Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Kheldar. Don't know why that's a shooting the messenger issue, SOMO have been an option since the start, and legitimised contracts will do wonders for the SP, or even attract outside interests in GKP. Appreciate there's a big gap on terms yet and as I'm only a latecomer here happy to be contradicted!
Rudaw: What were Ambassador Payt's views on the recent meeting between Erbil and the oil companies with the Iraqi Oil Ministry?
Miles Cagins: Ambassador Payette said he was pleased to see the tripartite meeting to resume oil through the Turkey-Iraq pipeline, but he was aware that other discussions had to be held. The Ambassador is well aware of the Iraqi energy sector, including the Kurdistan Region; He also mentioned his recent visit to the Kurdistan Region where he saw the important level of oil investment and oil companies, and saw government officials and businessmen working on the development of the gas and oil sector in the Kurdistan Region. Regarding the Iraq-Turkey oil pipeline, Ambassador Payet said that this pipeline is important for Iraq's energy independence as well as for the global energy market; Therefore, the United States will continue to encourage Baghdad to quickly resolve the issue of oil exports through the pipeline, he said it is important to have another trilateral meeting between the Iraqi Oil Ministry, the Kurdistan Regional Government and international oil companies.
Rudaw: If I ask you my last question. What is Epicurus' position on oil exports through SOMO?
Miles Cagens: Epicor agrees with the Kurdistan Regional Government, as recently announced after the Council of Ministers meeting that selling oil directly through SOMO and exporting through the port of Ceyhan is the best option to resolve the Iraqi-Turkish pipeline problem Advance or deposit in a third party account as a guarantor and independent banking party or similar financing by payment of oil barrel shares from Jayhan Port. This arrangement can be made between SOMO and international companies; This is the best option to quickly resolve the issue of oil exports through Iraq-Turkey
Https://www.rudaw.net/sorani/business/210620242
Rudaw - Washington
Epicure agrees to sell oil through SOMO and makes three proposals to resolve the payment of the companies' financial entitlements.
The proposals are as follows: first, by paying the money at the beginning of oil exports; The second is by depositing money in an independent bank account as a guarantee. The third option is that the Iraqi government can give the companies their shares in the form of barrels of oil in the port of Jayhan instead of money.
On Friday 21-06-2024, the US Chamber of Commerce organized a meeting for a number of US oil companies, including those operating in the Kurdistan Region, with Geoffrey Payet, US Assistant Secretary of State for Energy Resources.
The meeting was attended by Miles Caggins, spokesman for the Kurdistan Petroleum Industry Association (Epicur) and Matthew Zeiss, vice president of HKN; Part of the meeting was devoted to the issue of oil in the Kurdistan Region and the problem between Erbil and Baghdad and companies.
"Ambassador Pite explained to the executives of US oil and gas companies that the United States is committed to working with Iraq and the Kurdistan Regional Government to help Iraq have a strong energy sector," Caggins told Rudaw after the meeting.
"Ambassador Payte emphasized the resumption of oil exports through the Turkish-Iraqi oil pipeline," Cagins said.
"Epicure agrees with the Kurdistan Regional Government that selling oil directly through SOMO and exporting it through the Ceyhan port is the best option to resolve the Iraqi-Turkish pipeline problem," he told Rudaw.
Rudaw reporter Diyar Kurda's questions and answers with Epicurus spokesman Miles Caggins:
Rudaw: They met with Ambassador Payet today and the Chamber of Commerce. What was discussed between you and Baghdad about your problems and the oil problem between Erbil and Baghdad? Were there any positive signs from that meeting?
Miles Caggins: Today in Washington, the U.S. Chamber of Commerce hosted a meeting hosted by Ambassador Geoffrey Payette, U.S. Assistant Secretary of State for Energy Resources. At today's meeting, Ambassador Payet explained to the executives of US oil and gas companies that the United States is committed to working with Iraq, with the Kurdistan Regional Government to help Iraq have a strong energy sector; This is a priority for the Sudanese prime minister and the Biden administration to make Iraq energy independent. The goal is for Iraq to become energy independent by 2030; Ambassador Payet stressed the resumption of oil exports through the Turkish-Iraqi oil pipeline. There is also a view in Epicure that international oil companies were happy to be invited to participate in the trilateral meeting in Baghdad. We believe that these discussions should continue to resolve the issues.
Rudaw: What were Ambassador Payt's views on the recent meeting between Erbil and the oil companies with the Iraqi Oil Ministry?
Been here 12 plus years ....lots of T..ts on this board🙋♂️ however bring on a takeover 2Billion min........
On one hand complimenting GKPs senior management on their work and our returns in very difficult circumstances in a very difficult and dangerous part of the World. On the other hand issuing criticism for a salary and bonus package that will be far lower than the bosses of a British supermarket.
Well one will enjoy this little divi..
Thank you gkp. I'll raise a rattler to you
A) Are we selling oil locally - knowing that it will be illegally exported ?
There may be repercussions further down the line from this.
B) Was there a vote taken to hold future buybacks ‘in treasury’ ?
I think we need to watch this Old Dodge carefully and scream when it is triggered - we all know in whose pockets these treasured shares will end up in.
I'm a double numpty, just found the webcast on the GKP website 🙄
I'm a numpty and didn't realise I had to register to attend online today, did anyone get the answer to what the BOD thinks are the possibilities when the pipeline contract comes to an end next year?
