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Jodo: I agree: I have been a shareholder since May 2008 when Matd got its AIM listing and I have added to my holding recently. I find the repeated and excessive posts of a few on this board very irritating even if some or their posts are well reasoned.
Mr M: welcome back
FairAnalyst has been a member since 20 December 2021. Over the last 57 days he has posted no less than 133 times to educate us! As a shareholder since admission to AIM in May 2008 and holding of more than 1 % of PM’s issued equity, should I take him seriously?
Locky
I believe that the AGM is for the year ended December 2020 not 2021 and they may have been under a deadline to hold the AGM. I therefore doubt that the AGM has any bearing on the timing of much needed news flow, particularly securing a rig contract
I agree with Pauly80. However, as not everyone follows Twitter, it is entirely inappropriate for Twitter and similar platforms to be used for communications. Responsible CEOs rely solely on RNS and on presentations and interviews that are available on company websites with notification that such presentations and interviews are available to all on a timely basis. BT is using Twitter for promotion and is irresponsible.
I believe that the Mongolian Government were never going to grant the Heron exploitation licence based on a wholly unfunded operations plan. If one examines the timetable of events, the funding was surely finalised shortly prior to the grant of the licence. In my opinion this explains the low placing price, the quantum of the raise, i.e., sufficient for just Block XX and no mention in the RNS at the time of plans for Block V. Bear in mind that, in the months prior to the exploitation licence approval, Mike Buck had indicated that he wanted to avoid any dilution. Thus, the depressed placing price and the size of the fundraise came as a nasty surprise to the market. Some might argue that, if adequate funding for Heron development was a precondition to the licence grant, why wasn’t the precondition and timing not explained in an RNS? Clearly, a tricky situation not only for PM but also for the Mongolian Government, but there may have been ways to finesse the issue, but more likely PM sought a dispensation from the AIM team from having to reveal the exact timing of events.
PM doesn’t need a JV or farm-in partner to develop Heron and pursue other prospects in block XX as it is adequately funded. While PM may keep the data room open, I believe that a credible company would be more interested in a full takeover of Petro Matad. Essentially, why would any substantial company farm-in with a financially weak partner and not have operatorship? In my opinion PM should be better off going it alone and creating value for shareholders which hopefully will be realised by an attractive offer in due course.
Ojay, thank you
Why don’t we steer the discussions on this board to issues that are relevant to the future of Petro Matad and hopefully curtail the absolute rubbish we read every day from prolific posters. I would like to see discussion on and promote the prospects for a takeover offer for the company. We have reached the point where I believe a bid offers the best prospect for a reasonable return for shareholders. I have been a shareholder since day 1 on AIM, more than 13 years ago and I am now a holder of nearly 1% of the issued equity. The question I ask myself with increasing frequency: should I maintain patience or bale out? With the support of Petrovis, the board should engage a new adviser with the mandate to find a buyer, and do so without any further delay
I somehow doubt there will be any drilling next year, either because of a resurgence of COVID and related restrictions (e.g., closed border with China) or lack of an available rig.
Without a rig contract and an open season for drilling next year, I can’t see any progress being made with negotiations with PetroChina for handling and sale of potential oil production from Heron. Moreover, I doubt there will be any interest for a farm-in given the uncertainties. In any event, if there is a company interested in Heron, surely a takeover offer for PM would make much more sense for a new entrant than a farm-in with a financially weak PM, and there is also the all-important issue of operatorship.
There has been no mention in any recent announcements of a plan for Block V drilling of the Raptors before the exploration licence expires in mid 2023. If no wells are drilled next year, the window of opportunity will be too short to have sufficient success to merit application for an exploitation licence. It seems that PM will have to reapply for a new exploration licence for which there will likely be competition. PM has established that the Raptors are excellent prospects for which another company could reap the reward.
It is very disturbing indeed to learn to hear from Spainish of the problems for PM in UB. What is needed now is a takeover offer for the Company as there is considerable value in the existing reserves, development potential and the exploitation licence whether or not there is drilling activity next year.
In my view the Mongolian Government should be supportive of a bid as its interest is to see a high level of activity by a company with financial strength and the expertise to develop Mongolia’s oil riches ahead of the refinery start-up. It is also worth noting that Petrovis was an early advocate of the refinery project more than ten years ago, particularly by the former chairperson of PM, Mme Oyungerel (who is sadly no longer with us). While Petrovis may still support PM its primary interest is in securing an offtake agreement for refined product.
I am hoping that we will see a takeover for PM, in the not-too-distant future.
You have to wonder who is party to the confidentiality agreement. Certainly not Petro Matad. So, who else? The inference is a government department or Agency? Looks like a spoof to me and his post should not to be taken seriously.
The company now needs to get an extension to the block V exploration licence for a reasonable period. This would certainly be a positive. However, the Board’s credibility has been shot, and the best hope for long suffering shareholders is a takeover. I do not see that there is any realistic possibility of a farm-in or JV, other than possibly with PetroChina.
The Subscriptions and Open Offer are conditional, inter alia, upon the Resolutions being passed at the Extraordinary General Meeting. Petrovis and certain of its concert parties, the Directors, and certain members of the Company's senior management team have irrevocably undertaken to vote in favour of the Resolutions in respect of their own beneficial holdings of, in aggregate, 186,816,666 Existing Ordinary Shares, in aggregate representing approximately 27.42% of the Existing Ordinary Shares.
Shareholders who are an anger at the placing, its timing and discount, should consider voting against the resolutions.