Member Info for BroadfordBay

slurryscot,

you have been given a little - but quite enough - insight into my particular areas of expertise.
How to choose to interpret and understand my words is up to you - I won't seek to dissuade you.

Keep listening, to the wind whistling through your cranium...

slurryscot,

As is your wont, your most recent contribution is a mismatch of misrepresentation and misunderstanding, deliberately so in my view.

I presented my view of what the PSC generates - a return of capital and a profit/bbl.
This is not the same as what others you reference have quoted; that you chose not to understand or honour this view is only a reflection of what taints your thinking. I do not claim to "know more" - I present my particular view and that's that.

The ref to “ex RR Salesman” is both interesting and erroneous - and illustrates just how grasping at straws your attacks become.

The DNO remark stands.

Where have I claimed that GKP is worth miles less than the current price?

I am the same Broadford Bay as I have ever been. That my postings tend now to resemble mac’s or bigdog’s is perhaps more a direct consequence of the polarisation that has taken place over these last couple of years (since the re-capitalisation) on the chat boards.
There is an active group who seem intent on persuading others that the company is worth very much more than its current MCap, and who use high numbers from the past and projected numbers for the future to justify that view. This group is not informed as to certain technical issues and seems incapable of even considering that there may be issues that the company may be keeping from them. My view is that this group is playing the market and playing investor’s views on these bulletin boards for their own benefit.
There are a small number of others, of which I am one, who see this as unhealthy, unwise and highly suspect and who chose to “pri** your bubble” whenever we feel it’s justified. Some information is leaking from Iraq/KurdistanI and some of that is shared here in the UK; you obviously have not been privy to such shared info. This obviously bugs you and your clones so much so that you constantly “scratch the wound” and try to get an argument going; witness the last few days.

Re your “…my guess is that you have also probably lost your money...” - please keep guessing, you are so wrong but if it’s all you can rely then good luck with that.

Re being “…bitter, vindictive and ignorant...” well, that’s an opinion and you’re as welcome to your opinion of me as I am of you and others of your ilk.

DNO offered $300M - why so little when "everyone knows" it's worth so much?

Keep dreaming...

Your uninformed nonsense is so tiresome.

Good morning Mikey,

thank you for pointing out that the figures posted were incorrect.

In the thread so far there has been no mention of the assumed Brent price - which is central to any sort of forward revenue projections.

I have posted this before:

At stable $60 Brent, and assuming the present variables remain the same (10% Royalty, 30% Infrastructure Tax, 80% WI for both CO and PO, $21/bbl discount for SH grade incl all fees), the 55Mbopd level should generate approx $25M per month, or $300M p.a.
If, however, the WI% is calculated at only 58% for both CO and PO then that would drop to approx $18M per month, or $216M p.a.
Recent annual revenues have benefited from a Brent price higher than $60/bbl, so the projected figure of $450M indicates an assumed Brent price of almost $80/bbl in conjunction with the 80% WI I mentioned.

Good luck with that...

Cookie,

Clare is a "freelance journalist" and, without demeaning her work in any way, writes not much more informatively and not much better than some posters on this bb.

Do you remember the scene in the Master & Commander, Far Side of the World, when the young(ish) Midshipman Hoolom says to Jack Aubrey: "...I think they, the crew, have taken against me...".

I wonder if Cashti has "taken against" GKP?

Mikey,
read what I wrote.

With Ord Shares, you can trade them Ex-Div or Cum-Div. Given the Trade Date, I question whether these Notes can be traded in a similar manner.

Mikey,

the New Notes are paid interest semi-annually on 18th Apr and 18th Oct.
To the best of my knowledge the interest payments are not PIK, but Cash Interest and therefore at 10%.

Could it be that the price at which the Note(s) were traded included the interest coupon for that 6 month period?

Mikey,
the 10% Guaranteed New Notes ($100M issued Oct-2016) have several Conditions associated with their issue.
For example, and concerning the incurrence of additional debt:

4. Covenants
4.1.iv The the date of such Incurrence and after giving effect thereto on a pro forma basis the Consolidated Net Leverage Ratio does not exceed 3.50 to 1.00.

