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Today is just another day and almost every oiler I can see is down. There you go...Simples.
Tomorrow is always guaranteed so there are no worries.
And every day that passes we get closer and closer to.....
Bina Bawi
Sarta production
Qara Dagh
Somaliland Farmin
New Assets
Leema buying back in
Trump retaining Presidency.
And being put in a box......
So smile and enjoy every day as if its your last...One day you will be right................
Hawkey
Alliance News | 6 June, 2017 | 3:09PM
LONDON (Alliance News) - Shareholders in Genel Energy PLC on Tuesday ousted the company's new non-executive director less than three months after he took up the role, while a substantial chunk also voted against the re-election of the company's chief executive and the adoption of its remuneration policy.
CEO Murat Ozgul survived his re-election vote at the company's annual general meeting on Tuesday, with 30.51% of the votes cast against his re-election, but Non-Executive Umit Tolga Bilgin has been ousted from the board after 51.61% voted against his re-election, despite only being appointed to the board in the middle of March.
"Following the result of the resolution in relation to the re-election of the Chief Executive Officer, the board of Genel Energy retains full confidence in Murat Ozgul's ability to successfully deliver the company strategy and create value for shareholders," said Genel after the AGM.
"Tolga Bilgin has not received the required 50% majority of votes in favour of his election and accordingly has not been appointed as a director," Genel noted.
The votes were cast at the company's annual general meeting and follows on from the resignation of Non-Executives Simon Lockett and Nat Rothschild, who also co-founded the Iraq-based oil producer. They resigned earlier this week after Chief Financial Officer Ben Monaghan quit the role late last week.
In addition, Non-Executive Chakib Sbiti retired from the board at the end of April, and he was notably the chairman of the remuneration committee in charge of the company's pay policy for its directors, which failed to satisfy all shareholders at the AGM, with 30.69% of votes cast against the proposed pay for 2016.
"The board of directors notes that, although the resolutions to approve the directors' remuneration policy and annual report on remuneration were passed with the requisite majority, 31% of votes were cast against them. The board will take note of the voting and review accordingly," said the company.
Non-Executive Gulsun Nazli Karamehmet Williams also saw a large proportion of the vote against re-election, but survived with 30.51% of the votes going against the director.
Genel did not provide any reason for the resignations prior to the AGM on Tuesday.
Now this character is interesting on a number of fronts.
Firstly he tried to get on Genel board in 2017 but was defeated at the AGM. What is the difference between then and now.
Next you have that his company upped their stake in Genel to 20% less than 3 months ago. What does he know that we don’t?
Then you have the fact that his company trades in Turkey which was always where our gas was going to end up.
Finally his company Bilgin has Natural Gas Power Plants in Turkey which have a capacity of producing around 7 billion kWh energy with its advanced technology.
Is anybody joining the dots here.....?
Hawkey
Heard it all before Bunks...
2017 Party cancelled by order of Mayor Bunks
2018 Party cancelled by order of Mayor Bunks
2019 Party cancelled by order of Mayor Bunk.
I will order 100 cases of Dom just in case.....
Hawkey
REASONS TO BE CHEERFUL
ISIL defeated
Opec and Russia expected to cut production.
Iranian barrels off the market.
Libya barrels off the market
New settled government established in Kurdistan.
Rosneft has lent KRG up to 3$ billion, building several Gas pipelines
DANA Gas selling Egypt, going all in KRG.
Rosneft involved in massive exploration & development projects.
GKP, Gazprom, Shamaran, Rosneft & Chineese investing billions $ in Kurdistan
New Chairman with massive worldwide experience
New Non-executive director former UK Energy Secretary.
New board members will literally billions of dollars behind them.
New board member control at least 36% of company.
Separate new team in place for exploration assets
Free Cash over 150$ million in 2019
Very high number of shares owned by major institutions.
Implied free cash flow yield of over 20%
Market cap approx 50% of net assets.
Genel confirms regular payments continue (since Sept 2015)
Nil net Debt and over 100$ million of Net cash, rising each month.
