Member Info for The_Gold_Mine

Nobody knows what this so-called "development" is about, it could be a shorter ploy to cause panic and tank the SP (it is obvious that there is paid rampers and derampers operating on this board, therefore it is not outside the realms of possibilities that the "activist postings" are part of that).

Even if the "activist" is correct, and something has been declared illegal, we have no idea what that is, or what the impact on Petro Matad would be.

I think the first thing to do is to email Investor Relations and ask for clarification, or ask them to put out an update via RNS, as others have said - in fact I will write them myself just now.

curiousandcuriouser: thanks for raising this point, much appreciated. I thoroughly enjoy reading any genuine new information relating to any share I am invested in whether bullish or bearish, and this is certainly information I hadn't come across before.

LOL this board is jammed full of rampers an derampers both.

I like to keep it simple ; why bother to construct a new refinery and 530km pipeline (contract awarded last week) if you do not intend to use it? The Mongolian government is exactly like PetroMatad shareholders, they have invested money into a project and want to a see return on investment;

Current hold-ups for MATD (local permitting hold-ups, fringe environmentalist complaints, etc) will get resolved favourably for MATD on the basis that central government needs the oil to supply its refinery project, and currently PetroChina is not providing them enough. It all boils down to the $$$$, it makes sense for central government to get PetroMatad into business for there own self-preservation, nothing more.

Any talk of Mike Buck whiling away the hours on a deckchair in Italy seems far-fetched, as the board will be overseeing progress and I doubt a big company like Petrovis will be happy to pump money into a project which will not deliver them any profit. And as we seen at the recent presentation the board is regularly reviewing progress and providing feedback to Mike as to future direction of travel.

AIMHO/DYOR

badprophet: as we all know and see just now with MATD and elsewhere, production cannot be brought online instantaneously, a slow ramp up would be expected, especially when each well can only generate 500 barrels/day... Looking at the PM investor presentation this slow ramp up is clearly shown on the presentation.

My interpretation of the situation with the refinery and reserves is the Mongolian Central Government will be compelled to encourage field development (a la Heron) and also exploration drilling, to ensure the refinery future requirements can be met... It is no use waiting until you need the oil before you take action, you have to take action in advance to ensure supplies can be met...

curiousandcuriouser: Why not share it on the billboard, save me having to wade through a million FB posts?

https://translate.google.com/translate?hl=en&sl=mn&u=https://24barimt.mn/80365.html&prev=search&pto=aue

Extract from interview with G.Yondon, Mongolian Minister of Mining and Heavy Industry, getting the refinery on line is a big priority for the Mongolian government to ensure there energy independence. And by extension that means ensuring sufficient crude oil will be available for the refinery commissioning and start-up.

-Reserve issues are discussed at the oil refinery. Even when operations begin, there are disputes over the availability of crude oil reserves. Are you conducting exploration and research to increase resources?

-Our oil reserves have increased slightly over the past year. Petro Matad has increased its reserves and has been certified by the Minerals Professional Council.

Areas 19 in Toson and 21 in Tams were selected. Previously, Petro China Daqing Tamsag conducted a large-scale exploration work in a large exploration area called Davst-31. At the end of the term, the company returned the field to the government and handed it over to the Mongolian refinery. The refinery has invited companies to explore the area. Proposals have been submitted to more than 30 companies. In order to increase reserves, these five or six blocks will be negotiated separately with companies on the site and exploration will begin.

Petro China Daqing Tamsag has expressed interest in some of our oil fields and said it sees opportunities. There is a possibility that additional reserves will be approved in some areas of Dornogovi aimag.

Tender awarded last week for the refinery pipeline connecting Dornod Aimag oilfield (where Petro China Daqing Tamsag LLC operate) to the under construction refinery:

https://montsame.mn/en/read/295058

"Ulaanbaatar/MONTSAME/. The Government made a decision on January 6, 2020 to transport the raw material of the oil refinery through a pipeline. Accordingly, the Ministry of Mining and Heavy Industry announced an international tender “to select a contractor to finance and construct an oil pipeline project in Mongolia,” and China’s the state-owned ‘Norinco International Cooperation’ Co.Ltd has won the tender.

