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It was a classic wasn't it, nothing less for our old pal Klassic - I welcome the scrutiny certainly, but I do this pro bono, which can't be said for G-IR.
Don't knock the party plans, you're invited Jim, we normally set some parameters that need to be met in order for the party to be approved, abit like chevron and handing the sarta keys to our clueless ops department. Zoom might be required of course - let's hope we're in a better place across the board by December time eh.
Klassic - One of the best, for me your posts are always a pleasure to read, sincere thanks for your contribution over the years. Best of luck.
Pop in for the Crimbo party later this year, it'll be a big one be, JL is threatening to make a comeback along with his dad dancing and Plutophobia (Fear of Money), oh and IR look set to release a one word RNS, which is there only hope of achieving no typos. Keep in touch.
replace the word Done for ..... rogered
Tartine - I know you know this but others may not, note the timing:
In line with the farm-in agreement Chevron is set to transfer operatorship of the field to Genel on 1 January 2022.
https://genelenergy.com/operations/production/sarta/
So is Chevron still in the driving seat over at Sarta or (god help us) is Roger (Bill) and the boys all sitting around a big table in Victoria looking at the keys and wondering wtf to do now .....bet it's a quiet room, maybe just the hum of an air purifier ....
top five lowest close prices this year:
Dec 13, 2021 121.00 122.60 127.60 121.00 520.06K -3.20%
Sep 20, 2021 122.00 127.00 127.00 120.40 156.58K -1.61%
Sep 07, 2021 122.00 123.95 125.20 121.60 197.22K -0.97%
Aug 20, 2021 122.00 132.80 134.80 113.85 1.80M -10.29%
Sep 09, 2021 122.20 128.40 129.60 121.81 207.58K -3.63%
It is positive to have some progress even though said progress is 'arbitration', we will no doubt have a strong case for compensation.
The KRG will be looking to limit their exposure and develop the fields, just not in conjunction with the terms in the PSC's, you have to think they've learnt something from the Dana thing, and if that is the case we could come out of this favorably, which probably means just the ongoing moderate shafting and nothing more severe... The KRG are so greedy it's hard for them to think they'll want to limit their existing cash cows.
Need to remember we take the wheel at Sarta soon, assuming certain criteria is met, still not sure that's a good thing, but we are a significant player, even if we can't seemingly put together a single RNS without school boy errors....
Looks like GKP and GENL are down a similar amount over the last month (13%&11% ish) with say RDSB showing neutral. Assuming o.p holds up, there could be a little trading to be done with GKP/G.
What say you Boyo, tempted?
Well, she'd be sub 120p if we hadn't had that little 2 day flurry, o.p down over 10% is somewhat of a knee jerk imo.
Buying opportunities across the board in the coming days / weeks, take your pick, lets see how far this dip goes.
you know the rules Jim - wake me up when we see a proper BSD, we've only had four this calendar year:
1) Jan 18, 2021 180.00 165.40 180.00 162.40 419.32K 10.29%
2) Feb 02, 2021 159.20 150.60 161.60 148.40 334.75K 7.42%
3) Sep 29, 2021 140.20 130.60 140.20 127.20 466.40K 7.35%
4) Jan 28, 2021 157.80 150.40 158.48 143.00 237.33K 7.06%
Our recent revival come in at 10th and 18th in the charts for the cal year top rises:
10) Nov 23, 2021 135.20 128.00 138.60 128.00 327.46K 4.64%
18) Nov 24, 2021 139.80 138.60 139.80 133.40 177.45K 3.40%
Genel is still ticking all the necessary boxes in particular that of serious cash generation which funds growth and shareholder distributions. Operationally there are a couple of what can only be described as irritants, well tests are slightly delayed as the new Oil Minister reviews emissions and other sundry bottlenecks.
Drilling at Sarta and Qara Dagh are also slightly behind as mentioned by the CEO but overall the business is ticking over with Bina Bawi and Miran PSC’s being challenged after MNR action. As has been the case since the oil price picked up Genel is in an extremely strong position as it generates cash, pays ‘sustainable and progressive’ dividends and remains on track for significant long term growth.
They do seem unable to catch a break when behind the operator wheel but I'm not convinced anyone needs firing and certainly not Bill. I'd be very surprised if this update has any material impact on the SP short term, the Dividend should underpin the SP for now at least. QD continues to concern but I for one am not too concerned to kick the can down the street, I won't lie I am still looking for a half decent exit point for this 163p tranche, I don't think this I'll look back at today as anything other than par for the course with G - I mean a combination of geological and operational challenges, supply chain issues, and well approval delays is covering just about every possible delay base isn't it lol - what were we thinking?
Good Luck tomorrow people, it'll take something special for us to have a good day but stranger things have happened...who knows, expectations I don't think are Particularly high right now so fingers crossed. GLA
This was Bill's High Level narrative in the 2020 Q3 update. I expect he'll major on delivering first oil at Sarta, G's financial strength, disciplined capital position blah blah blah and of course ignore our failure to hold the fimeline on QD drilling in terms of pre prod assets and the utterly dismal behaviour in all aspects of the corrupt KRG, be that Gas agreements, payment terms, etc - be interesting if he raises any expectations for QD data in terms of timing and quality.
Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update in respect of the third quarter and first nine months of 2020.
Bill Higgs, Chief Executive of Genel, said:
"Genel continues to demonstrate its resilience and ability to be move quickly to navigate changing external conditions. Production has remained robust, increasing quarter on quarter, and first oil at Sarta is also now imminent. Once production from these initial wells has stabilised we expect it to increase our production by over 10%, with potentially far more to come as we appraise what could be the largest field in the Kurdistan Region of Iraq.
Following the successful completion of our recent refinancing, we have the liquidity to fund the rapid development of Sarta in the case of appraisal success in 2021. Genel's financial strength and disciplined capital allocation means it is well placed to pursue opportunities for value accretive growth and provide returns to shareholders."