Roundtable Discussion; The Future of Mineral Sands. 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.
Wow Genel are doing way better than that, they are recovering some of the outstanding payments from there sales volumes.
So disappointing in that regard for sure.
Oh & if anyones looking for some free money have a look at IPEL - just had an agreed merger offer worth £10.84 a share & trading under £9.50! Crazy
GLA
LOTM
If you truly have millons invested here you should be on the blower to IR and the board day and night plus have a man of your own on the ground!
No significant changes as expected, one positive is that costs are being covered and we can sit this out until things are resolved. Had hoped for slight increase in sales but as long as covering costs happy with that at the moment.
Patience is key
GLALTH
Nothing much changed, sitting tight.
This operational and corporate update outlines a comprehensive strategy aimed at ensuring financial resilience and operational flexibility. The company demonstrates a commitment to preserving liquidity through measures such as maximizing local sales, stringent cost control, and active management of accounts payable. The fluctuation in sales volumes is acknowledged, attributed to increased competition in the region and seasonal effects on crude demand.
Financially, GKP exhibits strength with a healthy cash balance of $85 million, no debt, and the ability to cover estimated monthly costs comfortably. The company's emphasis on maintaining a monthly capex and cost run rate aligns with their prudent approach to financial management.
The update underscores optimism regarding the potential restart of pipeline exports, citing ongoing negotiations between the Kurdistan Regional Government and the Government of Iraq. Despite uncertainties in local market demand, GKP remains proactive in pursuing opportunities to increase sales.
Additionally, the board's commitment to diversity targets and the ongoing non-executive director search reflect a balanced approach to governance. The pace of this process is controlled to align with the company's current priorities of cost reduction and liquidity preservation.
In summary, Gulf Keystone Petroleum's analysis suggests a resilient and adaptable stance in navigating industry challenges, with a focus on financial stability, operational efficiency, and governance considerations.
That's all for now.
ST
Operational & Corporate Update
Don't expect volumes and cash balances to have gone up enormously. Hopefully we will get an update this week which will provide more visibility. The company had at least $21 million of payables normalisation to unwind in 2H. That would leave cash broadly flat at its August level if they achieved 35k per month at circa $30/bll for Q4. Also remember that some costs are being deferred and not foregone and that, at some point, capex will need to rise just to maintain local sales. The stock is still pricing a MUCH better scenario than 35k of local sales indefinitely and no recovery of arrears.
Good point Bugsy, having these face to face meetings items like export rates (for local consumption of course), and most importantly the rates for those exports can be discussed. They have all worked together for years and no one is fooled by the antics of Baghdad. I'm actually also thinking of topping up as well because the current antics have come at no surprise to the toughened investors on this forum. Indeed its why we are here and not £5.50 a pop. How much we can make in the interim is very important right now.
They will continue to sell locally indefinitely and which will allow us to build cash reserves as the sales volume increases , I can bet they will be selling more than last published and the ruling family's will still be making a fortune , so don't see anything changing anytime soon.
It's done wonders for my average at these levels and each month that passes gets me a little closer to break even which after 14 years is a sad state of affairs yet I'm still here till the end whatever that might be.
Good to see meetings actually taking place, however its clearly not a case of contractual rights but moves against the finances of Kurdistan and deliberate moves to stop their income by Baghdad hardliners that are clearly holding sway here.
It does appear that Kurdistan and Turkey have agreement and its Iraq that's doing the holding out even though it makes no financial sense for them to do so, they don't seem to care.
Offering the IOC's terrible terms that they know cannot be acceptable in any way or form is just part of the games they are playing.
Might not have to wait too long.
Saw your comments- don't give up, wait until shares reach £1 and then buy some more, I will!
Just do one anyway, you add no value!!
Could have jumped ship while all the rats were still sleeping. Stuck here now, see no future here though, resigned, again, to watching on...
At yesterdays meetings of the, 'KRG delegation, oil and gas companies' reps address resuming oil exports'.
Gleaned from the Economy section of Kurdistan 24,
That's been obvious for a long while despite ramper claims to the contrary. They need to be paid for SOMO-sold production before they can pay the IOCs their arrears.
No IOC s getting payed this year that's obvious.
Does the Rafidain Bank understand that they can forget ever seeing that money coming back. Ever.
Any monthly interest payments will be in their dreams.
…….Unless of course the bank is owned by a leading family ;)
The plot thickens.
More back-pocket money.
The Ministry of Finance and Economy in the Kurdistan Regional Government announces it has signed a contract to receive 250 billion Iraqi dinars with Rafidain Bank.
According to a statement from the ministry, the ministry signed a contract on Sunday to receive 250 billion Iraqi dinars as a loan through Rafidain Bank. It was noted that they are anticipating the arrival of the amount soon into the ministry's bank account at the Erbil branch of the Central Bank of Iraq.
The Federal Ministry of Finance announced on Sunday that it has initiated a loan worth 700 billion Iraqi dinars to finance the salaries of employees in the Kurdistan Region.
Hit hard today back in the buy zone , Genel slightly up so specific to us.
These regular management updates are really helping to support the share price
I’m a glass half full kind of chap but even I can understand the optics of back paying the oilers before the salaries are settled. I think the best that can be hoped for is a payment plan on resumption of exports.
“way down the list” are we ?
We are the prime source of all monies flowing into the Region - whether from direct export sales or via SOMO.
Where on Earth are our charitable contributions being filtered off to then, one wonders ?