Well we knew it was coming, same ol same ole, excuse before a payment is due and conveniently 500 mil dollars. Well I wonder which Swiss bank account this will actually end up in? No the pipe line robbers I expect! NOTHING CHANGES DOES IT !
BIRs? They still exist? I thought they expired some time ago.
Lets face it, SH and SA are the same block. It was suggested via the typo of 'Shaikan Adi' some time ago in a presentation, and has since been casually confirmed as being true. Its just one massive block, end of.
Either way mate, its all smoke for now. What we need is a cash injection to the tune of 3 figure million dollars, you get me?
Don't forget that either the KRG pay Gulf the back-costs on the BIRs (and the new owner of the BIRs then has to pay their share of capex going forward) or the BIRs expire. In which case Gulf gets the BIR percentage (working from the fully-diluted 54.4% level) and can then sell them if required. In that latter case, Gulf would be farming-down about 20% of its (increased) position, and still be at the 54.4% level!
The interconnectivity of Sheikh Adi and Shaikan (plus the intended location of the SA surface facilities within the Shaikan block) surely eads to unitisation at some point.
Without payments commencing in sept this share is going nowhere until barrel prices start going the other way. Only my opinion for what's its worth,but this is the only logic I can apply!!! Oh or a big blue chip thinks it's worth a pop gla here's hoping for any positive!!!!!
Its the only option for me now really. No more cheap share issues, no more rushed/bodged bond deals. We need a cash injection which will keep us safe for years, not a few months like the recent Mickey Mouse share issue which sold 10% of the company for peanuts, for the sake of 2 months of operating costs. The KRG are clowns. They had no right to be asking companies to invest what will likely be about a decade of time and money, via listed companies not private ones, into funding their nation's push for independence via free oil. They've delayed paying a cent for as long as they can and need to get their acts together right now. I guess its catch 22, but its just not on really. They take plenty and give nothing back. All the pap about being partners etc etc, its rubbish for now, and is one sided money grabbing. Sure, one day things in the Kurdish region will be doubt flourish, but that time is some way off really.
Get 25%/30% of the company sold to a supermajor for about 250 million dollars, and put all this drama and worry over going broke to bed. Its a cheap fire sale really, but would give us the ammo to pay off debt, leave us well funded, and safe under the arm of a company who knows what its doing. Then the other 70/75% can come good in its own time for a decent price.
Wrigster Chand 76, . I Agree a farm out is my favoured option right now. Agree a major will want operstorship in Shaikan with a farm-out. I Wonder though if a unitisation of Shaikan, S.A, and possibly other fields given discussed potential connectivity is being concurrently reviewed by majors which certaily will slow the process of farming out acreage. They may want to fix everything in one go. Either ways i think long term it look s good.
The Ministry of Finance and Economy in the Kurdistan Regional Government, Tuesday, that the oil export revenues for the month of July last not deposited in the bank account, as demanded Ministry of Natural Resources to clarify the subject, invited the members of the Kurdistan Parliament to follow it.
The director of relations and media at the ministry in a statement "until the date of issuance of this clarification; any amount from the sale of oil money has not been filing over the past month in the banking to the Ministry of Finance and Economy account in the Kurdistan Regional Government, both within the Kurdistan or in the State of Turkey."
The ministry felt it necessary to issue a Ministry of Natural Resources for clarification on why not to send that amount of money to the account, and pointed out that "the doors are open to any inquiry from the people of Kurdistan, and any amount placed in the ministry account the means to inform the announcement of his people."
In conclusion, the ministry called on parliamentarians Kurdistan to "follow up the fate of Aaijaddat oil exports for the past month."
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.