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"Article 13 of the Iraqi federal budget obliges the Kurdistan Region to hand over, on a daily basis, at least 400,000 barrels of crude oil to Iraq’s State Oil Marketing Organization (SOMO) to be exported through Turkey’s Ceyhan port, or be used domestically in case it is not exported"
Is this going to happen, will IOC's hand over the Oil to SOMO
sorry if already posted:
— iraqi oil minister hayan abdul ghani said:
- kurdistan's oil exports will resume soon. we have formally requested the krg to transfer the oil to the state oil marketing organization (somo) for export through the iraq-turkey pipeline to the ceyhan port.
- we have no direct contractual relationship with oil companies operating in the kurdistan region. therefore, we have asked the krg to transfer the contracts of these companies to the iraqi government.
source: *************assyrianewsnetwork/4184
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some other info from al-sudani's visit to the us:
international coalition forces brought in new military reinforcement from the kurdistan region of iraq, through al-waleed border crossing.
the convoy was comprised of 40 trucks carrying logistical equipment, weapons and closed boxes, where 15 of said trucks arrived at tel baydar base in al-hasakah countryside.
*************assyrianewsnetwork/4176
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images posted of the sumerian artifact being "returned" to iraq by the united states. it was found in the ancient city of ur, and it is a depiction of a sumerian priest.
these artifacts were buried under the foundation of the sumerian temple building to purify and protect the land.
*************assyrianewsnetwork/4171
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plus a couple of arms deals (obvs) and a $50 million loan to help finance small and medium-size businesses in iraq.
all feeling quite cordial isn't it?
when will apikur give an update?
Today, Thursday, Prime Minister Muhammad Shia Al-Sudani met with major American companies specialized in the field of oil and gas, as part of a round table held by the Arab-American Bilateral Chamber of Commerce in Houston, Texas, as part of his official visit to the United States of America.
His Excellency reviewed the government's program and its goals towards optimal investment of oil and gas, its future vision, and the promotion of further investment rounds, which includes 30 oil and gas fields and gas exploration blocks in Anbar, Nineveh, Diwaniyah, and Najaf.
Mr. Al-Sudani announced that the application time for the fifth and sixth investment round would be extended by two weeks, to give more opportunity to companies wishing to apply.
Below are the highlights of what the Prime Minister spoke at the round table meeting:
- We have developed a plan to convert 40% of our exports into oil derivatives.
- We are working on implementing a 1000MW solar energy station, in addition to a water injection project for wells.
- So far, the fifth investment round includes projects implemented by an Emirati company, Al-Hilal, and a Chinese company.
- The sixth investment round includes projects on patches and fields rich in free natural gas.
- We will sign a contract with a Chinese company to establish the Al-Faw refinery with a capacity of 300 thousand barrels per day.
___
Following on from this:
https://twitter.com/Hydikm/status/1781042307954819121
Iraq signs (https://twitter.com/Hydikm/status/1781042307954819121) with American company, General Electric Vernova, for a series of investment and development projects pertaining to energy in Iraq, most notably supplying the Iraqi national grid with an additional 3 gigawatts of energy generated from highly efficient combined cycle power plants.
No I'm not. The time to complain about the LTIP was in 2014. Shareholders of record back then approved it (not me). Now one needs to take it on the chin. Good luck b*tching about nail cost option awards at the AGM...
Does anyone know when the current plan expires? That's the next opportunity to voice concerns about a plan proposal.
…. anyone with a smidgeon of intelligence would not have been lured into this abusive investment ;)
Invstrat,
Absolutely genius!
Hilarious.
Great take on current arrangements.
Can't top it.
Tomorrow could be the last chance of cheap buying here….
Been a long time in coming (since 2013 in fact).
Time to mortgage the farm, dump that spare kidney, put up one of the twins for adoption……
You are deliberately missing my point.
In management terms, any option shares offered should have been a reward for performance, NOT for checking in every morning!!
Absolutely an irresponsible and cowardly way to recruit which could/would only attract the least able managers.
Just look at the results and how many have jumped ship.
Decisions we're still paying for.
And ongoing...irritated.
Look like we're in final negotiations now gents.
The Iraqi Oil Minister says that the only thing left to do is to agree on the cost of production and transportation of Kurdistan oil. Regarding natural gas, he said Kurdistan gas is 30% cheaper than imported from Iran.
"We are ready to produce and immediately export [the Kurdistan Region's] oil, which will benefit the Kurdistan Region, oil companies and the Iraqi state," Iraqi Oil Minister Hayan Abdul Ghani told US television channel Al-Hurra.
There is no force on earth that can stop the pigs from muncing at the trough, anyone who dares to do so will end up being the trough himself. They've got very sharp teeth! 📼🐗
If I'm not mistaken this is the grant that is now up for vesting:
https://polaris.brighterir.com/public/gulf_keystone_petroleum/news/rns/story/xlqod3w
2,751,974 share options were awarded under the LTIP in April 2021. Unfortunately, we are left to guess the number that have lapsed, versus those that have vested but aren't expected to be exercised immediately, versus those that will be (with the share delivery met from the EBT and this issuance of stock).
I wonder how many more nil cost options will be awarded in the next couple of weeks with the 2024 grant...
You should be far more concerned with how many, if any at all, of the 8.224 million o/s as of Dec 31 - from that portion that were granted circa 3 years ago - won't vest due to performance targets not being met and hence will vanish (allowing the FD shares o/s figure to fall).
