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Nowhere near the bottom yet, why are people still investing here.
Almost afraid to log in here of a morning as the disasters continue: watching the SP tumble, drill failures, geological confusion, POO and the ongoing insult of buybacks - which will ultimately be only to the benefit of Robin Hood and the Merry Men of Shaikan forest.
No wonder company comms are frugal - they would only confirm the worst even hardened investors could dream of.
What an unmitigateable disaster of outright earlier lies, ongoing non-achievements, broken promises, sellout, incompetence, bad luck, non-payments from customers whom mysterioulsly amass billions.
How long can this go on before someone loses patience, pulls the leaking plug, or takes legal action ?
HDD have a tiny Mk Cap £5.1 mill sales per year , but this is their arrangement for hand over to new CFO.
"The Company's new Finance Director, Simon Hallam, will join the Board on 20 April 2020 and, to ensure a smooth handover of duties, Peter Davenport will remain in place until 22 May 2020. Again, we would like to thank Peter for his considerable efforts and we welcome Simon to the Board.
There is a trail ,
"Boring Oil Co"
missing presentations, doctored presentations
a 'mugging in a alley'
the last CPR being way off most recent studies
Holders of GKP are not in need , if you have shares you are privileged . However I understand it is hard not to have a moan after 10 years of hoping .
The Kurds have being under the thumb and very P...d Off for nearly 100 years. they are not going to be in the least bothered if UK PIs are not happy with the CEO, who was ( IMO ) perfect for them , not sussed enough to see that mugging in the alley coming up . Anyone think that Ashti didn't know about the BER PUT 0.4% clause ?
JF is a decent man , not the sort to want to steer a Co and it's PIs through what has happened ( who the F..k would ? ) . His time and GKPs is nearly up I guess.
As for Todd he was going for the grand finish, had he not done SH7 there would have being just about enough cash to limp through until production payments saved us . Had the Permian come off then he'd have being a oil history hero.
JG & TP & JS were very 'loose' with the spending post Todd , JG knew he would retire so he couldn't have cared less, a better 'ACT-or' than Todd IMO.
Can't be desert for ever
https://imgur.com/gallery/gVSAXD7
Wiseman, I agree with your assessment of JF. I met him in Paris and he came across as an earnest but uninspiring type. An able administrator with good oil knowledge but lacking in the charisma and lateral thinking necessary to run a company like ours in the long run. He did seem to want to be a communicator but has just not delivered on that in recent times. I wonder if the new chairman has put him and the company in the bunker or is it that the key underpinning issues like the FDP and the PSC are not going well and therefore the fewer the communications the better?
I believe he has done a solid, dogged job to get us to where we are today but we now need a different type of leadership.
Wiseman72,
Well said - GKP certainly has been/still is - a long gruelling hard marathon, with numerous obstacles having been thrown on the track over the years, and no sign yet of the finishing line. It is an extreme test of endurance and bloody minded grit and determination to keep going - but I for one will keep slogging on till I drag myself across the finishing line - whenever that will appear !
I just hope the 'prize' will have been worth the effort !
Hi CCC
I am not under any illusions about Todd he played it to suit him but isn’t that what anyone in a senior sales position does hence the incentives for the company to generate more revenues etc etc etc.
Albeit Todd went too far with excess pay etc but he was clipped. The reality I see is that JF isn’t the type of person who should be leading a mid-size oil producer with lots of potential he is a geologist and would do just fine in the background but not leading from the front.
He is also serving his own self interest but the poor PI is not benefiting this time, give me a strong sales driven leader any day that way a lot more benefit than just the chosen few.
GL
Good afternoon Wiseman.
On the face of it, a reasonable assumption from yourself, however we need to understand that Todd played the script on behalf of his own interest and importantly for the MNR / KRG, all part of encouraging outside investment.
The near wipeout of Gulf and the negativity this story sent all the wrong signals for the oil industry in Kurdistan, ever since Jon has had his script tightly controlled, hence where we are today unfortunately, the few issues known to all has not helped the company.
I haven’t posted for a while but here goes…
In my personal opinion having been in GKP for a number of years JF is a complete disaster, he continually fails to deliver on his own targets time and again. There is so much to be positive about GKP:
- Dividend of around $50m
- Increasing production volumes
- Buybacks etc
Yet the share price continually underperforms and that for me is the responsibility of the CEO, if you look at the fundamentals for GKP we are so undervalued its crazy even based on the current conservative CPR we should have a market cap north of £2bn yet we can’t even get near £1bn. For me regardless of the macro economic environment this boils down to poor management. I invested in the Todd days and for all his faults (he had alot with saddling the company with huge debt and excess pay) he could actually sell the story, remember we reached >£3.5bn valuation when we had no route to market and producing next to nothing.
JF has never been able to sell or enthuse the investor community he is drab, repeatedly misses his targets and has been amazing lucky to land and keep his job given his performance. Yet he is still there so he is serving his purpose for the majority shareholders (II’s). I would just hope if he does not reach his latest (revised twice) target of achieving the uplift in production to 55k bopd he is shown his marching orders and he is replaced by someone who can actually be positive and sell GKP to the investor community.
I feel even if JF does achieve 55k in Q3 we are in desperate need for some influential leadership to get us anywhere near a more realistic valuation as I for one have no confidence in him or his ability to achieve this.