Member Info for Dan_LSE

Petro Matad is working with Envoi.

"Envoi’s project divestment or ‘sell-side’ service involves the review, documentation, marketing, project and data room management, coordination and closing of upstream asset sales. https://envoi.co.uk/projects/active-projects/asia/mongolia/

They have been working with them for a while, since there are updates from 2020 and 2022. Yesterday I called them to find out if they are still actively engaged, and they confirmed they are. I questioned the out of date materials, to which they answered they were waiting for PetroChina issue to be resolved, which it now is, so they will be updating the front-end material with latest facts and figures. The guy on the phone was very up-to-date with MATD info, as he quoted the headlines from the most recent RNS from the top of his head, which I take as a positive sign. When a company expresses interest of a farm-out or JV, it is through them that access to the data room is given after an NDA is signed and MATD approves the access.

It was interesting he quoted the PetroChina issue as something that they were waiting for before updating material - could mean that they had conversations with parties and they saw this as a major show-stopper, which is now resolved. It would not be too far-fetched to assume the farm-out announcement was tied to this event too, so the progress on that may indeed be quick now.

Google reports last price paid. So if it is a "buy" it would tick above the "mid price" and if it is a "sell" (or lower buy) it would go down, while the actual mid price may stay stable, which is what you see when you look at the LSE chart. So google jumps around the prices you see when you look at the list of trades of LSE.

Well if one thinks purely statistically, it may make sense for "binary plays" like drill results. If you know what in Mongolia it takes 3-4 drills to find one commercial one, purely on those numbers it would make sense for everyone to short every drill result announcement. What make is less appealing is the process of getting in the trade, the fees, and mainly your upside. For non-leveraged short your upside is at max 100% (assuming company value goes to 0 which is almost impossible in a short term move). Your downside is unlimited, since if the announcement you wait for is positive, and stock goes up 300%, you have a brown pants moment if it gaps up and you have no stop loss, if it is even possible for such a trade. In reality you risk only your actual deposit as they will close you and probably absorb any excess loss, but it depends on the fine print.

It could be appealing in AIM as when you look at long term charts, it very frequently is very high up at the beginning, with progressive downwards spiral and several bumps up and down along the way. That's probably the typical AIM stock chart. However since you are getting charged daily, it's not a long-term product you'd want to use. Any gain would be offset by fees, and any good news are a bad day for you. So you either have to "know" something to make it worth it, or you have to be so detached mentally that you are bordering on sociopathy hah.

Shorting of individual AIM stocks is possible, I have done it once and the process was not as simple as putting a buy order in HL. It was multiple phone calls, the broker needed to find someone who is willing to borrow the stock first, the whole thing took about a week from initiation to entering the short, and it is also costly even for non-leveraged short as there was a daily fee I think, so it was not worth shorting with the hopes that "something will go wrong in the near term". Of course my experience may not be indicative of how it works for everyone, and there could be simpler ways to do this. Since then I have not attempted to do it again, as it was not worth the hassle and risk.

Could be due to news, from X:

BREAKING: Iran has begun firing missiles toward the Strait of Hormuz, per AP.

20% of global oil supply currently flows through the Strait of Hormuz.

The #IRGC has launched a large-scale naval exercise in the Strait of Hormuz, including closure of the inbound leg of the SoH TSS 🚨

The drill, named 'Smart Control of the #StraitofHormuz,' aims to test the IRGC's naval "security plans and counter-military action in the face of possible security threats in the Strait of Hormuz," according to Iranian State TV.

Short satellite update - paths from wells are constantly used, implying all Gazelle and Heron-1 are flowing with frequent deliveries. Weather is looking favourable from end of March.

https://x.com/DanMavr/status/2023677666700718095?s=20

See last paragraph.

FROM THE CIS APPROVED THE 2026 WORK PLAN AND BUDGET OF "DONSHEN PETROIL (MONGOLIA)" LLC

The 2026 annual meeting of "Donshen Oil (Mongolia)" LLC, which is invested in the operation of oil and extraction of China, which signed a Product Sharing Agreement with the Government of Mongolia, was held on 2026.01.29

Representatives of the SME and the China Oil Corporation Sinopec Group Company and the Shenli Palace Donshen Jingung Petroleum Development Group attended the meeting and discussed the work that the company has accomplished in 1997 in the field of the Republic of Kazakhstan in 2025, the implementation of the memorandum, and the problems they are facing, and the work plan to be implemented in 2026 approved and signed a memorandum.

