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SELL OFF THE LICENSE TO PETROCHINA! A very good suggestion LondonSuede, but not realistic.
Only determined and self-respecting businessmen would do this. Those who created and lead PM, and even more so the corrupt officials and thieves who filled all the structures of the criminal Mongolian government from top to bottom, had and have only one goal - to steal as much money as possible from gullible investors. Therefore, in my opinion, self-respecting long term investors have only one option: either fight fiercely and by all possible means and expose all the thieves, both in the MG and PM
I think New plan should be For MB to step down. Renegotiate with locals and replace MB with someone with bit more passion for the job and not a loose cannon like MB.
One job at a time for PM not we want to takeover .
ShortShrift- some good points and comments made.
We are on the cusp of this coming home.
I think that the locals have had bad experiences with Petro China so they're hardly going to be falling over themselves to sort the formalities quickly yet there's nothing they can really do so this will happen and possibly sooner than later as MB was probably advised by the Nomad to state the worst case of not before winter. Ie pessimistically / realist if you like Doc83!! Perhaps I'm too optimistic but we'll see and in any event its the depressives talking it down that helps me buy a few more.
I could accept it if 2024 was guaranteed. Who would have thought back in 2019 that we wouldn’t have had Heron on stream by 2023.
Magnai Trade Co. Ltd. sued for 2.5 billion MNT, claiming that it was damaged due to the failure to conduct drilling in the area of Choibalsan Sum.
In 2010, the company signed an agreement to share oil products in an area called Bayantumen 17, which covers 7 sums of our province.
In 2019, the governor of the province issued an order to vacate the land, considering that the company used the land without permission and placed a drilling tower, a large number of containers and equipment.
In accordance with the law, the dispute was reviewed by the court of first instance of the defendant's jurisdiction, the Eastern province, and the decision of the provincial governor was justified. The plaintiff filed an appeal and the dispute continued for 3-4 years.
Also, in the past, the land of the fuel distribution station, which was located on the main road after the Iveel quarter owned by the company, was also released, which was a decision for the public interest.
“Moderator? 🤣
This is from the guy who persistently calls the MD a liar. ”
Do explain what these two things have to do with each other?!
“Let’s all stick to MATDs prospects in a calm and rational way”
Hmm, yes oh wise one. That’s exactly what I (and a couple of others) have been trying to do this past year, especially so the rational part. Except you get shot down for being a deramping negative nelly.
Bowley what happened to the court case with Magnai Trade.
Nothing came out of it.
They are in exactly the same situation as PM.
"Can we stay on topic now?"
Sure. Just to clarify:
- no one is allowed to "whine".
- we should therefore only post positive comments or look at it "glass half full".
- we should "ignore the historic disappointments" when postulating what could happen going forward.
- Not call out BS, i.e. most of WOS's posts, for fear of being called a washer woman.
Cheers, moderator.
Mike Buck, CEO of Petro Matad, said:
"The slow pace of the completion of the regulatory process that will allow us to commence the Heron development is extremely frustrating. WHILST WE ARE PUSHING HARD WITH ALL AGENCIES"
Perhaps the company emails to Agencies are just being ignored !
Master.
A thoughtful suggestion regarding Petrovis.
MT are in the same position as Matad so it would appear the provincial mafia don’t care who they take on or who they upset.
That should give you an idea that the people behind stalling Matad have good connections.
And this, LOL:
"I’m not going to get into one with you, I’ve seen how you operated with WOS - on and on and on, like an old washer woman."
I was thinking the same about you!
But if you mean tempering his wildly over optimistic ramping, then sure. I live in the real world, so things like what is happening with MATD are not too much of a surprise and why AIM stocks are just one part of my asset allocation.
Sad news indeed. Been invested here for over 3 years now, with loss of production for many years now, its very clear, that the Mongolian government will stall production until there refinery is ready . which would be another 3 to 4 years of lost revenue. Madness to drill for oil and not able to produce. How to solve this problem is the hard part. Nightmare for all investors. May-be London South East should highlight this to warn any companies thinking about investing in Mongolia.
"On cue Doc has yet another meltdown 🙄"
Where was the meltdown?
Petrovis should takeover ss they are already doing their own explanation .
