The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
They’ve had 15 fricking years to come to an agreement
How can an agreement be reached over something whose true extent cannot be defined anyway (huge oil exploration structures ) . It’s a fallacy . Agree on what’s known to be discovered between 2007 -2014 and factor in an adjust or reassessment process with defined limits every 5 or 10 yrs if needed . honour the contracts and investments of risk takers who funded the development of their country.
Apart from a few Chinese bamboo pipelines in the 6th century , There’d be no oil in the first place if it wasn’t for the West ( Drake , Darcy, Reynolds etc )
that can only be quantified by decades of further extensive and expensive drilling ( all the other unappraised underdrilled fields and prospects that was endowed by nature to them , which they could not have developed without the foresight , intelligence, ingenuity and risk taking of predominantly western geologists , engineers , scientists , investors etc etc
Appear to correlate to the shape of the larger structures …
By that I mean they seem to run in a diagonal orientation from NW to SE ( over the Alpha Gamma leads or alternatively corresponding to the NW SE orientation of the Dolphin Graben
The Oil Seep indications in the You Tube Namibia presentation by Duncan which was linked to a few posts previously are….
Numerous , concentrated , outside shipping lanes so caused by shipping traffic can probably be ruled out , and…..appear to correlate to the shape of the larger structures …
Ok , Retirement man , Thanks for that
I used to post under another avatar back in the day.
Amazing how people can post negatively on a stock day in day out for years and have no action taken against them . Imagine if I camped outside someone’s house day and night with a megaphone and started going on about how it was overvalued …how long would I be permitted to do that ? A few hours ? A Day ? Would I be permitted to do that for 10 years ?
“Unsubstantiated claims everywhere without any facts. “
I take it You are referring here to claims by others being unsubstantiated ?
“My view is to wait until Turkey starts paying back monies owed next year this pipeline will not open. Get real”
Worded a bit confusingly …. “Get Real” is …addressed at Trolls ? , myself or all of us here both LTH and Trolls and everyone in between ?
I was curious whether if they drilled into basement they would find more than helium ( ie. Oil ) , as there are several examples of major basement oil fields even from very hard crystalline rock like gneiss or granite ( in Libya , China , Russia , Kansas etc ) . I guess they haven’t made an accidental oil discovery reading the rns , so helium in worthwhile quantities it may be , depending on the logs . It did pique my interest that they were using a rig designed for oil and capable of getting to 2200 m but the rns suggests it’s more for sandstone type formations than hard rock
Took a v small punt yesterday nonetheless
Trolls trying to convince people that black is white. Here’s one example of many statements in the public realm regarding Shaikan OIP
North Star Discovery Downhole Specialists Calgary LinkedIn statement
“Gulf Keystone Petroleum Ltd. needed a flexible test package to properly evaluate two reservoirs for their first wild cat well in the Iraqi Kurdistan region. Northstar was able to offer a variety of different testing options on site with a 100% success rate, helping GKPI prove 2 mega structures representing over 10 billion barrels of oil.“
Https://www.proactiveinvestors.co.uk/companies/news/1020176/helium-one-global-buys-its-own-rig-for-tanzania-project-1020176.html
“opens up a range of ancillary options for the company as well as, most importantly securing the control of our own drilling programme and any future appraisal and further exploration activities”.
I interpret that as continuing deeper if they see fit
From a bit of light internet based research on Lake Rukwa today
The new rig as I understand is capable of drilling to 2200-2400 meters. Have the company stated they will halt drilling at 1200 meters ? ( the Karoo Sandstone that was unable to properly wire lined on previous drill ) . They own the Rig correct? So why not drill onward ? Basement rock is Ubendian Orogenic Rock ( rock folded laterally ) . Very hard Gneiss I understand . Perhaps they see some benefit in going deeper rather than ceasing the drill at the earlier target depth . Would this explain the slower drill progress….just speculating . I have no shares in this . Might take a tiny beer money punt on it
“the krg has largely already reimbursed operators for their asset expenditure thus far. the reserves aren't the property of the operators; they're the property of iraq."
i seem to recall gkp was owed something like 250 million dollars prior to the restructuring. they were not paid so could not service their bond repayments. you’ve got some neck to suggest that gkp have been reimbursed . i was an early investor in gkp who took a risk but had my reward effectively expropriated. a very large sum . it also fkd up the last 8 yrs of my life. dividends don’t mean **** if the value of your stake was diluted by 100 times. i haven’t forgotten nor will i forget until i am repaid my rightful stake in gkp .
Evening
Been keeping 1 eye on this for a few yrs. what’s the downside if the drill is a complete duster , and what’s a realistic upside if it achieves pre drill mean objective ( mid case success )
Also , is there any outside likelihood of oil given that helium can be an indicator? I note the CEO worked on Lake Albert oil discoveries previously . I had a small few bob in Tullow before they struck oil there in 2006 or so
Thanks
This is gone beyond a joke now. 4 years to drill a shallow well. It would appear that one or more of the Cameroon partners not willing to cooperate
Sell up or merge into someone like Afentra or Tullow or Panoro etc etc ?
From a glance at HKN , they have 20m cash and i think 100 to 120million debt . Bonds maturing in March 2024 or 2025 ( unsure ) . Although HKN will probably come up with something given they have several other businesses. GKP have no debt so why they are being punished so hard today is unclear. Any excuse to instil doubt in LT retail holders is the guess . Its been going on since the day they struck oil in 2009
Held this since 0.7p and added all the way down to 0.2p. I then gave up on following it around Nov 2022 as my Mum was diagnosed with Advanced Cancer
I really believed in the assets and the CEO has invested large sum of his own money all the way down to here. Its difficult to comprehend why Cameroon is dragging on so long. The other stuff is frontier and seems JA is determined to hang on to these licenses whilst Shell and Total do the heavy lifting . Sometimes one can be much too early into an investment. One can imagine if he did let them go for peanuts how it would feel if another company hit the jackpot. It wasn't so long ago Namibia was frontier and now Southern end is looking like having the 2 biggest subsaharan discoveries ever in Venus and Graff
Today is yet another blow and there's not much I can do personally but add a tiny amount at these levels just so I can say that I added around the bottom. Up to each shareholder to decide for themselves
Consolidation is a cert now and on todays news , something like 1 for 100 would leave about 85 million shares at 5p with a lot tightly held which would at least give us a fighting chance of a proper rise if there is definitive news re. a drill
GL all genuine LTHs