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Thanks Everhopeful.
Surrey I can't find the post now , but from memory it said that blocks that had been handed back had being renamed and sold on again, I thought that AB was one of them. Bakrman and Akri Bjiel were both producing , I think that MOL just thought that it would take too long to get their $700 mill investment back?
If you have any actual evidence that it was sold to the Russians I would appreciate if you could post it. Or point to where it can be found.
This is not a criticism - I would find it "useful".
Thanks
The $250 notes were un-secured so GKP assets were safe from a default but the PUT option on AB dropping below 0.4% made them secure notes so the bond holders got 85% of GKP off the PI's ( only Sami knew about this ) , this was nothing more than a mugging as the notes were not due for a long time , other options were not looked at , Murray like T5 but was shouted down and he left. The mugger could have just taken our wallet but they left us naked.
Chronological demise of AB
30 October 2014
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Approval of Akri-Bijeel Field Development Plan
Gulf Keystone, an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq, notes today's announcement by MOL Plc., operator of the Akri-Bijeel Block in which Gulf Keystone holds 20 per cent working interest, as follows:
22 January 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Appointment of Chief Financial Officer
25 February2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Strategic Update
Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders.
( and below when the BH's decide that GKP have had long enough to try and sell Ab and call in their secured Bonds ,and we down the road get to lose 85%, many 100%)
12 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Notice of Meeting of Noteholders
US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655
The last three posts resonate with me . I have held shares in this company for years I bought into GKP when they were 50p, and watched them motor over 400 p 'Knowledgeable ' posters one from the Isle of Man a colonel living in London were really enthusiastic about the chances of GKP, being sold for 15 or more pounds a share. I held onto them as they went down past restructuring. Without doubt the directors in GKP didn't always tell the truth. The main truth is however I was greedy. Fortunately I only held a few thousand shares. I know others were not so lucky.
Except that AB had a name change and was sold to the Russians was is wasn't worthless after all.
Well said Surrey...It's important to speak the truth on such matters..He rants daily and it's nonsensical rubbish..Thank you again..
H1970, mindless rants are pointless.
Sami Zouari secured the $250m Notes, not the $325m Bonds. He did so in early 2015 very shortly after joining GKP as CFO in January 2015. The board would have taken the decision, on his advice.
Chairman Simon Murray was removed from GKP in March 2015 by the same players who had destabilised the company and infuriated the KRG in 2013/2014 and for the same reasons – he would not tow the City stooges line. Jon Ferrier did not join GKP until June 2015 and therefore he wasn’t part of that Notes affair. The Restructuring wasn’t for another year. In the meantime JF positively promoted GKP.
The reason for securing the Notes was the non-sale of the worthless 20% of Akri-Bijeel and the effect of that on the BER.
Sami Zouari was the author of the bonds terms and conditions and he managed to come on board the GKP gravy train after putting the bonds in place.
Between him and Ferrier , the bonds were change to be guaranteed against company assets to which then Ferrier voluntarily sold out to the city at the cost of the shareholders.
During the sell out he (Ferrier) managed to ensure that he was going to be looked after and since then has failed at every target he has set. He ignores shareholders, his reports are laced with lies, he changes the goalposts every time he puts pen to paper, his costs have spiralled out of control with zero benefit added to the bottom line for the company.
Yet he stands to be a multi-millionaire
He is a lying, thieving, incompetent fool who should not be in a boardroom.
Very well said.
Good weekend to you all, great week and nice to see some larger moves, for all of us.
Cheers :)
I personally doubt that anyone can reach any evidenced conclusions about GKP unless they study the history. When TK was in charge , the company had an excellent relationship with the KRG. The share price was about £2 with c. 800 million shares. The £4.65 peak was just a speculative fluke.
The shareholders expected the KRG to pay GKP for the produced oil. They also expected the KRG to pay GKP for the Third Party back-in Rights. They expected to sell the 20% stake in April-Bijeel. None of this happened, with MOL getting it all wrong on A-B which was then surrendered worthless. GKP were consequently short of cash. The CPR then gave conservative Reserves numbers which were based upon a much lower Recovery Factor than the actual.
The shareholders also did not expect Jeremy Asher (Tower Resources), Tom Dobell (M&G), Mark Denning (Capital Group ) and “ others “ to attempt to replace the GKP board with basically a bunch of City stooges. That move infuriated the KRG who took unspecified action to protect the Shaikan asset, ( as they told the Sunday Times ) resulting in a new GKP board being appointed.
There was then what Jon Ferrier described as “the perfect storm”. Of which ISIS and the first oil price collapse were key components . The Convertible Bonds and Notes became unserviceable, being some $625 million including unpaid interest. Rightly or not, the Restructuring was seen as the only solution.
GKP is heavily underpriced , according to the brokers , with its true value well north of where we are currently .
All we need is patience.
IMO