Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Dorry, pasted up too much from the Dec 23 RNS. Meant to post :
19 December 2023
Petro Matad Limited
('Petro Matad' or the 'Company' or the 'Group')
Operational Update
LONDON, 19 December 2023: Petro Matad Limited, the AIM quoted Mongolian oil company, provides the following operational update.
Key Company Updates
· The Company continues to push the Government to complete the regulatory formalities to guarantee land access and allow completion operations at Heron 1 to commence. Significant progress has been made with the Matad District authorities with one outstanding issue at the Provincial level still to complete.
London South East
Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Operational Update
19 Dec 2023 07:00
RNS Number : 2180X
Petro Matad Limited
19 December 2023
Petro Matad Limited
('Petro Matad' or the 'Company' or the 'Group')
Operational Update
LONDON, 19 December 2023: Petro Matad Limited, the AIM quoted Mongolian oil company, provides the following operational update.
Key Company Updates
· The Company continues to push the Government to complete the regulatory formalities to guarantee land access and allow completion operations at Heron 1 to commence. Significant progress has been made with the Matad District authorities with one outstanding issue at the Provincial level still to complete.
And here she goes again. Celebrating 7 years of non drilling. Is she talking about us?
https://www.facebook.com/100011445393483/posts/pfbid04tkryRmcVnYUhGcif8txT5LTesR1Z23Vku3DxSo929FDmgikD9K2WULEZ8yi2PNMl/?app=fbl
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.
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
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.
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.
Investor. Good post to focus on the activists' activity and alleged misinformation, but when you say " I find it hard to believe that activists can reverse the decision made" I don't.
The reason being is that the soum representation is made up of local herders in a practically mediaeval parish style of living. The activists are peddling a romanticised notion of "make mongolia great again", stating that the herders are traitors, selling their birth right and the country's wealth to foreigners and publicly shaming and vilifying them, so that they become hated and ostracised by their tiny community. Powerful terrifying stuff!
PM needs get an equally powerful counter information narrative going via social media, via leafleting, face to face meetings, door knocking or whatever! to get the truth out and sell the advantages to the community, to enable the soum herders to support us, without them becoming ostracised from their community.
This isn't about logic and financial common sense. It's a Mongolian political and culture war and our little company and our little soum is at the heart of it.
doc. positive spin?
doesn't look like mb wants to put a positive spin on anything, what with comments like "we will buy ourselves a long-delayed operating window with the local approval for 2024 if we can get it"
maybe he's had enough of ****ing in the wind?
"We will buy ourselves a long-delayed operating window with the local approval for 2024 if we can get it, but we do not want to go through such a process every year."
What does this exactly mean?
It means IF (nb not when but IF) PM get the local land access permit (colloquially known on here as plan A) officially signed off, it will only be valid for operating this year.
Cyber The only ones assuming anything are the ones assuming this will get signed off. The RNS made it patently clear its a case of IF it gets signed off (not when).
And nothing is approved until the signatures of the local soum are on the land access. A vote in favour is not enough.
So for me I want to know what exactly is the reason for the local access permit sign off hold up. This is the clear and present issue for get producing this year. Also I want yo know the time frame for the alternative route to getting the special purpose certification mentioned in the RNS (because, let's face it, the governor is never going to sign is he!).
To get this land access permit signed off PM need to be flooding Dornod and social media sites with info regarding its social responsibility commitments, examples of how much tax and other income that will be paid to benefit Mongolians, showcase local initiatives they have funded and broadcast its green hydrogen venture credentials with its mongolian partners (both oil and green) to silence the enviro activist critics and get this thing signed off.
I'm not interested in hearing about staff attending this or that conference or presentation. All staff should be fully focussed on production this drilling season and removing all obstacles, not wasting more time hobnobbing with academics whilst senior management stand, clutching their pearls, anxiously waiting on the side lines for bureaucracy to unfold.
The lack of detail in the RNS concerning WHY the matter is being delayed at local level is what gets me.
I mean, the company must know why. The RNS alludes to the activists, but does that mean some of those that voited in favour have changed their mind? Are some refusing to sign it off? Or just delaying until after the election?
Come on MB we deserve to know the truth!