Share price currently 0.18
"sjward
Posted in: VAST
Posts: 26
Price: 0.34
No Opinion
Daz20 Jan 2020 17:50
Get in tomorrow mate. Finance news and the big diamonds news in pipeline. Volume going up big and all technicals pointing upwards. After being cynical this morning I must admit I finally got in at 0.32p for 1M shares. Go with the flow. All the way to 0.55p even before diamonds news. Gla"
Uncovering the Companies Involved in Kurdistan's Illicit Oil Trade with Iran and Turkey
This report, published in Kurdish by Erbil's Bwar News website, exposes the major players and staggering profits involved in smuggling crude oil from the Kurdistan Region to Iran and Turkey.
For months, four companies have been illicitly transporting over 700 tankers laden with 160,000 barrels of crude daily across borders into these neighboring countries.
Powerful local business conglomerates have established dedicated front companies to facilitate this underground oil trafficking operation from Kurdistan's fields:
• In Erbil, Makal (affiliated with KAR Group) receives crude from Khurmala in Erbil operated by Forza, exporting it through Haji Omeran and Ibrahim Khalil border crossings.
• Pator smuggles oil from Erbil and Duhok into Iran through Sulaimani province via Bashmakh and Parwizkhan borders - For each tanker to pass into the PUK zone, a charge of $300-360 per tanker is applied.
• Unicode (tied to Lanaz Group) transports Duhok's crude to Iran and Turkey.
• Hydrocarbon Company (linked to Qaywan Group) trafficks fuel from Sulaimani and Koya into Iran.
Once in Iran, Kurdistan's oil is funneled to ports like Bandar Imam, Bushehr and Bandar Abbas, where specialized facilities prep the crude for global export.
While most goes to Iran, portions also reach Turkey, with a portion sent to the Tüpraş Batman refinery and the remainder to the Antakya and Mersin refineries.
Oil producers sell to these trafficking firms at cut-rate $28-$33 per barrel, which resell at $60 - a $25 discount to global prices, netting immense profits.
Specifically, DNO, Genel Energy, Taqa, and HKN sell oil at $31.50 per barrel in Duhok province, while Forza, Khurmala, Ain Zala, and Sufaya sell at $32 per barrel, and Sheikhan oil is sold at $28 per barrel.
These oil producers sell between 200,000 and 250,000 barrels daily to the four companies and domestic refineries, generating over $200 million monthly for producers like DNO, Genel, Taqa and HKN. But the real windfall is for the smuggling companies, raking in around $150 million each month.
EDIT: "can't simply look"
"This was trading at £3 when oil was going through the pipeline but you think £2 is fair value? "
Fair value for 48k production and a ratified contract with current terms
What was the cost of Brent then? Much higher
Were they paying a discount for KBT then? No
Have they paid capital OUT of the company since then in the form of dividends and, lately, buybacks? Yes
Were expected volumes higher then vs now? Yes
Was field capacity higher then versus now? Yes
Are risks higher now than then? Yes
You can simply look at the historical price and ignore context
@putup “volume in June disappoints.
- uptick in price by $1 is good but not enough to offset drop in volume “
The reason for the volume in June was lack of truckers due to Eid.
Buybacks, interim dividend (5.4p) with promise of more dividends but what keeps you up is the volume in June 😂
“keep my £2 year end fair value estimate (£1.48 ex receivables) predicated on a return to exports and full recovery of receivables (both of which look vulnerable to revision).”
This was trading at £3 when oil was going through the pipeline but you think £2 is fair value? If the pipeline opens the terrain will have changed and we will be in uncharted territory. The pipeline opening means a recognition by Iraq of gkp and that alone will add £s to the price. All dependent on concessions made by gkp.
Atb to all shareholders
The dividend resumption and buy back has been instigated by GKP's optimism that exports could be back up and running in the not too distant future?
just a thought
2024 LTIP approved...by 99% of votes. 😳
Hey, no worries. My risk profile changed, that’s my story. I was heavily down at one point and averaged in lower like you. I might be back yet though!
Good luck anyway
"I keep my £2 year end fair value estimate "
Cum dividend price. Ex div estimate will rate downward by dps.
Re fundamentals
- volume in June disappoints
- uptick in price by $1 is good but not enough to offset drop in volume
- volumes to be further affected by required work at PF 1
- cash balances as expected/modeled
Nothing else of note
I keep my £2 year end fair value estimate (£1.48 ex receivables) predicated on a return to exports and full recovery of receivables (both of which look vulnerable to revision).
No Unwin I’m not calling you a liar Apologies if it came across that way. What I did say was that you sold @146. You then backed that up with reasons. Fair enough because you announced what you did at the time, which is honest compared to all of those that announced what they did (probably) later
Personally, like you, I announced what I did at the time. Unlike you , as a buyer @ 89 and 95. my fist purchases however were @ 146 + and in that respect my patience is still required
ah, so you’re calling me a liar rog.
what makes you think i sold when the shares were 134?
i took a chance expecting a fall on the agm. it didn’t work out, ho hum life’s a ***** sometimes.
my patience ran out, well done to those who made a few quid.
i’m evens with my shirt and i can’t be ****d with the stress anymore.
If there’s two words that I’ve posted here over and over again since my first purchase of GKP shares alongside my very first post on here shortly after the pipeline closure, they were “Patience Required” today it’s looking more like Patience Rewarded, that said the shares were trading between 220 and 320 when I first took an interest. Surly those levels are back on the agenda.
Re. The losers No. one being Itzanidiot who never had the balls to buy because he claimed GKP were heading towards 90p As for ‘Unwin’ claiming to have sold on a recent high of 146 (when the shares were 134ish. ) ‘ Unwon’ seems more appropriate.
More return of capital - expected - but disappointing on fundamentals.
Ho hum. Let's see if the giddiness lasts. (At resistance now and with a spike in the 14 day RSI.)