With relatively high current EBITDA and current low debt that's not an issue however.

I'm the same Broadford Bay as ever and I only post (on GKP) under that name.

When I registered all those years ago on III (2009), I believe they wouldn't accept the two words split so I ran them together.

You state:
"These facilities are CLEARLY NOT for operational purposes and were CERTAINLY NOT required in 2018.
Up to $200m in required additional operational borrowing? Please."

I disagree.

Given the uncertainties that the Shaikan field development has thrown up up over recent years why wouldn't you want the security of having an extra $200M to cover eventualities?

You have lost the place completely with regard to GKP.

indridcold,

as usual you deliberately seek to confuse!

In my reply to max, and as I have already pointed out, my figures regarding revenues when moving to 55Mbopd were based upon the same $/bbl figure ($60) that he, max, was using. The resulting figures are correct and valid.

For clarity, I also pointed out that the average Brent values for 2018 were significantly higher than that chosen $60 figure.

As to my opinion being worthless, you have absolutely zero credibility whatsoever - either here or on the other board where you post under another avatar.

You are the fraud my dear chap, and more and more people are starting to realise that.

Hype all of it - and all of it out of date.

I'll wait until the company decides to update the market on recent results.

I remain of the opinion that the company will NOT be fully funded for all projects.

I see the gang of troublemakers has now hijacked this thread - those who freely throw the word "fraud" around but who offer nothing but BS, abuse and disingenuous obfuscation.

This is obvious in relation to my posting this morning to Max - where he had offered some revenue numbers based on $60/bbl crude. In my reply I kept the same number just to make a comparison easier.

Immediately put up against that were 2018 figures which, however, didn't reflect a stable crude price of $60 - as monthly Brent varied from $57.36 (Dec-18) to $81.03 (Oct-18)throughout 2018.
The numbers do not lie, and nor do I.

To support an expected revenue of $400m - $450M would require an average Brent price throughout the year of approx $76/bbl (all other variables assumed to remain as they are).

This bunch of troublemakers are ruining the board for others who are trying to see through the outrageous revenue- and profit, "self-funding" claims being made.

I see Robert aka bobobob posting here, with his ghost avatars.

Witless Wonders...

***eye,

you wish!

No matter what other items may be recognized by creative accountants as Revenue, the only thing that matters to any company interested in acquiring GKP is what their goods can be sold for.
The contract defines the barrels, the other deductions and variables are known.

My "arris" is still intact - as is my brain.

straycat,

I need no lessons on balance sheet reading, thank you.

The difference needed to be highlighted for max.

The revenue projection, based on the variables stated, is valid.

The revenue estimates were based upon $60 Brent - and were in reply to Armasmaximilian who had used that particular value for his estimate.

Last years monthly Brent values were:
Jan-18=$69.08, 65.32, 66.02, 72.11, 76.98, 74.41, 74.25, 72.53, 78.89, 81.03, 64.75, Dec-18=$57.36

Furthermore, the 2018 sales revenues, as advised by the monthly payment RNS' totalled $216M, although the company stated annual revenues of $251M.

The BS is spouted by others.

max,

the $21/bbl Transit Fees I mentioned should be read as including ALL deductions = the Shaikan $/bbl quality reduction, the Transit Fees, Port Storage & Loading &and insurance.
Brent at $60/bbl - $21/bbl equates to ca $39/bbl Export value.

The PF-1 pipeline utilization (instead of trucking to Faysh Khabur), will reduce this figure by very little; perhaps by $0.70/bbl when measured over the total output (PF-1 & PF-2).

max,

chance would be a fine thing, you must have input some wrong data!

Assuming Brent at $60/bbl and the other variables staying the same (30% tax, 80% WI, $21/bbl transit fees, and always assuming the CO recovery is still 40%), the annual REVENUE generated by 55Mbopd will be approx. $300M.

NB: revenue not profit.

...and you regard this as a positive?

"Company can’t find anything better to do than to buy its own shares. "

What utterly pathetic crap...

"...these days Malcy floats around the markets as the oracle of oil stocks, jet-setting to foreign lands reporting on prospective investment opportunities."