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"In March 2016, as part of the Group's strategy to focus on its core assets, the Group relinquished the Sheikh Adi block and terminated the Sheikh Adi PSC. Under the terms of the Sheikh Adi Relinquishment, the Group relinquished to the KRG its right to drill, explore, and export oil and gas from the Sheikh Adi block. Both the KRG and the Group relieved each other from any claims and obligations they may have against the other under the PSC, with the exception of $10.0 million relating to reduced PSC bonuses due on the declaration of commerciality. This will be offset against the past costs associated with the Shaikan Government Participation Option."
It was $10mill.
Actually I already did some years ago, and I believe we did pay it ,when we could least afford to do so ,but I would be happy to be proved wrong ! Thanks.
"MikeyT21 Are you saying we definitely did not pay a termination fee of $10 million ?"
I remember GKP reporting that the KRG waived the Termination Fee in a RNS or a Half Year or Full Year Results, but it's best to do your own research for confirmation
MikeyT21 Are you saying we definitely did not pay a termination fee of $10 million ?
"the reason I am so interested in AB is as it was given away , and I believe we paid $10 Million to get rid of it"
Officer Figby is correct, and to expand :-
GKP drilled 2 Wells on Akri Bijeel, the first Exploration went down the wrong side of the Fault (which runs up Shaikan and AB), and Testing was unsuccessful, so a 2nd Exploration Well was Drilled on the North side of the Fault which was successful.
A Note . . . All International Oil Licences have a series of Phased or Stages to go through, Exploration, (which could involve several Wells).
Then if successful and a Discovery is declared, the next phase or stage occurs, Appraisal which delineates the "extent and size" of the Discovery.
Then the next phase or stage is entered, Development, with a Field Development Plan announced and followed. (which includes Production Wells, a Production Facility and Field Pipelines and Production)
Which all Cost money which GKP did not have in 2015/2016.
The $10,000,000 Licence Termination Fee was waived by the KRG.
All the Stages or Phases are set out in the Akri Bijeel Licence.
And from the last Satellite Imagery I looked at, the state of the AB-1 and AB-2 Drill Pads are blending back into the landscape as nature looks to be reclaiming them
JF would have no recourse but to contribute the ten mil when the MNR boss called for it as his implanted watchdog was there specifically to ensure compliance - to the letter, in all matters, three bags full.
You see, JF was not running our little company ......... wonder if he is now ?
Was Sami so p*88ed off with this charade that he voted with his feet.
Wonder what will be exposed of the various MNR goings-on by the bewigged London prosecutors?
Yes thank you guys for your reply’s , l remember it well the $10 million ect , but why did the board simply not tell them to take it out of the $100 million + that they owed us ? Was this simply bad management negligence or what ?
However to move on there s I believe a case to answer here , if AB is now proved to be profitable and the board new it could be made profitable ,they had a legal obligation to put it to all share holders to let them decide on the best course of action , whether money should be raised , by whatever means necessary cash call ,farm out ect , not to do so would be seen to be negligent by a court of law ! As they would be deemed to be not acting in the best interest of share holders !
We had to Return AB to the MNR because we couldn't afford to develop it accodfing to the PSC timetable because the MNR were not paying us fully for the monthly invoices as they claimed they need funding to fight IS and provide for 1.8M refugees (and I am still doubtfull if the full monies which didn't get to us ever got to these two causes), and yes - to add insult to injury we had the privelidge to pay our debtor $10M to hand it back !
Wonder where that Money went to ?
Genel handed back BB , now taken on by Lukoil I think ?
NB given away because GKP could afford to meet development obligations as per PSC. So had to pay PSC termination fees.
Whether or not could pay the development costs because non payment by KRG - that's another matter!
OK Thanks the reason I am so interested in AB is as it was given away , and I believe we paid $10 Million to get rid of it , under the excuse it was not viable , if it was to now produce commercial quantities of oil , this is very important as it could prove negligence on the part of the board , there are some important questions to be addressed here if this is now the case !
