We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
"Were they contracts and if so why did the company never take legal action to enforce them?"
The company does not even dare! The KRG doeth what the KRG wanteth to do!
- KBT pricing
- non payments without warning or explanation
- unspecified delays
- not bringing in a third party as well as taking part themselves as per the original PSC.
All happened in the past decade or so of GKP's miserable history.
ALL sides are being economical with the truth...
That’s a Bizarre statement, what are you implying?
That our BOD are hiding something????
Words are important.
It is disingenuous in the extreme to claim that the PSCs have not been seen or given to the Baghdad authorities.
The MoO took copies of ALL the PSCs that were made available (in the early days) to investors by the KRG/MNR; I know this for a fact.
What the Ministry does NOT have - and nor do investors - is copies of all the side protokols, agreements and understandings that put real meat on the bones of those PSCs put into the public domain.
ALL sides are being economical with the truth...
@ValueS, it’s not a theoretical point.
GKP gave up its right to sell the share of the oil produced, and therefore owned through the PSC, via the sequence of Sales Agreements it signed - it NEVER gave up ownership.
Were they agreements but not contracts and therefore unenforceable?
Were they contracts and if so why did the company never take legal action to enforce them?
I believe the last Sales Agreement with the KRG has expired and I also believe there isn’t one with the FGI.
At the moment the PSC is working from the company’s point of view as was originally designed - they are taking their share and selling it at price they find acceptable in the circumstances.
A few more, while sat under £1.10 with cash approaching $100 million in a couple of months GKP is in great shape,
ive written of the past invoices, i wonder if GKP will do the same to get the deal done ???? with SOMO get the pipeline open and start to build the cash and output, we should get a huge re-rate, great for all the stakeholders.
"in the case of the Shaikan PSC circa 47% of the production becomes the property of the IOCs at the stipulated point of delivery on the surface."
In theory only "theory"man, in practice, it is 47% of gross sales not production. If and only if our only customer choose to pay it! As history has clearly shown.
Best Regards ValueS
Apologies, didn’t have my cynical mode on when I read his quote.
He hasn’t seen the contracts 🙄 so he doesn’t know how PSCs work and therefore about the transfer of ownership on the surface.
So how did the FSC rule them illegal if they weren’t available in Iraq?
They used to be findable by searching for Kurdistan MNR Production Sharing Contracts, people on the old iii site had copies.
107p looks like people want to be out over the weekend!!
I keep saying 90s will be revisited and it will be before any pipe ever opens .
Dry powder needed
We have sent a letter to the KRG asking them to hand over the oil produced in these [The Kurdistan Region’s] oil fields to the oil marketing firm, SOMO,” Iraq Oil Minister Hayyan Abdul Ghani told Rudaw’s Diyar Kurda in Washington.”
Maybe a slight problem there, in the case of the Shaikan PSC circa 47% of the production becomes the property of the IOCs at the stipulated point of delivery on the surface.
The IOCs could agree to their share also being transferred to SOMO but if they don’t then it is not the KRG’s to hand over.
Why would they agree? If the new arrangements meet their financial needs then off we go. As straycat has pointed out, each of APIKUR’s members has specific financial needs.
What would happen if they don’t agree? As we are now, litigation, add your own vision…
Not without back payments first and and a reasonable PSC.
I think the stumbling block is money's owed which was stolen by the KRG. But know one will own up to that .
Iraq definitely won't pay it and rightly so.
So it's a big stalemate and has been for months .
Local sales till September 2025 then Iraq have no say.
But it's still the back payments that the krg have to stump up. Catch 22 really .
You deal with thieves and this what happens.
They've already indicated that they will (sorry was a while back so can't give a reference) I don't think they care who it goes to do long as there's an agreement in place and they get paid the appropriate amount. That's the sticking point though in two ways, first, obviously there's still no agreement, and secondly the information is coming from the Iraqi Oil Minister and he's lied and lied throughout the last year, no way if knowing if it's an actual move until there's a separate confirmation.
"Article 13 of the Iraqi federal budget obliges the Kurdistan Region to hand over, on a daily basis, at least 400,000 barrels of crude oil to Iraq’s State Oil Marketing Organization (SOMO) to be exported through Turkey’s Ceyhan port, or be used domestically in case it is not exported"
Is this going to happen, will IOC's hand over the Oil to SOMO
sorry if already posted:
— iraqi oil minister hayan abdul ghani said:
- kurdistan's oil exports will resume soon. we have formally requested the krg to transfer the oil to the state oil marketing organization (somo) for export through the iraq-turkey pipeline to the ceyhan port.
