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Hi guys, just reading the last few pages of chat. What are you guys talking about? Has anything happened today? What’s all this positivity? We down about a third as to where we were a week or 2 ago?
The drop is due to the delay in receiving the land permit we're all waiting for. The drop is probably a bit excessive, but people are getting impatient/jittery. From the RNS 22nd May:
Block XX Exploitation Licence
Documentation prepared by the Ministry of Mining and Heavy Industry (MMHI) for submission to Cabinet to secure approval to certify the Block XX Exploitation Area as a Special Purpose Area was completed. However, the Ministry of Construction and Urban Development has insisted that as the ministry responsible for land issues, the Cabinet submission must come from them. As a result, they are repeating the step of asking all other ministries for comments after which we expect they will make the submission. The loss of more time whilst this is done is frustrating but highlights the fact that this is the first oil project to be put through this bureaucratic process based on regulations introduced in 2017 and the authorities involved have no obvious precedent to follow. The Company continues to push at all levels to underscore the importance of this licence for the Company and industry in Mongolia.
Intresting for new investors
https://vm.tiktok.com/ZGJx5GuR1/
https://youtu.be/NtTvgG-bKOo
If we are having to go through the process again, does this means that we going to have to have the same amount of delays that we already felt? It's already been over 2 yrs ffs!!!
It'll take a month or 2 if that. EL took around a year. The LP has been going on for more than 8 months when 3 months was said by Mrpam minister. Can't see it taking more that 2 months
Master - please, I don’t want to get into a slanging match, but as you say, the mining minister said 1-3 months 8 months ago. So are you really that confident it’ll be 1-2 months from here and that we’ll have NO MORE curveballs thrown?
Maybe the new ministry responsible could just turn around & say "OK we agree production from Heron but we're not comfortable with the trucking solution for transporting oil. So you'll have to wait for the pipeline"?
So in that scenario BP PC should be made to do the same. Won't happen. But of course production needs to start. On another note we're ever closer to the spudding of V1 😁 GLA
Dont understand the comparison. Petro China doesn't need an spc/lp. Their fields don't have the same access problem as block XX.
What a silly claim bad. The road is few hundred yards from heron leading straight to PC facilities 10-15km away. Pc oil wells are yards away from heron.
You are talking nonsense now
The whole idea is to get LP to access the whole block 20 field.
Why don't you guys do your research and see where block 20 is located.
Rookie. The latest stage (special purpose certification), which is for central government departments to consider and submit to cabinet their responses to the proposal to certify the XX field as a special purpose area, seemed to have been initiated around beginning of April this year.
It's not clear how far the matter progressed before the Ministry of Construction and Urban Development declared that they were the body responsible for land certification matters, but the timescale for reference is early April 2023 to 22nd May.
How long it will take to repeat the paperwork and submit to cabinet will depend on a) that it us the same paperwork (i.e. no new matters being asked to consider) and b) if so, how far along the process the various departments has progressed with their original submissions. We simply don't have that information.
Also please note it is a PROPOSAL to grant special purpose certification (albeit one supported by the original department that had started the process). The outcome us not therefore, as far as ai can see, a foregone conclusion.
So hopefully same paperwork, just a simple resubmission and the propsal is supported and cabinet sign off, but don't believe anyone who says that this is guaranteed.
I didn't "claim" nuthin! (unlike some on here)
If YOU are invested here then there must be a reason . Why invest if you believe LP will not be given.
Its first time MG is facing this scenario and the reason why its taking so long.
We are all here because we all know PM will start making money soon
Masters , amongst other things I used to deal with Deeds of Recrificatiom for land issues.
Simple example. If a conveyancer has failed to provide access to a leaseholder to read their own outside gas meter on their own wall, and the other leaseholder doesn't agree to allow access the first cant...
End of. It then costs thousands inc possibly compensation to rectify
So talk of a few yards is irrelevant.
Its not the DISTANCE it's the ACCESS OVER that is the issue.
Would you allow your neighbours free access over the bottom of your back garden on a daily regular basis to carry out noisy activities?
The whole idea of getting a LP is to access the field.
Survey has already been carried out . Just waiting for paperwork to be signed off.
Well masters you think it just a matter of some paperwork being signed off.
I don't.
I see it as a matter of a proposal to support the field being designated a special purpose area, with the government looking for evidence of support from numerous government departments and mindful of local opposition and that the agreement will be in opposition to expressed local wishes and votes on the matter.
Hence explains our different risk assessment I guess.
MG has already given explotation license. That means everything from MG and its ministries is ok. If that were the case why ministry after ministry needs to review the license that they have already passed? Why ministries haven't thought of reviews in the last 4 years? It does make sense! I agree that refinery needs oil and it take time Heron full production. But again national importance interpretation varies from MG and us shareholders.
The reality is that we have no LP and we are going for spud soon!
We might lose another $2m after another with no income.
Above all MB seems just relying on sending letters to MM, that is all and he is as mute as always has been.