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ULAANBAATAR, SUKHBAATAR DISTRICT, MONGOLIA, April 27, 2024 /EINPresswire.com/ -- Mongolia's recent amendment to its Minerals Law, granting the government authority to seize up to 50 percent of shares without compensation, while restricting project owners to a mere 34 percent and compelling the remainder into a forced sale, has sent shockwaves through the international investment community.
One of the pros for thinking this will come good eventually was that to not give MATD the right to extract oil they’d found would look very bad and could discourage inward investment into Mongolia. Reading that article you’d have to say they don’t seem too bothered if they get foreign investment or not. While labelled a nayer, I always leaned towards thinking this will eventually come for good… it was how quickly it might that I mostly disagreed with on here. However, I am now leaning the other way. MB is going to have to pull a big rabbit out of the hat on Tuesday to restore confidence.
Doc83 - you are losing sight of the fact that MATD is predominantly owned by the largest privately owned oil and fuel company in Mongolia. And MATD is actually a subsidiary of Petrovis - look at their website.
It may be listed on the LSE, but as per the Petrovis website, it is has ' predominantly Mongolian ownership. '
That is very concerning! That explains a lot... why we are still unable to access oil after 4yrs of discovery! And if they decide to do what is said, there is nothing anyone can do anything about it!!
You simply can't make it up can you? Found oil but can't take it out? Never ever happened anywhere in the world, regulatory and procedures I understand, but over 4yrs is taking the biscut!
Wow, my two posts got deleted very quick!!
Is this fake news?
It is written by Creative Forces who are team of creative media people in Mongolia.
https://www.facebook.com/profile.php?id=100071890694053
https://www.linkedin.com/company/creative-forces-llc
I can't see any other reference to this "shockwave inducing" news from any reliable source, but maybe someone else can?
At the end of the EIN news article it even states the following:
EIN Presswire's priority is source transparency. We do not allow opaque clients, and our editors try to be careful about weeding out false and misleading content. As a user, if you see something we have missed, please do bring it to our attention. Your help is welcome.
Congratulations to those now knowing what and who petro matad is. 👏👏👏👏
'Maybe of Interest'? - I remember mr Jimibrush posh article BREAKING NEWS which was over 10 year old and even have different CEO named!!
Other time he post Petro Matad "LOSE LICENCE"!!
This thing he post is old news - you can see reference in 2018 US Embassy Investment Climate Statement 2018 document.
Investor should maybe look at PSC terms to understand things!
Be Wise & better Research! 🦉
Notpleb ; Thanks for the sarcasm - however given that some people on here ( Docs83 for example ) seem to frequently raise panic by giving the impression that MATD is some kind 'foreign enterprise, ' which the Mongolians are keen to sabotage, it's not a bad idea to remind some people that it was founded by the Petrovis Group, is a subsidiary of the Petrvis Group, and is majority owned by the Petrovis Group.
This also has a bearing on funding, and whether the company could ever go to the wall. Are Petrovis likely to let their subsidiary which they have invested heavily in go bust/run out of funds ? As others have mentioned on here, a raise is not the only option for funding, as Petrovis may decide to provide a loan to its subsidiary in order to protect its existing investment.
It also has a bearing on this new law that's ben passed, which people are panicking about. Presumably a Mongolian subsidiary which is majority owned by a Mongolian private company would not be such an easy target as a foreign owned oil company ? Petrovis must be very well known and generally held in high esteem in Mongolia, and their executive staff must hold a lot of sway with the government one would presume.
Researchandhold said //BP is like a stain on humanity//
// Petrovis must be very well known and generally held in high esteem in Mongolia, and their executive staff must hold a lot of sway with the government one would presume.//
There's been very little evidence of that benefitting MATD up to now.
As for MB giving a confidence boost at the AGM it's not really his style is it? Quite the opposite.
Whoa, Investor. Frequently raise panic?
Firstly, MATD is not a Mongolia company:
“The company was incorporated in the Isle of Man under the Isle of Man Companies Act”. Petrovis might own 20% or whatever it currently is (built up slowly from all the raises and dilution to others!) but it is most definitely a “foreign enterprise” for the Mongolians.
As for if Petrovis would let it go to the wall? Maybe not, but that won’t come for free. They’ll want more shares, or more control, or a loan at a cost paying back etc.
The fact remains, we are not and seemingly will not be revenue making for at least a little while yet. A company can’t run on fresh air.
As ever, I hope you are right and I am wrong.
Lol well done to those that are talking this down, well done to the sellers for losing your money for no patience, hopefully couple of months and we are in production, time to switch off and come back later
It also has a bearing on this new law that's ben passed, which people are panicking about.
It is probably fake news. It os written by Creative Forces. When you check it out on LinkedIn it is a mongolisn company with only 5 employee who are listed as artists or marketing professionals (sales marketing) and written in an open source "news" webpage.
BP : Like I said - the Petrovis Group are keen to trumpet their subsidiary on their website. It's not surprising, as it's massive kudos for a company which has imported its oil for decades to become an oil explorer and then produce from within Mongolia. They set it up 20 years ago, and have invested heavily in the subsidiary. Why would they let it run out of funds ?
And the activists seem unaware of who MATD are - all this nonsense about being ' Canadian owned ' or whatever. Presumably this nonsense has been typical of the hysterical falsehoods which they have recently been peddling at the district committee offices and online, and which MATD have had to spend time and energy correcting - as per what was stated in the RNS.
Aeschylus ; thanks - that's a good observation.
Doc 83 ; it's a subsidiary - so if a UK company created a subsidiary in say France, then it would have to incorporate an entity in France, and then be subject to French subsidiary laws regarding the subsidiary and the parent company. It doesn't alter the fact that it the UK parent company which funds the French entity, runs it and funds it.
Clearly in order to list on the LSE ( the first Mongolian business to do so ) Petrovis had to create an entity over here - and for tax purposes the best option was an Isle of Man incorporation. Isle of Man company or not - the parent company of the Isle of Man subsidiary is a private Mongolian company which has sold oil and fuel in Mongolia for decades.
Investor lets settle on that it is at least debatable....
And if the government decided to take its share of the pie....which side do you think they will debate?
The only new info in the article for me was the percentage 50 and 34. All other we have discussed before here. They are allowed to take control by law. Simple
It begs the question then, why doesn't Petro Matad have imagery, stating "Petro Matad. A Mongolian Oil Company. Owned by Mongolia for Mongolian People" (or something similar), emblazoned across their site and equipment ??
Professional ; see what Aeschylus wrote. Seemingly he has done some homework into who was behind what may well be fake news, rather than just automatically taking it on board because it fits in with a narrative of wanting to portray MATD's immediate prospects in the worst possible light on here.
Aeschylus, all the info is easily found,but doesn't fit protester agenda, ecowarriors, but PM communications and PR is absolutely shocking and does itself no favours. Even Matad,Dornoch, news or local govt websites omit PM's recent generosity.
Investor - according to our own website, Petro Matad Ltd is the parent company and is incorporated in the Isle of Man, a "British Crown Dependency", listed on the London Stock Exchange. The Mongolian people will absolutely consider us a foreign company. I mean why not just incorporate in Mongolia then? I know the answer to this...
But maybe one for MB to clear up at the AGM tomorrow?
As for this: "rather than just automatically taking it on board because it fits in with a narrative of wanting to portray MATD's immediate prospects in the worst possible light on here."
No need for anyone to do that. MATD and their RNS's do plenty for that!!!
Dornod 🙄 bloody auto spell