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Totally agree.
These late payments are really bad for share sentiment. It looks like we may miss this months payments again!!
I think the company needs to update shareholders on the situation before it manifests into a bigger sell off.
I really have had enough of these shenanigans.
The minute I hit my target price I am off.
No payment no oil production.
Turn the taps off and mothball the operation till they do.
It's certainly made me think we shouldn't invest a single penny into increased production and would use any profits now to diversify away from the corruption that goes on in this part of the world.
Hi Tm,
I’m not saying I’m over the moon over it at all but just willing not to get my knickers in a twist like some due to what’s going on externally.
Totally agree we should have been paid regularly and the lack of payment has cost us all money.
As per the other poster I also feel we should be looking to invest elsewhere too as the eggs in basket thing is extremely worrying at times.
sr, I’m not buying into any of that.
The Kant agreement re payments to IOCs was within 15 days following the invoice submission. That means the Feb payment is almost a missing one and the Mar one is moving toward being late.
These are from before the Budget Agreement was signed off, have a think about the implications following from that.
How long will it be before the Budget kicks into action between the ICG and the KRG? Somewhere between this month and never.
If it does kick in, how long will it last? Between 1 month and the end of the financial year.
If the budget does kick in and was well designed by the ICG, where is the cream coming from for the KRG to repay all its debts? To Banks, trading houses, own people, IOCs?
Cash is circa $160 million, debt $100 million. With zero revenue GKP has running costs, finance costs, $25 million div to pay, cost of expansion to 55kbopd..., maybe an idea to check what the covenant is wrt the debt :)
As for the matter of harm...
the point that it wont do us any harm, is total B...ks, it is this kind of behaviour that led to shareholders getting shafted previously , if they paid on time and and consistently it would create confidence in dealing with with the MNR/KRG , we are fortunate to have a huge cash pile, but it hasn't been easy getting there, I would like to se GKP invest in another region /Country there are loads of great opportunities out there that are crying out for investment a 50-75million investment into another region would get my support , it may even wake the MNR/KRG up!!
that's the problem with having all our eggs in one basket , we are at the beck and call of the Oil Ministry
GLA LTH Take the money and invest it elsewhere, imo we've been flogging Shaiken for years now, one step forward and two back
Seems to me it would be silly if they were to pay any ioc until the money is received from Iraq. If they do pay out it proves they can cover the costs they’ve been saying they can’t cover without the agreement.
It wouldn’t surprise me if they have told the iocs what they are doing, it’s hardly like as if one payment a couple of weeks is going to do is any financial harm, we have hundreds of millions in the bank....
Late payment ruse: pilfering has it’s price - eventually.
Let’s see how the court case goes .......
The KRG are broke. They are struggling to pay the millions and millions of people in the public sector which I imagine is their top priority to avoid some sort of protest / escalation. They simply do not have enough money (partly due to the amount of corruption in country too)
Has nothing to do with the Political situation , imo its all a ploy, its not as if we have stopped exporting the oil , we do and every day some 40,000 Barrels cross the border into Turkey for export, Do you think the MNR are waiting for the oil to be paid as it boards the oil tankers, No!!
They are being paid for the exports, and this is the reason why GKP-GENEL-DNO Ect Ect , are all suffering, The MNR and KRG deliberately hold back payments to the oil production Companies because they choose to do so, simples!!!,
they are playing games with all these oil Companies and they know it , hence why the reluctance to put more cash into the exploration and production currently going in Kurdistan (or not) at the moment,
The KRG could pay all the oil Companies on time and in a regular fashion, but they are playing a political game, with Iraq , and Baghdad know this ,
Kurdistan has been running its own finances for years now without the aid of Baghdad , the low oil price hindered their expansion and get rich quick plans , while many of the Kurdistan citizens
have endured suffering and hardship, the elite at the top of the tree, have grown very rich on the back of all this oil exports,
KRG are not fooling anyone with their tactics, least of all the oil production Companies , once bitten twice shy,
the MNR are selling the oil on a daily basis, and they should pay the producers each month on time !!!, they are using us (GKP etc ) as political pawns in their gameplay,
GLA TH Hence the lack of enthusiasm in GKP-Genel etc , Maybe the can go and tap up a few of the Ministers for a few million dollars, im sure they could fund Kurdistan for a few months between them, oh to expose the wealth and money they have extorted from the region, that would open a few eyes, imo