Member Info for belgrano

This company has a history of acute embezzlement by those in charge which started with TK, and the greed spread. It seems to have improved of late, but its really worth keeping a close eye on the accounts.

Also we are owed a great deal of money for crude which we produced at shareholders expense which has not been paid for.

So can they really not afford to pay anything to us??? Hence the need for transparency, because I strongly suspect that those in charge are coining it in, and our IOC coalition via APIKUR should also be looking at these returns with a view to getting some payment returns rolling in.

We have Baghdad claiming not to have seen our actual contracts, that's probably true but I bet its at the request of the KRG or its affiliates who don't want them to see the actual contracts as it shows how much they are making as well.

If they can get Baghdad to donate a percentage of income as well they are laughing....However I'm not as we are owed serious sums by those who can afford to pay something right now.

I think an exact price break down of one barrel of our crude would be an advantage. who gets what percentage and exactly how much. Good tool to keep an eye on our expected coffers as well as seeing who are really getting the lions share here.

Seen just a few over the years on e- bay.

Id be in the market for one, just for old times sake. Missed out on that AGM.

fully agree ****eye,

seems its not a few tankers worth but a fully fledged international operation going on. with over 2000 tanker loads being used daily, very big local employer once servicing, diesel supplies, and everything to run a full scale operation.

seems growing and stiff competition for crude hence prices paid are rising. if you look at the map, the distances trucked are not massive so even the $25 a ton haulage costs will be very lucrative in a region where labour and diesel costs are nearly the cheapest in the world. also seems the tribal leaders are benefiting from the deal, and the haulage taxes are clear corruption at the top level.

does pose the question ...clearly baghdad knows about this, and the justice and oil ministers who side with iran, are happy for it to continue as it also benefits iran, while outwardly saying they don't like it.

it also breaks the opec quota, but as they don't control it , they can denie that they know.

clearly opec knows, hence we now see the reason why opec wants the line to turkey operational again. however if baghdad gets kurdish crude flowing at 400k bopd, its going to have an impossible task reduced current crude production by the same amount elsewhere.

better off insisting to the ioc's that they produce for something they know is ridiculous like $6 a barrel, so the failure to agree can continue and they can blame someone else for the failure like the ioc's.

however baghdad are now paying kurdistani civil servants wages and other payments, clear sign they know whats going on and want it to continue.

losers are the ioc's, unless we start seeing greater share of the "pickings", or debt repayment from monies taken for crude.

The RNS dated 21st June Stated that local crude prices were rising due to strong demand from $27 to $28 per barrel.

The recent article states that $29 is now the price being paid per barrel.

So GKP income must be strengthening.

So a large crude road tanker say carry's 30 ton of shaiken crude for which they pay us for the 180 barrels $5220

Transport costs are $25 per ton or $750 per load.

PUK manifest fee ?? $50 per ton or $1500 for the load

say selling at $60 per barrel or $10,800

Profit per tanker $44830. then minus the PUK manifest fee nothing or $1500 depending on who you work for.

Clearly pure corruption everywhere, and the KRG can certainly afford to pay the oilers what they are owed, and a fair bit more for the crude as well.

The report also speaks of over 2K trucks a day..Thats a fortune every day.

Best find of the month Schlemiel, thankyou for sharing with us.

Very comprehensive breakdown.

continued post.....

there are several types of exports:

• lanaz and kar gas is exported directly to iran, and from there to ****stan and afghanistan.

• crude oil goes to iran, then to bandar imam port, to the uae, and from there to the global market.

the oil trader said that oil companies are now in fierce competition to buy and ship oil products in the kurdistan region because it is lucrative. currently, a company known as "south kurdistan" ships about 400 tankers of oil to iran daily; this company is known for its close ties to the puk, so they are semi-monopolizing the market as they can pay better prices since they don't pay the so-called manifest fee given their closeness to the puk.

in addition, the puk and kdp are now taking money from the checkpoints that separate them, effectively building customs fees between the two zones in the kurdistan region. for example, every shipment from sulaimani to erbil is charged $350 per truck by a company belonging to the kdp. therefore, any shipment from sulaimani to erbil will have to pay a kdp company, and any shipment from erbil to sulaimani will have to pay a fee to a puk company.

continued from schlemiels post....highly relevant.

regarding the arrangement between the kdp and puk and how much they charge, another oil trader said, "we ship from erbil to sulaimani for $25 per ton. the puk's finance wing (known as general administration) charges $50 for each tanker for what is known as a 'manifest fee'. on the other hand, each truck entering erbil from sulaimani has to pay $350 to kdp-affiliated companies."

another oil trader added that after the suspension of oil exports to turkey through the pipeline, the oil market in the kurdistan region is thriving. "oil companies sell all the oil to us because it does not go by pipeline, and we send it to iran and from there to the uae, and we sell gas to ****stan and afghanistan via iran."

an oil trader provided these rates of how they bought oil on may 20th:

• khurmala oilfield oil at $295 per tonne, which is about $40 a barrel.

• tawke oilfield oil at $280 per ton, which is about $37 a barrel.

• sheikhan oilfield oil at $218 per ton, which costs about $29 a barrel.

