Member Info for Dan_LSE

@TenBagTag I wouldn't be too certain about the seismic. The slides say it is subject to farmout discussion, which have not concluded, and since seismic costs $4-5m (2020 price) I would find it very unlikely to be in progress without signed farmout.

The forum has attracted strong participation from both sides of the corridor:

Forum Partners: Rio Tinto, Envision Energy, Huawei, MCS

From the international community: JP Morgan, ICBC, BNY, Deutsche Bank, China CITIC Bank International, Mirae Asset Securities, Guotai Junan Securities, S&P Global Ratings, and Aerides Investment Holdings—with leading Chinese banks, industrial companies, and further participants to be announced.

From Mongolia: A broader delegation of the country's top legal firms, financial institutions, mining companies, and senior government officials, with further announcements to follow.

We've also added an evening networking reception on May 27 at the Grand Hyatt, making it a full day of connection and dialogue.

Key Themes:

Mining & Critical Minerals — investment-ready projects and partnerships

Energy Transition & Industrial Modernization — renewable energy and infrastructure opportunities

Emerging Technology & Digital Infrastructure — Mongolia's next phase of development

Https://energy.gov.mn/post/174847

Sunsteppe is officially competing for another project not yet announced via RNS - upcoming 100 MW Mandalgovi Wind IPP project. Results to be announced Q4 27. More about the process here: https://energy.gov.mn/contents/view/iid/2099

@master82 about Petrovis in management - there are two people involved from Petrovis. I think of the biggest shareholder was certain PM is not doing what is reasonably possible given the circumstances, we would see an action from them.

Enkhmaa Davaanyam

Chairperson

Ms. Enkhmaa is a Board Director of Petrovis Group, Mongolia’s largest fuel supplier since 2011. She has over 25 years of international experience in financing and risk management of mining, CSG, infrastructure and energy projects and commodities trading. Prior to joining Petrovis Group, Enkhmaa worked as a Managing Director at Macquarie Group for over 10 years, responsible for risk management in the energy sector in the United States. Enkhmaa was appointed as Petro Matad’s Chairperson in 2015.

Shinezaya Batbold

Non-Executive Director

Ms. Shinezaya is the CEO of Petrovis Venture Capital LLC, one of the first local venture capital funds investing into multiple SME sectors in Mongolia. She was a Vice President of Petrovis LLC from 2010 to 2012 and currently holds a number of board and chair positions in diversified business sectors in Mongolia, including Chairperson of the Board of Petrovis and UNIGAS LLC, a gas distribution company in Ulaanbaatar. She is a graduate of Northeastern University, Boston, MA.

One difference between SOCO and PM is that SOCO sold their 85% in three PSCs (Block 19, 21 and 22), which covered the area of cca 25,609 km^2. PM has one producing block of 214 km^2, so our estimates should also be adjusted for this.

...and couples with radial drilling, it could be nothing short of transformational. Let's hope for solid execution.

https://www.petromatadgroup.com/wp-content/uploads/2021/07/Corporate-Presentation-19_07_21-Petro-Matad.pdf

Slide 9

Cost Effective Production Enhancement Radial Drilling

• 4x100m long 2” diameter horizontal laterals drilled through casing increase reservoir contact and well drainage area

• Cost effective: $175k per well including share of mob/demob

• Global deployment in lower permeability reservoirs can improve flow rates by up to 1000% and ultimate well recoveries by 20-30%

Even achieving a modest gain in flow rates equals to a whole new current well output at a fraction of the cost.

For context, although of course not a rule, on the last two occasions when AGM was announced, an Operational Update was published just before the AGM and 5 days before AGM.

Https://www.youtube.com/watch?v=NAiF7nS5fGc

From 23:50 about energy projects, briefly

Https://www.youtube.com/watch?v=06inY_dCtvc

About renewables - around 14:30 onwards, briefly, just on the number and capacity of renewable projects to be implemented.

Https://www.youtube.com/watch?v=H1c4mzIKqvk

This part of the CMM event is interesting, about establishing a National Investment Fund in Mongolia by Franklin Templeton.

Can't say I understand all the consequences/opportunities in this, but the results in Uzbekistan and Romania are quite something. If replicated in Mongolia, it could see quite a positive change. Imagine them taking stake in the refinery, or Sunsteppe companies and floating it, making many of such enterprises run by commercial-savvy people instead of government bureaucrats that need a 3x signed permit to wake up and do some work.

Makes me think about the changes in the whole PM/Sunsteppe/Zula empire changing ownership structure in roughly the same date under a single person, a banker (Mr. Anand). Of course highly speculative comment not based on anything confirmed.

Https://x.com/KobeissiLetter/status/2049518519155384656

President Trump has "rejected" Iran's proposal to open the Strait of Hormuz and the US has prepared a plan for a "short and powerful" wave of strikes on Iran, per Axios.

Details include:

1. Trump says he will keep Iran under a naval blockade until they agree to a nuclear deal

2. After the strikes, which would likely include infrastructure targets, the US would press Iran to negotiate again

3. Trump sees continuing the blockade as his primary source of leverage

4. Trump said Iran's oil storage and pipelines "are getting close to exploding" because Iran can't export oil due to the blockade

US oil prices surge above $107/barrel on the news.

