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Researchandhold said //BP is like a stain on humanity//
Nothing happening before Mongolian GE & new MG settled in.
No oil revenues this year.
Cash needed to "keep the lights on" - HOW?
IF MG reserve Heron oil for their own use PM (if it is still in business) will be paid less than selling to China & much less than the world price.
It's a bleak prospect for PIs. Maybe the best that could happen would be some sort of takeover - but who is interested!
Sir Bob. Production this year is all predicated on conditions not yet met.
First paragraphs of the 25th April RNS says
Key Company Updates
"The Company is working with the local government agencies to secure the remaining approvals necessary from Matad District to allow the 2024 operational programme to commence.
Preparations are being made to complete the Heron 1 well for production once approvals are in hand".
So NO approvals in hand as of 25 April to allow 2024 operational programme to commence.
Clear as day.
The only reason for the land use delay as I’ve said for many years, is that the Mongolians want that oil for their refinery and not sent off to petro china.
So far they’ve dragged it out six years, I dare say local and national govt working together to delay things.
Our one hope as the refinery completion date gets nearer, is that they need more oil discoveries to maximise the refinery when ready and who in there right mind would go to Mongolia when they have taken so long to allow access .
We ourselves should never have drilled last year.
So the need for more exploration may be our ticket to production.
At least MB is still currently talking about production this year and this has probably kept share price from falling further .
Master you say that the governor has not got involved in the district governments decision but how do we know? He may have been straight on the phone and given them a flea in the ear! Also I suspect the activists work for the governor on this, so no need for him to physically and openly get involved. I guessing however PM will have (should have!) a strategy to tackle the misinformation.
Of more concern in the immediate future, whilst the company attempt to sort this out, is that our funds are running out and we have no signed land access rights to start operating, no income stream, and a governor who will not sign the spc without further high level legal and political input, which all takes time (and may never materialise?).
So, what funding, if any, can we get in this situation? If none then we are no longer able to run as a going concern.
I'm sure this situation will be discussed in the AGM.
Mr Bull is taking us all for a ride.
2 activists do not have power to turn decisions of the government.
He should counter them by offering a deal which will benefit locals.
He has failed to negotiate and has failed to meet the locals in person. He should be in Matad district resolving the issue and not sat in the capital or in Singapore.
Activists have not managed to stop PC so their voice is not important. Even the governor is helpless.
It's called deviation from his failure to secure the LP. A classic case of blame someone else for his failure..
The only good news from that RNS was that the governor has not got involved in the district governments decision.
I'd like to think MB has been very proactive about this but we wouldn't really know as Matad are abysmal at communications and social media updates.
The activists are very confrontational and hostile to anyone who disagrees with them which probably makes most people just say that they support them when in fact they don't.
The GOM needs to step up. 6 years since we found Oil and still waiting for a signature, they must surely realise how bad that looks to other potential foreign investors thinking of going there?
Hopefully David Cameron mentioned us when he was out there last week.
Hopefully Mike Buck at least tried to initiate something there.
Good post Aeschylus - National versus Local interests which will win out?
We must emphasise that the Special Purpose “ project of national significance approval “ given by Cabinet last year and the fact the refinery is being built and winter diesel fuel shortages must override a few activists . If all this is stressed to the local Soum members and the committee has voted 16 to 2 as and the compensation money is awaiting transfer to the herders maybe it’ll be signed on without any publicity which gets out to the activists .
Investor. Good post to focus on the activists' activity and alleged misinformation, but when you say " I find it hard to believe that activists can reverse the decision made" I don't.
The reason being is that the soum representation is made up of local herders in a practically mediaeval parish style of living. The activists are peddling a romanticised notion of "make mongolia great again", stating that the herders are traitors, selling their birth right and the country's wealth to foreigners and publicly shaming and vilifying them, so that they become hated and ostracised by their tiny community. Powerful terrifying stuff!
PM needs get an equally powerful counter information narrative going via social media, via leafleting, face to face meetings, door knocking or whatever! to get the truth out and sell the advantages to the community, to enable the soum herders to support us, without them becoming ostracised from their community.
This isn't about logic and financial common sense. It's a Mongolian political and culture war and our little company and our little soum is at the heart of it.
SP may go the other way yes up on Tuesday after AGM with some good news hopefully, let's all put our assumptions and theories in hey,
What about people into horror movies maybe MB is a vampire and in guise of a CEO is feeding on Mongolians,if that's the case we may be on to a winner as we may rule Mongolia soon.
