Member Info for Ninesandytoes

Really good news about July and Heron well. The only issue is that MB will almost certainly use first oil as an opportunity to get more cash. Maybe just maybe there is a chance it could come from sources outside a placing once we are producing but be careful of the spike in July.

Ibiza

Block V will have to be relinquished in July unless a new agreement can be made. This is probably the reason for this statement. A shame as there were still two big prospects, fox and phoenix, to be drilled there. I hope somebody else does not get these.

Perhaps this is to ensure upl have the funds to fulfill their side of a joint ventire commitment. Could be the other partner is now ready to sign ot off. Lets hope so.

I think I'll need several pairs of pants before this is sorted.

Delay till election or further..not good

Prioritising local support when this has always been the problem in the first place...even worse

Funds until July..oops MB shouldn't have said that.

No 'headline act' such as V1 or multi well campaign to sell to market...this is a big problem.

I was hoping good news followed by a placing. Not the other way around. If it comes before any big news it can only be at an eye popping discount in my view. I hope something comes before he is forced to push the nuclear button.

Thornogson, I inderstand where you're coming from but by giving the impression this is inlikely to affect 2024 plans he is not being totally honest. It could mean resubmitting a whole new development plan which takes out these three wells. We all know how long every new submission can take over there.

Its a good find but it does show how MB is not telling the whole truth in his RNS. He states Heron 1 and any 2024 plans do not include this overlap area. He fails to say that it does include areas the company was planning to develop at some stage (3 wells) . It seems to be a game of brinkmanship between MB and this Governor. He is definitely trying to find new ways to block PM at every point he can.

My guess is Matd have less than £6m right now. However thats enough for two drills if they get the permissions early enough. The revenue from these would keep them going without further activity but to develop the field more rapidly a raise or JV is the only way. The DQE deal is a strange one, its been on the cusp of signature for a long time. The PC arrangement seems to be promised but never actually signed off.

MB stated he has enough money until July at least. My guess is he'll raise after the next bit of good news if its soon. If its not soon and the land access drags on then he will have no choice at soem point. The later he leaves it the more desperate the discount he has to give.

My own view is PC want our oil and have this local governer in their pocket. He seems to have a knack of finding new ways to delay the process.

Here's hoping

IMV the problem is next door. Petro China want our oil. They see our discovery as their oil. They've got the locals wrapped around their fingers and even the central government need to tread a tightrope with them. Quite simply they are hoping to squeeze us out by delaying tactics. It may well be a way of getting their hands on our block cheaply. The longer they can squeeze us the lower the eventual offer we accept may be. I hope I'm wrong but when formalities start taking longer than the special license did you have to question why.

Correction...

We do have permission to extract oil.. An exploitation License.

We also have land designated as Special Purpose.

Justified as being of national importance.

We only have formalities to conclude and we have the national land agency pushing this along.

We have a two week workover needed to start pumping oil which does not get blocked by the Mongolian winter. We have all materials needed in country. We have the mining ministry seemingly onside with our development plan.

The question has to be why the CEO is now intimating that the formalities are gonna take longer than the special permit itself took. It doesn't make sense.

My previous post got removed on my take on this interview which is a shame. All I can say is that the best non fishy explanation for doing it was to manage expectation in the knowledge a delay was coming without releasing an RNS which would have been even worse.

Personally I would like nothing better than matd to start spending our reserves of cash. It means activity which will mean we are moving forward. The more activity the better in my view.

He's such a believable chap 😀

Just buy Nathan 🤡

Don't worry Nathan....There's 60million barrels of oil under that car!

Enough to fill his tank and move on 😏

C and C

Block V has to be relinquished next summer. We have a couple of big prospects away from raptor in the Northeast Corner with 3D seismic (Fox and Phoenix) but unless we get some kind of extension it may expire before we can get to them.

Lets put the whole paragraph in there.

The Cabinet approved the certification and also instructed officials to conclude the follow up formalities required under the Land Law. The Company will now work with the central Land Agency and local authorities to complete the registration of the area and to sign the necessary contracts required by the regulations on the management of special purpose land. In parallel, we are already in discussion with service providers to determine a timeframe in which crews and equipment can be available for the completion for production of the Heron 1 well.

So the company is working with the Central Land Agency and the Locals. There has been an instruction from cabinet to expedite this. I would imagine that's why the Central agency is involved. To make sure the locals, who have now been overuled, play ball.

Mr P.... I'm talking how much profit per barrel. Not our percentage of revenue. If a barrel of oil is currently circa $70 lets be honest. We will not be walking away with $35 profit on each one. We cannot spend all the money we take on future projects. Only the money we keep.

Lets be honest about revenue and profit. What really matters is how much profit we make per barrel not how much income we generate. £1m per month is not ours but 10% of it might be. That's why the important thing is to develop the field asap. If we can go into the winter with three wells producing 1000bpd between them then add that revenue to a good deal with DQE regarding deferred drilling costs we are in business. This can be done comfortably from funds we have and I hope this is now the focus. No time for exploration just development until we get to ten wells now in my view.