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Jim800,
Yes I'm sure they will get questions about the pipeline re-opening .... but by 10am tomorrow it will be after noon in KRG (half way through the 3rd day of the visit)
There maybe an acquisition or such like, because they didn't know this flurry of activity was going to happen when they planned this originally. So there is definitely another reason for having this investor interaction tomorrow.
What will be interest to learn is how much debt they managed to recover in October in comparison with DNO. In theory it should be 1/3 of what DNO recovered.
The legal case is only 3 months away so maybe its something to do with that as well ?
Given the stability they now hopefully have it might make sense to buy-back some of there shares with the recovered cash, given how depressed the share price is.
It sure is going to be an interesting day! :) & as you said fingers crossed
LOTM
Guess the only slight disadvantage in the timing is that they’ll get loads of questions on pipeline opening that they won’t yet be able to answer.
Presentation will be all on internal sales and debt repayment - unless they have acquisition or other location updates. Fingers crossed.
I'm not sure Genel could have timed this any better
Genel will issue its trading and operations update in respect of the third quarter of 2023 next Tuesday, 14 November 2023. Genel will host a live presentation on the Investor Meet Company (‘IMC’) platform on the day at 1000 GMT. The presentation is open to all existing and potential shareholders. Questions can be submitted in advance and investors can sign up to IMC via: https://www.investormeetcompany.com/genel-energy-plc/register-investor
This should give everyone an insight into what's happening on the ground etc, how much of the outstanding debt they've clawed back compared to DNO etc ..........
Also worth noting that Genel's share price is still below the price the directors were heaving buying at last month & is flat since September compared to the significant rise GKP has had since then of over 50%
Certainly looking forward to tomorrow now & bought yet another 6K this morning but not at a great price wasn't expecting such news to break over the weekend!
GLA
LOTM
Https://shafaq.com/en/Kurdistan/Iraqi-government-delegation-to-address-oil-issues-in-Kurdistan-Region
Shafaq News/ A delegation from the Iraqi government, led by the Oil Minister, is scheduled to visit Erbil, the capital of the Kurdistan Region, on Sunday.
The official spokesperson for the Kurdistan Regional Government, Peshwa Hawrami, said, "Federal Oil Minister Hayan Abdul-Ghani, along with his accompanying delegation, is set to visit the Kurdistan Region tomorrow."
Hawrami highlighted that this visit follows an agreement between the Prime Minister of the Kurdistan Region, Masrour Barzani, and Iraqi Prime Minister Muhammad Shia Al-Sudani to address issues related to the oil file.
"The primary focus of the meetings will revolve around the challenges concerning oil production expenses and the procedures for resuming the export of oil from the Kurdistan Region," he noted, adding that "the delegation is expected to remain in the Region for two to three days."
Oil is Iraq's most valuable natural resource. It accounts for over 90% of the country's exports and is a significant source of government revenue. The oil fields in Kurdistan are precious and have been a source of conflict between the Kurdish and Iraqi governments.
The Kurdistan Regional Government (KRG) and the Iraqi government have been at odds over the control of oil revenues for many years. The KRG has argued that it should have the right to control its territory's oil and sell it independently. The Iraqi government has argued that the oil belongs to all Iraqis and that the KRG should not be allowed to sell it independently.
I've actually only just seen the full RNS from DNO the other day on another BB ......
"Following closure of the Iraq-Türkiye Pipeline last March, the Company gradually reopened the Tawke and Peshkabir fields (DNO 75 percent and Genel Energy International Ltd 25 percent) and stepped up deliveries to local trading companies in Kurdistan. Production continues to increase; so far in the fourth quarter output is averaging double the level of the third quarter.
The DNO-Genel contractual entitlement, currently around one-half of volumes produced, is sold at prices that vary narrowly in the mid USD 30s per barrel, and payments are made in advance before any oil is delivered.
DNO has over the last 12 months recovered around USD 15 million, including USD 8 million in October, of the accumulated KRG debt to DNO for previous oil sales in 2022 and 2023 (in excess of USD 300 million)."
----------------------------
Look at the last paragragh, here is the key point DNO is making enough money now from advanced sales to be able to claim back directly $8M in cash of the debt owed to it by the KRG for October alone. That will be in addition to the money it should be getting in the normal course of events.
So Genel should be in the same boat, meaning it should have got close to $3M of the $110M outstanding in October as well. Given production is still on the increase its likely that they'll be getting more than $3M of the arrears back with each passing month.
LOTM
What is interesting is that Genel don't usually do quarterly updates (financials) they only do yearly & half yearly ones, if you look back through company announcements.