The locals might just treat them as Mongolian company instead of foreign company.
1300 posts since 29th of last month , much the same level.
Maybe many chart types Finwittrader mistakenly said 2.7p last month might of got that after today's rns.
I was thinking of averaging down again as my style hesitating after someone pointed out folly of that .
https://stockdisciplines.com/average-down-falling-stock/#:~:text=Never%20average%20down.,weeds%20and%20feeds%20the%20flowers.
No wonder no one has taken any new blocks. They keep advertising on mrpam website.
Then again we do have Australian companies who have JV with PC . They have managed to find gas and are selling to lical market.
The big fat figure points to amature CEO who is the cause of their problem. The sooner he goes the happier I will be.
He has had no luck with JV and is useless at negotiating with locals.
Mr ShortShrift member since 20th September 2023.. maybe he was on holiday before then :-)
So Doc lets get this straight.... most is going as you (unfortunately) thought it would.... and here you are at a big loss ? So what is up? Not telling the truth or a bad investor/trader ?
So now you think SP will go lower but you will not sell. So no conviction in your own judgement ( which i can understand) or again not being honest here either way?
MM are very important. All over aim... if you see it you can profit from it....
Ol' ShortShrift here, apparently lurked from the side lines for months before deciding to come on LSE proper, now setting a daily posting pace to challenge WOS! Just who are you, really?
Funny to see those whining about people whining. This has dragged on for 2yrs, shareholders have every right to have a moan. I'm annoyed but not surprised. As you pointed out, I said waaay back that I thought it would be September. It's become clear that the corruption is worse than I first thought and while I won't sell, I am becoming more concerned by the day that we might not ever see a positive outcome here.
investor33 - you can talk all you want about MMs, and you might have some valid points. But in this case, we have been told that this year is all but written off, so it's logical the price falls. And it'll continue to fall as these delays continue.
Short. He should've got the permit in the first place. Non of this would happen. .
Iam saying the flaws in land laws is not MBs fault but he got us tangled in to this situation. If he got permit from locals non of this would happen. No need the MG to get involved . But he fkd up big time and has cost us shareholders dearly.
He is the one to be blamed for the failure of this task, sir Alan . And Alan would give him the finger.
...slow to resume posting here after his holiday, Sirs ?
Disappointing RNS but pretty predictable.
Still I did my bit with a top up here this morning.. and am open to doing a few more top ups here as we go.
Not sure why I'm happy to do more top ups ... maybe its because Mr WOS kept telling me to be and stay happy
@Bowley - all ex-Soviet countries were or are the same. Over time it's lessened in countries who eventually joined the EU, such as Bulgaria and Romania, but the USSR communistic system was totally corrupt through and through. Organised crime went through the roof straight after the USSR fell, as the armies of people employed in the security services in the Soviet bloc turned their hands to organised crime instead. Soviet communism was a really foul disease.
Personally this one trip pony needs to go. He has caused nothing but stress to shareholders and just doesn't have a clout to make things happen.
A good CEO would've solved this by now ..and would've had a legal team to look in to the complications and who is responsible for this issue.
Clearly the MG has flaws in their land law and should foot the bill for a company that has spent 130m .
Do not give Exploitation for land that you do not control.
Why can they give special permit for railway line from PC facilities to the oil refinery. Doesn't the same rule apply here
SELL OFF THE LICENSE TO PETROCHINA! GIVE VERY BIG MIDDLE FINGER TO THE CORRUPT MONGOLIAN SO CALLED THIRD NEIGHBORHOOD POLICY. GIVE VERY VERY BIG MIDDLE FINGER TO THE BLOODY LOCALS. THEY ARE TAKING THE INVESTORS FOR GRANTED. ENOUGH IS ENOUGH. SELL OFF THE LICENSE AND LEAVE THAT CORRUPT COUNTRY FOR GOOD RIGHT NOW!
Not great news but not unexpected.
Read the link below link. These are the real realities of doing business in Mongolia.
My colleague is working on a paper which highlights corruption in Mongolia presently. I will post it here shortly. I am beginning to feel a little sorry for Mike.
https://newsdirect.com/news/amarbayasgalan-dashzevegs-soviet-style-corruption-destabilizing-mongolia-336271381