Highstreettrader.
I lived in Mongolia for eight years..
You are a strange yet intriguing individual. You have 9 posts, yet this morning had 14 relating to Matad. You ramp a company that has been burning cash for the last 12 months with still no end in sight as to when an EL will be granted.
You constantly praise a CEO who is sat in Singapore when the business is in Mongolia. Anyone who knows how to do business in Mongolia will tell you, you have to be in country, you have to engage daily, or else trust is not developed and process takes twice as long.
Everything Matad has done in the last 18 months goes against everything Amcham, Auscham or the British Business group would advise a company to do to obtain success in Mongolia,
And yet you condone this, accept this and praise the actions of the company.
I have a very difficult view. However you are entitled to your opinion.
I am enjoying this, it’s quite amusing.
We have an American who calls everyone brother or dude, has been invested for a decade and has posted 14 times. Unless he knows something no one else does, and is willing to state facts, he is just another paid ramper.
Very easy to see.
Persistent = uninformed muppet !!
I would love to know how many conversations he has had with senior people in Mongolia this week. ??
I know exactly how many I have had this week, how many meetings I have next week, and I am going to stick my neck out here, Persistent will of had absolutely zero.
An uninformed Idiot on an epic scale.
Dozzawba I agree with you.
Mongolia is certainly open for business, attracting new investors and willing to speak to international players in both the mining and oil and gas sectors.
Mongolia is massively under explored.
Hi Dozzawba.
I agree I could, but the recent RNS acknowledged Matad read this board so I am going to make the assumption they have seen my comments below.
Over to Matad to give us LTH’s some answers.
Surely this is not unreasonable ??
As we have no full phase development plan yet approved is it safe to assume Matad are developing a phased development plan ?? If so are they going to appraise and development at the same time.
If there is no appraisal data available this brings into question water permits, obvious land permits plus another 20 boxes to tick. What boxes have Matad ticked to date, and what are outstanding.
That ties back in with the required test production over generally 180 days. This data has to be integrated into the development, to firm up the reservoir characteristics, which I have not seen any firm data on in the Matad RNS’s.
My concern is before MRPAM and the Ministry of Mining get close to issuing the EL, Matad have a shed load of work to do which will require funding when Matad run out of money shortly !!
Can Persistent as Matads chosen spokespersons for the board describe how all of the above will delivered and by when please as I am worried .
High street trader
I think you will find if you check Mongolia as a country has put together significantly bigger deals with multi national groups. The GoM has also not been significantly impacted by Covid.
Please do some reading .
Ojay / Manro.
I agree with both your points and your comments. As I have also always maintained I do also sympathize with Matad and it’s board to a degree.
However mapping out a process, loading that into a schedule, and then asking Matad to deliver against that and report back is far from unreasonable. My experience has taught me that passive silence is a stance taken by some at the detriment of others. I believe in this case the LTI are the “others” and this is far from fair.
ESG is now considered a huge deliverable for corporate companies and this is a particular Matad failure. If only they would improve on this I would be happy.
I did do my own checking on the situation and what’s happening in Mongolia. The findings were interesting.
Plausible deniability is a lovely position to take, but Matad know more than they are disclosing and that is still unacceptable.
Come clean please.
Manro.
This is not naivety this is simply asking the management to use simple planning and scheduling tools that trace and measure performance.
Having used these tools for the last 20 years I have always found these clearly present facts, data, and keep people abreast of what’s happening.
The RNS presented little new information.
I am again asking for traceability and accountability,
Having run and managed major capital projects I would expect these functions and the information generated to as a minimum be shared with investors and stakeholders.
My question is why is it not. ?
Hamm.
The company can help itself if it wishes too. I would suggest the following.
1. They produce a level 1 schedule and fully detail all the current dependencies involved in obtaining the EL.
2. They produce a P6 schedule and identify by activity each timeline associated with closing out each identified action.
3. They share their stakeholder engagement plan.
4. Any extensions to activities part of the P6 schedule that slip, the company make shareholders aware of by monthly RNS updates.
The above are simple project management tools that created traceability and accountability. Of course if the management are doing all of the above, simply share.
Shareholders deserve this as a minimum.
Hi Ojay.
As I said I will take my own course of action which is my choice and I do not expect anyone else to support.
Others may see this as aggressive, but regulators are there for a reason.
I think the time for letters to the BoD although a nice idea will only prove ineffective and toothless.
My concern is this is being positioned as a distressed asset, and someone wants it cheap. The only losers are long term shareholders.
Hamm your spot on.
This has not been sat on the chairman of MRPAMs desk for a year, or the Energy Ministers desk. It’s reached a bottle neck in the process for a reason and that’s politics.
Unless Matad can unblock that bottle neck we will not pass go, and will not collect £200.00.
There is little point in writing to Matad as they will simply continue to tow the current company line. All I am interested in is the true reasons and the true reality.
I can sympathize with Matad and do completely understand their situation. However as a shareholder as I have stated I expected the highest standards when it comes to compliance and governance.
They may be operating in the Wild West but UK law applies to their behavior and their ethical standards.
This is where my disappointment lies with the BoD.