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As predicted
Some people losing a fortune buying at high 80s then selling out at low 80s.
A moment of hype off the back of this report today - expect it down again tomorrow
Panicking , GKP rising fast as is Genel,
Happy days ahead , me thinks
And Iraq just been bombed!!!!
And another big issue, outstanding payments, who will pay that?
I think a lot of barriers to overcome and it wont be just a overnight deal and everyone is happy.
lot of paperwork , logistics to be worked out.
Black market is will no doubt be a huge loss for both parties who have enjoyed underhand profits for nearly a year.
Same, companies have enjoyed this off market sales aswell, its just they havent reported it.
So if Genel pass the oil to KRG who then pass it yo SOMO who then sell it on behalf of Iraq and pass a little back to KRG it seems likely that not only will IOCs be producing oil with a huge delay in payments but not much of the cake left for the IOCs who actually provide the investment, the knowledge and the oil!
Time for IOCs to get a better deal or just halt production and call their bluff.
Https://www.kurdistan24.net/en/story/34616-Iraq,-Kurdistan-Region-in-talks-to-resume-oil-exports,-says-Iraqi-Oil-Minister
Not only disputed the legality, they have declared the ioc contracts to be illegal and thus invalid.
Not mentioned very often ... Baghdad does not recognise the current PSCs which probably means a big potential for being shafted .... they have disputed the legality of those agreements for many years.
Https://www.rudaw.net/english/business/16042024
After meeting in US
Will iraq opening this old pipeline help genel?
Surely they should just drill Somaliland and then, assuming it’s not a duster, sell it to the Chinese, Indians or Russians. All the previous fanfare about it being the jewel in the crown of our portfolio, was it all tosh? Have they changed their mind about there being oil there? I agree it’s probably a project more suited to a company more “geared up” for operating in this type of environment, but why bring it this far and then stop?
Totally agree - been banging on about this for years
Unfortunately no great surprise to anyone invested here over the last decade or so.
All the eggs in one basket for way too long - Somalialand doesn’t look much different either!
Good article
Calling out corruption (genl mentioned)
https://www.diplomaticourier.com/posts/foreign-investment-corruption-risks-iraqi-kurdistan
I have too sold all mine at 88.
now waitng to buy back
I've also sold half from the todays drop, profit is profit! I'm with you the news is all over the place.
Took a small profit. No idea what's going on so I'll step out.... for now
Nice....I was too late !! story of my life
GENL 86p+ finish...