Member Info for Dan_LSE

@abzzba

Regarding cost recovery:

Assuming all PSCs are of the same structure, we could take this as an example (not MATD's)

https://www.resourcecontracts.org/contract/ocds-591adf-2740538018/download/pdf

Section IV. c) (page 10) says:

"The Contractor shall have the right to take and dispose of the certain quantity of Contract

Crude Oil in every trade of Contract Crude oil for the purpose of recovering its costs and

expenses incurred in respect of Petroleum Operations. All Operation Costs of the Contractor

that remain unrecovered hereunder shall be carried forward until fully recovered in the

succeeding Calendar Months."

I would assume the cost recovery is for specific blocks (separate PSCs), so things like Velociraptor may not be recoverable since there is no revenue from that block, but I am not certain here.

From the admission document (page 45):

https://www.petromatadgroup.com/wp-content/uploads/2016/09/PML-Admission-Document.pdf

"If commercial oil production commences, the PSC provides for cost recovery of all approved

expenditure including prior exploration costs."

And last one

Iran says US-Israeli energy and gas infrastructure will be burned to "ashes."

https://x.com/BRICSinfo/status/2034296264808931661?s=20

Qatar gas fields currently under attack - Ras Laffan Industrial City

https://x.com/Osint613/status/2034343468626063431?s=20

Confirmed by QatarEnergy

https://x.com/qatarenergy/status/2034338310525689862

"That plant, up in the northeast of the country, is the largest LNG production facility in the world. Qatar itself produces 20 percent of global LNG production." - Aljazeera

South Pars gas field, the biggest natural gas field hit

https://x.com/disclosetv/status/1933912302295605303?s=20

Stuff is getting hotter.

Https://envoi.co.uk/projects/active-projects/asia/mongolia/

Envoi have updated their web text. Flyer not yet updated.

English for Mongolians is not an easy task, and I agree not great for a presentation to us. I suspect if we heard her talk in Mongolian (with subtitles for us) we would have a different opinion.

https://www.apacoutlookmag.com/local-government/government-of-mongolia-mongolias-low-carbon-future

https://medium.com/authority-magazine/the-future-is-faster-than-you-think-zula-luvsandorj-on-how-leaders-are-preparing-for-the-05a34dad1a9e

Looking at her results would be a better guidance of her value I think "15+ years of global experience and over $20B in closed deals"

If I am reading it right, the author published the article a week after I recorded the video about the wider Sunsteppe web of companies - too much of a coincidence :D So I sent him an email attaching the original map of companies, asking him if he can find anything else useful. Will let you know.

1/4

Longer read but worth it. AI translated because google sucks with Mongolian

Do you remember the guy who is being appointed to leadership roles in most of the Sunsteppe/MATD companies with no public info about him except for a short bio online? Mr Anand, now in leadership roles across Sunsteppe companies from the YT video?

He’s allegedly a relative of Zula (nephew). And the amount of land owned by Sunsteppe companies is quite large. So much so that it interested this investigative journalist. She seems very capable at orchestrating things. As long as a good portion of them will benefit MATD it should be all good, but there will also be many just to her name/her companies I think.

In any case, good to have such a person as a CEO!

2/4

(https://ergelt.mn/news/22/single/56347). The piece was published on 6 November 2025 by investigative journalist B. Tsogtbayar on the Mongolian news site Ergelt.mn. It is written in a strongly critical/investigative tone and focuses on Zula Luvsandorj (referred to throughout by her full legal name L. Dulmaazul). This is an AI translation due to Google Translate struggling with Mongolian.

DEPUTY PRIME MINISTER T. DORJKHAND’S ADVISOR OWNS LAND EQUIVALENT TO THE HOUSEHOLD YARDS OF 1.2 MILLION FAMILIES

Author: B. Tsogtbayar (Investigative Reporter)

In September 2024, Deputy Prime Minister T. Dorjkhand brought a young man named B. Enkhtaivan from Hong Kong and appointed him as his advisor responsible for energy and petroleum issues. Currently, advisor B. Enkhtaivan is simultaneously serving as Responsible Mining Manager at “Erdenes Mongol” LLC and Chairman of the Board of the state-owned “Khötöl Cement and Lime” Company.Then, in January this year, Deputy Prime Minister T. Dorjkhand brought a woman named L. Dulmaazul from the United Kingdom and appointed her as his advisor for Energy Transition and Investments. The reason is that T. Dorjkhand and his advisor L. Dulmaazul are old friends who graduated together from Oxford University in 2012. Nowadays, wherever Deputy Prime Minister T. Dorjkhand goes, advisor L. Dulmaazul can be seen accompanying him closely.Caption: Deputy Prime Minister T. Dorjkhand and advisor L. DulmaazulDeputy Prime Minister T. Dorjkhand’s advisor L. Dulmaazul owns extremely large areas of land in Ömnögovi and Govi-Sümber aimags and ranks among the top landowners in Mongolia by the size of her holdings. She owns some parcels personally, while others were transferred to her nephew (her older brother’s son) after she became advisor. Why she transferred such vast land to her nephew’s name and concealed it from the public will be detailed below.Caption: Deputy Prime Minister T. Dorjkhand’s advisor L. Dulmaazul and her nephew D. Anand

