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As the agreed, delayed payment terms have now been so effectively trashed, and not for the first time, could the 2022 accounts be qualified?

Lloyds say BP has declared Force Majeure for Ceyhan loadings (Azerbaijan crude loadings) and Inchcape say partial loading of Iraq crude have started...but there is only one tanker currently berthed at the Botas terminal (MS T. Sadberk, 157,453 DWT) and half a dozen still waiting, so it would appear that the Ceyhan export terminal is still not fully finctional.

Various sites now reporting that the epicentre was close to Geziantep in S. Turkey - although close to the Kirkuk-Ceyhan pipeline, sources say the pipeline is undamaged.
The Ceyhan export facility, however, has stopped operations. It's still not clear whether the facility itsself has been damaged or whether a pumpings station has been knocked out.
Other souces report that a gas pipeline in the Geziantepe province has been ruptured and is on fire.

It's being reported by KurdPress that the Paris-based International Court of Arbitration has ruled in favour of the Government of Iraq and against the Kurdish Semi-Autonomous Region KRG in respect of the export of Iraqi oil via the Kirkuk-Ceyhan Pipeline.
https://kurdpress.com/en/news/3309/Paris-court-issues-final-verdict-on-Kurdistan-region's-oil-sale/

@TM,
the widely reported $9/bbl reduction is not clearly explained.
Sarsang crude (at least from the main reported producing formation) is said to be API36 with relatively low S content. SH, as you know, is currently ca. API17 (variable) with high S content (5%+).
My information is that the KBT blend (defined mostly by the higher-grade Khurmala crude, but pulled down by the other Tawke/Atrush/SH/ etc. grades) is about API25 and high S (%S less than SH but more than Khurmala).
All of this is difficult to reconcile with the "$9/bbl reduction" claim...unless, of course, the Distressed Seller discount (KRG being seen as illegitimate seller) continues to be applied to the KBT blend.
This level of speculation is completely unnecessary and could easily be put to bed by the company. The fact that it is not being addressed indicates to me that there is much more to it than meets the eye.
No wonder the major shareholder is rattling the can and I expect more fallout at board level from all of this.
So, was it a Birdie or not?

@TM,
were you driving, or were you collecting your thoughts for a putt?
Seriously, since the Glencore forward financing deal ended, and the Energopole agreement disintegrated following the Ukraine situation and EU sanctions, the term deals have all but collapsed and have mostly been replaced by straightforward spot deals. The threat of sanctions against traders in KBT, combined with the availability of other (Russian) supplies of heavily-discounted sour crude - all combined with the decline in Brent and the OPEC supply uncertainties, has lead to violent swings in dockside prices for KBT.
I would say the the KRG are "over a barrel" at the moment...

KBT price should certainly be higher than Brent-$21 (but remember the $21 includes the 2 pipeline tariffs - 1 x Faysh-Khabur/Ceyhan, plus 1 x Atrush/SH Tie-in to Faysh-Khabur).

The SH crude blend, however, will also be severely discounted to the KBT Blend due to it being much heavier and having higher Sulfur conent - 14API vs 25API, S5%+ vs S3.5%.

Good morning Cookie,
and they wonder why a single, substantial shareholder keeps *****ing!

Many things are not being told, many issues not being properly communicated to stakeholders. More trouble to come I'm afraid.

The Pareto presentation gave the average daily output as 45Mbopd as per end-Aug, and the EOY target was reiterated as 47Mbopd.
Total field output to end-Aug therefore was 10,890,000bbl.
At 47Mbopd the Annual Output (target) would be 17,155,000bbl.
So, 6,265,000bbl still to be produced in 4 months,
Pareto presentation stated SH-16 startup towards EOY - let's call that 1st Dec-22 startup, and let's assume it's a good well giving say 4,500bopd or 139,500bbl over the month.
So, now only 6,125,500bbl to be produced, in 3 months (90 days) to achieve targeted annual output of 47,000bopd.

Using the above assumptions, all existing producing wells would need to achieve ca NNNbopd for the rest of the year.

Challenging to say the least...

The output to Total output to 31st Aug was

@putup,
the figure of $1.7Bn of "direct costs" you give is extremely misleading. The true figure is much, much higher.
Go back to Day #1 and count ALL the monies coming into the company, via share placings, bonds, and other borrowings, etc, and that - and only that, is the effective measure of how the company has performed.
I'll give you a wee while to do that and then I'll come back to you.

Aye, the pipeline part is certainly feasible - even the though the depth is challenging (max 6km?).
The required Pumping Stations are a very different kettle of fish.
Seabed pump- and control installations - with robotic servicing & -maintenance?
Security?
It may be something for the far distant future, but not for here and now.