- we have no direct contractual relationship with oil companies operating in the kurdistan region. therefore, we have asked the krg to transfer the contracts of these companies to the iraqi government.
source: *************assyrianewsnetwork/4184
__
some other info from al-sudani's visit to the us:
international coalition forces brought in new military reinforcement from the kurdistan region of iraq, through al-waleed border crossing.
the convoy was comprised of 40 trucks carrying logistical equipment, weapons and closed boxes, where 15 of said trucks arrived at tel baydar base in al-hasakah countryside.
*************assyrianewsnetwork/4176
___
images posted of the sumerian artifact being "returned" to iraq by the united states. it was found in the ancient city of ur, and it is a depiction of a sumerian priest.
these artifacts were buried under the foundation of the sumerian temple building to purify and protect the land.
*************assyrianewsnetwork/4171
___
plus a couple of arms deals (obvs) and a $50 million loan to help finance small and medium-size businesses in iraq.
all feeling quite cordial isn't it?
when will apikur give an update?
Today, Thursday, Prime Minister Muhammad Shia Al-Sudani met with major American companies specialized in the field of oil and gas, as part of a round table held by the Arab-American Bilateral Chamber of Commerce in Houston, Texas, as part of his official visit to the United States of America.
His Excellency reviewed the government's program and its goals towards optimal investment of oil and gas, its future vision, and the promotion of further investment rounds, which includes 30 oil and gas fields and gas exploration blocks in Anbar, Nineveh, Diwaniyah, and Najaf.
Mr. Al-Sudani announced that the application time for the fifth and sixth investment round would be extended by two weeks, to give more opportunity to companies wishing to apply.
Below are the highlights of what the Prime Minister spoke at the round table meeting:
- We have developed a plan to convert 40% of our exports into oil derivatives.
- We are working on implementing a 1000MW solar energy station, in addition to a water injection project for wells.
- So far, the fifth investment round includes projects implemented by an Emirati company, Al-Hilal, and a Chinese company.
- The sixth investment round includes projects on patches and fields rich in free natural gas.
- We will sign a contract with a Chinese company to establish the Al-Faw refinery with a capacity of 300 thousand barrels per day.
___
Following on from this:
https://twitter.com/Hydikm/status/1781042307954819121
Iraq signs (https://twitter.com/Hydikm/status/1781042307954819121) with American company, General Electric Vernova, for a series of investment and development projects pertaining to energy in Iraq, most notably supplying the Iraqi national grid with an additional 3 gigawatts of energy generated from highly efficient combined cycle power plants.
No I'm not. The time to complain about the LTIP was in 2014. Shareholders of record back then approved it (not me). Now one needs to take it on the chin. Good luck b*tching about nail cost option awards at the AGM...
Does anyone know when the current plan expires? That's the next opportunity to voice concerns about a plan proposal.
…. anyone with a smidgeon of intelligence would not have been lured into this abusive investment ;)
Invstrat,
Absolutely genius!
Hilarious.
Great take on current arrangements.
Can't top it.
Tomorrow could be the last chance of cheap buying here….
Been a long time in coming (since 2013 in fact).
Time to mortgage the farm, dump that spare kidney, put up one of the twins for adoption……
You are deliberately missing my point.
In management terms, any option shares offered should have been a reward for performance, NOT for checking in every morning!!
Absolutely an irresponsible and cowardly way to recruit which could/would only attract the least able managers.
Just look at the results and how many have jumped ship.
Decisions we're still paying for.
And ongoing...irritated.
Look like we're in final negotiations now gents.
The Iraqi Oil Minister says that the only thing left to do is to agree on the cost of production and transportation of Kurdistan oil. Regarding natural gas, he said Kurdistan gas is 30% cheaper than imported from Iran.
"We are ready to produce and immediately export [the Kurdistan Region's] oil, which will benefit the Kurdistan Region, oil companies and the Iraqi state," Iraqi Oil Minister Hayan Abdul Ghani told US television channel Al-Hurra.
There is no force on earth that can stop the pigs from muncing at the trough, anyone who dares to do so will end up being the trough himself. They've got very sharp teeth! 📼🐗
If I'm not mistaken this is the grant that is now up for vesting:
https://polaris.brighterir.com/public/gulf_keystone_petroleum/news/rns/story/xlqod3w
2,751,974 share options were awarded under the LTIP in April 2021. Unfortunately, we are left to guess the number that have lapsed, versus those that have vested but aren't expected to be exercised immediately, versus those that will be (with the share delivery met from the EBT and this issuance of stock).
I wonder how many more nil cost options will be awarded in the next couple of weeks with the 2024 grant...
You should be far more concerned with how many, if any at all, of the 8.224 million o/s as of Dec 31 - from that portion that were granted circa 3 years ago - won't vest due to performance targets not being met and hence will vanish (allowing the FD shares o/s figure to fall).