Over 6% dividend.
Genel confirm progressive dividend (ie likely to grow)
Genel confirms in the market for corporate action in or out of KRG.
At 40$ a barrel Genel can sustain dividend
At 30$ a barrel Genel breaks even……Wow
Operating cost of 3$ a barrel. Some of lowest in world.
Production from Tawke PSC over 120k per day.
1 Peshkabir well producing 11k BOPD
60k Peshkabir Oil pipeline completed.
Taq Taq gross production over 13.5k BOPD.
Taq Taq production to increase year on year.
Taq Taq up to 6 wells being drilled this year.
2.5 billion BOE unrisked Gas resources.
Bina Bawi & Miran updated CPR showing huge increase in resource +27% + 78%.
Bina Bawi oil now major focus, easy win and production within 6 months of drilling.
Bina Bawi Intensive discussions under way, could land at any time.
Bina Bawi barrels of oil worth more than even Peshkabir to Genel
Bina Field development plan and commercial proposal submitted to KRG
Sarta quick ramp up to 20k gross. First oil expected July this year.
Sarta production could replace of ALL current field production.
Qara Dagh huge potential could be half a billion resource
Qara Dagh due to spud next quarter
Somaliland 2D Seismic completed. Analysis completed. Partner discussions underway.
Genel increase stake in SL10B13 block to 100%
Somaliland massive basin akin to Yemin, unexplored.
Somaliland potentially 2 Billion plus barrels of Oil.
Somailand huge international investment ongoing.
Morocco farmin process started 2020. Big field. Huge potential.…
Hawkey....Cooking by Gas....YES GAS
For me we had some very interesting and exciting announcements today.......
Interesting Ones
David McManus has worked for some of the biggest players in the business including Hess and shell.
Sir Micheal Falon a truly workd class pedigree and people of his stature do not join companies unless they believe in the company and therefore themselves. Oh and previous UK Energy minister for oil and gas….
Exciting ones
Tolga Bilgin CEO of Bilgin Energy Holding, now heres where it gets interesting. His crew own 20% of Genel and they are a major Turkey Turkey GAS company….(Yes Turkey)
https://www.bilgin.com.tr/en/corporate/about-us
Hassan Gozal is Chairman of Daax Corporation, a Dubai multi billion dollar involved in gas and yes I believe another huge shareholder in Genel. Around 16%
https://daaxcorporation.com/sectors/energy-oil-investments
So 2 new board members that own at least 34% of the company.....
The question is why these people in particular and what will they individually bring to our party.
Interesting and exciting to say the least………….
https://www.middleeastmonitor.com/20200205-iraqi-kurdistan-agrees-with-baghdad-on-2020-budget-share/
REASONS TO BE CHEERFUL
ISIL defeated
Opec and Russia meeting coming days.
Iranian barrels off the market.
Libya barrels off the market
New settled government established in Kurdistan.
Rosneft has lent KRG up to 3$ billion, building several Gas pipelines
DANA Gas selling Egypt, going all in KRG.
Rosneft involved in massive exploration & development projects.
GKP, Gazprom, Shamaran, Rosneft & Chineese investing billions $ in Kurdistan
New Chairman to be announced soon.
Separate new team in place for exploration assets
Free Cash over 150$ million in 2019
Very high number of shares owned by major institutions.
Implied free cash flow yield of over 20%
Market cap approx 50% of net assets.
Genel confirms regular payments continue (since Sept 2015)
Nil net Debt and over 100$ million of Net cash, rising each month.
Over 6% dividend.
Genel confirm progressive dividend (ie likely to grow)
Genel confirms in the market for corporate action in or out of KRG.
At 40$ a barrel Genel can sustain dividend
At 30$ a barrel Genel breaks even……Wow
Operating cost of 3$ a barrel. Some of lowest in world.
Production from Tawke PSC over 120k per day.
1 Peshkabir well producing 11k BOPD
60k Peshkabir Oil pipeline completed.
Taq Taq gross production over 13.5k BOPD.
Taq Taq production to increase year on year.
