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Stuart Ashman and his extortionate salary while actually giving miniscule shareholder returns with little hope at current rates is the cause of the problem.
Overpaid pigs gorging at shareholders expense with no real skin in the game. Its the classic "sounds a brill product, going to milk them shareholders to death"..
CEO worth his salt would have slashed his remuneration till profits materialised, unless he doesn't think they actually will?
Yes that would be brilliant, while we either wait for the crude export pipe to flow or existing contract expire. would inject new life and capital into this stock for sure. 18 months is not long in investment terms, especially if being sweetened by that scale of reward.
In a way US dollars are enriching the corrupt in Iraq whilst enabling them to continue persecution against the Kurdistan area and the IOC companies that operate there. They barefacedly lie and try to produce an façade of deception utilising the countless hand wringing, biscuit munching meetings while clearly doing the opposite. Media manipulation is their specialty, however most are now wise to the employed tricks. Knowing the Arab mentality they don't do this total lack of co-operation on their own, suspect the rot and corruption goes to the highest level in Baghdad.
Yes should have written "hoped" instead of "believed". We all know every time an Iraqi politician or minister for oil makes some comments it proves to be false. We know he's lying when his lips move.
However the Iraqi people do deserve much better than this. They are in effect sleep walking into an abyss, and as some of the biggest planetary polluters they actually have the most to loose. I'm no tree hugger coming from a full career in the oil industry, but when I hear true statements coming from experts in Greenland, like "Ice melt used to be 30M tons a day, now its 30M an hr", its really time to take serious notice. As for Iraqis, its hard to see a way out of the "death spiral of poverty" for the majority, while the embezzlers luxuriate in undeserved riches.
When Baghdad won the court case over the oil rights Erbil swiftly submitted to Baghdad and all believed that would be the end of it. However Iraqi politicians have utilised the win to extort ethnic financial hardship on those in Kurdistan resulting in multiple job losses and even those still with employment going unpaid.
This is a Kurdish persecution on ethnic and religious grounds, and we can clearly see who those are that are responsible for it. Almost a case for international case against them as they are now using financial tools instead to effectively starve them out and make life unbearable. This is never what the original court case ruling was designed for.
Any oil minister that deliberately sells his country short by loosing $11B , resulting in Iraqi people loosing employment, and running a country down so Iran can profit needs clapping in irons.
When the same politicians then barefaced lie about progress while trying to do the exact opposite is beyond me. Perhaps the Kurds do need independence.
The same Iraqi minister who then try and get American dollars to help repair economy , while happy to waste a fortune elsewhere.
They deserve nothing, Little wonder Shell and Esso quit Iraq with those total corrupt idiots in charge. Yes they would rather deal with countries that openly give backhanders like China and Russia , and disregard all the population around them who they are supposed to represent.
When it all goes pear shaped in a few years, dont look top the west to bale them out, because Russia/Iran and China wont want to know.
Turkey would love to co-operate with Iraq and build a gas export pipeline. However Iraqi, suspicion and religion, then throw in blatant corruption and greed on every level and you have the perfect storm of never getting it achieved.
Iraq after Russia is one of the worst polluters of greenhouse gasses in the world, doing substantial flaring. USA could help them overcome this problem and turn it into a huge credit with essential electricity generation which they need desperately. However have to put the record straight by strict adherence to contracts signed by all in Iraq and not try to cheat companies after they have provided their side of the deal.
Iraq is positioned to be one of the worst effected countries as global warming continues to accelerate rapidly.
It will become a total dustbowl, and not sustainable for its population in only a couple of years because current temp increases are just far to rapid.
Going to say this now and sorry if it hurts those with sensitivities, they are not welcome in the UK after being a primary cause of the problem, trying to cheat mainly UK investors from contractual earned income, and failing to deal with the serious issues which they could do so if they wished.
please see article attached. https://www.cbsnews.com/news/february-2024-hottest-on-record-global-temperatures-climate-threshold/
The overpaid and underperforming Iraqi oil minister, is again trying to link other items into the oil and gas issue that were never there at the beginning. Nothing to do with the oil companies or crude losses to Baghdad, just trying to extort more control.
