Lets not forget the oil refinery will need oil stock.
Mongolia is the beneficiary of India’s single largest LoC for construction of USD 1.236 billion Oil Refinery Project in Dornogobi Province capable of producing 1.5 million MTA oil, roughly 3/4th of domestic the country’s consumption. It is expected to be completed by 2025 and Engineers India Limited are part of the project.
These land issues will need to be resolved although it certainly seems that over the past year or two the Mongolian Gov't has failed to grasp reality and drive through the required legislation. I can't imagine for one moment that Mike Buck is just sitting on the sidelines when he has everything to gain with the number of shares he holds. This also applies to Petrovis who are the majority shareholder and a key player in the Mongolian economy. The RNS is long overdue particulary when MB gave a number of clear commitements in his last video interview - none of these have materialised except his promise that if the land issues are not resolved Petro Matad will not move in to extract the oil. Difficult times in a difficult world!
D1nger makes a number of valid points. The next RNS is well overdue although do remember that MB has stated that until the local issues are resolved the ground crews will not move in. Petrovis are also in a position to shore up any financial issues as they did last year with a short term loan to get through the winter months. If I remember correctly there are also a number of high profile government ministers who hold significant shares in PM along with MB. I don't believe they will bit their noses off to spite their faces although stranger things do happen on the AIM market.
Jimi B. A very useful read. Does this relate to oil? If it does, there is a clear acknowledgement from the Executive Director
that the regulations being applied are certainly causing an issue for foreign investment and these need to be resolved.
I have been with PM for the past 4 years and read this board on a daily basis, I have a good size holding. I don't always agree with the views expressed by badprophet although on this occasion I think he has made a valid point ref refinery impacting on oil extraction date. We need the revenue from oil sales otherwise the working capital will dry up well before 2025. It's also possible China may have invaded Taiwan by then which might be a really large spanner in the works!
I agree Aspers. There are makers and breakers who try to manipulate the share price for a variety of reasons which is why it is important to do your own research. I hold a few more shares than you and I'm pleased you see this as an investment although with a degree of risk. I retired at the age of 53 years and have no financial stress which allows me to be quite relaxed about the situation although at the end of the day I still want this share to hit at least 50p!
I have had a substancial investment in this company since 2018 buying in at the highs and lows at various stages of this journey. I read all of the comments from various quarters and conclude that you simply love the banter. We have almost reached the critical stage or tipping point to turn the fortunes around. It will happen either this month or the next or the next, but it will happen. The logistics, financial plan economic conditions are well aligned. Thanks for making me smile every morning . I also have small investments in Echo and Sound now they are a disaster whilst PM will turn into a cash cow!