Imminent8 Oct 2020 09:58
1.. This meeting has been delayed due to a reorganisation within MMHI which followed Mongolia's parliamentary elections in Q2. We understand that whilst the nominees for the Petroleum Subcommittee - which will review the Heron reserves report - have been finalized, the full membership of other subcommittees has yet to be confirmed which is causing a delay in ratification.
NOT A DIRECT MATD ISSUE but government re-organisation
2.. We have been advised that the ministerial ratification of the MRPC is imminent and review of the reserves report is included as a matter of urgency on the MRPC agenda. We continue to work closely with the MMHI to overcome this delay, meet the MRPC and secure the approval of the reserves report to allow us to progress to the remaining stages of the approval process.
MATD DOING AS MUCH AS THEY CAN, GIVEN THE VSITUATION ....Imminent and Matter of Urgency
3..The Plan of Development is ready for submission to the relevant bodies as soon as the reserves report approval is in hand.
ANOTHER POSITIVE...READY TO GO
4.. The Company has had its Detailed Environmental Impact Assessment (DEIA) for the Heron Development approved by the Ministry of Environment. This is a major milestone as the field work, documentation and local community engagement requirements in the preparation of the DEIA are significant and time consuming. An approved DEIA is one of the documents required to get the final ministerial sign off on the EL approval
APPROVED and REQUIRED and a MAJOR MILESTONE
5.The assay of Heron 1 oil has also been completed and the results are now under review. Overall, and as expected, the assay has demonstrated that the oil from Heron 1 is very similar to the oil produced in the neighbouring Blocks XIX and XXI. Heron 1 oil is a light, sweet, waxy crude with an API gravity of 44o making it one of the lightest oils found to date in the Tamtsag basin.
ASSAY OF HERON 1 COMPLETED
6..Mike Buck, CEO of Petro Matad said:
"Whilst the delay in progressing the Block XX Exploitation Licence application has been unfortunate, we are doing all we can to support the authorities to expedite the MRPC meeting and we have completed all the necessary preparations to be ready for the subsequent phases of the approval process.
Meanwhile, securing the approval of the DEIA is a major achievement and we are pleased to have this in hand. We also continue to carefully manage our cash resources whilst we pursue the permits we need while investigating various funding options for our future operations.
THERE IS MUCH TO BE PLEASED ABOUT N THIS RNS.......BUY not SELL
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