Presidential words have never cut the cake in Iraq - it's all comfortable, well-meaning nonsense that is never achievable.
It's inconceivable that Nouri will let such "promises" be met. El Presidente has almost NO power - he is a figurehead and the puppet masters pull the strings as and when they wish.
If, big if, the Kurds start transferring big bucks to Baghdad then maybe, just maybe, some monies might start to flow to Erbil.
But then again, pigs might fly one day...

More chaos on the cards.

@putup
Cash $112 as per Aug 31st (H1-2022 results).
Dividend $25M out on Oct 7th.
Less 47 days cash burn.
I'll stay with my $60M approximation...

Still no payment for June.
109 days since July 1st, when June invoice was presented.
Cash now down to ca $60M or so.
Are the hosts trying to tell us something?

****eye,
I don't believe Putin will accomplish ALL of his objectives but he will, for sure, manage to hold on to a major portion of what has already been annexed; whether Crimea will be part of that at the end of the day is still uncertain.
I believe a deal will somehow be hammered out with the West, a dirty deal if you like, but one that will enable a sort of peace for a few decades at least.
The worst thing the West can do, and this is borne out by what happened after WW1, is to try to "rub the Russian's noses in it".

The SP is reflecting an increasing nervousness at KRG's payments record, and other GKP production issues that have not yet been shared by the company.
Since 4/4/22 payments have been made at 23/28/28/23/41/48 day intervals (assumes June payment tomorrow 12th).
The June payment is now 104 days overdue.
The cash-at-bank situation looks pretty poor without the expected June payment - I make it around $66M.

I found the news I posted earlier about Total extremely relevant, but that didn't suit your particular agenda, did it?

Here it is again:
Seismic headache forces major delay to TotalEnergies' $10 billion Suriname project
LACK OF CORRELATION BETWEEN WELL DATA AND SEISMIC DATA gives supermajor's geophysicists a sore head
(CAPS are mine)
Think about it...

Old news, and inaccurately reported by ekurd...

Aug 3 (Reuters) - U.S. oil producer Exxon Mobil (XOM.N) is in the process of transitioning its 30% stake in a Russian oil development "to another party," according to a filing with the U.S. Securities and Exchange Commission on Wednesday.

Hundreds of energy and consumer goods companies including BP, Equinor, Pepsico, Shell and Starbucks have left the country or transferred assets as a result of Russia's Feb. 24 invasion of Ukraine.

Exxon did not name the other party in its filing. It was the operator of Sakhalin-1, a large oil and gas development in Russia's Far East, which produced 220,000 barrels of oil and gas per day as recently as 2021.

Earlier this year, Exxon took a $4.6 billion impairment charge for exiting the development, its largest investment in Russia.

A senior Russian lawmaker said on July 8 that Moscow would take control of the Sakhalin-1 oil and gas project that included Exxon Mobil (XOM.N), Japan's SODECO, India's ONGC Videsh as well as Russian energy giant Rosneft (ROSN.MM). Its output fell to just 10,000 bpd following Western sanctions on Russian commerce.
Aug 3 (Reuters) - U.S. oil producer Exxon Mobil (XOM.N) is in the process of transitioning its 30% stake in a Russian oil development "to another party," according to a filing with the U.S. Securities and Exchange Commission on Wednesday.

Hundreds of energy and consumer goods companies including BP, Equinor, Pepsico, Shell and Starbucks have left the country or transferred assets as a result of Russia's Feb. 24 invasion of Ukraine.

Exxon did not name the other party in its filing. It was the operator of Sakhalin-1, a large oil and gas development in Russia's Far East, which produced 220,000 barrels of oil and gas per day as recently as 2021.

Earlier this year, Exxon took a $4.6 billion impairment charge for exiting the development, its largest investment in Russia.

A senior Russian lawmaker said on July 8 that Moscow would take control of the Sakhalin-1 oil and gas project that included Exxon Mobil (XOM.N), Japan's SODECO, India's ONGC Videsh as well as Russian energy giant Rosneft (ROSN.MM). Its output fell to just 10,000 bpd following Western sanctions on Russian commerce.

...and out of the woodwork they crawl, throwing their their kni**ers onto the stage in adoration of the company performance!
A quick look at what the most recent wells have contributed confirms what I say.
The company hasn't performed - it's only the overblown crude price that has saved their bacon.

I'm not a "paid troll", but if that calms your nerves, if that's what floats your boat, keep going by all means.

Not GKP-specific, but highlights nevertheless the dangers and financial implications when your wonderful hi-tech 3D Seismics do not correlate well with what your drill actually finds down there (GKP have a similar, albeit not so expensive, story to tell):

Seismic headache forces major delay to TotalEnergies' $10 billion Suriname project
Lack of correlation between well data and seismic data gives supermajor's geophysicists a sore head

https://www.upstreamonline.com/field-development/seismic-headache-forces-major-delay-to-totalenergies-10-billion-suriname-project/2-1-1328295?utm_term=upstream