Member Info for highlander1970

Teat not test

We have all been waiting for the future that this infestation keeps promising yet fails to deliver whilst they reward themselves with abhorrent amounts of shareholders money.
They are incompetent miscreants sucking on the test of shareholders.
They have no idea of how to create value for the company and the current mcap is a dismal reflection of the results of their inadequate management.
Fire them and get real operational management in place.

Apart from when it was over 4 billion dollars do you mean?

Today's mcap is 20 percent of where it has been and that is down to the infestation in the board room that like to call themselves oil men

While the company is flush they should ringfence enough money into a high interest account to pay back current debt on the books.
Interest payments could then cover any bonuses the infestation decide to pay themselves instead of diluting shareholders.

"decision re dividend was determined elsewhere."

this inept BoD are incapable of deciding anything then.
Useless at operations and get told what to do by others re finance

Yep...that about sums them up and a key reason why these cardboard cutout "oilmen" need to be replaced with people who know what they are doing

These incompetents need to be shown the door and get in some real management who know how to run an oil company as these lot are WAY out of their depth.
Still not at 55k after HOW MANY YEARS?

One possibility would be to install gas lift mandrels into the wells they want to put pumps in and use the gas to increase production. Cheaper and more reliable than pumps. The extra production could generate revenue to speed up gas utilisation/disposal costs or just plain old reinjection to preserve reservoir pressures.

you're missing the point

it's not "we can't put it to good use" it's more we WON'T put it to good use. Therefore YES, they are wasting it.

They are more interested in feathering their own nests than adding value to the company.
They have the cash now to get on with the projects they have planned so they need to move along with it but instead they are dragging their heels.
YEARS behind on the "IMMINENT" 55k

Need I say more?

Fdp is for production wells.
They can still explore or appraise as was proven by S7 well which failed to reach target.

With all this discussion of how to disperse company funds, my view is that instead of frittering away the money in buybacks which were a colossal waste of money last time and never add any value when management duly issue more shares to feather their own nests, the company should use the funds to actually prove up the only asset we are now left with due to their greed and incompetence.
They should plan a new well to appraise the Permian structure of the field and all zones in between.
From Shaikan 1 it is known that there is high pressure gas and condensate/light oil down there.
Shaikan 7 never got there but all the high pressure equipment was purchased and has never been used.
Use a Western company heavy duty rig instead of the Chinese cack they have previously used and use Western tools and technologies to actually get there this time.

Original oip estimate was targeting 2 to 3 billion Boe in place...prove it.

Do something constructive with the monies in pocket instead of wasting it.

Add value as they are supposed to do but have consistently failed to do!

they've caught up a little but they are not doing fine

The "Why?" was for the double payment

See my reply on the other thread regards bonus, 3 weeks or less?/more?

The truth will out at the date and extent of the next payment.

They will of course report the payments as 2021 to make the books look better, It goes without saying that whatever "rules" they have in place, they will circumvent to make things look better for themselves which in turn they will try to paint as a victory and give themselves a bonus.

Any bets on when they announce their next "bonus"?
I guess within 3 weeks

First time we have seen the KRG try to catch up with payments. Well done to all involved.
What was the average price of oil for Sept/Oct? (do the figures tally to the output?)
And of course, the biggest question...Why?

The current problems lie squarely at the door of the current infestation in the boardroom, nothing to do with 2016.
Hopeless liars with their snouts firmly planted in the trough of shareholders money and protesting that they deserve it for doing next to nothing.
Name a target that they have actually met that benefits shareholders and does NOT involve a payment to the BOD.

They have one asset that they are years behind in developing and have failed to negotiate the PSC despite years of telling us it is imminent. The costs of upping production are many multiples of original estimates despite the destruction of prices in the sector.
One customer to receive the revenue from and scroll down the page here and people are happy with 30 plus percent of annual revenue to be unpaid yet the BOD still hold out their hands for bonuses.
They are liars and thieves and they are not doing "just fine"...far from it
In any other industry they would be gone.

I the management don't do their their job then the company just ends up in a state.
They are not doing their job

Unless they pass the oil law, any political moves are negligible

It's always A - Wont pay

JF set the precedent by letting them off the hook with eye watering amounts of debt and now they simply refuse, knowing full well that there will be NOTHING done.
I would penalise the BOD EXTREMELY HEAVILY for non payment, it is THEIR job to collect receivables.
For every month missed, the BOD have 2 months salary deducted.
Watch the receivables get resolved then.
If not, start firing them. (Let's do some of THAT NOW)

LOGP get a mention, I wish the SP was 5p though, he has a typo in there

https://oilman.substack.com/p/christmas-2021-new-year-2022-blog

The crux of it is that the useless bod still cannot collect monies owed on time.
Every time a payment is missed, the bod should be deducted a months salary instead of them being constantly awarded for failure