Member Info for GKahn

So now we have on this board: “Annoying buzzing insects”- whatever became of the “Barking Dogs”?

I have been a shareholder since day 1 and have been adding appreciably over the last few months and now hold over 1% of the equity. However, I have no intention of adding any more, even if the EL is granted.

My biggest worry is that the Mongolian Government does not appear to have a strategy to develop and to bring into production sufficient crude oil for the refinery to be economically viable. A costly big white elephant in the middle of nowhere?

The groundbreaking ceremony for the refinery in Altanshiree soum, Dornogovi aimag, was held on January 15, 2021.
During the global epidemic, with the support of the Governments of Mongolia, the Republic of India, relevant government agencies and local communities, engineers from Engineering India Limited, a project management consultant (TMM), worked together with the Mongolian Petroleum Refinery. As a result of the work, the project implementers emphasized that the construction of non-technological facilities of the plant is starting today. Ambassador Extraordinary and Plenipotentiary of the Republic of India to Mongolia MP Singh personally attended today's ceremony.
The general contractor for the construction will be JMC Projects India of India. Within the scope of this work, in addition to the administrative building, warehouse, repair shop, fire brigade building, first aid center, laboratory, reception room, water supply system and site infrastructure will be built.

Lets hope there will be adequate domestic crude production for the refinery to operate at capacity (30,000 b/d). Given that PetroChina's fields are in decline, the pressure to find and bring on new production will become a pressing issue for the Mongolian Government

Totally bizarre

If I recall correctly, there was a comment from MB re approval of the EL before Christmas 2019 but both he and the MRPAM execs appreciated that it was unrealistic and said in jest. Before the end of Q1 2019 was the realistic target.

Scouse: When MB announced that the EL had been submitted in late 2019, he said that provided the licence was issued before the end of Q1 2020, the operations plan for 2020 would not be affected.

The figure of 5.8 million barrels for 2021 equates to about 16,000 b/d and therefore attributable to PetroChina's export volume only. As PetroChina's production has been declining it shows how critical new production will be to supply a 30,000 b/d refinery.

Well said Bolivian Banks, i also absolutely agree

Persistent
Do you know when Petrovis last wrote a cheque and participated in a placing to support Petro Matad? I think it may have have as long ago as 2010 - please correct me if I am wrong

Why has it taken more than a year to grant EL approval? This development is a relatively straight forward onshore proposition– there are no comparable environmental issues that the oil industry confronts in the North Sea, South Atlantic or Artic. Petrovis may still have a significant holding – which has declined from more than 50% to about 25% - but it hasn’t subscribed a dime in years and its holding derives from contributing a licence application about 15 years ago. Petrovis interest is in securing product offtake from the refinery.

The Mongolian Government is surely giving PM "the slow no"

They could be remunerated by a competitor

I agree OldsCool. On 8 Oct I posted: The Mongolian government is no longer under timing pressure to issue the EL any time soon. Operationally, this year has gone, thanks to the Mongolian elections and its consequences, Bureaucracy and Covid 19. Accordingly, provided the EL is issued well before the end of Q1 next year, there should be plenty of time to implement next year’s exploration and development plan

As soon as the weather permits, construction of crude oil tankage at the refinery site should commence. A minimum of 3 million barrels of crude oil storage will be needed and should be largely full of crude oil on start-up of the refinery. Not only should the government approve the EL but there is incentive for the government and PM to enter into a supply arrangement for Block XX production. This would mean that PM would not be dependent on PetroChina for exporting Heron production to refineries in China. Petrovis could be party to such an arrangement as oil delivery is its business. Most importantly, such a deal should enable Petro Matad to obtain favourable bank financing.

Hazbeen has said goodbye a few times and here he is repeatedly posting.

Hopefully the company will not need to raise equity before the EL is granted. After the EL is granted a placing should be achievable at a higher price than 2p

Lucky
I plan to get back to you over the weekend. it is a somewhat complicated history because of a number of very discounted rights issues before the LSE listing

Citadel were an early shareholder - 2006

Persistent: there is only one man who can match Manro for crazy ravings and that person hopes to get re-elected to the US Presidency

What are the problems at Bushveld Minerals that some of its shareholders are so determined to post repeatedly and negatively on the FAR board?