PYX Resources: Achieving volume and diversification milestones. Watch the video here.
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Too much talking and too little delivering ... West Africa and Southeast Asia are full of opportunities
Still no pipeline, they’ve given up on Sarta, they don’t quite understand how Iraq selling KRG oil for them will work, dividend suspended and no news on asset purchase.
On the other hand no major leaks and no injuries whilst not producing any oil.
Still curious about that 630k purchase at £1.20 back in june - already £100k down not that i doubt it matters much to that person
Doubt anyone will be surprised on results day. If you’re invested or waiting to invest you’ll know the pipeline has been closed since March.
What’s next is far more important than what has been.
No doubt that timeline will drag also - expecting a plunge on results day next week
Any details Roxi? SP seems to agree with your pint of view today.
Talks of deal coming very soon, hitting the BB,s August could be the month we finally open up the valves,imo
Yep they have taken way too long to diversify. Utterly useless mgmt.
A couple of posts with potentially optimistic outcomes.
Politicians do like to make announcements on foreign visits. If Turkey were going to reopen the pipeline then the Turkish PM announcing it in Iraq is good for PR / votes.
Whose oil is KRG passing to Baghdad in Morbox’s article? Is it from ventures where Genel have a stake, if so then limited production still ongoing so monies owing to us might be racking up.
At lease on the 2nd Genl are doing meet to company presentation so questions can be asked. Also just posted this on GKP which I got twittered about an hour ago.
https://www.iraqoilreport.com/news/krg-begins-implementing-budget-law-with-crude-transfers-to-baghdad-45979/
All fool them for never diversifying with their zero vision skills
This is big news...
#Iraqi Prime Minister Mohammed Shia al-Sudani met with the Ambassador of #Turkey to Iraq, Ali Konay. They discussed ways to enhance cooperation between the two nations and the forthcoming visit of Turkish President Recep Tayyip Erdogan to Iraq, underscoring the importance of furthering ties between the neighboring countries - statement
There is not much they can tbh. They probably announce the dividend is suspended as there is no foreseeable income.
It is just the fears we had for years that are crystallising.
I can see the share being around 50 p in the coming months (roughly cash value). The only possible up would be news (Good ones) in Somaliland .... but according to what was said before it won't be before next year, and if it is good, monetization wo t be that easy I think.
Turkey us playing hard ball, Baghdad is probably fairly happy to weaken Kurdistan etc ...
Not a very rosy picture ..
Nothing official from Genel since 11 May Trading and Ops update.
No sales, no income and I guess no production since pipeline closed. No news on cashburn or attempts to purchase their way to diversification.
Is no news better for the share price than the truth?
This is such a hard hold. 40% down on my investment, it was meant to be a short term dividend grab but it looks more and more likely that I should just dump it before the company completely folds. Anybody got any advice?
The High Cost of Iraq’s Court Victory for Oil Markets
In March, Baghdad won a nine-year arbitration case against Turkey over oil exports from Iraq’s Kurdish region. We’re all still paying the price of its victory. Iraq was awarded a net $1.5 billion in compensation by an international business tribunal, which ruled that Turkey breached a 50-year-old pipeline transit agreement by allowing crude from Kurdistan to be exported without Baghdad’s consent.
Immediately after the ruling, Turkey halted the flow of crude from northern Iraq through a pipeline to the port of Ceyhan on its Mediterranean coast.
No Iraqi oil has been shipped from Ceyhan during the subsequent 109 days, and there’s little sign of flows resuming any time soon.
Iraq’s government in Baghdad quickly reached an agreement with the semi-autonomous Kurdistan region that would see exports restart under the control of federal oil marketing company SOMO.
But Ankara has other ideas.
With no realistic alternative to the Turkish pipeline for significant crude sales, operators in northern Iraq such as DNO ASA, Genel Energy Plc and Gulf Keystone Petroleum Ltd. have had to suspend production, hitting both cash flow and their share prices.
Years ago, the companies would have been able to divert their exports to Iraq’s southern terminal at Basra. But the country’s Strategic Pipeline was damaged during both Gulf wars and the US-led invasion in 2003. It hasn’t operated since.
Already struggling to replace banned Russian crudes, the Mediterranean market has lost about 47 million barrels of similar-quality supply, forcing buyers to look elsewhere.
For its part, Baghdad has lost its share of the revenue from those sales, which are valued at about $3.4 billion based on the most recent prices for Kirkuk crude. That’s more than twice the amount it’s owed by Turkey.
Ankara wants to negotiate a settlement with Iraq before the pipeline is reopened and appears willing to forgo transit revenues until it does.
Meanwhile, everybody is suffering the consequences of Baghdad’s arbitration win.
They’ve had cash and other targets for 12 months. They just can’t get anything done. Guess any potential sellers know G are desperate and bump up prices accordingly.
Not sure I see any catalyst for Share price other than pipeline opening and a generous new deal from Baghdad (KRG owe us about £120mn - don’t hold out much hope of getting that or a penny from arbitration).
Its certainly been a tough hold , but im sure with the cash Genel have , the other targets outside Kurdistan, this is a much stronger hold than GKP , im hoping we here something this month, A bounce back to £1.50 would be a great recovery
I think both Genl and GKP are at risk of being lamb to slaughter
I’m really concerned they want the West out, the longer this goes on I’m less hopeful of a start up again
Maybe this is the answer. Very interesting
https://www.rudaw.net/english/world/23062023-amp
Must be close to opening up very soon, this is costing Iraq Billions in lost revenues, a soltion cant be far away now , imo
Looks promising for getting oil flowing again but Baghdad and Turkey making up doesn’t solve the other issues of Baghdad getting the money not KRG and then whether they will channel it to companies who are, in their view, operating illegally in their country.
Hopefully there’s enough profit there for some to trickle down to Genel but with paying of Turkish arbitration costs (for illegally exporting KRG oil), Baghdad getting a cut of KRG exports (SOMO now running the show, no longer KRG) and KRG missing out on billions over the last few months etc etc profit per barrel for Genel is going to be much lower than last year.
Tricky times and the risks of supplying a single unreliable customer all coming to fruition!
Still no news on Genel’s aspirations for acquisitions.
We might be getting somewhere
https://english.alarabiya.net/News/middle-east/2023/06/15/Turkish-energy-delegation-to-meet-Iraqi-officials-to-resume-northern-oil-export
I agree 100% with you.
It is not a very rosy picture. Let's hope that unlike what happens usually, it goes according to plan in Somaliland ... Still a reasonably long shot, I think.