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Staycat why can't GKP like Genel do a horizontal drill which was very productive, a couple of them off the same pad and a hired PF then 75K is on , they haven't done it as the KRG has got the brakes on IMO.
Bugsy,
Peel Hunt are forecasting revenues jumping from $340min 2020 to $507m in 2021.
Similarly profits are forecast to move from $109m to $218m over the same period.
If any of that's possible at all (which I doubt) it depends on GKP functioning at 75k bopd from January 1st 2021 imo.
That stretches GKP's own production perameters which suggest the move to 75k bopd will take at least two years or even longer.
And that was before the recently announced production set backs in the field.
So it looks highly unlikely that GKP will be ready to go at 75k bopd by 1/1/2021 imo.
As a consequence, how much credence you place in Peel Hunt's assessments of GKP performance must be questioned.
Including their sp valuation.
Any thoughts on why our housebrokwr has dropped our target price again ?
Really cant understand the metric they use as almost half our value is cash in the bank....and yet this field can produce for the next 100 years....
So GKP saying they have no material information is BS , which is what we all thought anyway.
Can see that GENL exec has issued some comms saying non payment is a one off and very confident will pay. Can someone call JF or Celicourt to make a similiar statement. In the meantime can BoD not take their salaries for until Jan and delay bonuses until end of 2020. Money saved should be paid to shareholders.
The oil company’s will get payed !
If they don’t they will turn off the taps !
Maybe GKP did not know what KRG would announce until today. KRG behaviour is appalling. If they have received payments then they should pay on time.
But payment news was material info and GKP said they were not holding any material info. The KRG held on to the payment news to keep the SP low IMO.
Announcing the buyback first suggest BoD are trying to do the honorable thing. That is to support the sp recognising that payment news will have been pounced on.
Interesting order for communications. First announce buyback then announce late payments. What would have been reaction if announced late payment first followed by buyback. Personally think the sp drop is overdone. The political situation between the 2 sides is improving so don’t believe that risk of not getting paid at all has shot up. Still its pretty poor of Kurds to treat their investors in this way - to be taken as credible they should honor their debts.
'Personally, I'm fine with the delay.' LOL!
You couldn't make it up.
Just the oil company of course !
Tullow is in Africa....think I'd rather be in Iraq!
What is interesting is that they have postponed payments until January , when the new CFO takes over.
I wonder if they will also pay November and December at the same time ?
I'm also of the opinion turn the taps off and remove the bod.
This would have been known about a while and another shocking tactic to drive the price down from within.
Any other business would turn the taps off, someone sold and was paid for the oil.
I hope Sainsbury have the same business model this Christmas.
Dodger, Why don’t you “ get out “ of this dysfunctional, useless outfit, and make some real profit over at Tullow, this will make you more in the next year than you will make here in the next five years.
Tullow will be sold, GKP will not, GKP is in Iraq, Tullow is not.
It’s a manipulated drop between the KRG, Management and the City
Didnt say delay was good just that hopefully its all based around new agreement thru SOMO . But avin thought about it, these payments r for Aug and Sept, so if new agreement starts Jan 2020 then we should still av recieved our payment from KRG.... and also the payments for Oct Nov Dec.... which should be higher given the higher production and POO around 60 bucks....the drop this am says it all!!... altho recovering.... GKP never fails to disappoint!!
From a business standpoint delayed payments are not good for any company but this has been known about for several days and enables them to achieve a depressed share price situation whereby they can buy more and at a cheaper price hence the buy back suddenly initiated. Transparent manipulation from both sides
How are delayed payments good for the company?
This useless Bod need to get a grip on the business and diversify if they are not selling it. Get out of the sole dependency on this crackpot country. As much use as an ashtray on a motorbike these lot!
So im assuming these payments in Jan would b part of the new agreement between KRG and ICG with the 250k bopd thru SOMO?... will this give us a better price on the sale of oil given SOMO is recognised internationally? Be nice get this agreement completed and moving forward.. can only b good for us and put the legality issues to bed.
Gulf Keystone Petroleum Ltd. (LSE: GKP) ("Gulf Keystone", "GKP" or "the Company")
Shaikan Payment Update
Gulf Keystone has been informed by the Kurdistan Regional Government's Ministry of Natural Resources that payments relating to invoices for August and September oil production, due in November and December, will be received in January 2020.