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Yeah but no but The KRG didn't honour it's commitments even when PoO was at a `sufficient level`, IE $60 and above...Back in November. The KRG should say why.
I never understood why they don't pay up, you don't have a meal in a restaurant and not pay...WTF do they think they are?
The thing is Genel wasn't paid in Nov/Dec and we don`t know why? We received double payments in Jan but then havn`t been paid again since IE in Jan/Feb for Oct/Nov receipts, again we know not why...All the above when the PoO was in the $60s.
1. If there was a problem when PoO was in the $60 what is it going to be like now with present PoO?
2. Why don't we know why The KRG were delaying payments til Jan and again now?
3. The Kurdy oilers don't stop production...but ii do stop investing.
4. I wan to know what caused the original stop to payments....As shareholders we deserve to be treated better.
`..start seeing delayed payments`...??
They were delayed 2 months to Jan. Nov/Dec payments delayed to Jan and now further delayed again 2 months. As Genel has not received Oct & Nov payments due Jan & Feb...
Genel`s larger problem going forward, IMO, is why it's not getting paid by the KRG. If they haven`t paid Jan/Feb what makes folk think they are going to pay now with PoO on it's knees?
So not a buy...Why can't these holdings RNSs be clearer?
Might explain the strength back in the 180`s...Not sure why you'd say there couldn't be a TO...What is your thinking behind that?
So what's going on here then? At least this will/should support the sp....Cheap as chips @ 150p...Bid?
7.8% divi based on FX 1.28
Genel are keen to grow the dividend ...another 5c would be another c$14m...20c total. They can easily afford that.
What do folk think?
About 7% on 1.29 exchange rate.
How many shares do Bilgin have?
That's an interesting move..
From last GENL RNS on16th
· $26 million of outstanding payments from the KRG, constituting the full
amount in respect to export sales in August 2019, has subsequently been
received in 2020
Good to see DNO have been paid for August Tawke:
Following a delay in export payments last month from the Kurdistan Regional Government to oil operators, DNO has since yearend received payment for its August oil sales totaling USD 52 million net to the Company.
I`d actually asked them on Monday if there were any (payment) problems- So I was obviously;y a bit miffed when we had the RNS on Thursday... He`d replied:
Hi XXXXX,
All is well here, and I hope the same with you.
As you know, we do not give a running update on payments. Problems in Iraq are currently showing no signs of spreading in the Kurdistan Region of Iraq.
Our next scheduled update is on 16 January, although of course any material news will be announced as soon as it occurs.
For clarity I should add `as per the RNS` I meant -as per another email he sent me earlier.
Hi XXXX,
Regular payments have been made for over 4 years and we are confident of both the MNR’s ability and willingness to pay, and catch up with payments as stated. This is a temporary issue and one that does not impact our positive view of operating and investing in the Kurdistan Region of Iraq.
As a reminder, our interim dividend of 5¢ per share is to be paid to shareholders on the register as of 13 December 2019.
When I pushed him on it he said, as per the RNS:
Hi XXX,
We currently don’t see any reason to change our positive view on operating and investing in the Kurdistan Region of Iraq.
This is from an Andrew Benbow email I received last Friday-the last line is interesting-And interesting that The KRG hasn't made the reasons for the delay public- Everyone being diplomatic, and not wanting to rock the various boats Genel with the MNR/KRG and The KRG with the ICG/SOMO. Stepping on egg shells .Or is everyone just trying to push it under the carpet?:
XXX
All operators met with the KRG at which they spoke of the reasons for the delay and confirmed payments would be forthcoming in January.
It is for the KRG to make the reasons public.
Hawkey,
Do you know why The KRG/MNR are delaying payments by two months and a month?
The Oil Co`s are are keeping quiet as to the reason- why? Not wanting to upset the (someones) applecart? But who's?
Why aren't the KRG explaining why there's a delay? They clearly told the Oil Co`s but The OIL Co`s don't want to pass that info on, why? Is it for the same reason, for diplomatic reasons, not wanting to upset The ICG &/or SOMO? Disbelief? Just not that important? I think its very important with the KRG`s past record..
Why are The Oil Co`s not explaining the reasons for the delay? Is it not their place?
Its as if everyone is treading on eggshells combined with a collective holding of breath....
Which is bit of a worry IMO...
The Oil Co`s are trying be all `it`s business as usual`, quite sanguine- but clearly it has the potential to erode trust perhaps not by 3-4 years quite yet but I think we deserve a better explanation...... Perhaps the KRG think the same !!
Its interesting that the sp held up quite well last week, but then it has reduced from c215 in Nov when presumably the first payment was missed. I emailed the Co asking if there was a problem but they wouldn`t tell me it was delayed, just saying `we don't report on payments...- but clearly `the market` knew what was going on...Hence the drop- then low and behold a few days later there's the RNS..
So what now- Wait it out? - on tenter hooks ? Am I worrying about nothing?
What do you think.
Sounds like she also signed up to Netflix or Amazon Prime?
First day 105,793
Second day 106,097
So they`re going to be well short of $10m in 7 days, if they continue at that rate of purchase.
I guess they don`t want to really drive the market - appears as if they`re just soaking up any sells.
Avoids a massive spike and then a retreat, as folk sell into any the strength, I guess...??!! Keeps the market liquid...or what ever the expression is??
I notice, from an earlier auto email, that Andrew Benbow is in The Far East today doing investor roadshows.
I wonder if anyone is sniffing around Genel? I wonder what prompted buy back change of mind from Higgs?- just the undervalued sp- or anything else?