Thu, 04/04/2019 - 14:20
Russian oil producer Gazprom Neft has increased the production capacity of its Sarqala Field in Iraqi Kurdistan by 25% by launching a third production well, the company said April 4.
The cumulative daily oil production at the field has reached 35,000 barrels.
Gazprom Neft plans to produce 1.2 million tonnes at Sarqala in 2019, of which its share will reach more than 0.5 million tonnes.
The company participates in two projects in Iraqi Kurdistan, at the Shakal and Garmian blocks. Garmian includes the Sarqala Field.
Gazprom Neft has 40% in the Garmian Block, the Kurdistan government owns 20%, and Canada's WesternZagros has 40%.
Last year the company said it was in talks with Repsol about joint projects controlled by the Spanish oil major in Iraqi Kurdistan.
"Gazprom Neft has increased the production capacity of its Sarqala Field in Iraqi Kurdistan by 25% by launching a third production well, the company said April 4."
It’s either AB or a section of BB, I’ll see if I can find it .
The Russians av several licences... i dont know whether thats AB... im just saying these so called analysts arent worth a dot..... they av an agenda!
dodger55 The Russians have AB where did you read this ?
Exactly.. we only av shaikan... it just shows how poor these so called analysts r..!!!!! Peel hunt 2012 524p with no production, income, no clear title, and massive debt!!... dont trust them!!
I read the Russians have got AB and been pumping oil for a while now.
I just popped onto proactive investor site to read graham malcom woods words of wisdom... its predominately about solo oil in which i av no interest but mentions us and genel.... but laughably they state we still av interest in AB and BB..... this site is supposedly up to date showing correct SP and latest rns..... these so called analysts r a joke and part of the city frauds so b aware.... they were singing from their towers when offloading now we barely hear anything with all looking good....FAT MALCY, hope they charged u for two seats to get ur fat arse in!... they all av an agenda!!!
I knew of JF while at Mærsk, and took the trouble to be at his ( very promising ) debut in Paris - but have been rather dissappointed with performance and attitude to running the business since.
Was he 'GOT AT' by Hawarami and brought under Control ( clue was complying with the incredible order to take on The MP as consultant/adviser ).
The great 90% wipeout was his next milestone ( perhaps avoidable if a full CPR of Shaikans treasures had been made public and then non-risked funds would have been more forthcoming to pay off the Bonds as interest rates were based at 3% around then ).
How could he justify the bonus and retention schemes for he and his cronies gleefully announced at the time of our wipeout - that was next to criminal when we PIs had been all but destroyed.
Failing to augment any of the production targets recently within schedule, hiring in a non- compliant workover rig.
Using Company funds to buy-back shares for future rewards to the BoD......
I think that's enough to justify a large question mark over his performance here at GKP.
Meanwhile - drawing a fabulous salary, plus bonuses - and now lining up for massive payouts at point of sale.
Smacks of the good old me, me, me syndrome.
Of course these actions can only go uncontested if the majority of shareholders are behind them.
We PIs are therefore treated as irrelevant and are impotent to object or be heard.
What's he up to next, and why would Sami not go along with it ??
Equally we had him saying that core sample tests werent done on his watch!!! Doh check ya dates jon uve been here since june 2015... then the debacle last year with the promised fdp firstly by sept 2018 then to dec2018 then it might stretch to q1 2019... in which time we also had MOL state a reserves increase by year end 2018..... but nothing materialised, now if that isnt misleading the market i dont know wot is....he's either a blatant liar, incompent or both!!!.... about time he was brought to task... no more bonus ferrier!!
JF needs to be punted out the door asap.
He cannot help but lie to the shareholders he is supposed to represent. Looking through some of the missed deadlines he keeps coming back with more promises with the wistful "this was the plan all along" type of attitude.
Example is the missed 55k production deadlines which, if the initial target had been met, would have been finished now.