Ups and downs30 Mar 2021 16:09
I think some perspective needs to be applied to this board.
The company is in a frontier country applying for a license that's hasn't been granted before. You don't just walk in to the office and get a stamp. There will be multiple meetings and discussions, multiple departments and people that need visibility and ultimately the board and our very capable and methodical CEO will be working through the process with the Mongolian government in order to get it right.
Would we have all liked the EL in December 2020, of course, the reality is we have a mulit million dollar discovery that once exploited will potentially generate hundreds of millions of dollars in revenues to the company and allow will allow wild cat exploration of some of the most highly prospective, largely unexplored, fields left on the planet.
The company is funded for another few months and no doubt the EL will be issued and hopefully a funding solution to get the first 4 or 5 wells into production.
The process has taken longer than anyone would have hoped but all the signs thus far are that we are making good progress with the process, respectfully and in a cooperative way with a new government body having oversight.
Having been a seed capital investor in this company I am very excited about this year and next. We have a great team and CEO working diligently towards a life changing outcome for shareholders. I think the board has shown amazing determination and perseverance to get us to this point and the reality is the company has never been in a better position with a significant discovery, 100 percent ownership and a supportive government working through a significant international pandemic that has caused many unfortunate delays.
I can't wait for the EL and to see the way the board plans to fund the next phase moving from an explorer to a producer.
Good luck, hold your nerve. The rewards are not far away. Here's hoping for a positive update early next week
Best of luck to all long term investors.