between the MG visit to the IOM and the opening of Petro Matad Energy Ltd, without any link. MB may have used the visit to also set up a new subsidiary whilst on island and there may be no jv with this new company in regards to ownership of shares in this Ltd company.
It could have been good strategic planning only.
We will wait and see.
My handle is Manx Kippers. I live on the IOM and I like Kippers. Nothing fishy about that....!
Yes. PetroMatad have strengthened their relationship further with MG with the new company being incorporated.
I am not sure why Ministry of Construction and Urban development was not included first time around. Guess they just want to air their importance by being the ones also involved in this historic moment before Oil production starts from Heron oil field for coming decades.
Personally imo i think since the first submission of the request for the special certificate happened, everything has changed. MMHI and MRPAM have imo realised that due to the massive increase of oil required by China that they have to now protect their own oil, as well taking into account the new oil refinery. What a total catastrophe it would be for the MG if PC took over PM and shipped all the oil to China and there was no oil to fulfill the new Oil Refinery. I believe as said imo that the new agreement which is a JV between PM and MG safeguards the oil hence why they have also revised the PSA's.
Ref the LP who knows when it will be here, but i believe it will and as previously said i cannot believe MB would go ahead with Velociraptor spud if he wasn't guaranteed the LP for Heron.
I agree Dozz and I believe once the Special Land Use issue has been submitted by an independent ministry the JV will then be announced.
That is precisely the crux of the matter (and thanks to Dozzawba for this pertinent observation). Indeed, I can't imagine that MB would take on a drilling project from Velociraptor without having received assurances from the responsible Mongolian authorities that the LG for Heron will also be issued in a timely manner. So if Dozzawba is correct (which I assume he is), the LP should still be granted in the next 3-5 weeks. This would also fit in terms of timing if the only thing remaining for the administrative procedure is the signature of the responsible ministries (as suspected by some here). Therefore, the coming weeks are going to be very exciting.
There'll be a Heron update when the Velociraptor spud RNS comes.
I'm happy to wait.
Spudding and a +ve Heron update would make for a nice 7am wake up.
That would be an epic RNS
This in around 10-15 trading day approx :)
Think price will build back up into this anyway
Dowzabba,I don't think the paper work before submission to cabinet will change unless they plan to have heron under the JV new company
The LP will still be under the MATD original, also if that was the case then they would have to say they need to re prepare the paper work
Anyways RNS stated they land development will just need to do it
No more extra info and I think it's best we don't start assuming things that we haven't been told, it seems there is alot if that in this board and people either don't believe or read the RNS properly,.
So far nothing stated in RNS s have been other then that
Do not think Heron will be under any new JV company sir & will understand with all legacy cost & forward revenue.
Will be NEW BLOCKS and with PSC & fuscalnyerm under discussion (all decide now)
BIG push in Oil Sector development & lot if talk of in country experience. Think new company with Mongol Govt JV partner brilliant move to attract foreign JV partner also for remaining percentage.
Only 3 bid from 5 tender in Phase 1 and can see attraction of JV Petro Matad / Mongol Govt company to partner on new oil blocks.
Mr Buck dud say new oil block development with production revenue / JV.
New comlanybfit this perfectly & to feed Mongol National Wealth fund.
Big picture intel make lot of thing clear & why I see Petro Matad triple digit forward price :)
WOS I don't agree about Heron not being part of JV. I don't think a government ministry would be interested in teaming up for an extensive round of wildcat drilling in new blocks. What MG needs is their refinery filled when it opens. This cannot be done overnight. The wells need to be drilled in sufficient numbers over the next two years to get there. This has to be their priority and hopefully we can benefit as well.
Mr Ninetoes
Maybe you right but in RNS mr Buck mention PSC / fiscal term for new block. Think he try to get shareholder off scent because too early to reveal sir but also must have reference to truth of new Block.
Will see sir but WIN/WIN for shareholder so this is main thing :)
I thought legally they have to release any sensitive/ important news.
JV and no RNS for that!
Can argue still in final stage of completion so company structure set up & other detail need to be agreed.
Lot if way around this I think Mr Hamm ;)
B.Baatarmunkh: "In addition to the EXPORT of Renewable Energy, industrialization based on Renewable Energy will provide a great opportunity for Mongolia - BloombergTV Mongolia (23 May 2023)
Think mr Buck a VERY clever man ;)
Should be no change in LP paperwork. Just a case of Ministry of Construction & urban development want ing to be the ones doing the submission to Cabinet and take bit of glory. Ministers already seen the paperwork just different delivery boy this time.
Renewables JV deal paperwork would be totally different.
Things get bit tangled here i think coz of different moving parts each at different stage.
Velociraptor-1 all good to go
Heron-1 should also very soon be good to go
Renewables- new JV company set up - this is new
Will need more details in coming days on the Renewables JV deal specifics.
Come on WOS play the game. Good day on here bouncing back and forth ideas thoughts etc, don't spoil it.
Mr.P the good side to this BB, as I have mentioned none of us know, it's good to throw ideas around of what it could be and we agree/disagree etc etc with no animosity. I tend to disagree ref JV hence why the LP is taking so long. My biggest reason for the JV is the new oil refinery and MG having enough feedstock for it and I think a JV with PM on oil as well as new licences and renewables stops a potential takeover of PM from PC. The same as PC did with Soco in Blocks 19 & 21. Heron has already discovered oil, Velociraptor hasn't, new licences haven't. MG need the oil for the refinery. They can sell to PC up until refinery ready to generate revenues for both PM and MG, but after that they transfer it to the oil refinery. As said my thoughts on it, be happy to hear other thoughts
Maybe you right about Mongol Govt protecting oil supply from China takeover.
Still thinkmit to do with attraction of foreign investor for exploration in multiple New Block which plan to open up.
With Petro Matad / GOM partnership company then foreign investor more happy to be part of this.
Mongol Govt get more foreign investment, PSC & revenue.
Petro Matad get more exposure to exploration asset, security with GOMnas partner & pay with production revenue /JV cash just like mr Mike Buck say
Will find out soon I think but will super charge SP if lijecwe think. All this different people in Isle of Man for VERY good reason so happy to be invested here :)