Firering Strategic Minerals: From explorer to producer. Watch the video here.
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The people of Mongolia may not want drilling on their land. No one wants drilling on their land but they are really going to have very little say in this. Mongolia has a GDP of $15.1Bn they are planning to build and have indeed by all accounts ordered and signed off on a Refinery costing $1.3bn That is almost 10% of their GDP that is one hell of a large commitment and the government is going to have force this Special Permit through otherwise the country is massively going default on its payments to India for the refinery. Also as much as they would like to wait for the refinery to be built they before drilling for oil they will need the oil to pay the bills because the Mongolian tax payer is not going to foot this and i doubt the International Development Bank or the IMF or European Bank are going to lend this size of money in a rush.
Be patient folks does it matter if we drill this year this permit will come through it has to be taken out of the hands of the locals and the local government. A bit like a compulsory purchase scheme as would happen over here. When this comes i hope the people on here are right in it coming shortly this share will be close to a double digit multiple of this price in no time. Then if Velociraptor comes off then watch for blast off because getting any shares at that point will be like gold dust.
Yes the lack of news is annoying I do not think this necessarily MB lying to us rather the fact that MB had been given assurances and misled by the GOM case because i do think even the government was not aware of these land issues till recently that is why they are meeting to try and find their way around it.
The annoying bit is they all seem to convene to discuss the changes, have very possibly decided on changes, and then realize the all important big wig is not their to sign off on it so they all have to re convene so that the Big Mongolian chief can sign off on it all. Here is hoping, but i am not buying any more for the moment but if this drops below a penny i may throw in another few hundred in and see what happens.
Ibiza: You know what? Your summary of the current situation makes a hell of a lot of sense and I truly hope you're right.
However, it's ultimately just an opinion which is unfortunately not backed up by facts. Let's hope those facts roll in quickly.
Indeed Ojay! I truly hope that Ibiza is right as well, we all do!
Hopefully it is a case of when, and not if ..
The biggest worry I think right now is if we have enough money left to keep on waiting well into next year if need be.
Not sure about that until we get another RNS stating so of course ...
No option but to try and keep the faith in the mean time.
GLA.
Excellent post Ibiza (Wednesday 15.28). I have a few additional points:
The timeline for completion and start-up of the refinery must surely be slipping and adversely affected by continuing lockdowns in China and border closure on procurement of materials and available workforce.
Oil production, mainly from PetroChina’s blocks, has been falling year on year. Thus, unless significant domestic production
developed and brought onstream well in advance of refinery start-up or supplemented by crude oil imports railed in from Russia, the refinery may not be operationally nor economically viable at low throughput levels, particularly given the winter conditions.
Post the Soviet satellite era, successive Mongolian Governments have been keen to attract Western investment and expertise. However, being surrounded by Russia and China and given the current geopolitical situation, Mongolia is unlikely to attract Western interests, particularly for its oil sector. In the circumstances, the authorities should appreciate PM’s predicament.
The Mongolian government has its problems, but ironically the situation in China may be buying them some time to resolve issues; but this will be of little comfort to Petro Matad with its very limited financial resources to see the company through to a successful outcome.
I agree the $64k question is the cash flow both literally and metaphorically. We have not heard a word on the cash flow well because we have just not heard a word. If i am right i remember hearing sometime ago that the management was on half wages and i am assuming they still are as i have not heard anything to say they are back on full wages and i would hope that would slow the drain the other is that Petrovis, our senior partner, might lend us some more if they knew that something was due to start shortly. Otherwise would appear to have f******d ourselves by allowing the share price to drop to such a level that a share raise would be massive at a very low price. At the moment we just have to wait and be patient it is quite frankly out of our hands but then is it ever in the hands of a few shareholders.
unfortunately with Russia desperate for customers and selling off a highly discounted prices it 's likely the anti-oil drilling protesters might well have the upper hand... It looks like Matd's destiny is tied up with Putin's war