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By the looks of it there are 4 refineries in the KRG
1. Kar refinery (Kalak or Keurgosk)
2. Bazian Refinery
3. Lanaz Refinery
4. Tawke Refinery
With a combined capacity to process in excess of 250,000 BOPD
Wouldn't it be a good idea for APIKUR to buy an interest in 1 or 2 of the refineries so that they can get income from the whole process ?
At the moment they only get mid $30 for selling there oil to the refineries, but by owning part of the refineries themselves they would get a much bigger slice of the pie than there getting right now.
LOTM
Back to wanting over the offer price for 5K again ! by near 0.5p not as bad as the 1.5p over the other day !
Its one of those shares that goes quiet then all of a sudden there is a burst of interest ........ its all about timing
I wonder if the directors are busy buying more at the moment!
LOTM
Roxi, I’ve started holding here, as this could double on news, and after update I’m feeling a more positive (still got my GKP).
Over GKP, Genel always slow to catch up, maybe later today we will see some movement ?
Why is gkp on an another planet compared to genl? They have had better rise and managed to sustain it.
More liquidity?
Genel are encouraged with what's going on at the moment, and exports im sure will be soon be flowing again,
One of the main questions that needs to be asked during the meeting is ...........
Can you please give an indication if Genel was able to reclaim outstanding debt in October similar to DNO who have stated publicly that they got $8M back of there outstanding amounts due to higher production levels. So on a 75/25 split it would suggest that Genel should have been able to recover close to $3M of the $110M that's outstanding ?
LOTM
Jim800
Its not the KRG, the oil that is produced from the field is being sold to local refinery's rather than through the pipeline to Turkey. Now there is the possibility the refineries are owned by the KRG or there families but even then exporting the oil will be more beneficial for them in $ terms.
Over 50% of the oil DNO/Genel produce belongs to the KRG, they are not able to export the oil & hence do not receive the much higher price to fund the Government & there slush funds (so there the ones who lose out most in actual fact)
The KRG have also agreed to supply to SOMO (Iraq Government) 400,000 bopd from there region in return for the funding provided by the central government to the region.
Given the tie-up now between the KRG & Iraq regarding oil/gas the arbitration award (if any) in effect will be against the Iraq government !
They are trying to attract overseas investors etc, not settling such a case properly would not help there cause at all.
The KRG are the ones under the most pressure right now.
LOTM
So KRG have access to v cheap oil at about one third of international prices. Do you think they want the ITP back open? Does the profit KRG might make (if Iraq give them any) from international sales outweigh the savings they’re currently making on our cheap oil?
Not paying any arbitration award, not repaying outstanding Genel / DNO debts from previous years and having a monopoly on local cheap oil might seem a more attractive option - certainly in the short term.
RNS
No surprises. With local sales, treading water financially.
Debt slightly reduced (could/should have done more imo)
Morocco/Somaliland continue to progress at glacial speed.
Bina Bawi court hearing set for 2 weeks in February. The KRG has a history of fighting hopeless cases (see Dana £2b successful action for the same sort of thing).
BUT, here’s the big point, talks on ITP have seemingly made dramatic progress in the past few days (outside scope of today’s RNS, hence yesterday’s dramatic sp rise).
So fingers x’d.
Hi astle01,
Sorry my mistake I did look through all there announcements the other day, I was looking for it saying "Quarterly" in the announcement whereas they tend to call it "Trading & Operation's update".
Probably because they had used the word Quarterly in last week's advance announcement was why I was focused on that.
Thanks for the correction.
LOTM
LOTM-13
Genel has always done a Q3 trading and operations update. As they said on Twitter, "As usual for trading updates, Luke Clements, CFO, will host a short presentation and Q&A..."
Jim800
I only got back in last week due to the price going to a 52 week low compared to GKP which never re-trace to the same extend.
The heavy director buying in mid October was a massive hint in itself when you think about it.
They would already virtually know how the company did for the 3rd Quarter & then doing financial numbers etc when they never normally do something like that tomorrow. Is just a massive flag ( now we don't know if it is good news or bad on its own) but put the 2 things together & you're probably 90%+ chance that the news is good / very good otherwise why on earth would the directors put £3M into shares at that moment in time.
Never trust what's listed as buy's & sells, the best way to get a feel for what's going on is to put in some dummy trades & see where the actual bid/offer prices are.
I wasn't happy paying 82p mid morning but it just felt with everything else that was going on I wasn't going to get more stock under 80p ahead of tomorrow & as it kept moving up it never really looked like going back down :( so I ended up paying about 85p for another 2 bundles.
So I've got more stock than I really want to be holding & will sell some tomorrow or the next day depending on the news etc.
I was expecting a lot more volume in the closing auction, but it is what it is.
LOTM
Nice we have caught up, PF looking much better today, just a couple of small lagards to pick up, and ill be very happy
To all those brave / clever enough to buy in last week or this morning. Not me - I’m still sat on original stakes in ISA and SIPP.
This morning it looked like individual sells were actually bigger than the individual buys but that seems to have flipped late afternoon .
Repeat tomorrow please! Just a confirmation that dividend is maintained would be a start, news on increased production and KRG paying down debt would be a bonus. Accretive acquisition or BBs even better.
Roxi,
You can't get on the tails of GKP when there is no stock around & the MM's want a premium for just 5,000 shares !!!!
LOTM
We need to get on the tails of GKP, they are flying , ATM
Its pretty clear the MM's are short of GENL stock right now & are scrambling around to find some sources.
FOMO should kick in later today, because there is a definite purpose to this "meet the company" interaction tomorrow.
GLA
LOTM
Here we come, looking forward to the update tomorrow, Great to see GENEL and GKP marching towards some sort of value!!!!!!!, onwards and upwards, what a great day im havng 😁😁
Jim800,
Yes I'm sure they will get questions about the pipeline re-opening .... but by 10am tomorrow it will be after noon in KRG (half way through the 3rd day of the visit)
There maybe an acquisition or such like, because they didn't know this flurry of activity was going to happen when they planned this originally. So there is definitely another reason for having this investor interaction tomorrow.
What will be interest to learn is how much debt they managed to recover in October in comparison with DNO. In theory it should be 1/3 of what DNO recovered.
The legal case is only 3 months away so maybe its something to do with that as well ?
Given the stability they now hopefully have it might make sense to buy-back some of there shares with the recovered cash, given how depressed the share price is.
It sure is going to be an interesting day! :) & as you said fingers crossed
LOTM
Guess the only slight disadvantage in the timing is that they’ll get loads of questions on pipeline opening that they won’t yet be able to answer.
Presentation will be all on internal sales and debt repayment - unless they have acquisition or other location updates. Fingers crossed.
I'm not sure Genel could have timed this any better
Genel will issue its trading and operations update in respect of the third quarter of 2023 next Tuesday, 14 November 2023. Genel will host a live presentation on the Investor Meet Company (‘IMC’) platform on the day at 1000 GMT. The presentation is open to all existing and potential shareholders. Questions can be submitted in advance and investors can sign up to IMC via: https://www.investormeetcompany.com/genel-energy-plc/register-investor
This should give everyone an insight into what's happening on the ground etc, how much of the outstanding debt they've clawed back compared to DNO etc ..........
Also worth noting that Genel's share price is still below the price the directors were heaving buying at last month & is flat since September compared to the significant rise GKP has had since then of over 50%
Certainly looking forward to tomorrow now & bought yet another 6K this morning but not at a great price wasn't expecting such news to break over the weekend!
GLA
LOTM