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Nice day for MMEX. One day closer to financing! Hope everyone has a great Super Bowl weekend!
I sold after his twitter rant a couple of months ago. I just can’t imagine this CEO inspiring confidence with the big potential buyers.
I was very impressed with the letter to shareholders. Jack went out of his way to give shareholders insight into the progress made and the plan that is being worked.
Jack’s plan isn’t to maximize PPS this week... it’s to make progress and move in the right direction week after week, until one day soon his CDU is operating. I’ve observed MMEX progressing toward an operating CDU for months. I have NOT observed MMEX pumping to sell shares.
Sometimes you need to read between the lines...
I have no doubt that MMEX is building a CDU. But I have no interest in causing anyone to buy or sell MMEX shares. If I did, I would post a positive or a negative comment many times per day, every day.
I agree. MMEX is well down the road of building a CDU - phase one will be up and running within a year. Wouldn’t be surprising to see a big player like Exxon buy MMEX.
Accumulation walls were up at the bell, but they aren’t having much luck... I would think there would be some willing to flip from .038, but apparently even most flippers aren’t selling this low.
I hope MMEX is reading this and having a good laugh... “Did you see this Jack? We got the wrong permit Jack! We got the wrong permit!”
If anyone has any doubt, read yesterday’s shareholder letter and decide for yourself. IMO these guys clearly know what they are doing.
Permit was issued months ago. Here is a link to an article giving more detail on the permit:
https://www.bizjournals.com/sanantonio/news/2017/08/30/permit-issued-for-first-phase-of-mmex-resources.html
BTW the permit application was 252 pages.
I’m shocked by how much great detail was in that shareholder update. Most companies put out PRs with one bit of news that was already known/expected. This letter gives so much new insight into what is going on behind the scenes and what is coming soon.
As the “noise” has grown louder in recent months, IMO MMEX has gone above and beyond in the area of transparency with the December and January shareholder updates. No vague promises, just factual detail concerning every part of the process as MMEX prepares for the building of phase one.
Nice accumulation day. Soon the fireworks will begin
If you are new to MMEX, here is an overview of the MMEX history and milestones. This had been a sticky, but it was removed. Not sure why...
________________________________
Mmex key details
As of Jan 15, 2018
Project- Mmex proposes to develop a 100,000 bbl refinery on MMEX owned land (with road and rail connections) located 20 miles NE of Ft Stockton Texas in two phases. Phase 1 will build a 10,000 bbl CDU (crude distillation unit) on 126 acres in 2018 and complete early 2019. Phase 2 proposes to build the full 100,000 bbl refinery on the remainder of 300 or so acres starting with the air permit application first quarter 2019. Build will be from 2019-2021 depending on how long the permit application will take.
Phase 1 actions to date
-Air permit developed by Trinity consultants (lengthy and detailed permit app)
-Air Permit application approved by the TCEQ through permit by Rule
-Right away, road and rail easements as well as municipal permits approved.
-Crude supply and offtake LOIs executed
-plan to initially truck 25 loads of 200 bbl/truck of supply to a 75,000 bbl tank
- initial offloading will also be by trucking (products diesel, naphtha, fuel oil/residual oil)
- Future plan may be oil supply by pipe (supplier usually constructs) or by rail
- Power, and gas line located on property
- EPC contractor hired - vfuels. (.http://www.vfuels.com)Builder hired- RAMA interstate treating (http://www.intertreat.com) ;
- Larger facility engineering company secured KP engineering(http://kpe.com) who did the overall design to incorporate all components together
- FEED (front end engineering design) completed by VFuels and being verified for costs, materials and timing by Rama, the builder. Cost of initial CDU is $47 million.
- EPC contract between all three, mmex/vfuels/Rama being finalized
- O&M contract once financing comes through
- Financing to be 80% while equity to be 20%
- Major item we are all waiting for is the approval of financing. The company has indicated it is working to finalize it in the documents below:
Per the attached presentation :http://www.mmexresources.com/pdf/MMEX_Executive_Summary_01_2018.pdf
Additional info in mmex letter:http://www.mmexresources.com/pdf/MMEX-ShareholderLetter-December2017.pdf ;
Phase 2 actions to date
- kp engineering initial scoping study and plan to incorporate 10,000 and 100,000 bbl facilities
- Plan to close on phase 2 land by Jan 31, 2018 per the company
- Plan to finalize design and permit application 1st quarter
This project is progressing, and that is making those nervous who have a vested interest in derailing the project.
This is an exciting time to be a MMEX long!
Why would MMEX need a reverse split? News of financing could send the PPS over .05. A PR announcing the Phase 2 permit filed or the construction schedule should easily send the PPS over .01. Even photos of bulldozers excavating the site would likely be sufficient for a PPS well over .01.
Great day for MMEX, but just the start... a lot of good things are going to happen by the end of Q1!
MMEX has delivered every step of the way to this point. The 12/27 letter to shareholders (available on the MMEX website) promised more milestones by the end of Q1 2018. Looking forward to seeing the PPS on 3/31
Well if you need the money tomorrow then the sharp drop in PPS is bad... otherwise if you are a long and you believe the CDU is being built, nothing has changed and you should be just fine.
Things are moving along according to plan. 2018 will be a great year for MMEX!
