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CCC, equally there are many forecasts that OP may go much higher. It's not the macro issues that concern me here. It's not the macro issues that have just caused the SP to drop 10p in 30 minutes. It's the micro.
Macroeconomic issues will always cause jitters, especially since the cheap cash honey moon is over.
You could balance up the eye catching oil price predictions to the downside, with the previous days eye catching headline from JPmorgan which they outline an upwards risk on the PoO of $380 a barrel...in reality, something in the middle of those ranges is most likely
Afternoon C...eye.
It is not just the Court ruling the markets can use, keep an eye on recession fears, already reports saying oil price could dive to $60 pb by end of year and $45 by 2023, all if and buts i know, but one to watch closely, general markets already showing signs of the jitters.
And there goes the SP. No one should be relieved about the hiatus in resolution with Supreme Court, as it gives the MM's all the uncertainty they need to take this up and down (emphasis on the down) for as long as that lasts.
Yes, the "news" report raises more questions. 6 to 17 months seems an odd period as does naming three companies which will not be treated as the rest.
As always, we will be the last to know, so perhaps don't even attempt to piece anything together as it is pure conjecture.
The usual GKP fun then :)
Until the reasons are confirmed by the Iraqi press (even then add a generous pinch of salt) we simply don't know why the 3 companies have been split out. I am a little suspicious as to how specific (without it being specific) the 6-17 month quote is though.
Hi C, no, I think you misread my post, I meant that the NED appointment was just another GKP "ism" that I didn't fully understand the reasoning for...just as I don't understand why GKP would be specifically names and called out in a communiqué differentiating it from other IOC's.
ademcg, absolutely nowhere! Why would you believe a new NED with experience in Bermuda would, in any way at all, and within a week, be able to move and shake matters at the height of the Iraqi Judicial system?
Some of the leaps people make around here are worthy of Finn McCool and Benandonner.
“ Why GKP get a 6 to 17 month reprieve”
GKP must be co-operating with Baghdad. It’s in their interest to keep on friendly terms with them.
Why GKP get a 6 to 17 month reprieve and where does the appointment of a new Bermudian NED with to join a team of auditing and risk management fit into this?
Mrs Mwaura has over 25 years experience in the financial services sector with extensive experience in both executive and non-executive roles, including Audit Committee membership. Wanda is a qualified accountant and was previously a partner in Ernst & Young (Bermuda) and the Chief Accounting Officer at PartnerRe. She is now a non-executive director of International General Insurance Company Limited and a number of private companies including Clarien Bank Limited as well as Executive Director for the Bermuda Public Accountability Board.
Mrs Mwaura has a Bachelor of Commerce degree from Dalhousie University, Nova Scotia, and is a member of the Chartered Professional Accountants of Bermuda, where she resides. Upon joining GKP it is proposed that she will also join as a member of the Audit and Risk Committee.
'GKP are smart enough to know that co-operating with the Iraqi Oil Ministry is better than going against them. GKP have come such a long way over the past few years and has incredible potential to go even further. It would be a mistake to lose it all by being loyal to the KRG.'
Wot? You understand the KRG have the ability with the flick of a pen to take this single asset company's single asset from it and make it a single asset company no more? In fact, a company no more.
Do you think Baghdad would, (if it ever gained control of Shaikan) hand lil ole GKP this field back?
Hmm targeting Chinese companies. Wonder if US Embassy staff have had a word with Baghdad and told them to get their act together.
Addax Petroleum are a subsidiary of SINOPEC Group....hmm
GKP are smart enough to know that co-operating with the Iraqi Oil Ministry is better than going against them. GKP have come such a long way over the past few years and has incredible potential to go even further. It would be a mistake to lose it all by being loyal to the KRG.
“Looking ahead to the remainder of 2022, we remain focused on delivering gross annual production of 44,000-50,000 bopd by bringing SH-15 online in Q2 2022 and optimising production with a well workover programme.”
“Submitted draft FDP to Ministry of Natural Resources in November 2021 comprising plan to increase Phase 1 gross production plateau to between 85,000-95,000 bopd while eliminating routine flaring”
"GLA LTH GKP are the safest Company in the Kurdistan region high in the Zargros Mountain range, well out of the reach of Baghdad"
I have read some comments over the years............ but yours is definitely right up there as being one of the most daftest.
always more useful to cite or include links guys....
http://www.nrttv.com/EN/detail6/3875
its because we are the Jewels in the Kurdistan region, and we will never be given up by the MNR , NEVER!!!!!
GLA LTH GKP are the safest Company in the Kurdistan region high in the Zargros Mountain range, well out of the reach of Baghdad
Not sure why Addax Petroleum, Gulf Keystone Petroleum, and ShaMaran Petroleum Corp are separated from the other 4, but it looks like GKP have a bit of breathing space for the time being and will find out today's ruling once the details are revealed on the main 4.
BAGHDAD COURT ISSUES RULING ON FOUR OIL COMPANIES
PM:09:04:04/07/2022
184 View
SULAIMANI — A court in al-Karkh, Baghdad, issued a decision on Monday (July 4) on four oil companies operating in the Kurdistan Region, a source who attended the proceedings said.
The source told Voice of America (VOA) court held a special session on the case of the oil companies working in the Kurdistan Region that have contracts with the Kurdistan Regional Government’s (KRG) Ministry of Natural Resources.
The source noted the court’s decision was in the interest of the Iraqi Oil Ministry, and that the court did not reveal the ruling.
The court’s decision involved four companies: DNO, Genel Energy, HKN Energy, and Western Zagros, according to the source, who said the ruling was delayed for three other companies.
These three other companies, that saw a verdict postponed for six to 17 months, were Addax Petroleum, Gulf Keystone Petroleum, and ShaMaran Petroleum Corp.
The KRG’s Minister of Natural Resources filed a civil suit against the Iraqi Minister of Oil on June 5 for sending letters to oil companies working in the Region calling them to appear before the court’s sessions.
A statement from the Ministry of Natural Resources noted the companies summoned to the court included DNO, ASA, Western Zagros, HKN Energy, ShaMaran Petroleum Corp., Genel Energy, Addax Petroleum and Gulf Keystone Petroleum.
The ministry’s statement called the act of the al-Karkh Court of Investigations an illegal decision made by the Iraqi Federal Supreme Court to interfere with the rights of companies with contracts with the KRG.
The statement charged the "so-called Federal Supreme Court” with issuing a politically motivated decision in February aimed at overturning the 2007 Kurdistan Oil and Gas act, and declared no court in Baghdad had the authority to make such a decision.