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No I haven't, I'm just going on the diagrams in the corporate presentations. Don't forget that once there's no cost pool to recover, all the cost recovery becomes profit oil instead!

I think the cash+receivables+cost pool recovery should be close to the current market cap before the cost pool is exhausted. GKP will still generate colossal FCF even if/when the cost pool is exhausted. The profit on the field itself will be wonderful but I hope everyone can appreciate that on paper it's in our financial interests to invest more. The valuation remains amazingly low, whether it will be a good investment depends solely on whether we get paid/the level of KRI chicanery.

Sorry, I've just realised that the second one should be costs < 0.5 revenue.

In other words, if revenue is more than double the costs.

I'm not sure it's just up to us. Did you see the article from the oil minister talking about flaring and ensuring the resource is developed in the way that leads to greatest long-term extraction? They're threatening taxes if flaring doesn't stop.

I agree that keeping it at 55K until we've at least recovered the cost pool is in some ways the most attractive option and I've previously said we should keep it at 55K and milk it. BUT bear in mind that the PSC means once the revenue we've received from the field is greater than the costs we've spent on the field, our share of profit oil starts to fall. If costs > revenue then we get 30% of profit oil. If costs < 2x revenue then we only get 15% so we have a strong financial incentive to keep investing.

The only reason not to and try to get our receivables + costs back first is the fact it's in KRI and there's never a 100% guarantee we're going to be paid so the sooner the cash is out of there the better. If we were in America not investing would be crazy.

A really silly comment.

I think some people would prefer to pay CGT rather than wait for the dividend and have a big income tax bill.

It's kind of shocking people so many don't realise stuff like that.

I'm not having a go, just saying..

How many shares do you own? I'm on 60K.

It made me so sad to look at one of the notes you linked, see the cash flow projection and then see projected capex as good as wiping it all out. If (another) share price collapse & WAHA selling don't stop them what would? The G&A ~$5M p/a is easy to forget but it's why stringing things out with more unattractive exploration is so damaging. It's like a tapeworm.

The first words you see on the SDX website are "delivering value". It's beyond parody!

Nothing matters until the self-imposed stasis in Egypt is resolved. Either they agree a farm out or start doing it again themselves.

They've completely hobbled the shares by freezing activity, setting a firm timeline for the agreement and then failed to meet it.

Anyone listening? Expecting June's payment "imminently".

Obviously I hope so!

Read the RNS.

"The 2021 interim dividend is $50 million to be paid on 8 October 2021 based on a record date of 24 September 2021".

Ex-div would be the 23rd.

The FDP is a risk, this is from the annual report:
75,000 bopd and gas management estimated gross capex = $500-600M.
Timings:
75,000 bopd expansion = 18 to 24 months following sanction
Gas management plan = 60 to 66 months following sanction

Imagine if we start doing this and they stop paying. Part of me wishes we could just milk it forever at 55000/57500 bopd.

GKP wouldn't delay the RNS because of the results and the Kurds won't give a toss about when the results are so if we do it's purely a coincidence.

Sure, and I only became a shareholder after those things happened, but believing the share price weathered those events well is delusional. The share price absolutely collapsed and the existing shareholders were as good as wiped out in 2016.

I don't think he would have written those comments if the consolidation hadn't happened. It's misleading him.

Umm, without the 2016 100:1 share consolidation they would be under 1.6p..

I think we're forming a consensus!

The netback at West Gharib is about $6M at current prices so we can afford some capex there to keep production flatish.

Morocco is definitely the tricky one. The path in West Gharib is clear. If Mohsen is a dud then I don't think they should do further exploration in SD.

The EBITDAX ($20M in H1) is so high right now but it obviously won't last for longer than a couple of years. I'm terrified they're going to waste it. I think this can still end OK for people who bought in the teens but I think exploration is the danger, not the solution.

I really don't think selling a decent, stable asset and punting on exploration drilling is a good idea.