Member Info for mimbrit

“Optimal use of domestic resources”

“Least cost generation plan…optimal fuel mix”

“Realistic balance between domestic sources and imports”

Diplomatic.

Abz, I am acutely aware of our ‘captive’ situation with PC (unless we want to pay even more to truck our own oil) and how direct supply to refinery will improve our bottom line. Just not for quite a while.

Having cut my teeth in the Middle East in the 70’s, I also have a fair bit of experience working in tough conditions, with different cultures and languages, and a plethora of different contractual scenarios.

If we are allegedly a vital future supplier to MG’s refinery, it is an anathema to me that it has taken over a year not to resolve in any measure the 30% withholding issue, and that we are apparently woefully unready to go into the fray after each long ‘off season’.

There is plenty of positive news and information which can be disseminated without the need for an RNS and it is disheartening to see the constant erosion of the SP for lack of effective communications.

Abz, wouldn't it be nice if Matad did something a year ahead of schedule?!

As for India investing in exploration, yes please; I'd like to escape the downward spiral of the last few years.

Abzzba, I think that's a bit naughty; most hopeful date for CONSTRUCTION is 2026 but comissioning etc much later; they are already six years behind schedule.

https://www.tribuneindia.com/news/india/india-funded-mongol-refinery-to-begin-operations-by-2028-mea/

They will, of course, need some feedstock for commissioning.

Hamm, unless Mike Buck has some earth shattering news to counter it, any RNS which says he hasn’t collected the withholding is likely to cause further damage to the SP.

“Timeline: While initial plans aimed for earlier, the facility is now expected to be completed in 2027 and fully operational by 2028, according to reports in late 2025.”

However, there are some massive storage tanks to fill up front.

Has Wos been and gone yet again?

Noswej, you could be more helpful towards James...

In 2022 Steve ("my background is big oil") Sanderson bought £1000 worth of shares each month for a year and finished up with 12,457,310 shares at an average of about 0.1p. His purchases represented just 3.5% of his salary.

In 2024 there was a 1 for 10 consolidation so he now holds 1,245,731 with a value of £199. If he sells, he will of course be able to offset the capital loss against gains made in more successful investments.

“Ukog is fully funded with nearly £5 million in the bank”

Hmmm - are you sure about that Bigfoot?

UKOG reported cash of £373k as of March 31st 2025 so I’m unsure what the company survived on before the various raises.

After costs, the money raised was possibly only £4.5m.

Previous cash burn was c.£400k/month but last ARA said they had drawn in their horns (no option, I guess). If we say 10 months have elapsed @ £250k/month, maybe half the money raised has already gone, and there appear to be some important remedial works pending.

Fully funded for what please?

Frontera, good post, only Matad is rather useless at telling the world that, and regularly reinforcing the positives.

I think the websites for both Matad and Sunsteppe are poorly constructed, lacklustre and out of date e.g.

Operational Milestones:

In July 2023, Mongolian Cabinet approved Block XX Exploitation Area to be certified as a Special Purpose Area which allowed final agreements to be established with the local government to fully legalise access to the acreage for first oil operations

End May 2024, agreement made with local government to allow access to specific areas in Block XX which enabled first oil operations to commence

Heron-1 well completion operations and installation of production facilities were completed in October 2024

First oil from Heron-1 achieved on 24 October 2024. By late January 2025, Heron-1 production reached 20,000 barrels

Heron-2 appraisal well drilled, tested and suspended mid-November 2024

Gobi Bear-1 exploration well drilled and suspended by early October 2024

Formal Block XX Special Purpose Area status obtained January 2025

I have said before that Mike Buck doesn’t seem to value financial PR and that is costing us dearly.

Proquo, I usually like your posts but your 10.36 was a bit crass; if you look at our three year chart, when was the wrong time to buy please?

A number of us are investors and not traders, have put tens of thousands into the company and don’t have unlimited funds to average down.

Last year’s work programme should have started in spring, didn’t until July and ran out of time; is it clear when Gobi Bear will go ahead this, and what exactly follows, or are we waiting ad infinitum for negotiations with farminee candidates 1, 2 and 3?

It’s a disgrace that we are over a year since production commenced yet not able to collect what is due or on time; that has been a running sore on the SP and an additional discouragement to new investors.

Gravy - Hippocritical? You’re having a giraffe again!

Sorry, I’ll get my coat.

Come on, Mr. Buck, please…

Penguins - interesting that audit exemption and parent company guarantee have been submitted for a first time in the case of HHDL but accounts still outstanding…

Investor - "Funny how people forget that the 200MW RTB project should be ready to cash in on soon. Some of that last raise went towards this remember ?"

RNS 12th December - "we are very hopeful that the 200MW Hybrid project with TME can be brought quickly to ready-to-build status during the coming year."

Have I got the right one? Sounds rather like the timescale for payment of the withholding...

TT , I don’t think Mike Buck promised January repayment, just that it would be preferable than February.

Of course it would have been more preferable that he had entered into a contract that precluded PC’s shenanigans.

We have recently signed an MOU with PC which one might have considered newsworthy but, seemingly, didn’t merit an RNS by our company.

Given the continued massive underpayment, that was probably right.

I think WOS complete outdid himself on the GCM board (and probably elsewhere too).

I do think LSE should have a limit on the number of posts permitted daily so the WOSses of this world engage brain before posting.

Evidently we badly need a decent RNS tomorrow to suppress all this tripe.

None of the usual caveats please Mike Buck.

It’s a further six weeks since we were told “Only the matter of tax on processing fees remains to be resolved and this is relatively minor”.

I would have thought that 10% VAT would be applicable on the transport, processing and management fees and that Matad would offset that against input VAT. If those costs are 10-15% of invoice value, tax is just 1-1.5% of it.

Continuing to withhold 30% when the majority of this has been agreed as not at risk doesn’t display the level of cooperation indicated by the recently announced MOU.

Thursday favourite RNS day Mr. Buck?

Minute from 17th December meeting.

“Some months ago, UKOG (UK Oil & Gas) announced to its shareholder that a planning application will be submitted this year, and informed Surrey County Council that the information required for the environmental impact assessment will be submitted by 15 December. Has the council, through communication with the company, been given any reason for these delays?

In response, the Planning Development Manager explained that the necessary information was still being prepared as of the 15th of December. There were a number of surveys that the application had to undertake, they were received later than expected, and then the applicant needed to assess said surveys and prepare the environmental statement. Officers had been advised that they can expect the statement now in the early part of 2026.”

So far, the matter is not on the agenda for the next meeting on 28th January.

As he says, he definitely had ‘a finger on the pulse’ only the patient was dead.