Agreement between the KRG and Baghdad. All over the media. Agreement warmly welcomed by the UN Secretary-General. Initial payment from the KRG to Gulf this month for exports. Regular payment mechanism from KRG to exporters to start in early 2015. Gulf owed hundreds of millions of dollars by the KRG for unpaid oil and back-costs, which amounts to far more than the Bonds. Good cash position based upon KRG paying for export oil and back-costs. Shaikan to reach 40k bopd level before Christmas. PF-1 and PF-2 enhancement work to take capacity some distance above 40k bopd in 2015. Gulf to begin extensive promotion of the company to investors. Shaikan the biggest conventional onshore discovery in 20 years. Akri-Bijeel a major asset. Simon Murray says 12.5 billion barrels Oil In Place at Shaikan, and combining this with John Gerstenlauer's guidance of about one-third recovery, this indicates 4.17 billion Recoverable Barrels of which 2.27 billion Recoverable Barrels would be attributable to Gulf. Using John Gerstenlauer's $9 a barrel post-tax figure using standard industry long-range planning oil price assumptions, a figure which was confirmed by Ewen Ainsworth, the non-discounted post-tax profit to Gulf from Shaikan production would be $20 billion. Gulf's remarkable progress in Kurdistan, and on a very small budget by international oil company standards, has been recognised by the Regional Government and other key operators there. Excalibur, Simon Picken QC and Alex Panayides were delivered a crushing defeat by Lord Justice Christopher Clarke. Lord Clarke dismissed absolutely the groundless allegations made against Todd Kozel. The sector and its investors increasingly recognises the problems associated with wildcatting and are pulling-back from high-risk exploration, making the existing discoveries increasingly important. Especially when they have relatively low capex and opex costs. What's not to like? BOOOOOOOOM!
Agree, was good news. Still a good opportunity to reduce my ave though hesitating. A couple £K will bring ave to circa 130p ( still high ) but I think within reach in the next 12 months......... Decisions decisions
lol... was so expecting it all to fall in place... novice emotions (plus I hate losing) although I did post apologies about the rant yesterday :) better out than in they say ? (I mean emotions not shares lol)
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