3/4

• Advisor L. Dulmaazul owns “Wolfson” LLC, where her older brother L. Darambazar’s son D. Anand serves as Executive Director. “Wolfson” LLC owns 650,000,000 m² (65,000 hectares) in Bag 2, Bor Teeg area, Tsogt-Ovoo soum, Ömnögovi aimag. On the cadastral map, the land owned by L. Dulmaazul’s “Wolfson” LLC appears larger than the territory of Dalanzadgad city itself.

Caption: Red line = territory of Tsogt-Ovoo soum, Ömnögovi aimag; Blue line = land owned by L. Dulmaazul’s “Wolfson” LLC

• Advisor L. Dulmaazul previously owned “Talyn Energy” LLC and transferred it to her nephew D. Anand’s name in May this year. The company owns 72,267,299 m² (7,226 hectares) in Jargalant, Bag 3, Manlai soum, Ömnögovi aimag.

• Advisor L. Dulmaazul previously owned “S.S.P. Salhiin Energy” LLC and transferred it to D. Anand’s name in May. The company owns 64,359,213 m² (6,435 hectares) in the same location.

• Advisor L. Dulmaazul previously owned “S.S.P. Manlai Energy” LLC and transferred it to D. Anand’s name in May. The company owns 50,373,487 m² (5,037 hectares) in the same location.

• Advisor L. Dulmaazul previously owned “San Steppe Energy” LLC and transferred it to D. Anand’s name in May. “San Steppe Energy” LLC owns “San Steppe” LLC, which holds 1,000,000 m² (100 hectares) in Bag 1, Sümber soum, Govi-Sümber aimag.

In total, the five companies linked to advisor L. Dulmaazul control 837,999,999 m² (83,799 hectares) in Ömnögovi and Govi-Sümber aimags. To put this into perspective: An average household yard is 0.07 ha (700 m²). This means her land is equivalent to the yard area of approximately 1.2 million households.THE REASON DEPUTY PRIME MINISTER T. DORJKHAND STARTED TALKING ABOUT RENEWABLE ENERGY INVESTMENTS RIGHT AFTER APPOINTING HIS FRIEND L. DULMAAZUL — WHO OWNS 837 MILLION M² OF LAND AND RENEWABLE ENERGY COMPANIES — AS ADVISOR…What is particularly noteworthy is that these vast land parcels held by L. Dulmaazul’s five companies are being reserved for building renewable energy facilities (solar and wind power plants). Moreover, L. Dulmaazul has already obtained a special permit through her “San Steppe” LLC to build a renewable energy station and has begun construction of a 50 MW solar power plant on the 1,000,000 m² plot she owns in Sümber soum, Govi-Sümber aimag.Even more noteworthy is that since last spring, Deputy Prime Minister T. Dorjkhand and advisor L. Dulmaazul have made multiple international trips and hosted foreign guests, repeatedly talking about attracting investment in the renewable energy sector. For example:

• In April they visited the United States and announced $2.0 billion in U.S. investment for renewables.

• In September they met with Saudi Arabia’s “ACWA POWER” and announced $10 billion.

• In October they announced €1.0 billion (4.1 trillion MNT) from the European Investment Bank.

• They also stated they will soon receive $1.0 billion (3.6 trillion MNT) from the European Bank for Reconstruction and Development.

4/4

In this manner, they claim to have secured agreements for roughly 8 trillion MNT in foreign investment for the renewable energy sector.In summary, while Deputy Prime Minister T. Dorjkhand and his advisor L. Dulmaazul are going all-out to attract financing for the renewable energy sector, it appears there may be a hidden agenda — to attract investment specifically for their own “San Steppe” LLC and to utilise the 837,999,999 m² of land. In other words, a picture is emerging in which only Deputy Prime Minister T. Dorjkhand and his advisor L. Dulmaazul could personally benefit enormously from the tens of trillions of tugriks coming from abroad under the name of renewable energy investment. In short, this seems to be a topic that intelligence and anti-corruption investigators should have paid attention to long ago.

@TenBagTag I was very wrong!

@TenBagTag about $117 oil:

The hype comes from this tweet https://x.com/search?q=hyperliquid%20crude&src=typed_query

The instrument is this: https://finance.yahoo.com/quote/USOIL-USD/

It is a Solana-based crypto: https://coinmarketcap.com/currencies/usoil-derivatives/

The volume is so low it shows 0 and there appears to be no info about it anywhere, so it is not linked, backed or otherwise associated with crude as far as I could find, but I am open to corrections. The name is just taken to look like it is crude associated it seems.

