Member Info for 34adsaddsa

What would you want them to do with that money?

Shakey isn't a troll, a shorter or a paid basher. He's an - understandably! - disillusioned long-term shareholder. Just look back through his post history.

Ah you beat me to it.

That's where the board would come in. Between them, Michael Doyle and David Mitchell own almost four million shares.

We've got a couple of years of great cash flows ahead of us. EBITDAX in H1 was $19.914M which for a $24M enterprise value is pretty amazing. If they spend that on exploration this could end horribly. They need to accept that SD has been very underwhelming and significant Moroccan reserves haven't been found. Not much more than two years ago this company had almost $30M in cash and it has been frittered away. It's time to salvage something from this mess and put it back in the shareholders' pockets.

Drilling Mohsen seems sensible. If that fails then the rest of the prospects don't look very attractive to me. What do you think?

60p is pie in the sky. I think 35p is very achievable.

This might be what it takes to wake up the accountants.

They say they want to become a mid-cap company. I'd love to know their definition of mid-cap. The current enterprise value is what, $24M?

Nice to know we're kitting out Egyptian hospitals.

We're committed to investing in West Gharib. We're getting close to the point of no more new capex on SD. God knows about Morocco. We're currently sprinting on a treadmill there. Attempts to find much larger resources don't seem to have ever had much success, and even if they did we'd probably need to extend the pipeline.

I think it's getting close to the point of ending new capex, trying to further reduce G&A and running down the assets, paying out a huge percentage of FCF via dividends. It's sad, in some ways it's boring, it's not in the interests of those running to company, but it's probably becoming the right thing to do. The accountants in charge should be unusually likely to realise that. They can look for a buyer at the same time.

Hmm. You're probably right about Bina Bawi. Perhaps Qara Dagh progress instead.

I don't think we'll see a big move up until we get progress on Bina Bawi or accelerated receipt of receivables.

The receivables thing is really awful from the KRG.
In theory, if oil stayed under $50 forever then we'd never receive a cent of what we're owed!
As it is, $60 and FLAT PRODUCTION would mean we wouldn't get it back until 2026!!!! Even $75 means not until mid 2023.

Just awful, awful, awful.

Yep and that's with it doubling in the last 30 mins or so! Where are you getting this info from btw?

Can you do bottom 10? This might be it.

*2p+2c

Which is a good reason not to invest $425M to increase production to 75K bopd. Investing that much when they aren't even up to date with their payments would be crazy. On the current policy, Genel won't be up to date with its receivables for about three years.

110,000 x 365 x 22 = 883,300,000 barrels.
2p+2p = 798,000,000 barrels.

Obviously it would take time to get up to that output even if they started now etc. but even 55,000 bopd for 22 years would be getting close to all 2p reserves.

"The Shaikan PSC terms allow for a Development Period of 20 years with an automatic right to a five year extension, followed by a further five year extension that can be applied for. This gives an effective Development Period of 30 years after which the PSC contract will expire. GKP has informed ERCE that the 30 year period expires on 30 June 2043. There is no assurance that GKP will receive an extension beyond 30 years and the terms that would apply should a further extension be granted are unknown."

I think we'll be OK.

I don't think that was really where it closed. The bid and ask aren't there.

Amazingly low volume