Member Info for Jimithebrush

The thing we have to remember is that the prediction's are just that and until we are told otherwise by MB, let's hope the LP arrives soon and with spud date imminent all this in-house banter will be just that, so looking forward to good times ahead and an SP appreciation. GLA shareholders

ON THE ANNOUNCEMENT OF THE DEADLINE FOR RECEIVING ORDERS IN HERLENTOKHOI FIELD XXVIII

According to the Order No. A/68 dated April 10, 2023 of the Director of Minerals and Oil Department, the deadline for receiving orders for oil exploration and exploitation activities in the Herlentohoi XXVIII exploration field is May 4, 2023 at 5:30 p.m.

Major Drilling have spud there 1st well for TMK on the 12th April, if it takes them 30 days then all going to plan we should get our spud date for Velociraptor1 pretty soon. Anticipation appears to be building quite well. Hopefully good news to come out way very soon. GLA

Time on your hands here's something else if you can be bothered https://lehmanlaw.mn/blog/tag/land-law/

This popped up in my news feed it's a few weeks old for anyone interested GLA https://www.pressreader.com/mongolia/the-ub-post/20230208/281500755407703

Been a good day today, hope we have plenty more like it :+)) bit of light reading for those that are interested https://montsame.mn/en/read/316556

https://www.mongolianminingjournal.com/

Good post D1nger, Working interests, operatorship, tenure. Petro Matad holds 100% working interest and operates Block V. Exploration Licence runs until 29 July 2024
Proven petroleum system.
2018 Snow Leopard 1 with good oil shows Large, shallow prospects with multiple targets identified 7km south of Snow Leopard 1 along the Raptor Trend.
Transformational potential for country and company. Approx 200MMbo' recoverable resource potential in Velociraptor Prospect which is drill ready. Approx. 380MMbo' follow up in adjacent structures. Very low cost drilling (<$2.0MM) 20% chance of success, better than most high impact frontier wells.
Time remaining on PSC sufficient to follow up success with appraisal well, well testing, related post-well studies and Exploitation Licence application.
Precedent set for Exploitation Area to include discoveries plus adjacent exploration upside. Potential to be on stream within 2 years and to meet the needs of the Mongol Refinery on start-up. GLA

https://mongolia.gov.mn/news/view/26656 This script from the official letter translated, The 2020-2024 action program of the Government of Mongolia, "Vision 2050, Mongolia's long-term hextic policy, "New recovery policy" within the framework of the recovery of state income, the Government of Mongolia "structure and organization of administrative institutions. "A comprehensive analysis of government structure and organization" It has been implemented by establishing the optimal structure, transferring some functions of the government to private companies, "reducing the evasion of loans, reducing the bureaucracy, creating a business-friendly legal environment" and ensuring its implementation.

Therefore, in relation to the activities of the organization, please submit your proposals regarding the problems faced by entrepreneurs, the ambiguities of the legal environment, and inefficient regulations, according to the attachment, by April 10, 2023, and ask for cooperation

Maybe so BP, But every story has an ending, eventually. WOS I understand what you are saying but having been invested in PM for quite a few year now and seeing how processes can take considerably longer than anticipated in Mongolia and even though the Heron development has been classified as national importance let's hope this process doesn't take much longer than is necessary. But in the meantime my focus is on the V1 spud and how much of a game changer that will be if it's a successful outcome, 200mil barrels. Both that and the LP granting will be phenomenally transformational for the company, the Gov and us shareholders but all depends how much longer we have to wait for this to go through the Cabinet. But yes all looking good :+)) GLA

“ Documentation has been prepared by the Ministry of Mining and Heavy Industry and circulated to other relevant ministries in advance of submission to cabinet to secure approval to certify the Block XX Exploitation Area as a Special Purpose Area. { In advance of submission} how certain can we be it's been submitted already?

Drillers Talon have just completed a funding round 2.5mil so that's them covered for their project hope it goes smoothly for them.

And that is just block XX, and if V1 is a hit. After 6 years 8, 9 weeks wait for spud will pass quickly:+)) GLA

https://www.mongoliaweekly.org/post/mongolia-s-land-regulatory-system-a-quest-for-transparency-and-efficiency

There will be a lot more oil if all these come in as well. Phoenix and Fox Prospects

Oil in TSC-1 core hole proved a working petroleum system in Tugrug Basin

3D seismic reinterpretation has defined new prospectivity in addition to the large, basin centre Fox prospect (200MMbo mean recoverable prospective resource potential)

Shallow four-way closure over Fox has 10-40MMbo potential and extent of closure conforms with surface hydrocarbon seeps detected

Phoenix prospect has 4 target horizons in a fault bounded structure with 230MMbo potential. Phoenix West has additional potential of 130MMbo

Shallow (<1500m) wells can test Shallow Fox and Phoenix. Targeting well costs under $2MM GLA

On the Block V Exploration PSC area, local government approvals for land access have been secured. This area does not have the same history with the oil industry that Dornod Province has and as such, just as in previous years, thanks to its continued focus on positively engaging with local communities, Petro Matad has been able to secure all necessary permits to work on the land covering the highly prospective Raptor Trend and the Velociraptor prospect. The Company is now looking at its options and the availability of equipment to drill Velociraptor 1 on Block V in 2023.

A cost effective drilling solution for Velociraptor has been found, most equipment needed has been sourced and is already in country and MRPAM has given the necessary contractual approvals. The approval of the Company's application to secure a moratorium for 2022 on Block V has also been received from MMHI. This extends the Block V exploration period until July 2024 and ensures that there will be sufficient time after Velociraptor 1 is drilled to gather enough data and submit the necessary documentation to secure a Block V Exploitation Licence in the event of success.

Thanks for sharing Hamm, it's taken them 4 weeks to reply to you I hope that's no way a reflection of how long the Gov will take of something of national importance. The dots are starting to connect. GLA

Dozzawba I think you may be correct about the RNS release because the Canadian company released there operational update today too. It's definitely all coming together. Not long now :+))

Our neighbours to cover all there spilt chemicals :+)), only kidding hence why I keep reiterating if it's a hit, yes c00 waited 6 years, not long now GLA

Depending on what day the contractor Talon finish there programmed works for TMK estimated to be around 7 weeks around the 5th June, so maybe looking at July for results for V1. GLA