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Why such a drop?
Https://www.hknenergy.com/wp-content/uploads/2023/08/HKN-Energy-Update_Aug-2023-v2.pdf
Link?
It is on the HKN website
Yes, you're right. I can't see that replicated on the web anywhere. The language does not seem appropriately toned either.
If the contracts are done then it'll go down 70%
Literally priced in now that oil won't flow
200 million mkt cap, they have 90 million and are owed 150
BB, you refer to the HKN 'update'?
And no end in sight.
PSCs are done because they can't afford them, but without the PSCs they can't produce enough oil to get revenue from the federal government. What a mess.
You must be VERY careful about believing such postings!
I went to the HKN website and you will find nothing about any such announcement.
Let the buyer beware...
Sniff_the_tip: 7 August 2023
HKN Energy Ltd. (HKN) provides the following update on opera�ons, financial posi�on, and recent events.
Iraq Budget Law
• Kurdistan Regional Government (KRG) officials have expressed their view to industry par�cipants,
including HKN, that the recently enacted Iraq budget law will not provide enough funding for the KRG to
meet its financial obliga�ons, including those contractual obliga�ons under the Produc�on Sharing
Contracts (PSCs).
• Earlier this week the KRG received partial funding of $457 million from the federal government of Iraq. A
KRG spokesman commented that the KRG needs $698 million to make its required monthly payments
for government salaries and pensions.
• The Iraq budget law requires the KRG to deliver a minimum of 400k bopd to the Government of Iraq
(GOI) in return for rou�ne monthly monetary transfers from the GOI to the KRG. Such transfers have
historically been based on a percentage of actual expenditure and not �ed to oil sales volumes or oil
price.
• The KRG has appealed to the Iraqi Supreme Court claiming that several articles in the Iraq budget law
are unlawful and unconstitutional.
Iraq Turkey Pipeline (ITP)
• HKN has little confidence that the ITP will open soon.
• If and when the ITP opens, it is unclear whether the KRG could provide commercial assurances to oil
producers sufficient to achieve a production level of at least 400k bopd; the impact to KRG monthly
transfers from the GOI is unclear if the KRG fails to deliver the minimum volume commitment
Single pound trades... bxsterds
Been here before. I'm sure I'll be making money from others misery.
after 14 yrs i've had my lot with this share. i know todd kozel wasn't perfect but he gave everyone invested at the time the chance to make a fortune. unfortunately for me i was greedy and got wiped out. i am not prepared for that to happen again and so i've just sold. if the pipeline opens soon there may be some hope provided the company gets paid of co****. good look all remaining investors hope your time will come.
No one will buy this because there's zero certainty in the integrity of the contracts. The contracts are what matter. Whether exports resume this month or next year doesn't really matter.
At the current SP a takeover bid will come in soon
Wouldn’t be surprised if it came from Turkey for the entire control of the field and pipeline, that would put them in a very controlled and oil independent country
Just returned from a short holiday to ? Can anyone in a few words say what happened today?
Anyway in the manner of doing what I do, sometimes right, sometimes wrong, I’ve taken this opportunity to buy GKP.
Was that stupid or wise?
I don't necessarily believe that Q4 23 is the deadline.
Q1 2024 is my assessment.
But I do believe that the oil will flow again. Obviously.
In the interim we'll get punished.
And there may be a question about financial support. Whether it be rights issue or private investment.
But for me the bigger consideration is whether to buy or sell, and more importantly, when?
I think I'll stick around a while...
Market have over reacted today, this is truly a bargain price. Buys will return soon
Many do not believe now it seems
Panic creates opportunity. Stock is cheap again (even writing off receivables) if you believe oil will flow in the 4Q '23.
Itsaponzi,
Relax.
The oil will flow again.
Maybe there will be a rights issue, probably not.
But the oil will flow in any case.
The terms of engagement are changing between GKP and their Masters.
That's all.
We'll just have to chin it.
Agreed
Putup $82m left then !! 13 months survival left then at $6per month .
Still some breaching room lol