When a company doesn’t even try to self promote, that tells me everything is going according to plan. By the end of 2018 phase one will be operational!
Very low volume... looks like no one wants to sell their MMEX shares at the bottom.
If you bought in to MMEX you’d soon be “movin’ on up” Weasy!
20M shares were “dumped” and MMEX was up 7%? That is a very good sign!!
Good question! Also, why did 20M shares trade when many days are around 3M? My guess is those who have some additional insight into the timeline knew their chance to accumulate was almost over.
What a great day... over 20M MMEX shares traded. Something good is coming!
Huge volume today... over 8M shares in less than an hour of trading
Great news - under budget and ahead of schedule!
Very good point. If this was a share selling scam, they would have received an “F” for effort...
There has been zero fluff, just factual announcements as each milestone has been achieved.
MMEX is the real deal.
Something big is about to happen, and it’s the type of something big that you like when you hold a lot of MMEX shares!
This new guy is delightful. This is going to be an awesome year for MMEX!
Thank you for the information CJ! Exciting days ahead for MMEX!
Congrats - great timing on adding to your position.
I agree... IMO many are realizing the MMEX rocket ship is about to leave the station!
Very nice day. Nice step up on lots of volume.
When the biggest skeptics are now saying “ALMOST no chance they are building anything” that’s a pretty good indication that financing is coming soon..
One day closer to financing!
Wow, 15M shares traded today. It wasn’t long ago 3M MMEX shares traded was a typical day. Something is coming soon, and those accumulating know it IMO... Happy New Year everyone!
Any retail investor giving away his shares to strangers at these levels is definitely in the holiday spirit!
Didn’t take long for a couple million shares @ 078 to get gobbled up by the accumulators
Another day of accumulation. One day closer to imminent financing!
I may only post once every day or so, but I’m EXTREMELY excited about the coming months for MMEX!!
Awesome post! Merry Christmas everyone. 2018 is going to be a great year for MMEX!
We know for a fact Vfuels is involved and a legit company.
1. So, either they are in on the scam. mmex could weasal their way through a scam but not a company outside mmex. Any company would be easily proved they knew it was a scam. Risking everything including severe jail time.
2. They have been scammed. Someone would need to put up a buttload of money for them to even get started.
Also look at the time frame of past events..and how they are connected. This only happens if is legit not by accident. Each one has to lead to the other, if it were are scam it would not be in perfect order.
I left took out some of things accomplished for illustration sake so it would not be so lengthy.
April 18, 2017: Meetings with Investment Banks in NYC.
a. THE BANKS TELLS THEM EXACTLY WHAT THEY ARE LOOKING FOR AND WHAT IS NEEDED. EACH ONE BELOW IS A RESULT OF WHAT THE BANK NEEDS AND WANTS TO SEE. EACH ONE LEADS TO THE NEXT.
May 4, 2017: Letter of Intent executed with Crude Supplier to supply 50,000 BPD to Pecos County Refinery Project.
THEY NOW HAVE A SUPPLY FOR THEIR BUSINESS.
April 27, 2017: Technical Conference Meeting with Strategic Consultants, EPC Company and Environmental Firm.
THEY NEED TO BREAK IT UP IN SMALLER CHUNKS TO SEE PROGRESS AND BRING IN CASH. THEY DECIDE HERE HOW TO DO IT.
June 13, 2017: MMEX announces plans to build a 10,000 BPD Crude Distillation Unit as Phase 1 of the Pecos County Refinery Project
THEY ANNOUNCE IT HERE.
June 13, 2017: MMEX announces $3M equity agreement with Crown Bridge Partners, LLC
THE BANK WANTS THEM TO HAVE OTHER FUNDS INVOLVED, THEY ALSO NEED OPERATING MONEY.
June 26, 2017: MMEX announces strategic relationship with VFuels, LLC on 10,000 BPD Crude Distillation Unit
THEY GET MONEY FROM CROWNBRIDGE AND IT LEAD TO THEM HIRING VFUELS
July 5-7, 2017: Meetings with Investment Banks in NYC
THEY MEET WITH THE SAME BANKS FOR A PROGRESS UPDATE AND TO SEE WHAT ELSE IS NEEDED AND TO MAKE SURE THEY ARE DOING EXACTLY WHAT THE BANK NEEDS AND WANTS.
July 28, 2017: Closed on Phase 1 Land Acquisition - Pecos County Refinery Project
THE BANKS SAYS IT'S GOOD SO FAR SO THEY CLOSE ON THE LAND
July 31, 2017: Filed Texas Commission on Environmental Quality Permit Application for 10,000 BPD Crude Distillation Unit
THEY GET PERMITS
August 23, 2017: Site survey completed and easements marked for Pecos County Refinery Project
THEY START PREPPING FOR THE IMMEDIATE NEEDS, STEP BY STEP.
October 26, 2017: Road development begins in preparation for the official groundbreaking ceremony on Nov. 17
November 17, 2017: Groundbreaking Ceremony
THEY ARE NOW VERY CONFIDENT OF THEIR FINANCING SO MUCH SO THAT THEY GO AHEAD WITH A GROUND BREAKING!!!!
I would encourage everyone to check Darkpool’s MMEX posts from the last several months and decide for themselves...
As CEOs said, he’s suggested selling as well as buying.
Just FYI if you’re new here... Darkpool has been right on MMEX every time.