Member Info for belgrano

Time to put onto ignore.

Looking at the sales is it investors offloading to the recent issue price, or the company that purchased the stock at 10.5, letting some go to reduce their exposure while realising a modest profit in the short term.

Certainly seeing some chunky deals rolling through right now, and does seem to be hitting resistance.

Potentially very good top up/ entry position, unless anyone here disagrees with that.

Just taken a first position here as I really believe this is the way forward for the uk. I'm no tree hugger and a man of very modest means but have managed to completely wipe out my energy bills including standing charges, with a three year payback. This could not have been achieved without utility companies like Octopus which have caused the others to slowly start changing their habits. So the money I'm now saving from a £200 per month DD bill to zero I'm investing here.

Telling us what we know and still the problem is Baghdads as it wont amend its budget laws allowing greater payments to the IOC's. They cannot do it due to the factions in Baghdad who prefer to use it as a stick to hurt Erbil.

All the while trying to blame everyone else. Indeed talks ongoing still wont resolve the main issues.

However we all the pipeline talk which i'm sceptical of this year I believe we are missing one huge positive.

Thats the 151M owed to GKP by the KRG which was produced in good faith at shareholders expense and sold on the market with them taking the proceeds.

I asked a question before the AGM for the AGM and it was not brought up??I know it was correctly logged in advance.

This is over this owed payment which is not disputed . I believe the KRG are in a position right now to start paying us this debt. The question poised is are we pushing them for payment as per contractual terms.

I think we could see some first payments from this one before much longer.

I do still hold pretty strongly here but have moved a decent chunk into cash currently. This does give lots of options. That's not just GKP but market state in general and whether a few market experts are to be believed. However was a bit overweight here so happy with my moves.

Turkey will give notice for sure. They are very unhappy with the way Baghdad has pursued them through the courts and refuses to allow reopening of the pipeline or offer comparable terms to the previous ones. They have come to the same conclusion as the KRG, which is you cannot do fair business with Baghdad. At least with the KRG only two sets of palms to grease not three.

In the UK if you owe debts such as taxation fraud, you still owe even after having served sentence, thats for the evasion does not clear the debt. However if its salted away in a place where Uncle Sam cant get to you and you are there and don't return they cannot recoup. Just cant return with clear assets. Its when peeps pay whats owed the sentence is reduced, not being a good boy for a few years knowing life offshore with megga riches awaits you. Might go very quiet where he is now, might even turn up " near an oilmans dream".

In uk if working all year abroad you can escape some uk taxes, but USA citizens cannot, thats what he fell foul of.

TK

Owes $29M, repaid $700 dollars. Is 60 months sufficient for putting over $20M offshore by design.

https://www.taxnotes.com/research/federal/court-documents/court-opinions-and-orders/ex-ceos-good-behavior-not-enough-reduced-sentence-tax-crimes/7j7lr

Salary over $66M taken from shareholders of GKP. Know of a few shareholders who endured real hardship when price crashed and never recovered. Throw in the rest of the board then, and had the salaries been normal, company would not have crashed.

Fully agree Invstrat, most of them should actually be behind bars for the amount they have robbed from the public purse.

However any company that does business in Iraq has to pay the piper, and its a very slippery path once you start to embezzle money.

As we both know our original CEO turned out to be rotten as an apple, and also most of the board with outrageous salaries being self awarded. Then not paying correct tax. All at shareholders cost. Probably why everyone now wants full transparency with our current team.

Hi Roger,

Really cannot believe anything that comes out of the Iraqi oil ministry, as they change direction more times than the wind and just say enough to satisfy the aggrieved party but then carry on regardless. OPEC quota which they say they will agree to is another classic case.

Already producing over 4m bopd currently without our Kurdish flows.

However told OPEC it will be cutting may this spring.

https://www.argusmedia.com/en/news-and-insights/latest-market-news/2564981-iraq-sets-plan-to-compensate-for-excess-opec-oil-output

However its common knowledge that they are planning for 6-7M BOPD.

https://www.iraq-businessnews.com/2024/01/04/iraq-aims-for-6m-bpd-oil-production-in-5-years/

They cannot sell open contracts promising this or that $ per BOPD to the highest bidders, then reign all the production in when the contractors start producing it. Oil fields don't sit at 3m BOPD then just jump to 6m in five years time if Iraq suddenly gets the OK to produce 6M BOPD from OPEC. They are all steadily ramped up as the fields are drilled and developed, and most importantly optimised which does take a fair amount of time.

I scratch my head myself wondering what these clowns are up to, certainly becoming a worldwide laughing stock already and only really interested in whats in it for them personally in the way of kickbacks and embezzlements.

If they didn't have so much crude oil and gas they would be destitute and bankrupt for sure.