During the meeting, Chairman of the Ministry of Internal Affairs P.Bayanbaatar exchanged views on creating new opportunities for cooperation in the petroleum sector represented by Sinopec Group of China and solving some of the problems faced by the current cooperation.

In particular, the issue of exploring the possibility of investing in a new oil exploration area, revising the operation plan for using Zuunbayan, White-Sands Reserves, Ord, increasing the service period, and stabilizing supplying all the oil extracted from the BHG-97 area to the factory when the "Mongolian Oil Refinery Plant" is discussed.

Assumptions only, open to correction or additions:

- selling directly to refinery could result in smaller fees due to no middleman, no export costs

- pressure on Mongolia to boost domestic supply could result in more attention on issues of producers, potentially reducing waiting time for resolution

- fewer potential arguments, like with the 30% withheld part of revenue

- Producers have more concrete impact on Mongolia’s economy, potentially improving perceptions by the public (fewer protests, or ban on protests as happened recently)

Https://www.linkedin.com/posts/oilandnaturalgascorporation_ongc-exploration-mongolia-activity-6872449793919086592-aM-N/

4 years old, but PM mentioned in the comments, would be fun to reply to that guy if such partnership is announced soon!

Mongolia visits ONGC looking for partners.

@Jimithebrush "Why so much chit chat about a buy out it would have happened years ago if it was going to happen at all. But if it makes you feel better."

One of the reasons is this:

"1997 Soco makes the first discovery in Block XIX. Develops discoveries. Onstream in 1998. Low flow rates per well."

"2005 Soco sells its interests in Mongolia to Petro China"

" Production peaks at 25,000 bopd (2015)"

https://www.seapex.org/wp-content/uploads/Abstract/8_1%20Buck%20Petromatad%20-%20Mongolia.pdf

PetroChina previously bought a poorly producing block, but they did buy it after there was proven oil and extraction - even at the smallest scale. Then they built it into 25,000 bopd field. The situation is comparable to us now. If we went by this example, it could show why it didn't happen years ago, and why it can happen now.

TT, not mentioned specifically what it is for except for general collaboration, see post from 9 Jan 2026 13:19

Https://www.mongolchamber.mn/a/2427?fbclid=IwY2xjawPN3kZleHRuA2FlbQIxMABzcnRjBmFwcF9pZBAyMjIwMzkxNzg4MjAwODkyAAEelTRTYHvNArEzKxL7AVPaXI2lZllMOJ_YdQfc0jxKijI5cgXppzWNeX3UXNI_aem_jQCeHwSuGuk_mATzDtZjRQ

Within the framework of the Mongolian-Chinese Investor Joint Event, the signing ceremony of three important cooperation memorandums that will take the two countries to a new stage of cooperation in the business, economic and financial sectors has been successfully organized. The event is aimed at strengthening mutual understanding between state organizations, business associations and industrial units with Chinese investments, and supporting real projects and partnerships.

COOPERATION BETWEEN BUSINESS OWNERS OF THE TWO COUNTRIES IS EXPANDING

At the beginning of the event, a memorandum of cooperation was signed between the National Chamber of Commerce and Industry of Mongolia and the General Chamber of Commerce of China in Mongolia.

Within the framework of the memorandum, the parties will cooperate in the areas of information exchange, expansion of cooperation between member organizations, joint organization of exhibitions, forums, business tours, services to industrial units, and social responsibility.

REAL PARTNERSHIP IN THE ENERGY SECTOR BEGINS

At the same time, a memorandum of understanding was signed between Petrochina Dachin Tamsag LLC and Petro Matad LLC.

Within the framework of the memorandum, it was agreed to cooperate in the extraction, storage, and transportation of crude oil, as well as in other areas of exploration and extraction, and to develop mutually beneficial and sustainable partnerships in the oil industry of the Republic of Mongolia.

DEEPENING FINANCIAL COOPERATION

At the end of the event, a memorandum of cooperation was signed between the General Chamber of Commerce of China in Mongolia and Golomt Bank.

Within the framework of this document, the financing of financial services, industrial units, cross-border settlements, and support for yuan businesses will be expanded, and a more favorable financial environment will be created for Chinese investment companies and joint projects operating in the Republic of Mongolia.

