MC: $18.81Million
Price: 3.4c
Wolf Petroleum Ltd (ASX: WOF)
Wolf Petroleum is an ASX listed company (ASX:WOF) with focus on oil and gas exploration, development and production in Mongolia. Wolf’s main objective is to increase its value and build a strong local presence in the new and rapidly growing Mongolian multi billion oil industry. Wolf seeks value growth through acquisition and aggressive exploration.
“The Company is currently finalising it’s 2017 exploration programmes on its SB block. The initial exploration programmes on SB block include re-interpretation of existing seismic data, revaluation of drilling targets
and drilling of first well(s) within this year. The finalised exploration programme and budget is expected to be approved by the government regulatory agencies and released to the shareholders in late February 2017. Production sharing contract signing process on BU and Jinst blocks are successfully underway.”
Catalyst: IMF to Loan Mongolia $440 Million as Part of Bailout Package - “The total external financing package will thus be around $5.5 billion.”
Michael Kohn 19February,2017, 3:26 pm AEDT 19February,2017, 4:42 pm AEDT
Facility will help Mongolia repay $580 million bond due March
GDP growth slowed to 1% last year amid commodity price drops
Mongolia reached an initial agreement with the International Monetary Fund for a three-year program that includes a $440 million loan package as part of a $5.5 billion bailout to help the north Asian country with looming debt repayments.
“The Asian Development Bank, the World Bank and bilateral partners including Japan and Korea are expected to provide up to another $3 billion in budget and project support, while the People’s Bank of China is expected to extend its 15 yuan billion ($2.2 billion) swap line with the Bank of Mongolia for at least another three years,” the IMF said in a statement on Sunday. “The total external financing package will thus be around $5.5 billion.”
The financing will support a Mongolian program, “which intends to restore economic stability and debt sustainability as well as to create the conditions for strong, sustainable and inclusive growth This is “great news, the market will receive this positively,” Dale Choi, head of the research firm Mongolia Metals & Mining, said in an e-mail. It is the “bottom out everyone has been waiting for and the only way is up.” https://www.bloomberg.com/news/arti...-mongolia-440-million-as-part-of-5-5b-bailout
Please DYOR as this is not a buy or sell recommendation
Cheers
GF
