City this is a clear case of desparately trying to get hold the asset for next to nothing. My believe is that the losers of the court are behind this and TK predicted it. MNR have not helped either by corruption or total incompetance.
A company with such a huge asset and a producing company at that, shouldn't be anywhere near 4p.
Orchestrated for sure. Somebody wants our oil and somebody doesn't like the grubby little pi's having any of it. The likes of Durby and Helx posting absolute twaddle is a complete joke. How they can possibly try and talk down such an asset is embarrassing. I suspect they know this. This is why we all laugh at their posts.
Its like trying to say a brand new Rolls Royce is worth only £10. People just s****** at you behind your back.
We are owed millions of dollars. Wether it's costs recovery, oil sales and not to mention gas sales. I hope jf pulls is thumb out of is ar se and gets gkp moving in right direction... after all what's he done except bend over backwards whilst the KRG/mnr Rodger us. 1 yr into job and shareprice is 4p and most assets handed back because erm lack of funding. If the KRG are bondholders I would declare them null and void you can't have it both ways, krg owe us money plain and simple go back over the rns's not many payments for 21 plus million barrels of oil?
PMO view from IC - the company along with its lenders is deep into a mid year review of its bond convenant. Mr Durrant said talks have been productive "at 45 a barrel we may not need an admendment" but admitted that PMO is on the cusp and the situation is too close to comfort. One of the outcomes might invlove a partial repurchase of bonds although this would need to be sanctioned by the banks but would place a greater strain on cash. PMO needs to broker a truce with its lenders however penalty is only expecred to be a few million dollars. IC view are encouraged by managements assurance of a successful renegotiation with lenders.
Many comparisons though biggest difference is that PMO get paid. Clearly norm is to start covenant conversations a year early - so at least our bod are doing that. If PMO can be confident why cant our bod as well? If mnr dont behave professionally then really no choice but to go legal. Krg behaviour has been poor and they have done their case for independence no favors in the eyes of the international community. Lets if IMF monetary discipline can push them in the right direction.
Yes JF as shown very little leadership and commonsense, and I would rather resign or be dismissed by the KRG paymasters than behave like the board have...If the KRG wanted investment and growth with worldwide IOC's then they would abide by simple PSC and payments.
Maybe a lesson , as good as the asset is, its not in the North sea, or the US.
AS to the Telegraphs article , there is nothing of substance in it, unless one is to assume Mayfield cobbled together company of industry people is what it drives at..I dont take any notice of Peel hunt, First Energy etc.
I doubt very much the author as even studied TLW world wide operations, and yes PMO is not GKP, but having a revenue from an area of the world where contracts stand up helps.
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