Brent now - 119.41 +7.33%

Capital Markets Mongolia - New York -- recordings now available!

https://capitalmarkets.mn/events/newyork-2026?tabValue=videos

Zula's talk:

https://www.youtube.com/watch?v=DN1LeR-lM28

Https://x.com/HormuzLetter/status/2049314014438535477

Trump has ordered preparations for an indefinite blockade of Iran after telling advisors in the Situation Room that resuming bombing or walking away were both riskier, per WSJ. Trump says the blockade will continue to pressure Iran into "capitulation on the nuclear issue." Iran said two days ago it will never discuss nuclear under current conditions.

---

Sounds like a continuing standoff, but you just never know... It is one conversation away from kinetic war, or peace. Uncertainty is the new normal.

Iran running out of storage

https://x.com/KobeissiLetter/status/2049114408685801684

Iran is running out of places to store its oil amid the US blockade of the Strait of Hormuz, with just 12 to 22 days of unused storage capacity left, per Bloomberg. As a result, Iran may soon need to cut another 1.5 million barrels of oil production per day. Much of these Iranian oil exports were going to Asian countries which are already witnessing their worst energy crisis in history. Asia's energy crisis will soon intensify even further.

UAE quits OPEC

https://www.bbc.com/news/articles/cj4pxyklw1jo

Could that mean that once the war is over, assuming the infrastructure survives, there may be an unthrottled amount of oil flowing from the UAE, pushing the price down?

Hey @gadgie

Only posted on Telegram, there is nothing interesting currently. Some clouds, some sat passes which only cover a bit of the area, cannot confirm any movement at the moment

Https://www.linkedin.com/pulse/mongolia-running-out-power-literally-why-needs-new-now-gunning-x0fhc?utm_source=share&utm_medium=member_ios&utm_campaign=share_via

Https://x.com/mongolrefinery/status/2047620677059170460

The equipment, components, and steel structures of the GTBU's technological facilities are being manufactured in India and other countries. The manufactured equipment and components are being transported by sea and land from abroad and are sequentially arriving at the factory site.

Today, we received Absorber Towers manufactured in India at our factory site. These towers, with weights of 19-27 tons, base diameters of 1.6-2.9 m, and lengths of 26-39 m, are designed for separating the LPG fraction into propane and butane, and for cleaning sulfur compounds contained in the gas using amines.

Https://www.linkedin.com/feed/update/urn:li:activity:7452643081939648512/

A productive and energizing few days in New York.

I had the privilege of joining the Mongolian delegation and speaking on energy and investment opportunities at the Mongolia Investment Forum, organized by CMM. The discussions focused on Mongolia’s energy transition, renewable scale-up, and cross-border export potential—moving from ambition to execution.

I also visited the United Nations Headquarters for pre-meetings ahead of COP17 to be hosted in Mongolia, aligning partnerships to support our role in the global climate agenda.

What’s clear is the growing convergence between policy direction, investor interest, and international support.

Looking forward to translating these engagements into bankable projects and tangible progress on the ground

From 3 weeks ago, PM attended and Jerry presented on the topic of "The Ongoing Challenges of Running and Growing a Small E&P Company in the Current Upstream Climate", I can't see any recording to forward and have requested if there is any available.

Envoi attended to most likely represented Petro Matad as their M&A / farmout middleman, PM logo is present in materials.

https://www.linkedin.com/posts/envexx2026-energyconference-energydeals-ugcPost-7442666621250338817-04UV?utm_source=share&utm_medium=member_desktop&rcm=ACoAABB0Lp8BjYcF_IeVVjjxWWaoMBcQdECD0Z8

https://envoi.co.uk/wp-content/uploads/2026/02/ENVEXX2026-Prospectors_BrochureV2(Feb2026).pdf

ENVEXX 2026 has officially concluded in London, marking the successful delivery of a new international forum dedicated to energy opportunities, market insight and commercial engagement.

We would like to express our sincere thanks to all sponsors, partners, speakers and delegates for their valuable contribution in shaping a highly focused and collaborative environment. Over the course of two days, the event brought together a diverse international audience to engage in opportunity-led discussions, project presentations and strategic networking across upstream, geothermal and renewable energy sectors.

Following a strong inaugural edition, ENVEXX will continue to build on this momentum, with plans to further develop the event’s scale and international reach in future editions.

What it is about?

NVEXX 2026 brings together the international energy industry in London for a focused forum on global opportunities, deal-making and industry collaboration.

From farmouts and bid rounds to geothermal and renewable projects, ENVEXX provides direct access to organisations actively presenting opportunities, alongside a programme of keynote sessions, prospect showcases and targeted networking designed to facilitate real commercial engagement.

From CCM newsletter:

The annual Mongolia Investment Forum, organized by Capital Markets Mongolia (CMM), was successfully held in New York City for the third time, bringing together over 90 distinguished participants from six countries, including leading global investors and senior representatives from both the public and private sectors.

The event saw active participation from prominent U.S.-based institutional investors, including Franklin Templeton, Morgan Stanley, U.S. International Development Finance Corporation (DFC), StoneX Group, Citi, and Latitude Energy. Notably, Franklin Templeton formally expressed its interest in establishing a Mongolia-focused investment fund and commencing operations in the country—marking a significant milestone compared to previous forums.

From Mongolia, the delegation was led by Deputy Prime Minister Dorjkhand T, Deputy Minister of Finance Khulan B., and CEO of Golomt Bank, Odonbaatar A., underscoring strong government and private sector representation.