Member Info for belgrano

for myself, hearing such lies from iraqi oil ministers finally draws a line under exporting with somo in control until the current oil pipeline contract expires in 17 months or so.

however know new export agreements and suchlike do take a little time to sort out, i am most certainly in favour of the following.

1. sort out the post contract end agreement this summer and publish it.

2. anticipate well in advance the exact dates exports can start again, and complete all work req in advance to hit the road running.

3. and not just running , but at full tilt, release funds in advance to start our expansion projects, also with increased tankage.

4. inform all shareholders of new timeline and schedule.

5. just give up with the baghdad liars, keep our contracts and play hardball.

6. ioc's to start collective arbitration against baghdad, a they are blocking exports on ****** idealisms against the kurdish people, with iranian backing. claim lost production to all the ioc's and share costs.

Included link.

https://www.reuters.com/business/energy/iraq-blames-foreign-firms-delay-crude-export-restart-iraqi-kurdistan-region-2024-03-25/#:~:text=CAIRO%2C%20March%2025%20(Reuters),crude%20exports%20from%20the%20region.

Couldn't make this rubbish up, surprised they even printed it. So the twit in charge in Iraq says in effect that the IOC's are to blame because they did not rush them their contracts which pay 30p per barrel asking for new ones that pay 6p. Even though its been accepted by Baghdad, that the IOC's had in effect no infrastructure, full exploration risk, etc and their costs and risks were much higher, and that current contracts are indeed fair.

While they have deliberately sat on their hands for years, and done nothing while trying to blame anyone bar themselves.

There are no excuses that Iraq can make that actually carry any resemblance of truth. Such as the one posted in Bloomberg yesterday that Iraq has yet to amend laws to allow payments. Its clear lies.

https://www.bloomberg.com/news/articles/2024-03-22/iraq-is-yet-to-amend-budget-to-get-kurdish-oil-flowing-again?embedded-checkout=true

Had much more than ample time to do it, years in fact but choose not to due to deliberately trying to force hardship on Kurdistan due to cultural differences.

No one believes what they say, because they talk plenty and then do the opposite, as the many embezzlers in charge have allegiances to Iran, not the people of Iraq. Most know hardly anything about the oil business, having been given positions and over rewarded salaries via family connections and not hard graft. That became crystal recently when it was revealed that they didn't even know much about our own contracts despite shouting that they were illegal for years.

Agree with the 20% pay cut, however didn't they give themselves a 50% pay boost previously, so in effect a token gesture to get shareholders off their backs for a bit.

Sensible post Cliostock, thankyou for your contribution.

Yes SA and the board could seriously decrease their salaries which would give this company a lot more runway.. Its by far the largest cost, and there are plenty of industry comparisons where the CEO and board have just done it automatically without shareholder prompting as they do see success down the road and want to ensure the company gets there. This generates increased investor confidence in the board, and helps keep the share price buoyant.

Jury is out whether SA will actually do this, as far they have only increased remuneration while failing to deliver on sales, despite having really great products.

Completely agree with you Thomas and bear, the excessive remuneration is a huge red flag, and does smack of the death spiral that our CEO is aware of so wants to get max out of the company while he can.

I believe its almost uninvest able currently and expect TW will be out soo if not already.

Hi Gibson, thanks for the post, please leave abuse in the garbage.

Look what one poster wrote when the shareprice was 53p. Now the shareprice is over 700 percent lower , do you actually still stand by your words.

clearly the market does not agree.

"Look at the performance of the company and its trajectory at this early stage of commercialisation and you won't begrudge the salaries - they're working rather than just posting on share chat boards. The sp is disappointing of course and many are under water but traders will sell once too often and will not be able to continue to damage the sp before long. This company is sound and nothing like the Aim non-achievers."

We are now seeing more Iraq, Turkish co-operation, especially on the thorny issue of border control. Action groups like the PUK have killed a lot of Turkish soldiers and caused a lot of hostility.

Going to admit that I dont know a great deal about these action groups, however it might be the right time now to put down the gun and sue for peace. clearly the odds are stacked against them, and co-operation will most certainly bring lasting rewards and peace for all.

Its almost a if the Kurdistan gov, also recognises these facts now Iraq holds most of the cards. If we look close to home in Europe, we had quite a few similar groups which had great causes but eventually moved away from the bullet and the bomb, and now have a solid peace process. They can also achieve the same.

With solid progress being made and Erdogens visit not far off, Kurdistan has a golden opportunity here to work with fellow Iraqis and secure solid deals moving forwards. The IOC's are a pawn (well more like a castle), in this game.

Ahhh just spotted your post gibson, glad you have the time to actually troll though al my previous posts then extract parts out of context to attempt to slander the poster rather than discuss issues. Expect if you went back even further there might be a lot more beauties as well, because we call things as we see them at the time, and when more factual sales figs come to light, or annual accounts show that a company is not likely to be profitable in the foreseeable, and will require further share rights issues just to pay the salaries of greedy management that are not delivering on promise.

Am I a "devious troll wanting waiting to pile back in at a lower price"... as you claim, or a shrewd investor who didn't like what he was seeing with this company and pulled out his investment, and kindly shared his thoughts with other investors. Its no secret that I've posted many highly positive things about this company previously and have been accused of ramping, or wearing rosy sunglasses a few times. Just because fortunes have turned its no reason to try and discredit a serious investor because you are in fact jealous of my actions and also wish you had also withdrawn and clearly missed the warning signs.

You claim I'm waiting to get back in.. well I'll honestly answer that right now, and as I see it today, I wouldn't touch it with a barge pole until I see solid proof of sales, proof that yet more rights issues will be needed, and proof that our management team are not just trying to get as much out of this company until the music stops.

I love the products and that's the kicker, just that its potential is just scratching the surface, and under current leadership I cant see how they are going to achieve solid market traction before going under.

Please let me know your views on this PGlancy, and leave the personal attacks in the garbage pls.

Crude stays above $80 and highly likely to rise further.

https://www.cnbc.com/2024/03/17/crude-oil-showing-signs-of-a-breakout-as-it-tops-80-what-traders-say-happens-next.html

Russian supply being reduced involutory by Ukraine, following new strategy to blow up Russian refiners , with 3 hit overnight. Clearly aimed at distillation towers so it makes good propaganda footage. A way of stopping a refinery from operating but not the best way, as it can be repaired in a couple of months.

One things for sure... Glad I never listened to some some that charge for advice here....my calcs show i'd have lost 150k, if I had at current prices.

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.

Good find sir, didn't know that about the pipeline.

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/