Of course may actually see this price for crude, I am only highlighting the info where it comes from is highly speculative, to the point that it is not even related to crude most likely.

Seems like one facility on each side hit

https://www.aa.com.tr/en/middle-east/israel-hits-oil-storage-tanks-in-tehran-israeli-media/3854490#

@badprophet

This vid is now slightly out of date as questions from AGM clarified a lot:

https://youtu.be/9NPke2cgx54?is=JdtUT0gT9hxwnU97

But structure remains the same, so given that MATD have 50% JV, the projects that are RNSd should have 50% contribution to MATD.

I do expect projects under the “Sunsteppe” name that will be outside of the JV structure, such as the current solar power plant built by Rockwell engineering, so we need to be diligent in finding the company name exactly before assuming a Sunsteppe project is “ours”.

All of those in RNSs are of course “ours”.

Https://x.com/DanMavr/status/2030311489316311400?s=20

Money is waiting.

Projects are ready.

Soon enough, when the pen meets the paper, these two will materialise into a tangible pipeline.

Https://www.telegraph.co.uk/world-news/2026/03/06/iran-war-latest-news-trump-israel-hezbollah/

“Donald Trump said there would be no deal with Iran unless it involved Tehran’s “unconditional surrender”.

The US president said he would not end the war unless the Iranian regime relinquished power, adding that he wanted to “Make Iran Great Again”.”

Higher for longer... Oil.

@Bauchsapt regarding price differences on the sites:

Assuming we are comparing this (first result on Google) https://www.google.com/finance/quote/BZW00:NYMEX

to this

https://www.investing.com/commodities/brent-oil

They are two different oil futures contracts, on different exchanges. Google is NYMEX (BZW00) - last day, from the US.

Investing.com is ICE brent crude benchmark traded in London, which is the standard for Brent pricing. They settle differently (one in cash, one physically), and some other differences that I don't understand, but these are the reasons for price differences, even though it is ultimately "the same thing" behind it.

@shadow525 from last meeting: https://www.investormeetcompany.com/meetings/operational-update-4

Question 47: Can you outline the company’s base plan for the 2026 drilling season, and confirm what the alternative plan is if a Block XX farm-out is not concluded in time?

Answer: See the bottom graphic on slide 7 of the December 16th Corporate Presentation for 2026 activity , presented on the basis of securing funding from a farm-in partner. The number of new wells on Heron and Gazelle will depend on the scale of any such funding.

Slides: https://www.petromatadgroup.com/wp-content/uploads/2025/12/Corporate-Presentation-16_12_25-Petro-Matad.pdf

@Bauchsapt - regarding live oil:

https://www.investing.com/commodities/brent-oil

Https://www.linkedin.com/posts/activity-7428274147421528065-pHxi?utm_source=share&utm_medium=member_desktop&rcm=ACoAABB0Lp8BjYcF_IeVVjjxWWaoMBcQdECD0Z8

2 weeks ago

Honoured to participate in today’s event aimed at mobilising European investment into Mongolia’s energy transition, particularly through EIB and EBRD financing instruments.

Appreciate the active engagement and sharp questions from participants — building a bankable pipeline requires exactly this level of dialogue between policy and capital.

We remain committed to accelerating capital deployment and effectively utilising the €1 billion EU Global Gateway envelope to support Mongolia’s energy sector transformation. Thanks Investmongolia for organizing.

https://www.linkedin.com/posts/activity-7426983978806628353-xI3j?utm_source=share&utm_medium=member_desktop&rcm=ACoAABB0Lp8BjYcF_IeVVjjxWWaoMBcQdECD0Z8

Strengthening Mongolia–EU Energy Financing Cooperation

It was a pleasure to meet with European Investment Bank (EIB) representatives —

• Ralph Aymar, EIB Beijing Office

• Jean-Philippe (Brussels Headquarters)

together with the European Union Delegation to Mongolia, Arnauld Apriu, and the Ministry of Energy of Mongolia, represented by State Secretary Erun Ulzii.

Our discussions focused on the practical implementation of the €1 billion framework under the Memorandum of Understanding signed between the EIB and the Government of Mongolia.

We explored concrete pathways to mobilize long-term, concessional and blended financing for:

⚡ Renewable energy generation

🔋 Grid modernization & storage

🌱 Energy transition infrastructure

🏗 Bankable project preparation pipelines

The conversation reflects a shared commitment to translating strategic agreements into structured, investment-ready projects that can accelerate Mongolia’s energy transition and strengthen energy security.

Mongolia’s renewable potential is significant — and with strong cooperation between European partners and our Ministry of Energy, we are building the financial architecture necessary to unlock it.

Looking forward to the next steps.