Member Info for Jimithebrush

While we wait for the new revised laws. 1.6 Fees, expenses and product sharing
The Petroleum Law sets out the different fees for petroleum exploration and extraction. These include:
Licence fee
Exploration licence:
• US$ 3 per square kilometre for initial term; and
• US$ 8 per square kilometre for any extension period
Extraction licence:
• US$ 100 per square kilometre for initial term; and
• US$ 200 per square kilometre for any extension period
• both fees payable annually;
• fines if fees not paid on time
Royalty fee
Oil and gas:
• 5 - 15 percent of extracted crude oil and gas
Unconventional oil:
• 5 – 10 percent [of extracted unconventional oil]2
Recovery cost and cost oil
• the recovery cost will be the cost oil in the amount approved by the state audit and
agreed under the production sharing agreement;
• the cost oil will be up to 40 per cent of the total oil after deducting the oil used to pay
the royalty fee; and
• the applicable amount of cost oil for unconventional oil will be determined by a specific
regulation
Product Sharing
• profit oil will be shared in accordance with the terms of the production sharing
agreement, this from the 2014 revised Mongolian petroleum law. May explain a little of where some of our money has gone that and there wages. GLA.

Nearly 3 years on and still the same issues. Maybe of interest 06 Jul 2020 11:03
Reposting this,
Petro Matad appealed to the police to hold the company accountable
2020/07/06
Petro Matad, which carried out illegal oil exploration in Matad soum last year, has been strongly opposed by aimag and soum authorities, as well as citizens and civil society organizations. As a result, the Aimag Governor issued an order to forcibly vacate land A / 600 in 2019, and on December 11 of that year, Matad soum organized the land acquisition. The governor of Matad soum, E. Tumurbaatar, said that the company would conduct an environmental damage assessment and rehabilitate Petro Matad. Matad soum has appealed to the Dornod aimag police regarding this issue. In particular, Petro Matad LLC was investigated and prosecuted for environmental crimes under Article 24 of the Criminal Code.

© 2020 Jaran.MN |

What would be the point of a raise just now? Big wigs will probably get a share award before that happens, perhaps they should take another reduction in wages until something can be announced that at least the workover can be executed. GLA

https://www.mongolianminingjournal.com/ hopefully this works?

So much for your realism, this ain't going anywhere until all permits are in place FACT! GLA

Taken from recent RNS = Following the Cabinet resolution in April on expediting a solution to the land access issues for oil exploration and production companies, draft amendments to the Land Law have been prepared by the relevant ministries for presentation to Parliament to resolve the existing conflicts within the legislation. At the same time, Petro Matad is in dialogue with MRPAM to obtain the special purpose land certification for its areas of operation which will secure long-term land access. Until this certification is issued, land use permits are required to be granted by the local authorities and to date, in the province in which Petro Matad's Block XX Exploitation Area is located, they have not done so. Petro Matad is not the only operator impacted in this way.
Taken from Mongolian mining journal today = The revised draft of the Minerals Law, which was discussed in Parliament last fall, has been quiet for some time. It is expected to enter the spring session of the parliament, but it will be postponed until the autumn. In addition to the interest in investing in Mongolia, relatives are wondering when the law will be passed and how the investment climate will be created. If some people want to attract investment, they must first make the draft law public and discuss it at every meeting.

“We are working closely on the draft law. We are conducting a baseline study to improve relations with strategically important deposits, AMNAT, and local communities. ” In particular, on the issue of “strategic deposits” and “strategic minerals”, the draft law will be able to be submitted for public discussion if the drafters reach an agreement.
Notice postponed until the autumn.

Finally, I would again like to thank our loyal shareholders for their support during 2021 and into this year. I look forward to updating you in the coming months with our progress." Could be a very quiet few months until next update as the last update didn't appear to be very forthcoming with any set timeline, all depends how long it takes for land issues to be passed through parliament as we all know nothing is rushed in Mongolia and for the Chinese borders to open. All we can do is sit back, relax and chill, off for a cuppa tea. GLA

Hamm, there is 8.2 mil dollars left in the bank, 2.2 mil spent from the last fund raise of 10.4 mil. GLA

The 2021 moratorium on Block V has extended the Exploration Period of the Production Sharing Contract (PSC) until July 2023. This allows the Company sufficient time to pursue further drilling opportunities on the acreage and, with success, time to secure an Exploitation Licence on any discovery made. Certainly looking like I'm in till next year then, let's see what happens in the next few months as there are still 5 more before end of season comes to a close.

It's not the comments, it's people selling £220s worth of shares that's dragging on its tail end pulling it down, there's still 5 months left to hopefully get the workover done and maybe drilling at least one more at the Heron discovery, also wondering if the raptor trends going to be put off till next year now and if so it would have to be drilled at the very start of 2023s drilling season. I think the permits run out middle of the year so if not a duster, they need the time for the exploitation license to be granted which should be a lot quicker than the last 1 but 1st things 1st we need to know what the next plan of action is going to look like if there is going to be one?? GLA

No issues but I believe after quite a few years holding then feeling a bit disgruntled and expressing an opinion which is what this chat board is for, with what has been happening globally and not our fault I seriously believe I have every right to explain how disappointed I feel now and again, yes I might be a little under water but still doesn't change the fact and I understand were people are coming from with there 2z and 1nz because that's how it feels sometimes and also still doesn't change the fact that I have been waiting for Velociraptor to be drilled and will continue hold until that day arrives and not until then will I make the decision to stick or twist which has always been my plan, hope we get some good news soon and then either way we will know where we stand. GLA rant over :-))

Seems to be going lower than the oil underground. GLA we need some good news and have a good weekend..

