Member Info for highlander1970

The debt coupon payments account were equivalent to 26% of the per barrel cost for the last reporting period.

The BoD are choosing not to pay down the debt but to line the city pockets and their own pockets instead.

Again

They are not my figures, they are from the GKP report. It is their latest spewing of figures they will not meet and schedules they have no intention of even trying to achieve.
The figures are laid out clearly in the presentation, if you can't comprehend them that is your problem.

History of the bod here infers that my analysis is more correct than yours with the simple fact that here we are today with a market cap of £152 Million and producing 36,000 bopd and not getting paid for it. There is over $500 million in recovery costs and $93 million in unpaid production. Before he was installed, production was higher and market cap was higher.

A CEO who's only timeline to be met is the ones where he is spending the companies money. If he ever managed to collect some of the receivables in on time then I may regard him a little more favourably but there is very little chance of that ever as that is not his M.O.

I am here because of the asset and that is undervalued due to the actions of the infestation in the GKP board room.

If you can't handle people pointing out the failures of the incumbents then that is your problem, not mine.

Filter me if it continues to make you weep but I have every right to discuss and question the reports put out by the company and it would be remiss of anyone not to question the remunerations being received for the progress being achieved (or not) by the excessively over managed company that has just sacked 60% of their ex-pat workforce whilst awarding themselves millions in payment from an award scheme that was in place before any of the current reprobates took a pew at the trough of shareholders money.

"It will be interesting to see who actually avails themselves of this opportunity."

And how EXACTLY are you going to see this?
Which part/one of the miscreant board are you connected to?

SS

They are not my figures, they are from the GKP report, the gas management plan is part of the 75,000 bopd project.

see pages 24/25
https://s3-eu-west-2.amazonaws.com/wp-gulfkeystone-2020/media/2020/05/22081140/Smart_annual-report-GKP_AR19.pdf

It begs the question, what is your connection to GKP and why do you defend the lies so vehemently?

I am a holder and I want the lies to stop and the company to be run efficiently, that needs the lying, incompetent, troughing board to be cleared out and some actual oil people put in place with fair and reasonable incentives in place, not the all out robbery taking place for achieving absolutely NOTHING. To coin a phrase, there is a need in GKP to "Drain the swamp"

10 years to carry out these targets is an absolute p**s take!!
They have hidden the 3 year extension to get to 75000 in the small print
They say in the presentation that most of the work has been carried out to get to 55k - let's see what ridiculous extension they put on it this time and how much more of a budget they put on it as I have yet to see any budget be adhered to even though they write in 25% and most recently they have increased this to 40% contingencies. (When I was writing my projects for the oilfield bases I was building, my contingencies were a maximum of 15% and we were NEVER allowed to go over the budgets).

Ferriers estimates to get to 110,000 bopd production

120 months (yep 10 YEARS) at a cost of $1,545 Million (yep over $1.5 BILLION)

plus or minus 40% on the cost and bear in mind he has NEVER met a deadline yet!!

This IDIOT needs to leave!!

It gets worse

to get to 75000, they intend "spending" $830 Million
No idea which contractors they are going to use to get the extra 35000 but they will be laughing their socks off getting that contract (bear in mind that the figure is +- 40%)

see pages 24/25
https://s3-eu-west-2.amazonaws.com/wp-gulfkeystone-2020/media/2020/05/22081140/Smart_annual-report-GKP_AR19.pdf

Invstrat,

possibly it's because almost everyone that passed through GKP boardroom ends up multi-millionaires whilst the company value continually deteriorates at the behest of the incompetent incumbents.

makes sense TM

knew I had to be missing something with figures that far apart

actually, I should correct those figures as I quoted the production for 2019
The figure given per barrel for 2019 was $3.2
So to remove the interest payment cost equivalent per barrel would put the cost per barrel at $2.37
that equates to 26%

but the PR merchants on here tell us that the cost of the bonds are not important!!

$10 Million per year on the 10% coupon debt that GKP has and does not want to pay down and get it off the companies back

2019 production was 32,883 bopd X 365 = 12,002,295
$10,000,000 /12,002,295 = $0.83

The stated cost per barrel is $3.9

The interest cost ALONE per barrel broken down is just under 22%

For a company that wants to drive down costs...start with THAT one

Who wouldn't want to drive down that cost to $3.1?

gross production was 32,883
X 365 = 12,002,295

Revenue $206,700,000

$206,700,000/12,002,295 = $17.22 per barrel realised revenue??? (assuming this is after the revenue division)

GKP state $42.9 realised per barrel which would put revenue at $514,898,455 so 80% WI should give GKP $411,918,764 but it appears that GKP are reporting circa 50% after Mols cut.

What am I missing?

Yup,
in with that little scheme, they have pushed out the gas management plan a further 3 YEARS and increased the budget for it by a FURTHER $75M despite this comment in the operational summary

"While the revised base case gas management plan has been agreed in principle, the Company, MOL and the MNR will continue to work together to consider other gas handling solutions. These solutions may reduce costs, accelerate the timing of reduced flaring and/or optimise the ramp-up of production."

Who pockets that lot this time Jon?
Why such a long delay? This CEO has ZERO intention of carrying out required operations.

This is the best bit by far!!

"The Gulf Keystone team
has a strong track record of project delivery and generating
value for shareholders."

I actually spat my tea out at that one!! LOL

"high level of transparency and corporate
governance procedures in place."

LOL Who are they trying to kid?

"Make sure you post the reply."

they've never replied yet, why would they now?
All they will do will be to collate the questions asked and delete them, replacing them with faux questions allegedly sent in.

I will however be sending in a list of questions

"appoint the Chairman as their proxy when voting"

no vote rigging planned there then

Yep, SZ was complicit in all of the above as well, he was a plant by the financials and was purely the book-keeper for the bondholders who ensured they got their pound of flesh.
All water under the bridge now unfortunately

Ferrier however is still at it

Read what was written

1. which part of "todays market cap of a paltry £162 million" did you fail to understand?

2. The board never even attempted to renegotiate the debt, they defaulted on the 13% for a period of 5 days below the $50m , that debt should have been paid down via a shares issue and the remaining 6% coupon debt (which was the bigger of the 2 loans) should have been rolled over. They had room to work these out as the coupon had already been paid. Ferrier never attempted to do anything with the debt apart from throw the shareholders under the bus. Reason? Sami Zouari. He was the one who instigated the bonds BEFORE he was even employed with the company.

for anyone unaware of my reference earlier to the above outfit, have a look at what these guys do and it will help to understand why some companies have very committed posters on their chats

http://dfkingltd.com/proxy-solicitation.html

GKP used these guys in 2016 to assist with the shareholder wipeout, most likely by sourcing the bond holders etc but shareholders were not informed of why they were being used.

I post facts sourced from company information. I make observations based on these facts and I compare them to the dribble of "news" that gets released about GKP.
These facts keep pointing to the weakest link that is the CEO.

When he was installed into the board room, the share price was 45p with just over 1 billion shares in circulation giving a market cap of circa £465 million compared to todays market cap of a paltry £162 million having voluntarily sold out shareholders a year before the debt was due to be repaid.

Todays share price is equivalent to 0.77p in old money.
Ferrier did that, nobody else, and he thinks he and his cronies have to be rewarded beyond belief for this shareholder destruction.

I pay no heed to the screaming lunatics from the asylum over on ADVFN, you might like to try that as well as you seem to be infatuated with it.