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From memory none of the Gas contracts involved any form of production sharing, they were not PSCs like the oil ones, so IMO there is no evidential carryover.
zero debt but uncertainty. this is a ****tail for patience. gkp are positioned to be a cash cow! takeover and everything else that comes with it. yes it is frustrating but the lth that can see through this will benefit massively. if and when this is resolved the dividends will kick in and stay in place because i can't see any further use of fcf in this region after this episode. takeover is very much on the cards after that and that will be offered on a very healthy multiplier by any buyer.
Good times...
Maybe make it weekend specific?
IWNWTBOOTOTBHW
Its been a long, long while since we heard that infamous quote on here.....all the best of luck !
Be out of this over the weekend.
Looks like you are correct ships cook, them shorters wont be happy. Oh how my heart bleeds for them.
Absolute tosh.
Bond debt of $248m due in 16 months.
Covenants require more than a 40% equity ratio (Total assets to Total debt) AND a$30m minimum liquidity.
Net cash down $108m in the last twelve months from $228m to $120m. Suppose Genel's forecast cash flows are wrong which we both know can happen when you're 'making an argument' at Board level. $100m can easily disappear on a spreadsheet.
Repeated references to recovery of delinquent debt @ $107m as a critical part of the recovery plan, like the recovery plan might not be feasible without it.
Future investment plans obviously and hugely dependent on law suits and the re-opening of the ITP.
Please don't make me go on.
Would you invest in Genel right now?
Whereas GKP sits in the becalmed waters without the storm of debt...
DYOR.
Get out of bed the wrong side this morning P?
"Unless Weir is a special manager (which I doubt) then Genel are in a lot of trouble."
Straycat, it seems you are the one predicting gloom and doom...
Genel has a net cash position of $120 million even after reducing their debt by $26 million. Their cash burn is modest and they expect to maintain a net (of debt) cash position of at least $100 million throughout 2024. Their capital structure position wouldn't appear to be materially different from GKP's. And they face the same risks and challenges...
" incorrectly as it turned out"
Let it rip....
Istaponzi, Please refrain from making such comments without backing them up. I couldn't find anything in the Genel results stating that they don't see the pipeline opening this year.I understand one can be reported for spreading such untruths and a ban after being reported 5 times.
Https://www.iraqinews.com/iraq/oil-flows-from-kirkuk-fields-to-daura-refinery-resumed/
(aa) Why respond to (a) who is clearly an idiot that feeds off the belief that he might be able to scare people with stupid predictions of doom and gloom in the presence that he knows something that he clearly doesn’t. The short term direction of the GKP share price.
I’ve said this before, incorrectly as it turned out, but I’ll say it again, the ducks appear to be lining up and an agreement is imminent and a little more patience will be required. In the meantime I for one can only hope that idiot (a) might by luck be right and we see 90p again, the time to trade be it long or short term at a price that is ridiculously cheap.
Itsaaponzi,
Love that you have appropriated that profile.
No idea what your motives are, but Genel are not predicting gloom and doom...why would they?
Particularly with their debt profile.
Anyone who understands accounts will realise that Genel and GKP are entirely different enterprises with entirely different objectives based on entirely different financial structures.
The rest is b*llocks.
Well done.
Unless Weir is a special manager (which I doubt) then Genel are in a lot of trouble.
Istaaponzi nothing will happen. The pipeline won't open till September 2025 now!! Just sit out like the rest .
Even Genel update yesterday stated that don't see it opening this year . If true then wait another 9 months to get rid of iraq once and for all. I prefer that option now .
Possibly, but likely he will show his face make a confused speech and jet back off again, it's Blinken and his cronies that hold the real power anyway.
Biden’s off to Baltimore. The bridge might have just put a spanner in the works.
That might be one 0 too many Roxi? Still goes to show politics and politicians never really care about bankrupting a country. I've half a thought it's designed to bring Kurdistan oil under SOMO before the IRC loose their chance post pipeline contract renegotiation 🤷🏻♂️
$800.000 per day according to Genel update, for Not using the pipeline, they will soon have that fine that was issued to Turkey cancelled out at that rate, maybe the shutdown actually works for Turkey after all?.
Good artical CaptainPugWash.
Trust that our Myles Caggins has taken time to (try) to get Biden and his minions to understand that the prime motivation of these tribals visiting the hallowed White House is that of personal gains, and all the delays, broken promises (and occassional outright lies) spun out at the plethora of biscuit meetings held up to now - are solely to that ends.
What an interestin day tomorrow should be……. what biscuits will Biden serve (and have they been approved by all tribal attendees ? or a huffy, puffy walkout can be anticipated.
Yes, its as daft as that.
So much for all those insider buys....
@senator,
As I see it, there are at least our issues, not one, that are all interrelated and require resolving:
1. Approval by Baghdad Parliament to allow TR troops to be based permanently inside Iraq in order to deal with the PKK problem once and for all; the TIMZ (Turkey-Iraq Military Zone) in the Quandil Mountain Area. Although there have been Turkish ouposts in N. Iraq for years, these have all been small and mostly tied in to specific operations. The proposed and initially agreed (at minister level but without approval of parliament) Military Zone will be a major and permanent facility - a very different kettle of fish and one that will be bitterly contested in Baghdad.
2 The acceptance by the various contractors (HKN, GKP, SMN, etc) of the modified Iraq oilfield development contracts based on a form of revenue sharing. This modified payement scheme will alter (decrease) the rate of Capex return to the contractors and make it less attractive (for some) to operate there.
3. The acceptance by KRG of subordination to Iraq state marketing organization SOMO in respect of all Iraq crude oil exports to the Med via the Kirkuk-Ceyhan pipeline. Such subordination to include blend parameters (how much of which crude will make up the blend) and will change the payback parameters, reducing the attractiveness (for some) of the Kurdish plays. Control of the export meters at both the FK station and the loading- and tank storage points at Ceyhan port will also be ceded.
4. The final amount of compensation to by paid by Iraq to Turkey in respect of the non-fulfillment of pipeline agreement contract terms from 2018 to present day (ICC ruling).
In view of the complexity of the issues, and how interwoven they are, there are for sure possibilities for compromise. If history has taught us anything, however (see the mess of IR Constitution implementation), it is that simple (to understand) and straightforward (to implement) is better in this part of the world.