"Still an unnecessary dilution though. "
What is? As of Dec 31 there were 8.224 million options o/s. That's the dilution. It was created quite some time ago. (And expect more LTIP/DBP issuance in the next few weeks.) Since they only have 200k in the EBT they need more shares and can either issue more shares (for no consideration) or use excess cash to buy those shares in the market (and not cancel them). Yes, I'd prefer the latter - and a buyback of a whole lot more than 255k shares. That excess cash isn't earning anywhere near close to its cost of capital...
PS: Deferment isn't a cut.
Still an unnecessary dilution though.
You recently argued that GKP could afford to engage in another buyback to reduce the stock available for purchase.
GKP didn't engage, choosing rather to conserve their cash at this difficult time.
But this is just bad previous management of assets.
Once the LTHs had suffered that 100/1 pain there was no need to recruit peeps who couldn't/didn't help the cause.
And then reward them for not helping!!
Absolute nightmare.
At least this Board are pitching up by cutting their rewards.
Get it?
We're all on the same ship and it's not sinking, despite previous mismanagement.
As for future share options, they will end now because GKP can't afford them, I hope so anyway!
If Erdogan/Erbil/Baghdad ruling families can all agree their respective ‘slices’ …. this will all settled next week.
Now, Where’s my Porsche price list….. ??
Looks like it could be Pivotal. on setting the scene for oil production out of the Kurdistan region, ?
with the official visit by Erdogan due to commence on Monday, it could send tounges wagging that a potential deal is about to be made,
im sure there will be a trade of between the water and the oil and gas developments to bring both sides closer together,
Tomorrow's trading could be interesting !!!!
And we are getting close to the next announcement of grants under the LTIP...
Once again, the dilution occurs from the option grants and not this issuance. Only an idiot uses 222,698,655 as the denominator rather than the FD number of circa 230 million which hasn't changed as a result of today's announcement.
Correction. Apologies.
Point still stands though.
It is a big deal because the previous management 'Restructured' the business with shareholder funds and then continued to build development by bribing employees to stick around, even though GKP was recapitalised and safe from harm.
Ridiculous.
Maybe that dilution is behind my loss so far on the shares that I purchased this morning @114. Never mind if they go down much more I’ll buy some more.
Here’s hoping that Erdogan will be smiling when they announce an agreement. If he turns up otherwise we’ll be down where Itzaponz will be rejoicing and telling us all how F****** clever he is
No big deal.
Actually 0.1%
'The new Common Shares will be used to satisfy the exercise of vested options under the Long Term Incentive Plan.'
So as I understand today's RNS, the Board have decided to dilute our shareholding by c.a. 1%.
All to pay for yesterday's mistakes and pay off upcoming options.
I understand Jon Harris's rationale given the current climate and GKP's 'little local (and continuing) difficulty'.
Cash is King right now. And GKP need to keep it safe for the moment.
So we'll just have to chin it.
However, Jaap Huijskes, the previous Chairman, has a lot to answer for
Unfortunately he's no longer around. He's left with whatever his bag of swag was worth.
Even though he was repeatedly rejected for re-election by the 80% vote of shareholders at sequential AGMs
Talk about a poor recruitment decision...
Hope the pipeline will open end of this month when it will be a year. The numerous is important in the region :)
By Mohi Narayan and Katya Golubkova
NEW DELHI (Reuters) -Oil prices were little changed after a 3% drop in the previous session as the market remains concerned about demand this year and on signs that a wider conflict in the key Middle East producing region could be avoided.
Brent futures were up 13 cents, or 0.15%, at $87.42 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded 6 cents higher, up 0.07%, at $82.75 a barrel at 0636 GMT.
The two benchmarks slid 3% in the previous session on signs that fuel demand this year is lower than expected amid flagging economic growth in China and as oil inventories in the U.S., the world's biggest crude consumer, rose.
Analysts at JP Morgan highlighted in a note late on Tuesday that worldwide oil consumption so far in April has been 200,000 barrels per day (bpd) below its forecast, averaging 101 million bpd. From the start of the year, demand has risen by 1.7 million bpd, down from its forecast in November of 2 million bpd.
At the same time, investors are discounting the chance that Israel will strongly retaliate against Iran's missile and drone attack on April 13, which was prompted by Israel's alleged killing of Iranian military leaders at a Syrian diplomatic site on April 1.
Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries, according to Reuters data, and an easing of its conflict with Israel would reduce the potential for supply disruptions in the Middle East.
Brent is now back to levels before the April 1 attack on the Iranian consulate, suggesting that the latest bout of risk premium from heightened Israel-Iran tensions has eroded," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Surging U.S. crude inventories also kept a lid on prices. Oil inventories rose by 2.7 million barrels to 460 million barrels in the week ending April 12, the Energy Information Administration said, nearly double analysts' expectations in a Reuters poll for a 1.4 million-barrel build.
Stockpiles built as refinery utilization declined at a time when processing typically rises ahead of summer driving demand in the U.S.
Gasoline stocks fell by 1.2 million barrels in the week to 227.4 million barrels, the EIA said
Distillate stockpiles, which include diesel and heating oil, fell by 2.8 million barrels to 115 million barrels, versus expectations for a 300,000-barrel drop, the EIA data showed.
A bearish EIA inventory report appears to have been the perfect opportunity for investors to lock in profits after the recent gains," Daniel Hynes, the senior commodity strategist at ANZ, said in a note on Thursday.