Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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As much as I am tempted to voice my utter disdain at yet another delay, I actually want to look for the positive in this:
The update, although infuriating and totally predictable, is nothing more than "we are still progressing things forward", so the drop in SP I actually see as only temporary and further underpinning the baseline level for us going forward.
On the negative, isn't it curious how WOS is silent and not already back blabbering nonsense about done deals, and double digit SPs, and how happy he be is about the SP drop, remember as worry him no. No doubt this post will be removed by the website soon for "telling the truth" as my previous post was removed... curious, how corrupt things are these days and we sit back like beached whales and do nothing.
At least when we finally get progress and maybe an uplift in the SP for real, the inflationary affects of the global economy will mean a 9p SP only equates to 3.9p now. What a crock the investment market has become
As jamins said very well.
MB has been outside Mongolia most of the time.
Has been bidding for more land to explore why the one we have can't be used!
And still talking about advance talking!
Keeps telling us about renewable.
Short, tell me why MB should venture on more exploration and renewable while we hav e been waiting 5 years for H1 and still waiting?
I said get a temporary permit until its finalised
Doc83 and HappyDazes - as it also mentioned in that article ;
"Since market makers are sometimes involved as both brokers and dealers, this creates a conflict of interest because, as brokers, they are supposed to provide clients with the best execution. In contrast, as dealers, they become the counterparties and are therefore trading for profit. Thus, investors should be cautious."
MB drilled without a licence and then took the local governor to court and lost case. He can't do any worse.
He should get a temporary permit and start putting equipment together. What's the worst that could happen .
Another few million here and there won't make a difference . The team is getting paid for sitting idle . At least this way they are doing something.
Heron was drilled without permit and then the locals stopped it . But was allowed to be completed by oder of the mining ministry. Why can't they do the same.
Too easy for PM team to sit idle and make money from shareholders like us.
If I was major holder I would not hesitate and have a shakeup.
HappyDazes - I just smile at the people who buy shares in a company without even understanding who the biggest market participants are in that share. It's an incredible degree of naivety.
The only problem with the RNS today but might be a blessing is that the oils stays in the ground for a little longer which means the rewards will be greater ,hence why there are more buyers than sellers today as I said earlier that really the only way this share should go is up
I don't think MATD breaking the law by workover.
They can get the locals/district/government approval while other 'formalities' in process.
One positive point from RNS is we have enough cash for now.
Doc83 - ok, let's take your approach and totally ignore the actions of the people who by far buy and sell the most shares in MATD. Do you really think the likes of you and me drive the short term price action ?
Can I repeat yet again that MMs execute trades on behalf of investors but also trade for themselves. And when they trade, they are not dealing in small amounts - accumulation or distribution is done in a specific way however, so as to not to be too obvious. As it says in an article I read recently ;
"Having all the necessary information about the market and its vertical analysis, market makers have more opportunities to make profitable deals than any other market participant."
If someone attends the agm, one question to be asked of MB is how many days did you spend in Mongolia in the last year.
The second question is why bid on more blocks when (a) the company has no revenue and the mcap is in the toilet so will be excessively dilutive if share issue is the vehicle
(b) if you get a block you can’t do anything with it due to the government.
Master, I guess you might be right. MB has no leadership, charisma or initiative.
No guts I am afraid. He is still saying about MG support, advance talking exploration and renewable.
Complete disappointment I am afraid.
"The local district authorities have however indicated that they are open to the Company operating in parallel with the slow-moving bureaucracy if Central Government supports the Company in doing so. This option is now being pursued as a priority."
This year isn't quite a write off yet. We could still have Heron up and running before year end.
//I’m at a loss what else MATD can do.//
Sell off Heron to the highest bidder (probably Petrochina) and get back to exploring new blocks which is what MB likes to do.
@Doc83 Funny isn't it how often the myth that MMs have such an effect on the market comes up. Those pesky magical wizard MMs ha ha
The locals have and continued to block this. So why would they then allow us to proceed in parallel with getting everything else sorted. No chance.
It pains me to say, but MB has made it quite clear that this year is a write off. I expect the SP to drift down to 2-2.5p. News will be needed of it being resolved *very early* in 2024 otherwise cash will almost certainly need to be raised, although I’m not convinced they’ll manage to do so in the market.
I’m at a loss what else MATD can do. Even getting the UK ambassador involved has seemingly had no positive impact.
Yes, MB should go to MM insisting starts of workover now.
He should definitely use MS and seriously questioning MG !
He should really stop all other activities like renewable nonsense and exploration in a country that don't appreciate foreign investors.
Don't forget MATD has already spent millions to find oil and has been waiting 5 years and has all sorts of license but unable to extract oil!
//The district representatives have signalled their willingness to consider this so long as the Central Government supports the initiative and MRPAM has confirmed its support and is preparing a letter to that effect.”//
That's just newspeak for saying - we're kicking this around to cause more delays!
I think this is a perfect opportunity for shareholders to replace this rusty CEO.
There's a personal issue with MB at local level.
New management is badly needed. 5 years of no success surely calls for new CEO
Oh FFS, let’s not go blaming the MMs again. There has been an RNS with more delays, the SP deserves to fall.
Best but if the RNS:-
“ Petro Matad has asked the district authorities to allow Heron 1 operations to go ahead in parallel with the slow-moving bureaucracy at central and provincial levels. The district representatives have signaled their willingness to consider this so long as the Central Government supports the initiative and MRPAM has confirmed its support and is preparing a letter to that effect.”
And MB should use the Mining conference speech to pressure the authorities to finish these formalities
Cheap shares intime for pay day!
If I was MB I’d March to the Government department responsible and tell them to get this signed or go feckless themselves and pull out …. There is slow ….really fecking slow….then the Mongolian government…
No wonder it’s still a third world country fully dependent on china,,,,maybe that’s how china want it. Ridiculous.
Exactly hamm. HE IS NOT CAPABLE OF DOING MULTIPLE TASKS.
he should stick to getting heron up and running before investing a penny in Mongolia .
He should speak up about why companies should not invest in Mongolia. He will have that lp the very next day