Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
sending a strong message to the MNR, no payments , will result in a drop of oil exports and field depreciation , broken promises are putting the MNR -KRG under immense pressure to sort this mess out , they have put themselves at the top of the most inept governments when it comes to running an economy, complete failures , imo
GLA LTH still its nice to see the Sp rise during this period of uncertainty
KRG might have sent 250 K to SOMO but they didn't hence shortage of cash . It always goes to the wire in the ME.
Op, can i reword the message, NO PAYMENTS, NO RESUMPTION OF FIELD DEVELOPMENTS.
"One active workover rig will shortly be moved for scheduled maintenance. However, two third-party rigs remain warm stacked at the Tawke and Peshkabir fields and can quickly be mobilised if oil prices climb and export payments are regularised.
DNO said a few words more, including:
"In Kurdistan, DNO has reduced the number of rigs deployed in drilling, testing and workovers from five in 2019 and early 2020 to two; THESE TWO RIGS ARE BELIEVED TO BE THE ONLY ONES CURRENTLY ACTIVE IN KURDISTAN, down from an overall count approaching 20 last summer."
(CAPS are mine)
Genl io GKP down normal service resumes.
If we had issued that RNS today we would have dropped 20%
Oh well, one day we'll wake up to an oil and gas law...lmfao.
CCC, you fail to mention the following:
“Our cost cutbacks have been thoughtful and deliberate as we moved at warp speed to preserve cash and our balance sheet,” said Bijan Mossavar-Rahmani, DNO’s Executive Chairman. “The resulting reductions in oil production especially in Kurdistan are reversible with a restart of drilling,” he added. “We have not lost reserves but simply parked a portion until the market recovers. And it will.”
GKP is currently profitable, with a large cash balance and no net debt. It has the licence (with MOL) for the biggest oilfield in Kurdistan. The major investors have recently increased their GKP holdings, and so have some PIs with whom I am acquainted.
BTW CCC , you told us a few weeks ago you had sold all your shares ? Why are you still here ?
Oh dear, and along comes surrey trying to be intelligent, you have always had a major inability to read and understand whats been posted, i said i had sold a majority of my holdings, but kept enough back just incase the price were to increase dramatically so i could come out all square.
Your an embarrassment to this BB.
Talking about intelligence CCC , you are trying to tell us all you sold the majority of your shares at the BOTTOM ?
Really ? Now that is an intelligent thing to do when you know the SP will bounce.
The facts are , far from selling , you were buying as were all the other trolls.
surrey - don't forget the £100m loan at 10% interest that GKP for some reason re-negotiated a few years ago. We are not debt free
True , but that has been answered before , the current cash position covers the debt.
Is that £100M debt repayable at any time ?
If so, it may have been a better strategy than buying back shares and leaving then roosting on the books and contributing nothing to our company.
The debt coupon payments account were equivalent to 26% of the per barrel cost for the last reporting period.
The BoD are choosing not to pay down the debt but to line the city pockets and their own pockets instead.
GKP has a net debt-free position. The $100m New Notes money has not been spent and that sum therefore accrues interest. The figures are in the Accounts. The $100m could easily be repaid. But what would that achieve? Cash is king.
The KRG owes $73.3m to GKP for November - February oil sales. Arrangements for the payment of that sum are ongoing with the KRG. In addition there is the April 2020 payment, and shortly the May 2020 payment. In total that amounts to nearly $100 million, which is the same as the New Notes. GKP will resolve this matter with the KRG.
The company is now profitable , following the recent short blip when the oil price collapsed. It can continue pretty much indefinitely until the Coronavirus is defeated and GKP can get its development programme moving.
As DNO have just said about their own Tawke asset, GKP’s oil hasn’t gone anywhere. Shaikan is the biggest oilfield in Kurdistan. Onshore, relatively shallow and not at all expensive to develop. Two or three dollars per barrel of recoverable capex. Achieving 55,000 bopd has been hampered but the path to 75,000 bopd is clearly mapped-out. Whether GKP or some other operator will take Shaikan to 110,000 bopd etc. is unknown. The IOCs look for profitable investment opportunities all the time. Major shareholders have seriously increased their positions in GKP. What other clues do you need ?
If the trolls think posting endless nonsense will make shareholders sell their shares at this stage of the game- they are wrong.
IMO
There is a disconnect between the Kurds and GKP PIs in the west, to us the Kurds may look in dire circumstances but to them it has never been better , Iran is up against a tough USA president 1st time for decades , ordinary Iraqis are trying to hold the ICG to Acc for injustice and corruption , something the Kurds have been up against for 80 years , oil production is on the cusp of rocketing ( when required ) , and ISIS in the ME have been greatly reduced . They are also courting loads of foreign interest and have the protection of the USA. Once the ICG start being fair to the Kurds then things will escalated commercially quickly IMO, as we saw in 2011.
Over $1.5 Billion to get to 110k bopd
That's OK though, it's planned out to take ONLY 10 YEARS!
$100 million notes are repayable in 2023 and cost the company EVERY year $10m in interest
True up to a point, the Iranians are hoping Trump wont be re elected in November . If not things will revert to the status quo. If he is then things will change very quickly indeed. I share your view that the USA may very well give financial aid to both parties - but at a price. Implement the Constitution.
As for the OP, once the rebalancing of supply/demand is complete we should see a serious bounce. Classic .
H1970 , yes 110kbbs a day will be expensive , because it will require PF-3 . All the more reason to get an Oil Major in to fast track it.
IMO
cash is king? It is when you are giving oil away for free.
Well Board has wasted $50m in share buy backs and also given $50m in a divi last year - there's your $100m to repay the coupon without impacting the balance sheet