Mongolian Association of Petroleum Engineers, “Merit” project and oil extracting companies, land Representatives from a wide range of countries, including oil import and supply companies, attended.

Speakers and guests got acquainted with the operations of PetroChina Daqing Tamsag's Tamsag 21 field. At this meeting, petroleum engineers stressed the need for Mongolia to study the depths of oil basins, update its resource information on existing deposits, and conduct a comprehensive multi-stakeholder study. Based on the presentations and discussions, the following recommendations were made. These include:

1. Emphasized the socio-economic importance of training engineering and technological personnel, including oil and mining professionals, in the region through step-by-step training, employment in the region, and sustainable employment.
2. Recommends the urgent need to start the national production of petroleum products, especially "wealth-creating" diesel fuel, which are important for the country's independence, security and socio-economy, in areas with high reserves of raw materials, infrastructure and consumption. is.
3. Government, regional governments and businesses will need to pay special attention to increasing oil exploration and intensifying production in the Eastern region, where 98% of the country's proven oil reserves are most likely to be identified.
4. Legislate the participation of national professional organizations, professionals and employees in oil exploration-extraction, transportation-refining-production and environmental rehabilitation activities. Make legal arrangements with the National Petroleum Authority.
5. The supply of petroleum products should be exempted from any licenses, prices should be liberalized, and domestic production should be supported and encouraged

The Mongolian Minning Journal

E.Otgontuya, journalist of “Agar” studio in Dornod aimag

Speakers at the Petroleum 2022 Scientific, Theoretical and Practical Conference emphasized the need for a professional negotiating team among the key issues to be addressed by the Government during the oil negotiations. Organized by the Ministry of Industry and New Technologies, Dornod University and the Mongolian Society of Petroleum Engineers (MGTI) Thirteen papers were presented at this international conference, and B.Bolor's and Kh.Erdenebulgan's presentations on “Key Issues for the Government to Consider during the Petroleum Negotiations” were the best. The report focuses on human resource development in Mongolia's oil sector.

Most of Mongolia's proven oil reserves are in the Eastern region. In Dornod aimag, where oil production is booming, this conference is unique in that it is held in a combination of electronic and hall. Dornod University, which co-organized the conference, was the first to implement the Petroleum Engineering program at the local level, and in 2019, the first graduates were 100% employed by PetroChina Daqing Tamsag, an oil contractor. In line with Mongolia's regional development concept and policy, Dornod University is expanding its operations in the Eastern region, providing decentralization, training and internships in the region, and further developing the oil, mining and tourism sectors. oil in the region,

D.Tsedenbaljir, Executive Director of the Mongolian Association of Geophysicists, made a presentation on the supply of raw materials for the oil refinery planned to be commissioned in Mongolia in 2024. The refinery is expected to supply crude oil from the Toson Uul and Tamsag deposits in Matad and Khalkhgol ??soums of Dornod aimag. This estimate is based on a 2012 report submitted by PetroChina Daqing Tamsag LLC to the Petroleum Authority, but recent data show that the company's production is declining every year. Therefore, it is necessary to consider the supply of raw materials and focus on increasing oil production from existing deposits.

Oil exploration in Mongolia began in 1923. The Tamsagbulag and Dornogovi basins, which are considered to be the most promising areas for Mongolia's oil deposits, are relatively well studied, but previous data on geological and subsurface formations need to be reviewed, updated and refined, said B. Unurbayar, director of Tatakh Khuch.

PetroChina Daqing Tamsag Mongol alone completed 76.3% of the 1,774 three-dimensional wells drilled in Mongolia between 1993 and 2021. There is a need to upgrade the reserves of the Mongolian Mineral Reserve Fund in 2011-2012 based on the latest information on the probable and probable reserves of the reserves registered in the Mongolian Mineral Reserve Fund, and to update the rating and development plan. This will increase the economic value of the deposits.

Relevant government organizations, Dornod, Khentii, Sukhbaatar aimags

It won't matter how it's worded I fear if it just has a no work over then I think it can't really tank at this level but I really do hope some sort of work will get done or its going to be another long winter fingers crossed for good news. GLA

I hope your right not really looking forward to another winter hiatus and if no drilling at all this year what time frame does that give to get Velociraptor drilled before permits run out for that. GLA

Or lack of it, not really sending out the right signal even the day trader's have taken a back seat. What we need and soon is some Comms from company, there are 12 trading days to the end of this quarter and each passing day is looking grimmer by the minute. Come on MB give us something soon and make it special even my patience is starting to wane. GLA

Hamm you sound optimistic are you in now? ;+)) GLA

Time for smugness after the 30th of June perhaps, still 5 mth and 3 wks till the end of this year's drilling season comes to a close, could happen sooner but could also happen later no one knows for "YET" GLA

June 22 2018