Taq Taq up to 6 wells being drilled this year.
2.5 billion BOE unrisked Gas resources.
Bina Bawi & Miran updated CPR showing huge increase in resource +27% + 78%.
Bina Bawi oil now major focus, easy win and production within 6 months of drilling.
Bina Bawi Intensive discussions under way, could land at any time.
Bina Bawi barrels of oil worth more than even Peshkabir to Genel
Bina Field development plan and commercial proposal submitted to KRG
Sarta quick ramp up to 20k gross. First oil expected July this year.
Sarta production could replace of ALL current field production.
Qara Dagh huge potential could be half a billion resource
Qara Dagh due to spud next quarter
Somaliland 2D Seismic completed. Analysis completed. Partner discussions underway.
Genel increase stake in SL10B13 block to 100%
Somaliland massive basin akin to Yemin, unexplored.
Somaliland potentially 2 Billion plus barrels of Oil.
Somailand huge international investment ongoing.
Morocco farmin process started 2020. Big field. Huge potential.….
Hi Boyobach,
Dana are there as clearly they see the Kurdistan as a good place to do business and if its good for them it could be good for us also
Im with you on the gas in general though, its been hawked around for years with no buyers so is it as exciting as we are lead to believe..
Having said that the no debt, 3$ per barrek production and dividend cover at 40$ alone have got to be good reasons to be in Genel.
The current situation is tragic for the people involved and in my opinion will get worse. Lets hope for a vacine soon.
Shale will be impacted as will many indebted oilers so my adventure with Tullow could well blow up big time
Im still very very excited about 2020 and believe it could be a company making year.
So there you have it....just some of the REASONS TO BE CHEERFUL.....
Hawkey
REASONS TO BE CHEERFUL
ISIL defeated
Opec and Russia meeting coming days.
Iranian barrels off the market.
Libya barrels off the market
New settled government established in Kurdistan.
Rosneft has lent KRG up to 3$ billion, building several Gas pipelines
DANA Gas selling Egypt, going all in KRG.
Rosneft involved in massive exploration & development projects.
GKP, Gazprom, Shamaran, Rosneft & Chineese investing billions $ in Kurdistan
New Chairman to be announced soon.
Separate new team in place for exploration assets
Free Cash over 150$ million in 2019
Very high number of shares owned by major institutions.
Implied free cash flow yield of over 20%
Market cap approx 50% of net assets.
Genel confirms regular payments continue (since Sept 2015)
Nil net Debt and over 100$ million of Net cash, rising each month.
Over 6% dividend.
Genel confirm progressive dividend (ie likely to grow)
Genel confirms in the market for corporate action in or out of KRG.
At 40$ a barrel Genel can sustain dividend
At 30$ a barrel Genel breaks even……Wow
Operating cost of 3$ a barrel. Some of lowest in world.
Production from Tawke PSC over 120k per day.
1 Peshkabir well producing 11k BOPD
60k Peshkabir Oil pipeline completed.
Taq Taq gross production over 13.5k BOPD.
Taq Taq production to increase year on year.
Taq Taq up to 6 wells being drilled this year.
2.5 billion BOE unrisked Gas resources.
Bina Bawi & Miran updated CPR showing huge increase in resource +27% + 78%.
Bina Bawi oil now major focus, easy win and production within 6 months of drilling.
Bina Bawi Intensive discussions under way, could land at any time.
Bina Bawi barrels of oil worth more than even Peshkabir to Genel
Bina Field development plan and commercial proposal submitted to KRG
Sarta quick ramp up to 20k gross. First oil expected July this year.
Sarta production could replace of ALL current field production.
Qara Dagh huge potential could be half a billion resource
Qara Dagh due to spud next quarter
Somaliland 2D Seismic completed. Analysis completed. Partner discussions underway.
Genel increase stake in SL10B13 block to 100%
Somaliland massive basin akin to Yemin, unexplored.
Somaliland potentially 2 Billion plus barrels of Oil.
Somailand huge international investment ongoing.
Morocco farmin process started 2020. Big field. Huge potential.….