Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Great find.
Amazing op now
Phew lots of detailed stuff. Almost desperate.
@Straycat, try looking at it this way.
GKP ended up with $X of the MNR’s money while the trucking was taking place, that was not immediately transferred onwards at time T.
This gave the company a welcome and unexpected boost to its cash flow.
Subsequent to this occurring, the equivalent value in barrels has since been taken by the MNR from time T onwards until now.
Not surprisingly this will have had a negative effect on the company’s cash flow since because they cannot sell the oil the MNR took in kind.
If the PoO was constant during the process, the later effect on the cash flow would be -$X.
Instantaneous boost followed by slower recovery back to normal.
Since the company has to report in $ and not barrels, there will be a note in the yearly RNS Payments to Government.
No. Stray haș tied herself up in knots and is desperately trying to wriggle free.
I have no problem with the 6m accounts, although their relevance to this topic is immaterial. They do, however, reflect my the facts. $151m is owed. No one is disputing this. The fact that a non-cash charge, ie a partial write-off, of that receivable has been taken bears zero influence on whether the $151m has or will be recovered. Cash is king. A non-cash impairment isn't. Straycat is still getting her knickers in a twist over non-cash items in the P&L. Not the first time.
"Theatre of conflict" waffle waffle. JH tried it on and lost. Oh well it was certainly worth a crack Nigel. (A fantastic Cheezels ad.)
What is the offset?
You can't answer this question.
Once again, there is nothing that JH has been able to retain to whittle down the receivable. He was successful for a short while to the tune of $8m, but that has now been repaid in free oil. Good on him for trying, but he hasn't recovered any of the $151m and there is no mechanism for doing so other than giving the KRG grace to pay once exports restart.
The half-year results announcement got a lot of people excited when they saw the company retaining gross field sales and hence owing $8m to the KRG. Anfil was flogging this mantra heavily. "Great" they hailed "we have a mechanism to recover the $151m owed. We can continue to collect and retain more than we are due and use that excess to offset the $151m." Well that overly optimistic view has been shown to be just that. It's been shut down. It doesn't continue. There is no longer an "offset." This was, depending on the extent to which one got excited about the gross sales retention and its ability to recover the $151m, the single biggest disappointment in the latest announcement. The good news was they at least hung onto the $8m although simply they 'paid' for that via lost revenue from oil sales. (The KRG was allowed to off-take oil without payment to GKP to offset this sum.) What they would otherwise have been due from production sales was used to offset the $8m. There, the offset went the other way.
Good find.
So the US are now applying some pressure to Turkey to get the bloody pipeline open.
At last !!
The impact of higher oil prices whilst our supply is cut will push the USA into recession so they will apply the screw I think to get this sorted now
Bought at 100p
Price has turned from bearish to bullish in last hour or so
All the oilies heading north again.
Back up to £1.10 we go
All gains wiped out from yesterday. God knows what would happen if it was bad news !!
Most manipulated stock ever to mankind do these regulators look into these conmen ..
I wonder which way the SP will go once the USA Market opens
I too have topped up AGAIN
Good luck to those that want the SP to rise
@JAB & Roxi - yes like old times you both know i am out for the common man and to punish the rampers, with a few exceptions ;-)
Over n over. It's so ridiculously easy all you need to do is know a journalist or two who doesn't even have any respect and get them to publish some Trash and it pumps this up 10 or 15%
It's a plan 🤔 🤓 I don't know Genel I'm assuming the attraction is they're not just Kurd based?
Yes J-A-B , ive just sold some Genel, and bought more GKP, both in the same risk sector, but i believe GKP will Jump higher when the sector in Kurdistan moves on up, ill buy back the Genel ones later , when GKP "BOOMS"
Oh SXitt another Ramp , oops!!!
Oh and Roxi, it's like the old days 👋
Rick Rule "If you believe your investment is sound, the SP going down in the short term is a good thing, it's a buy opportunity".
Newdealz, good to see you pop up here, shouldn't you be back on the Poly Board fighting to the death with Big Blue? They've got him on the ropes 😂🗡️
Phew PUT is supporting Strays statement but can't even see why.
'Get a grip'.
Please explain to me how detailed knowledge of the half year results and what they mean, is such a problem for you.
You continually rely on the PSC and its construction to validate your arguments.
Unfortunately for you, neither the audited or unaudited accounts reflect your opinions...
That's the problem.
Don't get me wrong PUTUP, it's not that I don't value your technical input. I do.
But it doesn't substitute for resolute management in the theatre of conflict which is where JH finds himself right now.
Wouldnt worry about who to blame for the drop back to £1, Just load up and give blessings for the cheap shares on offer, imo
We all know when the Oil Pipe line opens this will take off!!!!, you either believe that it will, or wont,
However the Facts are GKP have a huge chunk of cash, NO DEBT!!!, and currently costs are being met quite sufficiently , with the rest of the revenue adding to the Cash Pile
Huge Buy!!!!!, imo
"still more buys then sells reported"
"Just look at the number of buys "
"when there are more buys then sells"
Every one of them matched with a sell.
This is dipsh*t 101.
And when it goes against you, you feel the need to blame a big bad actor such as the "MMs" (woo-ha-ha) when a large proportion of trading is just retail churn. Get a grip.
*over-collection
Straycat what's up with you today? You're way off base and wrong.
"The simple truth is we are owed $151m NET by the KRG"
Yes, for their share of production for the months of Oct '22 - Mar '23 as calculated pursuant to the PSC. Yes, they took a non-cash impairment to that receivable in the accounts.
"All I’m arguing is that offset is a simple remedy."
What offset?
Yes, they're still owed $151m. I've never said otherwise. I want them to get the full $151m back. Rather, others have believed that GKP could continue to keep gross field sales and use the excess over their entitlement to whittle off the the receivables balance.
For a short while they were collecting and retaining more than their share. As a result, they owed the KRG $8m for that overcorrection and retention.
This is no longer the case. The $8m debt to the KRG has been settled by allowing them to take oil. GKP no longer owe them the $8m. The KRG still owe GKP $151m (even if this is carried in the books at a lower value because of the non-cash impairment taken). (I care about cash.)
GKP are no longer retaining gross field sales. They are receiving only the Contractor share some of which is owed to MOL which they pay monthly. There is NOTHING extra to retain and offset against the $151m receivable. They're only getting their share and the $151m isn't being reduced by retention of other funds.
I had warned from the outset that relying on retention of gross field sales to whittle off the receivable was likely over-optimistic. It has proven to be the case.
You've gone completely off your rocker. Get a grip. FH1 clearly has no clue either. Never has.
Thanks FH1.
You just saved Sh*tforbrains from a properly excoriating response...
GKP made a strong statement that they are preserving cash and holding back on payables. Pretty clear stuff.
Dealz did you miss JH statement that local demand is high and now they are delivering through the pipeline. So don't have have the 42k truck constraint.
Also they need to fill the pipeline for testing purposes. So will need to ramp up to 55k pretty fast to sell local and fill pipe. Expect next RNS will be to say pumping at full rate.