Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
"Mineral Resources and Petroleum Authority of Mongolia (MRPAM) accepted that Petro Matad would make these payments. The money has been paid into the appropriate MRPAM account and is awaiting transfer to Dornod Province once the Ministry of Finance gives approval for this to go ahead. The mechanics of the transfer have taken some time for the Government to determine but we are pushing and expect this to go through soon."
How soon is soon ???
Rogador you may wish to learn the Art of spelling when using quotes -
"3st, If you are talking about life, think about this one, and is not mine;- the art of loosing is not hard to master, loose something every day and your life is never going to be a disaster. If in difficulty to understand, J Simon can help you."
Very prophetic Legache -
At the Company's request, the Namibian authorities have extended the deadline for Global to provide the work programme guarantee required under the Licence renewal until the end of November 2023. Absent further extensions/deferrals, the Company requires significant additional funding in order to meet its Licence and other payments due in the near future, for which the Company does not currently have sufficient cash resources.
Mike Buck’s reference to shareholder patience couldn’t be more apposite, with the chance of any major moves in the next few months I think MATD is more of a 2024 stock at the moment. The shares are resting on the YTD low but with the 1 year low a penny below here I think the November 2022 price will probably be re-visited first. Having said that I still feel that longer term there is something out there and I’m sure Mike will be over sometime to talk me through it, it’s been a long time!
Mike Buck, CEO of Petro Matad, said:
"The slow pace of the completion of the regulatory process that will allow us to commence the Heron development is extremely frustrating. WHILST WE ARE PUSHING HARD WITH ALL AGENCIES"
Perhaps the company emails to Agencies are just being ignored !
"Proceeds of the Placing will be used for further technical work in relation to PEL 94, as previously communicated to the market, as well as providing general working capital."
ie Company speak for keeping the CEO well paid !
"We are very pleased to enter the next phase of PEL 94 with the prospectivity intact and the flexibility which a two-year term gives to us and our partners." per CEO.
Why would anyone want to partner them when they could take the whole package for peanuts?
"6,314,115 ordinary shares of US$0.10 each (the "New Ordinary Shares") to be admitted to trading on AIM.
The New Ordinary Shares will be issued from time to time in order to satisfy the grant of awards under the Serica Energy plc 2017 Long Term Incentive Plan."
Another 1.6% of the company given away as LTIP.
Jay Cheatham, CEO of Pantheon Resources, said: .... "Having now secured the desired acreage, Pantheon now intends to increase the profile of its project geology without fear of competition and to assist in attracting potential farm-in partners. This process commenced last week where AHS/Baker Hughes presented a case study using the Theta West volatiles analysis to the Society of Petroleum Engineers (SPE) Western Regional Meeting in Anchorage.
final sentence of quick summary -
"When combined with other data like 3D seismic the RVS data enables an immense appreciation of the world class asset that the multiple continuous accumulations in the Brookian Campanian Section of GBP's acreage represents"
It almost covers the Empyrean one-off cyber fraud loss of $2.0 million
The Company has sufficient working capital to continue operations to the end of 2023, however as previously reported, intends to complete either a farmout and/or other funding arrangement in the first half of 2023 to have sufficient resources for the 2023/24 drilling and testing campaign, the additional acreage purchases and ongoing working capital. The Company's data room is anticipated to open shortly to formally commence the process of seeking an appropriate farmout partner.