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From a glance at HKN , they have 20m cash and i think 100 to 120million debt . Bonds maturing in March 2024 or 2025 ( unsure ) . Although HKN will probably come up with something given they have several other businesses. GKP have no debt so why they are being punished so hard today is unclear. Any excuse to instil doubt in LT retail holders is the guess . Its been going on since the day they struck oil in 2009
$6m cash burn per month.
$93m in June.
committed remaining expenditures $20m - $25m
$93m - $25m = $68m
$68m = 11 months worth of cash burn.
remember, they currently have 0 debt. I'm certain they'll secure a RBL facility on that vast amount of oil in the ground relatively easily. Balance sheet is pretty solid, that's just not the concern at the moment.
It's getting the oil flowing again.
Sat, til the end of 2024? How do you get that?
The HK Energy report was released yesterday. GKP released an RNS today. Nothing has changed. Still same info that we have known for weeks.
In fact, HK Energy sound like they're in trouble looking at the balance sheet. GKP are pretty rock solid from that viewpoint with no debt, plenty of cash and massive receivables. Enough cash in the bank to see us through another year for sure as Capex has bene slashed. This is a sitting duck at the moment....
Check out https://www.hknenergy.com/investors/reports-presentations/ and look at "Reports"
As per RNS today. They are going ahead and holding the investor presentation on 31st August 2023 and will discuss the FY results. Clearly there has been nothing new or material otherwise it would have been reported today within the RNS. I think a large seller caused the initial drop, paired with panic selling.
We know the pipeline is closed and they're working to sell oil via alternative routes. We also know the Turkish FM is visiting Iraq this month. The pipeline will open eventually in a few weeks as it's in the interest of both sides.
The lower this price goes, I can see an offer coming in for the company. ZERO DEBT, 817m/bbl of reserves and enough cash to run till end of 2024. The company is financially sound and in very healthy shape considering the situation. No raises required.... just a little bit of time.
The really sad part, is the loss of human life both USA ,UK and many others in the so say liberation of the country back in 2003 from Saddam Hussain to what end purpose ? like so many wars, Ukraine being an absolute classic example.
If USA leaving Syria and Iraq, last bases in Erbil, where does that leave us
'No 400kbopd no budget money what's the implications to thr kurdistan people going forward.'
They went years without receiving any money from Baghdad. Difference was, they had an outlet for their oil through Turkey and had buyers waiting for it Ceyhan. Then the International courts came for them...
Just saw images of today's trades, piles of trades at 161 shares buys and sells, very dodgy
Where does kurdistan go from here!!
No 400kbopd no budget money what's the implications to thr kurdistan people going forward.
How do they pay their bills put food in their children's mouths ..
Something will have give at some point.
Seems to me Brazani don't give a fu££k
At the end of the ops update, was the following:
In mid-August, HKN will provide its 6-month management update and publish interim financial statements as of
June 30, 2023.
More pain, more detail, or what?
Just purchased at less than the price of GKP’s last 12 month total dividends. Didn’t hold the stock last year and I hope that I don’t next year. In the meantime I’ve been given some revealing lessons in Middle Eastern politics.
Are they really what they seem to be and if so why do those that populate this part of our World not kick them out.
Is this heading for sub 50p where the last bottom was at the start of covid?
Wrong Manu. The KRI is actually very important to Turkey.
https://www.rudaw.net/english/business/21052023
"........When is Erdoğan visit to Iraq due !! He is our only hope now as they could agree to disagree lol......"
Was in GKP in TK days - attended and reported on the court hearings etc - got wiped out utterly.
IMO the reason for this collapse is a deal between Erdogan and the Iraq government. They both hate the Kurds
for similar reasons - they are determined to smash the Kurds and also gain control of the oil. So sorry for the Kurdish people
being ruined by their corrupt rulers.
When is Erdoğan visit to Iraq due !!
He is our only hope now as they could agree to disagree lol.
Some brutal drop though considering we haven't seen a RNS. We might accually be trucking some oil now wouldn't that be a turn up for books.
But I'm not going to hold my breath on that one..
The KRG need to get on the blower to the Israelis again and see if they want some more cheap oil. Although, they might have to come and get it.
Markets hate binary situations. As I said a long while ago, it can get very hairy when investors face a very binary "all ok" vs "all bad" outcome. Well, it's getting hairy now.
Silver, agree completely. Dividend covered all large investors original input, then they cash in all the way back down, issue rights, and simply own more
Putup, a rights issue only suits those who can afford to participate, having been in over 15.
Not the right time for a rights issue. GKP’s cash position should last longer than a resolution, we shall see. Sadly the market is predicting something nasty.
Great time to buy , held to 46p last time and will do so again if need be.
You only get wiped out by a rights issue if you don't participate
I'm not an insider. No financial director would let this company's cash on hand decline below $50 million or so if there were options to keep it above and have more breathing room. The question is whether there is support for any options... And it takes time (months) to execute a transaction if one is possible.
Look at the 3 year graph. GKP has been on one massive pump and dump as far as I can see.