On April 18, a cooperation agreement of the project to construct a crude oil pipeline in Mongolia was signed by State Secretary of the Ministry G.Nandinjargal, CEO of Mongol Refinery state-owned LLC D.Altantsetseg, CEO of Erdenes Tavantolgoi JSC B.Gankhuyag, and General manager of Norinco International Cooperation.

Crude oil from the Dornod aimag’s oil field will be transported to the Oil Refinery, which is currently under construction in Altanshiree soum, Dornogobi aimag through a 530 km long pipeline.

Norinco International Cooperation will complete the construction of a pipeline within three years or ahead of the commissioning of Oil Refinery."

https://montsame.mn/en/read/295058

And what good is a refinery pipeline without enough crude oil to go down it? No good at all. But I am sure PetroMatad will be happy to make up for any shortfalls in adjacent blocks...

curiousandcuriouser: Can you post what it says about the meeting on the 29th, I couldn't find that bit unfortunately. That was the thing I was looking for, but at least somebody found it - care to pass along what it says?

Master: So what's causing the delay with the permits, if not local environmentalists?

Mullins58: There was 435 shares of the post, 735 likes, 142 comments - keeping in mind Matad district has a population density of 0.11 people per square kilometer. Anyway, for me I'm happier now that I think I understand what the problem is, I was more concerned before when there was no progress and I didn't understand why. At least the lack of progress with the permits is starting to make sense.

The ????? ????? text is "Petro Matad" in Mongolian text, the bill board obviously can't cope with the slavic characters...

Seems there is a fair amount of local opposition to Petro Matad, I done some searching on facebook posts for ????? ????? (Petro Matad) and narrowed the search to "Posts" and the date to "2022" and up popped a photo of a lady holding a sign which said "Oil 20th Field is Protesting" in Mongolian and "STOP PETROMATAD" in English... Date of posting was 22nd April, e.g. a couple of days ago!

Judging from the other posts the lady made this also applies to PetroChina... I guess it's becoming clearer to me why progress is so slow to get those permits, local government is probably getting a hard time from the local environmental groups and is holding back the permits as a result... However,

I take comfort from the fact that the Mongolian refinery will be coming online soon and central government will be keen to get the oil flowing to ensure this is well-supplied... Therefore I expect they will be under pressure to change the law to prevent regional administrations from throwing a spanner into the works for oil exploration and production... After all why spend billions on a refinery if you don't have the crude oil to use it?

BTW, If anybody wants to see the posting search in facebook for "????? ?????" and filter the search to "Posts" and the dates to "2022".

Master82: How do you find those posts? Or can you post them please.

Thanks Master82. Interesting posts. It doesn't sound like the locals are overly-thrilled about PetroMatad or PetroChina both. I guess it comes down to the needs of the many, we need the Mongolian Central Government to clamp down on this NIMBY mindset and streamline the permitting process.

GaryMegson: That post doesn't seem to be about PetroMatad.

Master82: Can you provide the link to the facebook meeting page you mentioned?

Master8: Can you provide the link to the facebook page where the meeting is discussed?

master82: can you link to the specific facebook page in question? I'm interested to know more.

Poole: Interesting article, but doesn't explain what the problem is with permitting. I've emailed investor relations anyway, lets see what they come back with. Unless anyone has a direct line to Mike Buck?

Hamm: I will put the question to investor relations when I have time, it could be something particular to block XX, different local government, etc. Possibly they have a different slant on the rules, or local environmental campaigners or neighbours who object, could be anything. I'm surprised nobody has thought to ask PM direct previously, to be honest?

Jimitthebrush: No, block XIX is in Mongolia.

Anyone on this board know how PetroChina have dozens of wells producing in the adjacent block XIX, yet apparently PetroMatad are struggling to get permits for block XX? There has been talk of some legislation problems, but why hasn't this also affected PetroChina?

I haven't actually seen this explained anywhere, so wondering if anyone on the board knows?