Member Info for Proquo

Adw sold at a loss. Still posting, apparently. Waiting for Godot perhaps?

Ascendant shareholders get to vote on the arrangement with Cerrado on 6th May.

12° in eastern Mongolia today, dry and sunny, set fair for the coming week. Not budgie-smuggler weather but a decent temperature to be working at a drill site.

Ticking up steadily this morning. Currently 1.7p on the bid.

*chemistry! Fat finger moment

We've hit gold here though. Who was listening in 'o' level chekistry?

Could be!

People thinking a lot could happen before next tuesday? They'd be right.

Tick up on open. 1.65p on the bid straightaway. Could be an interesting day here.

I think Mike Buck did say something along those lines in the AGM as well as telling us they were talking to three unnamed 'entities' about a potential JV. That's pretty much the same thing.

Anyway, ignoring the greenboxes, I still feel that big things are going on in the background here. Matd is now so well positioned in terms of what's going on between China and Mongolia wrt energy policy that it's actually much more of a stretch to imagine that we aren't involved I discussions of some kind about our field. Plus we know that Sunsteppe are also operating at the intergovernmental level too which adds weight to everything we have. Lovely position to be in.

Cj1986 - another troll to greenbox. Tiresome and boring. And obvious.

Ticking up quickly - bid over 1.6p suddenly.

Yup, Gravy. They always start by saying they've been here for years, lost a packet blah, blah even though they've never posted before! Then they start asking people to prove things, give calculations, picking holes in every word etc, etc. Tiresome.

Yes, there have been ample opportunities to exit safely over the years unless you were one of those who thought it was a good idea to buy at 30p plus for an AIM oiler with no oil, in Mongolia. I sold at a fairly modest loss when I saw the video of the cop tearing down the perimeter fence around the H1 well-head plug. It was clear that it was going to be a long haul to get past those problems. Then the pandemic hit and put a two-year sized hole in everything. I kept an eye on it then and bought back in just prior to first oil although I was a bit premature as the sp dropped after first oil was announced! I now have just short of a million at a healthy average and hope to make enough to recoup losses from all those years ago and plenty more. There have been exit points and sometimes you're just better off selling at a loss. I'm not being in any way complafent here as I invested in COPL in the meantime and made every mistake in the investor handbook!!

These sort of outfits split into phases for investors - pre-oil there are numerous spikes, often ridiculous

huge ones, to trade in and out on - new permitting, great seismic results, new drills, positive oil shows, oil finds, initial flow rates and so on. The next phase is is the post-oil phase when the company will or will not become a going concern with steady income, manageable debt to develop the field, in a word, stability. The problem comes between these two when the company suddenly needs more cash to get everything in place to bring product to market, all sorts of regulatory, technical and natural problems crop up and investors lose faith as it seems such a grey, complicated and protracted business all of sudden. This is where we are still, and it is the point the stockbashing gangs move in to prey on people's doubts and frustrations. It's a bit of a limbo, liminal period as we transform from explorer to bona fide producer.

Initially I went for JV but I'm now favouring an outright sale to the neighbours, or perhaps hold a little bit still on a free carry. We've been through the hard regulatory miles now, the authorities have pivoted behind oil, so exploring, drilling and bringing to production can become our core business. Also keep developing the Sunsteppe sustainable side and leave fossil fuels altogether in a few years. Lovely.

Starting to tick up?

Sure, Mongolia has certainly proved a difficult place to do business although things improved significantly just before the winter. Personally, it seems that Matd is far from a shambles now under Buck's stewardship.

One certainly gets the feeling that things are happening in the background now. Big things, in my view.

Thanks for your considered advice, CJ. I'll stay invested though, if that's OK. Thanks for taking time out of your day to warn us about the risks though. We're really naive and you make some very cogent points there. Thanks again.