Any excuse to cause more delay and they will jump on it like a shot or otherwise just make something up..
https://www.kurdistan24.net/en/story/34196-We-discussed-oil-and-gas-bill-with-Kurdistan-Region:-Iraqi-Oil-Minister-Hayyan
On the question of dividends and company buybacks I believe the company are completely on board with it. However at the current time as a group they are in effect at loggerheads with Baghdad over their attempts to cheat the Kurdish oilers from their contractual payments.
If the oilers are claiming they req XXX dollars to remove crude, the current time might not seem appropriate to distribute millions of dollars to shareholders.
Just being a bit sensible that's all.
I wouldn't get hung up on the pipeline opening is not much closer. Clearly the IOC statement was to counter notes no doubt originated from Iraqi politicians designed to deflect direct discussion from the USA, ( ie "its all in hand," while doing exactly what they've done all year ...nothing). Now those corrupt politicians have no stone to hide under.
Might actually force them to do something significant, but we'll hold our breath on that one. However they are desperate for water now so something has to give.
Think we must keep our feet firmly on the ground, and see that the share price is currently very low indeed and what I'm hearing is yet again "more jam tomorrow". If you preview history this has been the same with this company and opti on quite a few occasions with the pump and dump merchants (and believe this is big players), making serious coin at the expense of pi's. If its clear profitability with a decent surplus, I'm taking notice, otherwise cash in any gains with a pat on the back.
Baghdad is quick enough to get its hand out asking for financial assistance and American dollars. Little wonder that its already taken over a year to sort out a mess of its own deliberate making.
Its a shame because the gut reaction is "they don't deserve one cent", but then its the poorest who will lose out and the militants who will move in, with the blessings of the many corrupt politicians in charge.
However it does add weight and publicly shows them up to the world as an un-investable country unless you are from a corrupt country yourself where its fine to bribe and extort.
However Baghdad is trying to get more investment from abroad...funny way of trying to achieve it.
Hi Elrico,
We are all here to make money, not to buy this stock just to promote health rewarding products although I do get satisfaction from reading the life changes our products have caused. I'm not owning up to any blunders here as in hindsight I did the right thing, have however shared info on how I got wiped out on one oil company and had almost a 3% declarable holding. That wipe out of a Canadian oil minnow was caused by nothing to do with the oil company but Saudi crashing the price of crude in order to try and kill off the small producers. You get the bank foreclosing, the stock wiped out, then hear that the bank offloaded the field and another company is producing from the same wells.
Bit like a price slump here and a forced foreclosure ,with shareholders cleaned out, then hearing that Croda are now producing all our products with SA working for them. It does happen.
I look forward to reading it Elrico, I really hope this stock does really well. I'll also be the first to admit I was wrong as well and those topping up now have got the bargain of the year. Its the hard cash flow I'm interested in, or even confirmation of a decent revenue stream but awaiting settlement is also good.
With inflation currently high every couple of months we lose another percent of your investment unless it returns a dividend or capital growth.
So with our high wages bill, and timeframe to getting into true profitability, and stock overhangs held by organisations like OPTI, who will pull out funds if the share price recovers even in the longer 1 year plus timeframe things don't look rosy. investors that have run the slide rule know its come up short on funds so will require further funding.
Not saying it might eventually turn to the good but today looking at the charts we do have a falling knife.
I pulled out completely and had a spat with company posters advocating how great this company was. Glad I did, as have reinvested in a large basket of companies that have delivered some brill returns. However things have gone from bad to worse here now and know we have some really nice guys invested here some of whom I have met. Can really see the price dropping another 25% or so considering the all important market sentiment. Hope I'm wrong but suspect I'm right.