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They most probably don't want to damage the "prize".
Brokers pushing this now .......
See you all at 130p very soon
Didn't Dana take the KRG to court many years ago and won $1b in damages for something??
Did they ever pay that 🤔
Mates first . You would think that $100m would have been divided up pro rotta??
Gkp and Gen Dno must be expecting a payment after hearing that..
I would be on the phone ASAP to the KRG ..
I.e. @kurdistandwatch JAdams.
Looked at it, what news are you referring to?
UAE so they are treated differently I assume.
ERBIL, Kurdistan Region - The UAE-based Dana Gas on Wednesday reported that its production rate in the Kurdistan Region experienced a six percent growth amid a declining profitability for the company in the first half of 2023.
According to the report, Dana Gas saw a decline in profitability during the first six months of the year, generating a net profit of $83 million compared to $111 million last year the same period last year, citing declining Brent prices and discounts on condensate sales in the Kurdistan Region as reasoning for the drop in profits.
The decline in profitability was also due to additional discounts on condensate sales in the KRI [Kurdistan region of Iraq], where the Company began to sell to third party local buyers as other companies shut down production in the Kurdistan region of Iraq,” read the report.
The company increased its production rate in the Kurdistan Region by 1,900 oil barrels per day in the first half of 2023 compared to the first half of 2022, while at the same time reducing operation costs by 15 percent.
The report added that Pearl Petroleum, a 5-company consortium consisting of Dana Gas and Crescent Petroleum in the Middle East and three European energy firms, recently received $101 million from the Kurdistan Regional Government (KRG) to settle outstanding receivables, adding that the amount the Region owes now stands at $97 million.
The consortium continues its work in the Region and has now completed the drilling of six wells in the KM250 expansion project set in Khor Mor gas field, located in Sulaimani’s Chamchamal district.
Khor Mor field has repeatedly come under rocket attacks, reportedly by Iran-affiliated Iraqi militia groups with a spate of attacks occurring last year.
Despite the security threats on the gas field, Dana Gas last year said they would be able to meet the Kurdistan Region’s full gas demands in about two years.
The KM250 expansion project is supported by a $250 million financing agreement for 7 years announced in September 2021 with the US International Development Finance Corporation
Good news for DANA, hopeful news for GKP but last weeks results for GENL didn't mention local sales in July as I recall. I wonder if GENL being treated differently?
How come has Dana Gas managed to maintain their production since the pipeline shut-up? Which products do they sell and to whom?
Looks like they are in a privileged position compared to the others, aren’t they?
Producing and selling again is worth a whole lot more than 5% and especially so after yesterdays implosion
The prospect of a payment (like Dana) will also send this miles higher very shortly
More confident at 98p than I was at 130p!
Very pleased to see this and it needs to be ramped up further, no certainty that a pipeline deal will ever be done. Slightly concerned at the apparent nativity in the RNS statement about the pipeline prospects. company should be preparing and taking actions based upon the pipeline being forever gone as a route for product to market, build capability to sell product without the pipeline and get some control back. Amazed they have not woken up and smelt the coffee sooner, maybe finally penny dropping that it may never suit everyone to have the pipeline open as before. Certainly it cannot be relied upon not being shutdown again and again, depending upon who in the nightmare of regional dodgy dealing it suits!..
It is not like an enormous rebound. We have not even touched 1 pound.
Jeffrey if there is false hope today there was certainly extreme panic yesterday
Thanks for link though
Not new just naive.... The situation is known for brown envelopes and is high risk. I would not assume one gets paid and so do we
You new to all this? Do you not realise that Dana getting paid wasn’t expected! Gkp and Genel will follow and the market knows that will spark a 50% move given the balance sheet transformation
In the meantime, I’d suggest you quickly check out the @kurdistanwatch. Looks like more good news ahead
SOrry - Am I missing something - we have not been paid and payment is at risk still and the oil is not flowing. Just becuase someone else got paid doesnt mean we will and we do not appear a day closer to teh pipeline opening - someone correct me - false hope today?
Anyone else buy more today, average in?
Reality is the show is coming back on and when future divis return this could yield 50-100% a year at this price
Local sales should keep the cash position around the $100M mark while the muppets play their games.
If a Dana style payment is received then even better!
The carnage yesterday.
Pull your shorts up ........
Yes Itsaponzi like you I’m far happier to sit this out now than I have been in the recent past, although I’ve been a share trader for long enough to be able to sleep at night no matter what the market in any of my holdings might be, not that I was happy yesterday., far from it, although I didn’t mention this to her who spends our money( happy wife, happy life .’
Yes I can also imagine that a lot of short term day traders are taking their ‘pound of flesh’ this morning at the expense of those that panicked, perhaps these sales are holding the price down in the short term. Personally, as mentioned here yesterday, I put my money where my mouth has been for a while, and bought a lot in own my terms, the difference being that with the benefit of the information obtained from yourself and some others here, plus today’s RNS I’ve decided to change from day trader and allocate those extra shares to a longer ( not very long ) term part of my portfolio.
As I have the habit of spending winters in the sun I do hope that this can be resolved with the pipeline open and back payments being paid in part before the autumn. That being so my price target is 240 medium term + + in the event of increased production being achievable @ c 80 + bpd as stated by the company. Far more as a legal holder of a valuable asset that might attract the attention of a predator.
You’re clearly short or desperate for lower.
I’d suggest you close it or start accumulating as this will be soaring over 100p soon
Market has learnt that GKP is now producing and selling and will be on the lookout for a payment. Dana have given everyone the heads up.
Stay short though if you want to get burnt