Member Info for Proquo

Yes, bit of rain here this week but generally nice weather. Garden needs more rain. Good weekend to you and to all honest investors. Hopefully we'll get that sales deal sorted next week.

Thanks Investor. Hope you are well.

Looking promising!

Totally agree. We go into a different league once the pipeline and refinery all get hooked up and we become a much more derisked proposition to partners, buyers etc. I'm sure Buck keeps schtum about what he really thinks about dealing with PetroChina (main company, not the Mongolian affiliate locally) but we all know they've been a major pain in the ass to deal with these last couple of years. I'll certainly be holding my shares until the refinery gets sorted. I think it's a matter of getting to that point in the best shape we can. I do not hold Buck responsible for the cut-throat way PetroChina has carried out its business with us.

Still waiting for your ideas on what the raise will be for, BP. You brought it up so you must have idea of what larger works Buck might need a raise for. He certainly won't need one to keep the company going nor for the modest works he adumbrated in the AGM presentation.

Or maybe the truth is you just like using the word 'raise' a lot 'cos you think it makes you seem big and clever, whereas it actually makes you seem like a thick oaf.

Still waiting BP. You brought it up after all.

Yes it's a truism to say 'follow the money' but it still seems to be the best advice here. These investors and the company directors don't put in such money on a whim. They must be pretty confident.

*Well, any raise would have to be for carrying out significant operational plans.

Well, any raise would have to carry out significant operational plans. So what accretive works would Buck be envisaging for such a raise in your opinion? We currently have more than enough to continue as a debt-free going concern, plus a bit of free cash for smaller works like radial drilling, testing Gobi. And that's not counting any cash windfall from Sunsteppe, or the farm-out concluding successfully. You've called a raise BP, so now tell us what it would be for. Over to you BadProphet.

That might yet happen.

And I say this not out of anger at having lost money or sitting on a paper loss - I haven't and I'm not.

I have no issues with Buck's work ethic and I give him due credit for battling on to get us to this point in the face of some pretty massive obstacles, present and past ones. However, from a market perception point of view, he needs to find a way of counteracting some widespread and dominant narratives surrounding MATD - that it over-promises and under-delivers; that the operational window seems to have shrunk to a couple of months per year; that the company constantly fails to meet its own predictions and timelines with any negotiations with farminees, PC, or the Mongolian authorities taking months and years to actual reach conclusions; that a heavily discounted raise is always on the cards. Until these issues are put to bed by a period of meaningful achievements and developments, then this share is at the mercy of traders and their stockbashing tactics.

Having said that, we are a week past the update saying the oil sales agreement was 'imminent'. When does 'imminent' end?

Calm down Master. Such constant anger is really bad for your health. You should just accept you've made a mistake investing in a company which continues to disappoint you. It happens. The mistake is yours. Own it.

You're embarrassing yourself Master.

Results due here this week? We got quarterly on 2nd June last year.

I'm happy with anything positive happening this year now. The market has effectively parked Matd now, so anything to give it a jump-start. I just hope we don't get to the point that we did last year of running out of time to get everything done. For whatever reason, we seem to have become an outfit that has a two month per year operational window and the rest of the time involves sitting around waiting for stuff to happen. Even with a farm-out two months is just not sufficient to really get XX developed quickly.

Just on a side-note, was anyone else struck by Buck referring to the main counterparty as 'he' ie a single person?

Ditto!!

Actually the numbers do add up Master. I think Buck has made mistakes in terms of comms and putting out statements that create misleading and overly-optimistic narratives and timelines, but I certainly do NOT think that he is corrupt or dishonest in any way. For the record. I really think you should pause before making such wild accusations.

Actually the numbers do add up Master. I think Buck has made mistakes in terms of comms and putting out statements that create misleading and overly-optimistic narratives and timelines, but I certainly do NOT think that he is corrupt or dishonest in any way. For the record. I really think you should pause before making such wild accusations.