Member Info for Legalwolf

Something must be up (or has gone badly wrong) to get this kind of reaction?

Share price is not responding to the positive sounding RNS and prospect of going into production as early as next month. Can't work out whether its a) manipulation, b) doubts about production timescale being met, c) wanting to see how many bopd are actually produced, or d) wanting to see the terms of the PC deal?

Or something else entirely?

When are we expecting a Rig contract?

I also don’t have a 40-60p average to worry about. More than happy to simply make a few bags from these levels.

KR - just when I thought there was no winter deadline to worry about, you go and throw it back in there! Tbh, if there is a winter deadline and if it is November, then I think there is every chance of it being missed. You have the deal with PC to be finalised (moot question: why has it taken SO long if there was a MOU already in place?), which THEN has to be submitted to MRPRAM for approval. By the time the deal is approved, you will likely be into November, which is assuming that MRPAM approve it without delay!!!

Although I usually agree with Seingred, I think Dr R's response is actually 'game, set and match' on the issue of whether 'rain will stop play' here (mixing my sports there!).

I would have thought that it shouldn't take more than a few weeks to complete 800metres, and so if the TSX approval lands in the next 6 weeks, every chance of moving quickly into drilling.

So the most likely scenario here is drilling in 2024, unless the TSX throw a spanner in the works (e.g. you need shareholder vote on the Anza deal) which is perhaps unlikely.

By the time drilling commences, where will the gold price be and the juniors might be in vogue?

Thanks Dr R - can you remind me where/when BG said that please?

I'd like to be confident that we are gearing up towards drilling in Q4 2024, or more likely Q1 2025. Not a big deal if it gets pushed out, just means a longer period of tolerating the bs on here!

Yes, but isn't there a winter period coming up during which drilling won't happen at Pepas. Anyone know what that window is and will it affect even a most 800metres drilling programme?

Blissful/Master - fair enough, I have posed the questions and you have answered them. It would have been better if MB had not mentioned the winter shutdown, or confirmed that it won't affect Heron 1, but only potentially Heron 2.

Generally, any investor or potential investor here is going to want to be as confident that the next RNS will be a re-rating one as opposed to a production delayed until March 2025. So I think the questions about this are perfectly reasonable.

Master - you often blow hot and cold here btw.

Blissful - it's not a question of what is possible. What happens in Canada, where winter temperature reach -6 C, won't translate across to a country like Mongolia where they reach - 30C.

Do we know whether PC continue to produce oil during the winter shutdown?

Err... I like to ask my questions and resolve any doubts BEFORE I become a shareholder. Isn't that the whole point?

Anyway, online research would suggest that Mongolia has the severest winters around, described as "murderous" and with temperatures falling as low as - 35 C. Parts of the country go into shutdown mode. So it's perfectly reasonable to wonder (and doubt) whether all of the services and manpower that is needed for oil production will be available to MATD during this period at Heron 1. If you don't know for sure yourself, then why call me out on it?

Have the placing shares landed?

I've suggested no such thing D2B - so can you please keep it honest and truthful. I'm asking whether/how the winter shutdown is an issue, if at all.

Perfectly valid question. If you know the answer, and it sounds persuasive, then go and post it on the BB and I will acknowledge. Instead of snide remarks on here!

Same sorts of questions are Proqou - does a winter shutdown mean that whilst the wells can of course continue to produce, all the necessary support/ancillary services and labour force is not available, meaning that production is not feasible during this period, especially for a start up operation like MATD.

Like I said, I have no idea, but its been mentioned in the last few RNS, so I'm guessing it must be a factor?

Harris - I agree the MRPAM approval should be a formality, but it's more a question of how long it will take, and whether the winter shutdown is a factor or not. If it is, then obviously there's an ever narrowing window to get into production in 2024.

It's not a big deal if production has to be pushed back to 2025 - although the market won't like it of course. Anyone know how long the winter shutdown lasts in Mongolia?

Share - they can start producing once the facilities are ready, which they will be in October. However, without the deal with being finalised with PC and then approved by MRPAM, they can't transport and process the oil. Which effectively means that they can't or won't go into production. That's how I understand it, but it's not very clear.

The winter shutdown has also left me rather confused. Assuming they get all the above done in time, are folk saying that Heron 1 will be producing oil throughout the winter shutdown period? If so, then why mention the winter shutdown at all in the last few RNS if it's a non issue so far as Heron wells are concerned.

The permits are not an issue, but they will need to get the deal finalised and approved by MRPAM. So will this be a quick process. I'm actually very confused about this winter shutdown business. If it's not an issue, why mention it at all in the RNSs?

Is it an issue or not?

Drilling RNS should take us towards 3p, and then it will all depend on the newsflow around financing discussions and the onsite drilling results. GLA

"The Heron-2 stimulation and testing operation is now forecast to be complete in early November, giving a short window in which to put the well on production before operational activity is suspended for the winter."

So is oil production not classed as "operational activity"?

Anyone know when the Rig news will likely land here?