RE: Pareto analyst comment21 Mar 2019 10:47
The reality is Kurdy oilers were burnt badly by the perfect storm of ISIS, PoO and KRG being unable to pay. GKP`s SH were effectively wiped out- It`s worth 2.6p in old money...So Genel did well to be only 1/4 of what it once was perhaps.
I think you are a little disingenuous to the new BoD. They have cleared the debt and are now trying to revitalise the `old` assets, coin it with the new and old assets and add some sparkle with the new stuff that still needs to be explored and developed. Genel has learnt the hard way, as have many other oilers, that too much debt is crippling with low oil prices.
Once bitten...etc
Going forward they are *not* going to get over leveraged with debt with a massive gas development. I think it`s a good new direction, and really good news. How many Oilers do you know that are net debt free? Don`t forget that the jury is probably still out re the MNR/KRG hence why there havn`t been loads of corporate deals, as yet. It`ll take time for that confidence (and corporate deals) to return- but we are getting there hence the divi......Besides why should Genel `give` miran away in some poor deal? it`s still there and there to be developed sensibly after BB, with our money and not someone elses.