Member Info for highlander1970

Best wishes Mikey

every lithium mine is dug out using diesel.
Diesel emissions now are ultraclean and in some there has been a lot of progress recently in carbon capture.
Oil is not finished as a fuel, neither is gas, be it associated or non associated.
The turmoil at the moment is the conventional market killing off the shale producers, the irony in that is that Saudi is now investing in shale production.
Note that the Saudis didn't do anything until after the Aramco IPO was done, this has all been planned and once they meet their planned outcome then the market will miraculously sort itself out.

the thing is that now oil is so cheap, it makes renewables extremely expensive.

That's not what I wrote.
Try again.

A good point regarding hedging is pointed out by Kaaran there where hedging is not done. It cannot be done by GKP as they are not the ones selling the oil therefore normal oil selling structure does not apply which means that they MUST get in receivables as soon as they become payable which GKP management is failing miserably at and it appears that they aren't even trying. That is a dereliction of fiduciary duties. THAT is INCOMPETENCE pure and simple. If it is not incompetence then it is a planned and agreed outcome.

So what is it?
Incompetence or collusion to mislead?
FIRE them.

you mean this one

"The Company confirms that it has received a proposal from the KRG relating to the payment timing of outstanding invoices for Shaikan crude oil sales during November 2019 to February 2020 inclusively. GKP understands that the KRG's proposal is in line with those made to other international oil companies operating in Kurdistan. GKP remains in dialogue with the KRG and will update the market further as and when appropriate."

Which clearly indicates that the GKP management have not even been in contact with their masters regarding getting paid the outstanding monies.
"GKP understands that the KRG's proposal is in line with those made to other international oil companies operating in Kurdistan."
If they were in constant dialogue like they want you to believe (which you clearly do) then that sentence would read a whole lot more like Genel's press news release.
In essence, more lies.

For clarity, I do hold shares, and I do want the ferret gone.

"The KRG would be very stupid indeed to destroy investor confidence"

"The Royal Bank of Canada said in a note on Wednesday that the delays in payments in the Kurdish region will act as a "bottleneck."

"Genel and DNO are low-cost oil producers with cash-in-hand that have the capacity to respond and adapt for a period; but we do not expect investors to embrace their risks and rewards, until there is at least clarity on oil sales

payments," the bank said."

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/031820-iraqs-kurdish-oil-output-hit-by-coronavirus-spending-cuts-as-oil-dips-below-30b

Financing banks have no confidence

The ferret has missed EVERY single target he has put out bar one...paying out bonuses

There are legitimate reasons in the oil patch for many delays and the biggest one with GKP is management incompetence...full stop.

Simple

Solution: IOC's sell the oil as they do in other countries and then give the taxes/costs to the KRG, not the other way round.

JF is an incompetent fool, other companies have their agreements done and have managed that a long time ago, he cannot even manage to get a FDP done. The sooner he is gone the better GKP will be

It is true, go research it.

"only some of which was due for payment"
ALL of it is due for payment...it's a business, not a charity even though the idiotic, useless, lying JF thinks otherwise. Will it get paid? Not the full amount if you go by their previous performance. The ever increasing DSO numbers are proof of this.
How much has the lying toad JF written off to please his masters? (Quite a few hundred million $'s)

Look at the bigger picture, the KRG are always "borrowing" against future production which inevitably does not get paid.
They forward sell at market price when the POO is high and then ask IOC's for discounts when the POO has fallen and they have not paid their dues. The full amount NEVER gets paid back.
These are FACTS.

Have they repaid the 500 Million barrels from IOC's they forward sold a couple of years back?
I doubt it, but if you are so sure of their integrity then prove it.

You're not qualified to be giving investment advice and I wouldn't be taking advice from a lackey like you anyway.

It's not that the KRG can't pay, they just won't pay. History tells us that. They are masters at avoiding paying anyone but themselves. The next one will be more help to recover fro covid which the IOC's will have to "donate " a price per barrel

"BYW would you support a shareholder move to seek the removal of Jon Ferrier from GKP ?"

ABSOLUTELY!! The sooner the better. He is the biggest liability that GKP has.

"The likes of Broadfraud, oilman, bigdog, 111notout are all liars, ****roaches, con men, fraudsters, pond scum and if you have a problem with those that highlight that, then that says more about you than anyone else"

That's way too nice for those lot!

https://markets.businessinsider.com/news/stocks/saudi-arabia-invested-1-billion-shell-european-oil-majors-wsj-2020-4-1029078985

Expect to see Saudi continuing to increase their "market share" by doing some more investments like this with the Aramco IPO money.

"Unfortunately they are only worth 25% of what our far-sighted BoD used up our working capital to acquire after all."

Which is why this idiot BoD should have been using the money to diversify and get rid of debt instead of lining things up to pay themselves and their cronies ever more bonuses for the failure they have inflicted upon the company.

https://www.foreignaffairs.com/articles/2020-04-02/emerging-market-petrostates-are-about-melt-down

Ferrier must be shown the door as soon as possible.
His complete stubborn incompetence has GKP on it's knees once more.
He has failed in every aspect of running a company (maybe he is dyslexic and read is as ruining a company!)
He has met ZERO targets
He PAID to get rid of company assets
He REFUSED to diversify when shareholders suggested it to him.
He has REFUSED to pay down the debt which now equates to well over half the MCAP whilst still paying 10% coupon on it
He has STUPIDLY bought back shares on the open market and WASTED company monies for no gain (What are the shares for? Why are they not cancelled?)
He has FAILED to bring in monies owed for product produced (kinda fundamental in any business)
Shown complete DISREGARD for any communication with shareholders
LIED consistently at any meeting/presentation

and yet awarded himself MILLIONS in line with the VCP which FAILED in the first year and, if it were still "in force" would now be null and void due to the company share price being just 0.63p which, when he "took over" (was installed) the share price was 45p

Well done Jon you lying thieving piece of abhorrent ........!!

I think the divi should be cut and the debt paid off instead of throwing good money after bad.
Yes...JF should be fired, just because he is a useless, greedy , lying idiot who cannot do his job

The company are being more than a little devious with their statements.

"The above figure of 211,986,079 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in Gulf Keystone under the FCA's Disclosure and Transparency Rules" implies that this it the total shares in issue for reporting purposes, this is not the fact as the other shares have not been cancelled. They cannot make this statement if the other shares still exist...which they do as they were included in the dividend calculation.

This useless, self serving, lying Bod should be getting rid of the debt instead of this fruitless buyback hairbrain scheme.

Pro:
Shaikan is massive.

Cons:
The Bod are a bunch of lying crooks only out to line their and their masters pockets.

Having worked in that part of the world previously, the Moroccans will not be backing anything, quite the contrary, it will cost more.