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Exceptional volume alongside a falling price will most often signal that negative news will follow, and of course high volume with a rising price presupposes positive news.
A late Monday trade, probably a sale, of 100 + k was fortunate* for who ever it was,. ( * corruption is not limited to the 3rd World ) however, some late trades came in today that look more promising, including 584k @ 108 and 250k @ 100. I hope they know something positive, that said, if the price does recover on Wednesday morning questions should be asked.
I think we who know know that this is the long game which these bright tribal bullies are working towards.
Can we meanwhile demand that our invisible BoD take our debtors to court as the managers of any small company would already have set in motion - to fullfill their contracts of employment ?
No !? …….Maybe best to lay low and assist with the winding up/fire sale.
Jenalehman
What low ball offer, clearly pipeline issue is big, by the time its back up gkp can lose significant value.
The only noticeable change has been a new NED in the last 6 weeks...
Are we about to be taken for a very lowball offer...
That's a lot of volume on the back of readily known news?
And pesky MMs? I don;t know what's going on.
Praying this is good news coming down the pipeline...
The answer is in my 17.29 post below.
BoD will be protected well into their next top management positions by their copious End of Company bonuses after this debt free joke of an ‘oil company for dummies’ is despatched to the fire sale.
Wonder who in the KRG hierarchy picks us up for buttons ?
The Barzani family will end up with this at a bargain price.
Yeah, ours isn't crude quality, so I can't imagine we have the same demand, and the local market can't partially satisfy all the regions oilers.
HKN is currently limited to the local sales market in Kurdistan at a net-back price below $40/barrel (Sarsang oil quality is roughly equivalent to Brent crude quality). • During the 2nd quarter, HKN sold an average of 13.7k bopd at an average net back price of $41.47/bbl, generating revenue and cash payments of $19.9 million, net to HKN. • The domestic market for crude oil sales is inconsistent, varying week-to-week. As such, future local market sales (volumes and prices) are unpredictable.
Many of us messaged GKP asking for this pending resolution of this mess.
Did they listen?
I grabbed a few near the bottom today for what was supposed to be a day trade, then something else came up and I’ve still got them so newbee I hope you’re right and I can sell in the morning before the wife notice’s my transactions.
A lot of stop losses will have been hit in the 100 to 82 range as well the mms know what they are doing.
-25% drop at one point.
No RNS in sight.
Total silence.
Iraqi and Kurdish muppets; GKP employees the same.
The only solace is the CEO, Chairman, board and Investor Relations including Aaron Clark will soon be out of a job it seems.
I think people will buy in at open tomorrow for day trades. Expecting to hit £1 and potentially hitting 110p in the day.
Let’s start the day trading games!!
Font forget the 120 odd million we are still owed....that the oil has already been sold for , I wonder where that has gone.
From a glance at HKN , they have 20m cash and i think 100 to 120million debt . Bonds maturing in March 2024 or 2025 ( unsure ) . Although HKN will probably come up with something given they have several other businesses. GKP have no debt so why they are being punished so hard today is unclear. Any excuse to instil doubt in LT retail holders is the guess . Its been going on since the day they struck oil in 2009
$6m cash burn per month.
$93m in June.
committed remaining expenditures $20m - $25m
$93m - $25m = $68m
$68m = 11 months worth of cash burn.
remember, they currently have 0 debt. I'm certain they'll secure a RBL facility on that vast amount of oil in the ground relatively easily. Balance sheet is pretty solid, that's just not the concern at the moment.
It's getting the oil flowing again.
Sat, til the end of 2024? How do you get that?
The HK Energy report was released yesterday. GKP released an RNS today. Nothing has changed. Still same info that we have known for weeks.
In fact, HK Energy sound like they're in trouble looking at the balance sheet. GKP are pretty rock solid from that viewpoint with no debt, plenty of cash and massive receivables. Enough cash in the bank to see us through another year for sure as Capex has bene slashed. This is a sitting duck at the moment....
Check out https://www.hknenergy.com/investors/reports-presentations/ and look at "Reports"
As per RNS today. They are going ahead and holding the investor presentation on 31st August 2023 and will discuss the FY results. Clearly there has been nothing new or material otherwise it would have been reported today within the RNS. I think a large seller caused the initial drop, paired with panic selling.
We know the pipeline is closed and they're working to sell oil via alternative routes. We also know the Turkish FM is visiting Iraq this month. The pipeline will open eventually in a few weeks as it's in the interest of both sides.
The lower this price goes, I can see an offer coming in for the company. ZERO DEBT, 817m/bbl of reserves and enough cash to run till end of 2024. The company is financially sound and in very healthy shape considering the situation. No raises required.... just a little bit of time.
The really sad part, is the loss of human life both USA ,UK and many others in the so say liberation of the country back in 2003 from Saddam Hussain to what end purpose ? like so many wars, Ukraine being an absolute classic example.
If USA leaving Syria and Iraq, last bases in Erbil, where does that leave us
'No 400kbopd no budget money what's the implications to thr kurdistan people going forward.'
They went years without receiving any money from Baghdad. Difference was, they had an outlet for their oil through Turkey and had buyers waiting for it Ceyhan. Then the International courts came for them...