Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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It won't matter how it's worded I fear if it just has a no work over then I think it can't really tank at this level but I really do hope some sort of work will get done or its going to be another long winter fingers crossed for good news. GLA
// IMO the RNS will be as late as possible in June //
While MB tries to think up something to say that will not tank the SP!
Adill I think you are spot on in your post. IMO the RNS will be as late as possible in June which should hopefully take in all the relevant results from the GOM's working group etc.
They will need to draw down the levels in the tanks a bit before they can start the pumps up... A delay between startup of export and pump startup would therefore be expected.
As has been discussed the storage tanks are full and the PSA contracts are being reviewed and findings presented to GoM parliament (today I believe).
Normally I would worry that no news means no news but I think clearly MATD plans are contingent on the outcome of the PSA contracts being confirmed or amended..... therefore news will be coming soon.
Latest video shows petro china filed is not producing. All donkeys are at standstill.
I doubt there will be any drilling this year. We still don't have any rig contracts.
Looks like money for doing nothing for the management this year.
Advance negotiation were taking place 9 months ago
If no drilling by 30th June then we need to ask some questions.be patient
Dozawwba.
'if MB stays to the normal final results RNS format we should hear something within the next 15 days'
Likely update will be talks progressing well. We await our drilling slot blah blah blah. This is fast becoming a joke . No faith in MB whatsoever. Time for a new CEO who is eager to get the job done and over the line
The main concern I had for getting Heron-1 online was the closure of the oil export route; with this now (apparently) re-opening I can't see any insurmountable barriers to bringing it online.
PM still have 5 months left in the Mongolia drilling season for 2022, plenty of time to bring Heron-1 online given that they were aiming for a Q2 startup originally.
AIMHO/DYOR
As previously mentioned PM has to put out a final years results RNS by end of June. Previous years RNS's have always included pre operational highlights and post operational highlights and future items, therefore if MB stays to the normal final results RNS format we should hear something within the next 15 days.
do we think this will go?
Disappointing not to have heard anything yet from MB. How long does it take to negotiate a contract? Getting frustrated now.
they will probably have to raise more money, is petrochina going to farm in?
everyone is waiting for the RNS friday? or monday
another day red price dropping very little traded since the 10% gain on Friday hard to stay upbeat when its this quiet
not the bod's fault this but this ridiculous zero covid china policy does not look good getting heron 1 producing MB should have spent some more cash on getting another company in to get the workover done. We stiil need the oil storage licence. Come on Mike sort this out, so much potential stalling on every hurdle npt all of matd's making but he needs a plan B
Some people seem to think Mongolia is like the US where its all about free markets and individual CEO charm. Its not. Mongolia is tied up in red tape bureaucracy with a romantic history of itself as heroic herdsmens blah blah . This is reflected in the way it does business. Mike's hands are tied and dependent on politicians to wade through the shizzle And on Petrochina.
TGMine - Couldn’t agree with you more. Spot on.
I think some people just love to moan yet if it came to doing it themselves they wouldn’t have the faintest idea.
All our ducks are being lined up in a row ready to go behind the scenes.
Bowley: Petro Matad are dependent on Petro China exporting oil to bring Heron-1 online, this is stated in the most recent RNS,
"The current suspension of all oil production and export from PetroChina's Blocks XIX and XXI and with all on site storage full means that we need oil export to restart in order to optimise the start-up sequencing on Heron 1."
How exactly could Petro Matad management be able to give a firm plan with dates when they had no visibility on the export route re-opening? You seem unable to grasp this basic point.
With the re-opening of the export route Petro Matad management can update the market on timelines for Heron-1, hence anyone with half a brain should understand the importance of the PetroChina export operations re-starting...
Bowley: I am having a laugh to myself, PM have already ordered the surface equipment for Heron-1, meaning they know EXACTLY how they are going to extract the oil from the well, as they have already completed the detailed engineering. They are way beyond the "strategising" stage as you call it, they are now at the "execution" stage,
Your statement "They do not have plan" is laughable, where is the evidence for this? They have a brief plan on page 11 of the investors presentation, what level of plan sharing do you expect them to give to the market beyond that, for such a simple plant as Heron? Sorry but this does not wash,
Your may feel that PetroMatad are not executing well which is your opinion (and is fair enough you are entitled to your opinion) but the rest of what you are saying sounds frankly made-up,
I wonder if perhaps you have spent too long in the public sector and expect to see endless strategy documents and flowcharts, sorry but the productive private sector does not work in that fashion, less is more in the private sector,
Goldmine.
You seem to be pumping old information.
Of course information will be available in the next RNS. That’s what an RNS is for. The fact we are approaching the end of June, three months into the 2022 drilling season and we still have no update let alone an execution strategy that is firm and shared with shareholders is on the Matad boards part delusional.
It’s unacceptable and is not down to Covid.
Time for the board to wake up and do what they are paid to do.
Bowley: we most definitely do have product to export, it is under the ground at Heron-1 waiting to be taken out. The plan was stated in the last Operational Update RNS:-
"With the Covid-19 situation in China causing operational delays in Mongolia, the Company continues to prioritise its efforts to get Heron 1 on stream. The contract with the chosen well completions contractor is in final form. We are seeking confirmation that equipment and crews for the completion and readying for production of Heron 1 are available as soon as we are ready to mobilise. It is our operational preference that as soon as the well is stimulated and completed it should immediately be put on production. The current suspension of all oil production and export from PetroChina's Blocks XIX and XXI and with all on site storage full means that we need oil export to restart in order to optimise the start-up sequencing on Heron 1."
With oil export soon to be underway from the PetroChina blocks, I am expecting the dates for stimulation and completion of Heron-1 for production to be confirmed in the next RNS...
LOL curiousandcuriouser talk about looking a gift horse in the mouth, sorry if I do not know all the personal details of the lady in question
The Gold mine... i was actually thanking you for posting! Something lost in translation perhaps??
Ibiza28: We investors are being tested - no doubt. An oil extraction delay to next year would clearly put the
SP under pressure - but wait a second: That means oil extraction would happen in 2023; and who would jump in then?
plumo: Same here! Sit tight - the best is yet to come!