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I think we're going to see 80p this afternoon
GLA
LOTM
I’m not a share buyback fan unless they are likely to be value accretive. There seems nothing to lose here. Buy the shares. Or lose the capital anyway if hope drains away.
Hi PhilMin,
They could possibly restore the $25M dividend that they intend to payout annually.
However given the current share price it would be much wiser to spend such a sum on a share buy-back at the current ridiculous share price. As there not likely to get such a chance again in the future.
The sooner the better might be the right phrase for it given the court case starts in Feb & a result there would change the whole complexion of things.
GLA
LOTM
Would the income lead to dividends being paid sometime soon ?
Interesting to note the price of the outstanding Genel Bonds is on the increase.
I wonder if the company is spending those profits buying in the bonds on market & thus reducing there future interest payments.
I guess we'll find out when they give us the yearly results.
LOTM
Smart move would be to sell GKP and buy GENL, more news incoming soon in GENL
Very surprised that DNO didn't give a further update on what's happening with regard to the overdue amounts.
They managed to get back $8M in October (which meant around $2.9M to Genel)
Never the less the bank balance is growing & its obvious they are the ones pushing GKP out of the market due to the better quality of the oil which is easier for the refineries to process.
GLA
LOTM
Nice update, during closure were still making a nice tidy sum into the bank balance, just over $10 Million profit in over 3 - months, with low expenditure costs we can sit this closure out for quite a while yet,
Strong Buy at current levels , imo
Can some explain please?Today 11:42
There are so many bloomin articles on this I’m completely confused.
First we were asking for market price to be paid
Then government said they wanted profit share
Now Baghdad is taking of paying only $8 a barrel. Why would we sign up to that?
So if oil price rose to $80 a barrel from 70s now we wouldn’t gain anything?
GENL SP is going to Booooooooom up soon and oil price is going to go much higher
Watch this space
DYOR
Statement in HY results
“ Given the $170 million impact so far that the lack of payments and revenue is expected to have on our liquidity at year-end, and with no clear line of sight on when either pipeline exports or payments will restart, we have taken the decision to suspend the dividend. We remain committed to building a business with predictable, repeatable, and diversified cash flows, which would ultimately support the re-establishment of a dividend programme.”
Can someone remind what the dividend situation is for genel at the moment?
I'm assuming it's paused for the time being. Is that correct?
Yesterday was the market being stupid.
At current prices I find GENL more interesting than GKP. With GENL you get 3 catalysts :
- they not only mostly cover costs, but they are recovering arrears. they may exceed our expectations there
- the arbitration case in 2 months
- and of course that old pipeline thing
I don't even care about Somalia or Morocco at this point. It's priced at 0!
Here's a thought for everyone .........
Was the GKP November production number down because they were squeezed out at the time by DNO/Genel upping there production substantially from mid November ?
And the slight rise in December is the market starting to adjust to more supply at cheap prices compared to where they would be on international markets ?
If so then Genel's share price shouldn't have reacted as it did yesterday.
GLA
LOTM
Seems like it was the GKP update (which was not bad either). I bought 3000 more GENL at 66.6p, missed the intraday low...
What was so bad today?
Just the transfer RNS?
Anyone know?
Hi LOTM, I decided to stay in it’s brought my avg down, happy to wait and see what next week brings (if anything!).
I've been out for a while, but am now back in at just over 70p as I got bored with watching a legacy chunk of LLOY going round and round. Seems promising but GENL will always find a way to postpone the upside, but I am sure it is there somewhere.
Hi Morbox,
I did the same (bought more this morning at a not very good price compared to 69)
So I've sold them this afternoon for a tiny profit, as there are games a foot .......
2 of the last 3 days trading have ended with a big up & a big crash, so don't want to get caught out.
I've put a limit order in, in case it goes to 69p again.
Good luck with what you choose to do with your's
LOTM
And there it goes! oh well...
I added this morning, probably drop even more now!
Yet another 52 week low hit today.
Under performance compared to GKP is unbelievable right now
GLA
LOTM
I also suspect buying in the background and IMO we are way undervalued. The average closing price for the 4 weeks prior to the Iraq KRG meeting that caused shares to rise to 93p was 83.2p for Genel (this 4 weeks also included the 3 week close period before our Trading&Ops report).
The same 4 weekly average for GKP prior to the Iraq KRG meeting was 119.71p
Following lack of progress on the pipeline this week GKPs has pulled back from its highs to an average closing price of 128.88 over the last week, but still notably higher than before the meeting. Whereas Genel's average close price over the past week was only 74.7p, way lower than the 83.2p before the meeting!
That is in spite of directors buying 2,976,747 at 83p and 107,000 at 85.77p just before the close perod and a recent broker coverage starting with a 'hold' and price target of 95 pence as posted by #LOTM-13 .
Although Genel is heavily exposed to Iraq, lets not forget, it does have other “irons in the fire” in Somaliland and a farm-out in Morocco.
Apologies if already posted but I don't recall seeing Malcy's(oil analyst Malcom Graham-Wood) comments, for what its worth, on the Marrakesh Oil and Gas Summit held at the end of October ;
“Genel has highly prospective offshore acreage and is committed to farming-out some of its project, attending the Summit and with excellent presentations would have clearly benefited from being here, they have undoubtedly drummed up further interest in front of a very large, sophisticated international audience.
Genel were well represented in Marrakesh, Gavin Elliot, Exploration geologist gave a case study entitled ‘New data, new plays and new ideas in a proven petroleum province; Lagzira, offshore Morocco. At the following panel discussion, his colleague Mike Hohbein, Asset Manager Africa, Genel spoke on the ‘Particularities of Moroccan subsurface and the opportunities for collaboration with international partners on research and development of new exploration technologies’.”
It was a closing auction and got settled though so shares changed hands at that price ....I do think the only person who would be soaking up that kind of sell is the director who was buying...is this being taken over?