Member Info for Jimithebrush

My personal opinion, I don't think it's anything to do with Petro China, from what I've read and heard they have been quite cooprative but I could be off the mark, a bit more patience required. GLA

Slight typo on my part where it says the part about maybe a reason to grant the license part of that last post of mine was meant to be my header title I have mistakenly put it in the wrong part apologies for error. Should have proof read it correctly GLA

PrintMRPAM: Mongolia has 31 days of reserves for normal fuel consumption10 hours 50 minutes agoToday (July 5, 2021), MRPAM held a press conference on fuel prices. Ts.Erdenebayar, Deputy Chairman for Petroleum Affairs, made a presentation on oil product imports, external conditions, prices and fuel reserves. He said, “As the retail price of fuel in our country depends on the price of oil in foreign markets, the US dollar exchange rate and the border price of fuel, we will work with fuel importing companies to take measures to keep the price of AI-92 fuel stable. brought. Since March 2020, when the border price has been reduced, the retail price of fuel has been reduced by 380-570 MNT for each type three times. World market prices have been rising steadily since June last year.Maybe a good reason to grant the license As of June 29, Mongolia has 31 days of reserves for normal fuel consumption. • A-80 gasoline - 58 days• Ai-92 gasoline - 31 days• Diesel fuel - 31 days • TC-1 jet fuel - 15 daysThe state of the world oil market was reported in connection with the increase in domestic fuel prices. From January 2021, world oil prices will rise. Goldman Sachs expects oil prices to rise to $ 70 by the middle of this year and JPMorgan to $ 100 by the end of the year. In May, the International Energy Agency updated its oil market outlook, cutting its 2021 oil demand forecast by 270,000 barrels per day. This is due to lower oil consumption in the United States and Europe than expected in the first quarter, and a significant decline in oil consumption in India. OPEC and independent member states to increase oil production, lift sanctions on Iran, Oil prices are likely to fall in the market as the economies of major oil-producing countries stabilize. The global economy is recovering from the crisis of 2020, but this year it is below pre-crisis levels, according to OPEC. As of June 28, the price of Ai-92 gasoline in Russia is 1,950 MNT and diesel fuel is 1,918 MNT. In China, Ai-92 gasoline costs 3,274 MNT and diesel fuel costs 2,887 MNT. The country has raised fuel prices a total of 12 times since the beginning of the year. In China, Ai-92 gasoline costs 3,274 MNT and diesel fuel costs 2,887 MNT. The country has raised fuel prices a total of 12 times since the beginning of the year. In China, Ai-92 gasoline costs 3,274 MNT and diesel fuel costs 2,887 MNT. The country has raised fuel prices a total of 12 times since the beginning of the year.Source: MRPAM

Is this the calm before the storm? GLA

Yes MATD have over the counter, PRTDF OTC but we have been informed from a holder over there that the trades are quite low in volume at the moment as they have a few they'd like to be able to sell :-)) GLA

I'm with you on this one simonpartridge1, why hasn't the SP nosedived there must be something keeping this at this level, as we know Mr Market does not like uncertainty. GLA

No one knows for certain Spainish and you are correct about the missed date and judging by SP the MMs haven't hammered it down as I think a lot of people anticipated so maybe very very soon but only guessing. GLA

Q1= with the EL, funding and pumping oil out and everything in place by 45p to 60p Q1= with EL and funding sorted without pumping oil out 15p to 25p Q2= 100 beans Risk v Rewards share price 12p to 15p probably around December then about 60% hopefully we won't see 4p again but if it was to go that low then I would buy a few more and have a nice full round number but am happy with what I have in Matd already but you never know. I don't see us being stitched up as they have already been quite helpful in the past . GLA

Shouldn't take that long, they have some pumping equipment at a warehouse I'm sure? GLA

Have been thinking that myself but have decided that all money's invested over the years once I get to double my portfolio cost then I will top slice then any remaining balance will all be free money so hopefully greed won't take over and as happened before lose quite a bit. I originally bought into Matd for the raptors so will be sticking around for some time yet because once the EL is in hand were this stops nobody knows but good luck to everyone here old and new whatever you all decide. :-))

And taxes. GLA

Maybe less than 29 days? What day where the necessary documents handed in and the process started?? GLA

Once the EL is granted can operations begin straight away, as it states clause 24-6 of the Mongolian Petroleum Law that the boundaries shall be measured pursuant to clause 24-4-5 (an image on which the coordinates of the corner points of the exploitation area are marked in degrees and seconds on a topographical map of a design proposed by the competent state agency) of this law and the work of placing of the boundary markers shall be performed by the respective professional body within 90 days of the issuance of the EL. I'm hoping that it's not another possible 90 day wait. Thoughts anyone?? GLA

Sorry meant to post this with the one earlier, it is chapter 6 from this report, I would imagine that there will be a new version once the EL is awarded with all amendments included, just Surmising but I think whatever amendments where need are in there somewhere? GLA http://english.pam.gov.mn/content/-Law-of-Mongolia-On-Petroleum---the-new-edition--11370.shtml

Petro China 2011, GLA

Chapter Six

Exploitation

Article 24.Granting and extending the term of an exploitation license

24.1. Within 30 days of the Ministry of Mining issuing a decision accepting the reserves, a contractor shall apply for an exploitation license.

24.2. A contractor shall obtain an exploitation license before start of exploitation and the exploitation period shall start on a day of issue of the license.

24.3.The Ministry of Mining shall issue an exploitation license in accordance to the relevant laws.

24.4. A contractor shall submit the following documents to Ministry of Mining when applying for an exploration license:

24.4.1. a decision of Ministry of Mining registering the petroleum reserve;

24.4.2. a draft of the work plan and budget for the respective year;

24.4.3. a deposit mining operations plan;

24.2.4.the detailed environmental impact assessment current for the exploitation period;

24.4.5. an image on which the coordinates of the corner points of the exploitation area are marked in degrees and seconds on a topographical map of a design proposed by the competent state agency;

24.4.6. a proof of deposit of the funds specified in clause 11.2.9 of this law.

24.5.A contractor shall submit the following documents to the Ministry of Mining through Petroleum Agency when extending the terms of an exploration license:

24.5.1. a request to extend the term of the exploitation license, the grounds for such extension;

24.5.2.a report on work performed during the term of the exploitation license;

24.5.3. a report on environmental protection and restoration;

24.5.4. a draft of the work plan and budget to be performed during the respective year.

24.6.The boundaries of the exploitation area shall be measured pursuant to clause 24.4.5 of this law and the work of placing boundary markers shall be performed by the respective professional body within 90 days of the issuance of the exploitation license.

24.7. The Ministry of Mining shall notify a respective local administrative body that an exploitation license has been issued or extended.

Wine on ice for another weekend, hopefully a few reason's to celebrate Monday morning if a little red dot Pop's up to confirm all is well and we have EL in hand but there's still 8 trading days to come, to be honest it doesn't matter what day the elusive RNS arrives so long as it does :-)) GLA

We're still up over 130% over the last 6 months ::-)) GLA

Nine trading days after today until the end of the quarter, will we or won't we receive EL??? GLA

Yep, I reckon people are going to get caught out when RNS does land and are going to have to pay a lot higher price for sure. GLA