"we load the oil and take it to sulaimani for $25 a ton at the tanjaro square in sulaimani, where thousands of tankers are sold daily,” a trader who transfer the oil said. another source estimates 2,000 tankers a day being sold. from there, it is taken to iran, and the puk general administration receives a $50 fee, known as a manifest fee, per ton

5M worth.

Abdul Ghani is a lying Iranian puppet, who talks about progress while doing nothing concrete to actually get the crude flowing, needs to discuss conditions and contracts with the IOCs and demonstrate flexibility.

Just take the below comments as an example.

In addition to addressing oil exports, the Minister acknowledged Iraq's current reliance on gas imports from neighboring Iran. "Although Iraq buys gas from neighboring Iran, it needs more gas to generate electricity, so they will sign more contracts in the future," he said, indicating plans to secure additional energy resources.

So the idiot is happy to sign up new contracts to import more Iranian gas while at the same time most of the Kurdish gas from the extracted crude is flared, along with a large amount of Iraqi gas.

Is it unbelievable stupidity or demonstration of being in the pay of Iran. Why not honour Iraqi contracts while asking for help with flare gas recovery from all IOC's throughout Iraq so they can quickly become self sufficient.

Good post Straycat, investor confidence for GKP is positive right now, you can easily see those that are out and are posting every possible negative they can think of to try and turn those positive views. No divi for them I see. Clear ulterior motives.

Interesting article of crude oil prices, Seems Saudi through its own stupidity and greed with wildly ambitious projects and causing the previous oil price wars has got itself into a financial hole. Wants greater crude prices and more income but unlikely to get it.

https://oilprice.com/Energy/Crude-Oil/As-Oil-Struggles-To-Hit-90-Will-OPEC-Cut-Production-Again-Soon.html

Hi Putup,

I believe GKP can do very well without Baghdad. They cause nothing but trouble which is their design all along. A very nice interim £4K plus divi coming in a couple of weeks, and I believe we are going to see a few more of them before a year is out.

Buybacks are slowly adding value but more importantly underpinning the share price. I certainly would not be holding such a strong position if I thought I would lose money or stagnate.

Can see this slowly rising to about 160, which is great to see capital growth and dividends.

Got to accept that the Iranian puppets and ideological followers have got the whip hand in Baghdad, and even if a verbal agreement was arranged those in power would still scupper the deal if any legal changes required in order to ratify.

Its why we are at £ 1.50 a pop and not £3.50.

Can see local prices paid continuing to rise, as quite honestly selling our black "sludge" to the locals who must have quadrupled throughput recently, is very very lucrative for the haulers.

One thing I do know is when they can smell lucrative profits they will be all over it like a rash.

However we might soon see some of our owed income before long as the KRG is doing much better now, and can afford to start paying their debts.

Crude oil prices unlikely to fall and probably rise due to slowly rising tensions in the middle East.

By gently "milking the cow", GKP could do very well indeed.

Hope that makes sense mate and reason for my upbeat recommendation.

Always an off chance that I could be wrong on exports but better to expect the lesser and be very pleasantly surprised.

If you examine the language our board used recently, gone is hoping for a resolution, more maximising "local" sales, so I believe they think similar.

He cannot do much else, he is entrenched in power with a majority. Very good of the USA to actually call him out as a tool of Iran. He has a long list of things hes done each of which is designed to weaken western influence and increase Iran's or the Chinese.

When we discuss the reasons for lack of exported crude and drill down to the reasons behind it a lot either stops at his door or he has supported the disruption. Even to do things like a wanted notice for Trump for murder id due to Iranian influence.

However the quickness of the rebuttal by his flunkies in the ministry and even the KRG shows how long his reach has become.

I do not believe our export pipeline will actually ever flow.

Zidan is one of the main obstacles preventing resumption of our crude export line. He was ringleader calling Kurdish contracts illegal, and will do everything he can to punish Kurdistan. Without his interference and a few others things might have been smoothed out much faster.

https://www.rudaw.net/english/middleeast/iraq/29062024

Shares in the "Treasury", do have advantages for shareholders.

Future dividends in effect don't get issued to treasury stock, increasing amount paid to shareholders.

Also can be counted as defence against a hostile take over, starting buybacks to boost share price is also a defence mechanism.

Yes its all gone quiet on the export front.. Could well be am good sign.

Company hoping for 46-48K BOPD with breakeven at 20K, so good money still rolling in.

However a 3 week shutdown will cause a 20k drop in a few months, shame they never built a real decent storage tank for 5 million, would have paid for itself on the first fill and enabled production from storage to remain high. Sometimes I do wish our board would listen to shareholders as some of us have spent a lifetime working in the oil industry, and know the pitfalls.

Spot on Bugsy, as soon as they have a bit more in the coffers there will be more shared out, going to spend the next divi on a cruise.

The Board will keep under review the Company’s capability to distribute excess cash by way of dividends or additional buybacks, considering the operating environment and the Company's liquidity position

Good reasoning Roger, Market views us just over 4. Very interesting that our company is current in the "milk the cow" type of operation. Unless things change significantly things will dwindle over time now. I can see us getting paid more for our crude as those really creaming the big bucks realise that the golden goose needs feeding well or the golden sludge stops running out of her. We are starting to see that already with increases in local crude prices being paid.