WOF Wolf Petroleum potentially have huge petroleum assets in Mongolia, but can't raise the money to explore, even with their new Chinese majority holder China Sam. Given the climate, there are only a few months of the year that are suitable for drilling, and their window of opportunity is rapidly closing.
Petro Matad had a farm-out with BG, and committed to carrying out $28 million of work across Blocks IV and V of the Davsan Tolgoi prospect, plus a cash payment of $4.55 million, in return for 78% of the licences. Unfortunately, Shell bought out BG, withdrew from the farm-out agreement, and paid Petro Matad $15 million, which at least allowed Petro Matad to continue with their exploration program.
Lots of minerals in Mongolia, but not many mining success stories.