So why do one this time round ? unless you've got something interesting to reveal to the market ........ given everyone knows about the pipeline situation & the problems its causing etc.
Why do a presentation etc unless your maybe announcing the purchase of a new asset (long been talked about) ?
Current market cap is $270M with net cash at end of June at $153M with another $110M overdue from the KRG.
Outstanding debt of 9.5% bonds was $273M which has been reduced by $16.2M following a recent buy-back offer.
Then the court case for substantial damages is due to be heard in Feb 2024, so only 3 month's away from that.
LOTM
Me too!
I’m waiting for Tuesdays update
I honestly thought there would be a lot more buying interest in Genel today following yesterday's announcement & Tuesday just being 2 trading days away.
Clearly the directors won't be able to purchase any more shares before then, but they will as soon as the market has been updated with the numbers.
Its also worth noting the current share price is way below the price the directors bought heavily at in mid October 83p & 85.77p respectively.
So on that basis I've just bought a 3rd lot of shares 6K, as a lot of GKP shareholders will be following Tuesday's news very closely as well.
Good luck to all
LOTM
Trying to buy some more, but they want higher than the current buy price of 77p for just 6K ! & yet are happy to offer me over 76.5p for my other 8K.
So clearly there is a lack of available stock in the market even although they've been marking the pricet down heavily for several days (maybe to try & trigger stop losses etc).
So I've put in a limit order to see if that gets filled instead.
LOTM
Back in at under 74.4p for an initial 8,000
Surprised it didn't bounce on this morning's news.
Given they were more than covering all there costs in Q3 & since then production has doubled.
No wonder the directors were happy to be buying up shares in mid October knowing that news ...........
LOTM
Yes good update, importantly costs are well covered,
Decent output, getting ready for pipeline opening
Gonna be a good day
Interestingly shares were purchased on 17 Oct but I suspect his instruction was placed on 14th October, month before results.
I’d take that as a positive
Oil price hitting share price right now
GKP on a different planet lol
They’ll be in a closed period for some time so not allowed to buy or sell close to results. I think they can buy day after
What Is the Close Period?
The close period (or closed period) is the time between the completion of a listed company's financial results and the announcing of these results to the public. The close period is typically regarded as the one-month period preceding the release of a company's quarterly results, and the two-month period before the release of its annual results.
Hmm I wonder what the directors are thinking seeing the share price hit a new 52 week low ?
Buy more ............. or can't ahead of this 14th November event ...........then hit it ?
Doesn't fill you with confidence given GKP has held up much better than GENL recently.
LOTM
Bahrain has recalled its ambassador to Israel and decided to halt all economic ties for the time being, according to a statement published on Bahrain’s lower house of parliament’s website
Looking forward to a drill date being set in Somaliland., on a success case would be transformational for Genel, and hopefully a farm out announcement in Morrocco
Some more today, think we are on the cusp of news updates.
Its been too quiet around here for a while. , things cooking in the background, ??, will Bilgin move to 30%???
Takeover bid?
To be held via investor meet 14th Nov.
Some news? Good news? More bad news?
It looks that way, maybe they are trying to get it done before the court hearing in Feb, Backed with Turkish money it could be payback time for GENEL with court ruling in Favour of a Turkish backed legal case against KRG /IRAQ
Tolga Bilgin (49) and Hassan Gozal (49) both went to Bilkent University, same course / same time - Friends ? Business collaborators ? Mmmmmm
HG - 17% ownership, TB - c25% ownership, Turkey Bank - 20% (shares held by HG/TB ? Or by other contenders like Vidat Bilgin (TB uncle)
So in reality 62% minimum of Genel is owned by small group of individuals and two of them HG/TB some say opposed to each other or is it smoke and mirrors seems to be like Siamese twins.
As to me there looks to be a low ball buyout of Genel ongoing - with a little help from Turkish Government, extending pipeline shut-in gives them longer to acquire even more on the cheap
All the above just summations 2+2 and all that can be anything but seems to smell like 4 to me !!!!
No news anywhere on the pipeline,is this going to drag on for another few months,so a year without full production when oil is climbing each day
Continuing from my post's of 8th October ......
Bilgin Grup Doğalgaz A.Ş. latest purchase of 2,976,747 brings there total holding to 68.304M shares or 24.372% of the company.
It also takes there average purchase price for all the 5,782, 146 shares they've bought in 2023 to £0.978
It's also close to what I was suggesting they do in my last post on this thread!
"I'm a little surprised Bilgin Grup Doğalgaz A.Ş. hasn't been buying any more in the past few days to average down on those 6 decent sized buy's ! I mean 3 Million more would bring the average to under £1 but at the same time put them close to 25%"
LOTM