"Iraqi minister sees deal within days to resolve oil export dispute
Wed Apr 9, 2014 8:08am GMT
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ANKARA, April 9 (Reuters) - Iraqi Oil Minister Abdul Kareem Luaibi said on Wednesday he expected a deal to be reached within a few days to resolve an oil export dispute between the central government in Baghdad and Iraqi Kurdistan.
Speaking at an oil and gas conference in Ankara, Luaibi also said he expected oil flow in the Kirkuk-Ceyhan pipeline to resume within one week after it was halted at the beginning of March. (Reporting by Orhan Coskun; Writing by Daren Butler; Editing by Dasha Afanasieva)"
Good - funding completed and with only $103m needed to service the worst case scenario this means that we are fully funded going forwards.
The 40m warrants when exercised will just about furnish the interest payments.
In the meantime there is £850 m to be recovered through cost oil, £5m outstanding from the court case. Payment for oil already shipped $20m , Backin rights outstanding and upgrades likely from Akri Bijeel, Sheik Adi and Shaikan 7.
Plus a VERY INTERESTING clause in the Bond issue states that on achieving a farmin greater than 40% the Bond can be re paid at a cost of 5% to the company.
I wonder why that is there! :0)
Tweeted By fishybits | Retweet Mr Roper Wednesday 9 April 2014
Dales, surely 850m dollars not pounds? Yes? I though the number was nearer 600m dollars though...
Plenty farmers in Kurdistan, should be ripe for farmin'! (I'll get my coat..)
londonfinancial Wednesday 9 April 2014
Good point Dalesman , any idea who will be the lucky party ?
bobsidian Wednesday 9 April 2014
Katsy 9 Apr'14 - 09:45 - 351206 of 351210
"I have learned in 15 years of trading, is to accept the reaction rather than pretend it isn't happening."
My issue is not about accepting the reaction. It is more about the understanding applied by market forces to the CPR. Those who have followed the GKP story over the years understood that the CPR was ultra-conservative and covered a fraction of the resource.
It is not the first time that the share price of GKP has been taken down to an extreme low on a dubious interpretation only to stage a significant rebound thereafter. It would not be surprising to see history repeat itself in the months ahead.
"...but in the mean time just accept that there are issues and Mr market is concerned by these issues."
Mispricing is a feature of equity markets. And we can see this writ large across various sectors. As extreme as are the over-valuations in the current sector bull markets so seem to be the under-valuations in the current sector bear markets. And it is mispricing which presents opportunity. http://uk.advfn.com/common/tweeted/bb/178178?xref=ADVFNPostTweet
http://af.reuters.com/article/commoditiesNews/idAFI7N0MO00320140409 My view remains that any solution now will be more on Bagdad's terms than the KRG weighted solutions we were speculating about on here a year or two ago.. Still, it would get us selling so would not need quite such strong binoculars to see profits as we do now... Hopefully before April 2017 or whenever the bonds being issued now mature... WTF knows what is going on behind this panto!
Know exactly what you mean but then hindsight and a crystal ball helps every time and I don't have either. This is my second time on this merry go round having lost a fair few quid on this share when it fell to 89 was that last year or year before. Was a sickener to watch it rise to £4 four months later the highest it has ever been. So having a second punt. You should have a wip round and pay me to go after which a massive price hike would no doubt be triggered. Only thing I know is if you're not in you can't win. It's a waiting game but for how long? Gla..
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