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Until this certification is issued, land use permits are required to be granted by the local authorities...
To date, in the province in which Petro Matad's Block XX Exploitation Area is located, they have not done so.
Petro Matad is not the only operator impacted in this way.
So which other operators are affected
To what extent have their operations been stalled for last 18 months ?
EXR.AX (different province ?) seems to have been progressing throughout this period.
Different Management/Strategy/Timeframe ?
Different Product demand ?
You need to open a free account. Main point says they expect the heron 1 well to be bought on stream as the equipment and crew is 'expected to already be' in country to do that, but for the 2 new wells, rig and crew are in China;
In order to execute its planned Heron programme, Petro Matad needs to engage the full services required for the programme, agree oil offtake with nearby producer Petro China, and secure all required clearances.
In terms of the required services, the equipment and crew for bringing Heron-1 onstream is expected to already be available in country, making this relatively straightforward for Petro Matad to engage. For the two new wells, a rig and crew will need to be brought in from China. Stringent China coronavirus restrictions have been hampering efforts here in recent months, but these are now beginning to be eased, increasing the likelihood that Petro Matad may have access to these services within the 2022 drilling window too.
In terms of offtake with Petro China, earlier this year Petro Matad agreed this in principle with the Mongolian regulator, and is in discussions around specifics with Petro China (an MOU is already in place between the two parties). This process has recently moved forward with the reopening of one of the two oil export routes into China as coronavirus restrictions have eased, auguring well for an agreement with Petro China to be reached and oil offtake capacity to be available later this year for Petro Matad, in our view.
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Cant open it Headder. Its members only. Can you copy and paste?
One thing I can agree with Hamm is that those that presumed that land "use" naturally incorporated land "access" caused them to interpret the last RNS incorrectly.
You can keep an eye on the upcoming legislation and other news on the Mongolian governments webpage (which has an English language toggle button in the top right hand corner) https://mongolia.gov.mn/
https://research.arden-partners.com//view_repos/_eb301131-475e-4a60-8f7a-e10f84386502.pdf
The 2021 moratorium on Block V has extended the Exploration Period of the Production Sharing Contract (PSC) until July 2023. This allows the Company sufficient time to pursue further drilling opportunities on the acreage and, with success, time to secure an Exploitation Licence on any discovery made. Certainly looking like I'm in till next year then, let's see what happens in the next few months as there are still 5 more before end of season comes to a close.
Hamm, I will confirm am disappointed with the RNS, just means more patience, but can you answer one question.
With the comments posted on this BB today how are people ramping the company. Interested in what you class as ramping ???
Nothing has changed. Waiting on approvals and the border to open. Land access sorted at government level soon enough
"We continue the preparations for our 2022 work programme despite the bureaucratic delays, and our negotiations with infrastructure service providers are progressing. As we have said before, we are prioritising bringing Heron 1 into production and we are still targeting first oil this year."
Significant that the exploration permit was extended
" The 2021 moratorium on Block V has extended the Exploration Period of the Production Sharing Contract (PSC) until July 2023"
Plenty to like, delays are annoying but were latgely expected.
First oil 2022, all good
Absolute shocker achieved nothing
The good news is that Mongolia is hosting judo competition and secured a couple of medals!
But no idea why RNS missed that!
Enjoy your day guys,
100% a wasted year as we are coming to end of q2 and still not achieved anything in terms of paperwork which should have been sorted while no activities were taking place.
Guys who kept saying MATD has all the permit!
They still need local permit! FACT.
enjoy the next fall now.
That is THE RNS everybody was expecting!
Oh dear!
Rampers still defending MB /MATD?
guys,
Land access law and Chinas COVID-19 border policy both outside MATDs power... stop blaming the company fir things they cannit possibly control!
Negotiations are well in advance for WHEN the above ussues are resolved. Legislation has been drafted to resolve land access issues. Constitutional matters inc. changes in legislation are traditionalky announced during the state Nadaam which this year is between 11th -13th July.
How can a company spend that sort of money for doing nothing .
$5.3 mil for doing absolutely nothing.
Mike must be bad luck for Matd as nothing has gone right since he has taken over.
At least doing nothing for 12 months only cost 2 million . That’s why he can’t afford to retire yet lol
No mention of DQE?
Boring
Mike Buck, CEO of Petro Matad, said:
"2021 was a pivotal year for Petro Matad as we obtained the Exploitation Licence for Block XX, which will see the Company transition from explorer to active producer.
In the spring and summer months of this year, Covid-19 has continued to affect operations with China's zero Covid-19 policy slowing progress with contractors and all cross-border business. Similarly, the land access issue within Mongolia needs to be resolved before we mobilise to site and we are pursuing all avenues available to remedy this..
We continue the preparations for our 2022 work programme despite the bureaucratic delays, and our negotiations with infrastructure service providers are progressing. As we have said before, we are prioritising bringing Heron 1 into production and we are still targeting first oil this year.
Finally, I would again like to thank our loyal shareholders for their support during 2021 and into this year. I look forward to updating you in the coming months with our progress."
Thinking about any explotation license or activities is NOT welcome.
While oil has been sitting there for 3 years! Any penny spending is sin.
MB/MATD should really get themselves together and get the oil out this year regardless of costs. Pay premium/ double but get the oil out period. I know is wishful but I hope we get a serious good news soon not again stupid advance talking nonsense from MB. It would be total joke if he keeps bringing excuses or ongoing negotiations. If he does then either he is fool or playing fool.
Guys enjoy the night and all the best to all,
It's not the comments, it's people selling £220s worth of shares that's dragging on its tail end pulling it down, there's still 5 months left to hopefully get the workover done and maybe drilling at least one more at the Heron discovery, also wondering if the raptor trends going to be put off till next year now and if so it would have to be drilled at the very start of 2023s drilling season. I think the permits run out middle of the year so if not a duster, they need the time for the exploitation license to be granted which should be a lot quicker than the last 1 but 1st things 1st we need to know what the next plan of action is going to look like if there is going to be one?? GLA
But I am almost 99% sure that we are going to be disappointed again. With old chatter about great work (especially when it was done remotely and simultaneously with his pleasant travels lol). Or his advance talkings with PC and others, not saying about usual nonsense how fine everything is going to be this time next year. And if this happens again then I am afraid that this company from the very beginning was created by its founders precisely for fraudulent purposes. In order to milk the naive investors as long as possible, who reasonably believed that there huge oil reserves in Mongolian Gobi which one day could be discovered and bring investors good return.
Again - if anyone thinks that the comments here by a few regular poster have any effect whatsoever on the share price - think again!
Agreed Ojay. I despise the bickering that goes on here especially as we all want to see Matd do well.
We all want answers as to why it is taking so long and most of us can reasonably accept that COVID and the subsequent border restrictions have been THE major hindrance in our advancing the planned work programme.
Unfortunately, even although we are guaranteed an RNS release this week, there will be more questions forthcoming and more board bickering as a result.
Have a great week and hope that Mike and Matd blow us out of the water with a brilliant RNS release.