Maybe MB has already done a deal exclusively with Petrovis or the like to raise the cash from them for cheap shares, for example 2.5p. Now if the SP was 4p+ and they did such a hefty discount just for Petrovis, they’d be uproar from PI’s. So could MB have decided to release that RNS, trash the SP so that when the private placement is done at 2.5p it doesn’t seem so bad?
Something doesn’t seem quite right to me and the above is just a wild, unlikely theory. But I do think we are going to hear something at or immediately before the AGM that we won’t like.
IMO
SP may Drift towards 2.5p (unless positive RNS arrives soon)🤔
Soon AGM ⏳🤔⏳
AIMO DYOR
YOUR MONEY 💰 YOUR CHOICE 🤔
So the RNS read ;
"Petro Matad has been working to correct misinformation about the Company from local activists and protesters that have been critical of oil production operations in the area for some time, protesting online and in person against the committee's decision. "
Staff at PM are almost certainly closely monitoring anything that the activists post online - after all, people on here do it. However the reference to 'in person ' must relate to angry activists turning up at the district authority offices, and probably confronting members of the committee which voted in favour of MATD. However, MATD presumably wouldn't have known about these ' in person ' protests when they happened.
The RNS also stated ;
"Petro Matad has been working to correct misinformation about the Company from local activists and protesters. "
I am guessing then that when the activists aggressively protested in person at the district offices, that they may have handed over written falsehoods /allegations about MATD and verbally made allegations too. Presumably the district officials have felt duty bound to look into these false facts/accusations. MATD would then probably have been contacted by the officials, and asked to respond to the claims of the activists - hence what was stated in the RNS. All this will have taken time, especially with the sclerotic Mongolian bureaucracy at work.
So let's see what MB says in the AGM - but I'm guessing that this is what has held up the land access docs from being signed. I find it hard to believe that activists can reverse the decision made when the district committee voted in favour of MATD. Could you imagine a planning committee in the UK changing its mind about a planning decision because some nimbies got upset about the decision and remonstrated loudly at the local authority's offices ?
Symph. I already have sent my questions.
Let's see what comes out from the AGM.
Fund raise fever is catching up here.
I think master is right IMHO no more money as investors are sick and tired of lack of progress.
Once LP IS DEFINITELY CONFIRMED than the game changes
Guess what Master? Theres An AGM full of answers in a few days. Or send yours questions in
Has Mr Bull told us lies again. Didn't the local district administrator tell the activists $200k were paid..
What was that for..
PM will be very lucky to get funding without the LP..
The chicken or the egg? Can't have one without the other, it's an impossible question to answer.
I hope the same thing isn't going to happen with the local Council signing the agreement and PM paying the compensation, because that's the way it sounds to me. PM won't pay until they have a signature, Council won't sign until compensation paid.
Result = stalemate = no oil.
After everything that has happened thus far nothing would surprise me.
“You are misleading people quite deliberately. We are funded until the end of July and after that there may be other sources of funding.”
Prophetus - I hope we are funded longer than that. Because if it is only to July, there will almost certainly be a raise within days/weeks. No CEO would let funding run down to the last few weeks.
Other options? I private placement exclusively for the likes of Petrovis? I can’t see a bank lending money when we aren’t making a bean. Either way, it’s going to cost us money or dilution.
Happy to hear a more positive option.
Mr always wrong Wos
With another post without content. ,)
Cheers mate
And congrats on your trading. Credit where credit is due
Header say all Sir
Header say all!
Herder will get compensation payment once local council sign Agreement (also alternative pasture land).
Matad Soum is small place - Herder (and extended families) want there money!
Renewables looking better then many even think with high level Govt contact to get Contracts AND access to Funding which I mention MANY time but people not interested then.
Buy or not - I build up my holding yesterday with share thrown away from impatient to Patient!
Have good weekend all holder.
🦉
Emotional prophetus
If you do not understand why a good CEO would do a raise now....good luck investing.
Seen as we're not a producer "yet"? and have no revenue coming in other than " cash raises" "are the fees for the operating licence of block XX on hold" as it is down to local and national government that we're not able to bring oil to surface, perhaps another question for the AGM. 5 years of fees for something we can't get our bloody hands on. GLA
Professional why is every post of yours about a fundraise and how you would do one now if you were he boss? Of course you would......You are misleading people quite deliberately. We are funded until the end of July and after that there may be other sources of funding. How is your ass by the way? Felt a few bites this morning ? You should have bought in yesterday and made some money. Not so wise investor are we.
Thanks guys for clearing that up.