I see Iraq hopes to ask USA companies to bid for gas processing. Just to bid they have to stump up extortionate amounts, and even if accepted there will be another 30 plus percent in bribes to pay. Hard to hide on the balance sheet, so many now choose to steer well clear.

https://www.thenationalnews.com/business/energy/2024/09/01/iraq-to-offer-natural-gas-blocks-to-us-companies/

Only companies that pay backhanders on an eye watering scale get a look in. Its not the size of your bid, its the size of the backhander that actually wins you it, if its very generous the terms might get changed even after the contract awarded in a favourable way as well. However those that do it in western countries run the risk of being caught, while in China its encouraged and accepted by the state if they win in the end.

https://www.sfo.gov.uk/2021/03/01/fourth-oil-executive-sentenced-for-paying-bribes-to-win-a-multi-million-pound-contract-in-post-occupation-iraq/

I'd wager there wont be much bidding from western companies as every company that currently produces oil in Iraq is or has paid bribes, and its getting harder to get away with it now in the west.

Bear in mind crude produced via these means is refined, and finished oil products then put western products out of business. Its happening on a grand scale right through Asia right now.

Https://drawmedia.net/en/page_detail?smart-id=15581

Hi BB, we certainly agree on pipeline not flowing this year and if you look at the tone of our board they also agree it as well.

I actually believe we are further away now than when it was closed into getting agreement.

To get the crude pipeline flowing the most important element required is trust, and its just not there. The line of facts where Baghdad has gone out its way to hinder Kurdish prosperity and growth even if it hurts itself financially as well is most certainly not normal behaviour, and why I used the possibly over strong word 'hate' , when talking about relationships. Others may say that's the right word, but I know Baghdad has ministers who genuinely want Iraq and kurdistan to work together , but they unfortunately are in a minority.

Some of the facts creating mistrust by Bagdad are.

They pushed the court case trying for financial compensation from Turkey and caused the pipeline to be closed.

They are still pushing for more compensation.

They then blamed Turkey for not opening the pipeline.

They then blamed the KRG for not exporting crude.

They then blamed the IOC's for not exporting crude.

They then refused to acknowledge that the payments they were offering the IOC's were far to small, despite knowing that they were unfair.

They then refused to up the payments or change legislation to allow it.

They then branded our contracts illegal.

They then lied to uncle sam that they were looking to get the crude flowing again, but met with the IOC's in June , but refused all compromises. Was stated that it was a PR stunt only.

They are now paying Chinese companies more , and have done deals for boatloads of crude in lieu of payments but not offered the IOC's similar.

They now state they have to reduce crude for OPEC quota, but have encouraged southern producers to fill the gap left by the Kurdish IOC's.

They threaten to financially cut off Kurdistan if crude exports not stopped.

Does s the above really sound "reasonable that can be solved by agreement", or is it actually a carefully managed plan based on old tribal hatred, to subjugate the Kurdish population.

I still hold a reasonably large position here as I believe that at current price it represents good value with lots of upside, with margin for decent shareholder returns to come. However as for agreement I hold sceptical hope only.

I respect your opinion BB, however what we have actually seen is deliberate delay tactics, trying to blame everyone else for what they are doing. Yes there are most certainly Baghdad ministers who want to see a united Iraq and working together, however the majority controlling groups do not.

Just look at what happened to those suspects strongly suspected of launching the drones that killed oil workers recently the plant that was producing gas for electricity..(which Iran wants to sell to Iraq), released on technicalities.

Thats because many in the judiciary have pro Iranian leanings, not Iraqi ones working with Kurdistan.

They have also clearly got themselves in a right mess with OPEC quotas, instead of coming clean and saying they want to overproduce current quota by XXX Million BOPD.

Clearly a major fear is that Kurdish production would be chopped in favour of crude produced by Chinese operators in the south if cuts have to be made.

I doubt we will see any agreements this year, but I can see GKP dishing out another decent divi towards the end of this year or just into next. This will be most welcome.

The company asked for questions to be submitted prior to the AGM, however they were then not mentioned at all. that's a shame as they were very relevant to our current operation, Also asked about what will happen when the pipeline contract finishes next year.

After a year of no flow and Baghdad blaming everyone else, its now clear to see that it is them holding up everything. No more places to hide or others to blame, gloves are coming off now revealing base hatred of the Kurds with threats to pull payments yet again.

Good thing we have investors all around the country, have you some useful input.

Uncle Sam sees working with Iraq a good way to curb Irans local dominance. Contracts awarded.

https://www.forbes.com/sites/dipkabhambhani/2024/08/19/us-companies-government-to-boost-iraq-energy-sector-to-temper-iran/

Please make sure you send any questions to the board before the AGM.

Going by this informative board must have plenty of questions. Just that last time mine were limited to one question each, so others went unanswered. I've already submitted again but plenty of scope for more.

Just a couple of days old but certainly blaming Baghdad the the lack of crude exports.

Makes a point that its deliberate against the Kurdish economy.

https://www.kurdistan24.net/en/story/36264-Iraqi-government-faces-%2415-billion-loss-due-to-suspension-of-KRG-oil-exports

It does prove that the previously inflexible Iraqi ministers have altered their positions.

I find it hypocritical when they argue over the cost of work, when most of Iraq runs on embezzlement, them being the worst offenders.

If they applied their own principle they should ask for a fair figure then triple it, because that then would be nearer the mark.