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Going concern big issue.
Smart management would resolve this with a raise.
Sell it as a raise for bright renewables future...they need money.m
My 2 penneth worth, worst case scenario MATAD delist??? GLA
We have to wait until AGM and find out what's causing the delays of there is delays and how buck intends to push this through, nothing more can be done now,
Ministry dealing with land use should not be affected by anyone unless someone within is f ING about, hopefully we get some good news on over riding dornod preeek for the special purpose license too
This information has also been available for at least 18 months now!!
The work on the refinery project is going well. Because of COVID, it has been delayed by one and a half years. We believe that it will be operational by 2026," Ganbold said.
The refinery aims to reduce Mongolia's reliance on Russian oil imports. Upon completion, it will have a capacity of 30,000 barrels per day or 1.5 million tonnes annually, helping the country meet its demand for gasoline, diesel, aviation fuel, and liquefied petroleum gas.
Refinery is meant to finalized in 2025. Its capacity is 1.4 tonnes of crude oil. That is equivalent to 10m per annum or 30.000 bod. That means MATD needs time to increase its production in a year or two at least. At the moment PC production is 20bod. MATD delay doesn't really help anyone. The question is why MG doesn't help/ support MATD? why MATD hasn't had enough positive publicity? Is MB finally taking further action? Is MB starting speaking out? Is MB going to start criticising MG? MATD doesn't seem having publicity strategy! What do all the MATD staff do? Again 1 or max 2 the Heron production situation should be sorted out or MATD/shareholders are in trouble.
I have listened to too many conspiracy theories and one thing that is not mentioned is who has the b**** to overule the provincial guvnor.
This is the core problem Because until this is done and sorted we are all going to stand exactly where we are
I’ve said this before, but I’ll do a Wos anyway…….
The Chairwoman of Petro matad is a petrovis employee and Mongolian national. As is another board member. It’s a Mongolian company listed in the UK. I presume this is to comply and give credibility to a legal responsibility for the government’s goal of ridding corruption. It potentially makes Matad unique at this stage. Protesters haven’t a clue, or are just against progress in traditional life style. Only my logical opinion though.
The worst is this could be delayed due to some idiots
Not sure cyber 😕 I think the worst is they've been scared off from signing full stop.
MB did warn us when he said he hoped there would be no interference but that the company remained vigilant.
Think everyone should calm down and take a chill pill and not come to any theories just yet, wait till the AGM on Tuesday find out whats causing this delay if it is a delay or actually process takes this long, what we do know is we have been given the go ahead for our operations but land use needs to be signed, so the worst is this could be delayed due to some idiots or the actual process is slow and that's it, but we will soon find out
Researchandhold said //BP is like a stain on humanity//
"Support Petro Matad" logo.
Петро Матадыг дэмжинэ (of course)
Researchandhold said //BP is like a stain on humanity//
//Perhaps MATD should have give each family a truck.//
Yeah - they could be painted in Mongolia's colours with a "Support Petro Matad" logo.
The locals don't get much money anyway. $5000 for each family who have been called traitors doesn't look generous.
Perhaps MATD should have give each family a truck.
MATD should find out exactly what may please the governor/the greens etc. At the same time as you said considering selling block xx and or take legal action. Carrots and stick policy. Or perhaps looking for being taken over by PC!
The last signature should be secured in the next months or so or MATD would be in trouble. Can't just keep raising money.
This is 6 years and it is beyond a joke. They should really stop all other activities/ renewable nonsense and focus on just Heron production.
It really might be time to sell block XX ? At least we would then have some cash to continue as a going concern as a green hydrogen company !!
(Now I never thought I'd have that thought!)
Ps where is WOS? And Mr Positive? etc
Brilliant idea Aeschylus.
PC are well loved locally. Plus the Chinese dominate that part of the world.
Maybe MB should tell the soum that if no land access granted he will sell block XX to Petrochina and the locals will get diddly squat taxes from them.
Aeschylus - surely it’s bad publicity already. But that hasn’t bothered them so far. They’d probably point to all the other foreign companies and projects and say this is an unfortunate but unique situation.
Your comment that if we fail to raise money we can no longer continue as a going concern should make us all sit up a bit straighter. Because the hard facts are: we are making no money, it does not appear we’ll be making any anytime soon, and we are burning through our cash.
If the AGM does not provide something that is materially and tangibly positive, I fear for us. And I think MB does, too - potential legal recourse mentioned for the first time by MB should tell us all we know about how he’s feeling. If he was WOS-like positive, why mention anything legal.
Oh dear oh dear - “ The Stain” is being his usual optimistic self again. All that’s missing in that lot is WW3 breaks out between Russia and China because Putin pressed the wrong button 🤪
However to balance all of that BP, the government desperately need to attract foreign business and if PM fail it would be very bad publicity.
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 .