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The sky over Erbil will be black with the private jets and choppers of the delegates.

They will have a common agenda:

Each buck saved on rewarding us mugs will add to the pot available to divvy up among themselves.

Now we can relax - no reason sp should have another quantum collapse (is there ?).

Shame our board wasted all that ready cash on defaulting to buybacks when it should have gone on eroding our humongous debt a bit - innit ?

Don’t suppose the poor population in Kurdistan ever saw a dirham of our contribution of that ‘free oil’.

All blown on new private jets or bejeweld toilet seats for the tribal heads palaces.

Surely a day of reckoning will someday dawn ?

As we all realise - Oil Co SPs are strongly correlated to OP of course (as that is their main commodity).

It will bounce back up when Putin , or some other naturlig tragedy, befalls our little World.

Even superbly managed SHELL has dipped in proportion.

Buybacks never give a timely or measurable return (if ever!).

The BoD are in a tizzy - so Bb’s are the traditional last resort. «Returning value to our share holders « as if !

Better to use our valuable funds to remove 1/2 of our debt - than throwing away $14 billion on yet another attempt prove that The World is flat.

That would cause an immediately surge in our SP.

TK will be OK.

He has a few $s tucked away surely (and some seriously wealthy old mates in the East who maybe ‘owe him’).

Clowns running the country they may well be - but exceedingly wealthy clowns (at the expense of the Iraq population and us trying to do honest business).

Indeed, buybacks are a BoD’s last resort triumph (as usual).

Maybe better to pay down some of our horrendous debt - to help make us a more attractive fire sale candidate.

If they back off from buying us outright due to the depth of our debt and lack of direction…..Could we ask SHELL to rent us some of their superb Management to give our incumbents a clue as to what they should be doing to run an energy company profitably ?

Great summary there belg., but may I add that a sizeable slice of green cheese can be expected when those in power Baghdad view how well their opposites in Erbil have profited personally and so magnificently ?

Buybacks are symptomatic of a Board who are out of their depth and don’t understand the company and/or the industry they have miraculously risen to the top in.

Bb’s are their fallback - to be seen to be doing something (to justify their bonuses and awards stream continuing).

The Board are already collecting superstar salaries for dull and uninspiring performances.

ALL bonuses and awards should be earned against achieving strict KPI’s (which have been approved by the shareholders).

They must be living in fantasy worlds and laughing all the way to the bank.

Trumpetting great results via local sales yesterday heralds another round of awards and bonuses for sure (whether by dippinginto our bank funds or resurecting and reassigning the shares being squirreled away into ‘treasury’).

Problem is - it is rumoured that some of these local sales end up in embargoed countries.

The penalties of knowing getting involved in this could be punitive.

True S2316…. Some OPEC members are indeed cutting production to bolster the PoO. Simple economics.

Iraq are not, and when/if the P/L flows and N.Iraq and Kurdistan fields are added - the quota will be soundly exceeded.

BBay…. How much have they in fact ‘wasted’ on BBacks over the wasted 5 years ?

Can’t ‘ramp up’ as Iraq has already exceded it’s OPEC quota …

Just wondering - How much has been wasted in Buybacks over the past 5yrs ?

And what benefits have we shareholders gained ?

From today’s report:

‘Outlook

GKP remains focused on maximising shareholder value from local sales and unlocking significant potential additional value from the restart of Kurdistan exports.’

- Any progress on recovering our debts ?

- Surely today’s optimistic report will justify buying back more shares to be roosted in treasury (until they are awarded to the chosen few).

You should ‘give a toss’ or the treasury shares will still be in circulation (when they are given out as bonuses for achievements, successes or for just hanging around)

Trust you good self will be a benefactor……. ?

He will be severely rewarded I’m sure (maybe in buyback shares from our treasury ?).

Would prefer that he achieved someting tangible, as opposed to reporting on events - which any on this blog would source too.

He should be lobbying Stateside to : help get our bills paid, standardize all oil/gas contracts within Iraq, squeezing Ankara to pay Baghdad the fines that are due to them, encourage The Senate to have the Pipeline opened….. take yer pick

TT…. I’m totally in agreement.

At last, a resonance of commercial reason creeping into these pages.

J-A-B, let’s wait and see if SOME of the buybacks do indeed end up ‘in treasury’, as previously.

Also - the BoD/management accepted their positions for the handsome salaries offered.

The facility to then award themselves additional bonuses in the form of treasury shares (when they have not even secured our outstanding debts or increased production) is difficult to justify.

Bonuses should be directly related to them achieving KPIs which have been previously agreed via shareholder’s voted approval at the AGM.

Just to clarify..