Question is this.If this was a gonna.what would have been the point at the time they did it to increase our wi to 58% instead of 54%.surely that would have been a worthless exercise.let's see what tommorrow brings.All to play for GL
PetroMan - As you will notice, if Skinner's interpretation of the PSC is correct, a takeover of GKP even at multiples of current price will be impossible as this will result in the PSC being relinquished. Yet I am pretty sure many PIs bought into this share hoping for a takeover bid from an oil major. Some people give their interpretation of these PSC clauses as it suits them.
55k bbpd at $20 to GKP 365 days a year gives 400m revenue. 10 year thats $4bl. Now if spent another billion on infrastructure and doubled production would give $7bl. What's the problem? PIs insane if give this up without a fight.
The Devil is in the Detail for Noteholders. According to Skinner, in transfer of control situation (GKP International Ltd), PSC is relinguished. If that is the case Notes are not senior to CBs, they are actually equal. Should be ammunition for ceasefire between Notes and CBs on more equal terms.
When Shamaran did their restructuring in April, there was a super senior loan. I guess that super senior bond will probably not happen here, as I guess no one will offer Gulf Keystone more loan. In Gulf Keystone I guess there will be a D4E of bonds (at least interest claims) at market price of shares.
My guess for the coming Gulf Keystone restructuring is a Rights Issue to shareholders, guaranteed by bondholder D4E of interest claims in April and October. Possibly D4E on whole CB as well on same terms, and some options for management to ease worries about their personal losses.
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