The successful signing of these three memorandums of understanding demonstrates that Mongolia and China have a broad opportunity to deepen open and mutually beneficial cooperation in the fields of trade, energy and finance, which is aimed at real results.

The parties stressed that in the future, within the framework of these memorandums, they will implement certain projects and programs and make a real contribution to the economic cooperation between the two countries.

2/2:

Is PetroMatad or Sunsteppe JV entity a contractor to any of the other entities set up and/or operated by Zula (sometimes under Sunsteppe name), and the related entities? A map of these companies has been sent to you via email 28.10.25. I can see Sunsteppe (outside of the JV) has been able to secure financing and other forms of collaboration with Enserv, BDSec and Naanovo group. Is Sunsteppe JV expected to benefit from these relationships?

What is the expected timeline, given what we know at present, with European Investment Bank financing, Asian Development Bank, or ACWA? ACWA Chairman has been very vocal in recent interview with Jargal DeFacto that they want a large renewable capacity "now" and have 10 billion at hand for those projects. Is ACWA a likely partner in renewables?

I just want to strongly encourage everyone to submit questions before the presentation via the Investor Meet Company platform.

My current set 1/2:

It has been found that Petro Matad has two new entities added to the group structure under the 50% owned Singapore-based JV entity Sunsteppe Renewable Energy Pte Ltd. The two entities are: CCP blue energy, created in April 2023, changed ownership in September 2025 under Sunsteppe Power, a subsidiary of the Singaporean JV entity. The second entity is Wolfson energy, set up in April 2023, transferring ownership to Sunsteppe Power in September 2025. These changes have not been disclosed to the market. Could you please elaborate on the intentions behind these entities?

It has been found that a wider web of companies, frequently but not exclusively using the Sunsteppe name (either in acronyms or in full), usually set up by Zula, has shown a fairly recent (2025) change in ownership, moving key functions to Anand Darmbazar who appears to be a Mongolian banker with whom there have been ties since the original Wolfson LLC entity, a previous owner of Sun Steppe Energy (the other 50% owner of Sunsteppe Renewable Energy Pte Ltd - Singapore). Could you please elaborate on Anand's role and the intention behind what seems to be a consolidation of controlling functions of multiple entities at around the same time, some of which are under the Petro Matad umbrella? Is Sunsteppe preparing for a large transaction involving multiple entities?

Please confirm you will use the opportunity of an interview between Jargal DeFacto, Mr. Buck and Ms. Zula? I have taken the liberty to arrange the option for Petro Matad, seeing it as a great platform for discussion and promotion of Petro Matad and Sunsteppe companies, their story, policy issues encountered and the future they hold for Mongolian's energy independence. Such interview would be welcome by investors.

On egazar.gov.mn, the land registry site, I can see that the special purpose land change has been logged, however it only seems to cover H1, Gazelle, Gobi Bear and an area east of Heron 1. If this is accurate, could you please explain why it doesn't cover Heron 2, and what is the purpose of the area east of Heron 1, just between the road and the H1 site? Is that the most likely area for the next drill?

What is the updated production forecast for Heron-1 and Gazelle-1 for 2026, and how does this compare to previous guidance? Since H1 has seen a decline, would you say there will be a necessity for injector wells or other means of supporting the current level of production in existing wells?

What is the timeline and budget for the next drilling campaign in Block XX, if there is no partner secured for the next season?

Has Sunsteppe secured any offtake agreements, updated PPAs, grid access, or government support for its renewable projects? How are the wind studies going?

Can't edit description... It is the opposite way around... Left is today

Change at Heron 2

x.com/DanMavr/status/1996659259959136716

Nothing new since the 30th at the moment

X.com/DanMavr/status/1995434810492543011

Comparison to last few images in a video here.

I have now built and automated bot to receive the images over Telegram chat directly whenever there is an update, fun little mini project.

If anyone has another company where such tracking would be useful it is now easy to deploy such bots with your own custom coordinates. If you want something like this, feel free to reach out over Telegram or Twitter and we will work it out.

X.com/DanMavr/status/1994029254061772807

Added side by side with H1 with existing tank and H2 with suspected tank, I really think it looks identical

Agreed, we shall see.

Master taught me how to access these, if it wasn't for him, we wouldn't have such good info. Over the months we had plenty of deep dives together and he is one of the most focused people on finding relevant info for the benefit of us all, so I am very grateful to him and respect his opinion on this stuff.