Member Info for Invstrat

t’man - can’t see anything re interest payments either, how naive it all seems.
Our new CEO won’t be inclined to upset his new masters by raising the delicate subject either, I would imagine.
I suspect that when/if the situation is reversed - the MNR will be merciless in their pursuit of us via PSC cancellation and suchlike.

OK - but what about the accumulating interest on the 73M ?
Maybe best to just negotiate an increase in our share of production until the debt and interest due on it are paid off ??
This would set a precedent on how to deal with the MNR’s (inevitable) future defaults in payments.....

Hmm - wonder where JF has evaporated off to ?
Guess he’ll turn up in some senior position in the energy industry (or perhaps as bag carrier for your jab Minister - the evil looking Zahawi ?)
Come to think of it - where has Sammi swanned off to too ?
Really of no significance in The Great Scheme of things - but we did make them all multibagger millionaires

Thinks we are stuck at a price which covered by cash at bank plus debts due from the sole customer - independent of PoO.
Things may change when the new Jon clone gets round to introducing to us the various stretched targets he intends to perform for our company...... then deems to inform (via regular communications) on how he is progressing along his timelines.
Not rocket science to manage this for a small company.

yes.
er .... chatting with shareholders in fact.

New CEO has had sufficient time with his predecessor to learn the ropes:
Say nought, keep your head down and your mouth shut, use any minor success as a vehicle to justify the award of bonuses, obey every command from the MNR, ignore the shareholders..... and keep taking the money.

C3 - I wouldn’t bet the farm on us getting anything beyond irregular and begrudged monthly subsistence payments out of the mighty MNR no matter what rhe POO soars to - as our absentee BoD have unfortunately demonstrated conclusively (and with neither objection to their debts nor claims for interest due) that we can soldier on AND make a small profit out of their titbits.
That dormant $170M languishing in our bank must also be driving the warlords crazy - they just know it truely belongs to them - especially as our invisible BoD apparently haven’t a clue what to do with it to further the GKP business and reward it’s shareholders.
Another excuse for prolonging their winning strategy of keeping us under control will surely surface soon..... feeding the poor of Kurdistan, curing Covid, rebuilding the infrastructure, paying off that new palace in the States.... whatever.

Hi bugsy - the interest on the MNR’s accumulating debts to us - has tactfully never been mentioned or addressed in any formal communications - to my knowledge.
Someone in our (phantome) BoD should be pressing for an increased % due to us within the terms of our PSC - as the funds to repay the debts (plus interest) would require the transfer of funds from private Swizz accounts - and that is never going to happen, now is it ?
You coming to JF’s retiral bash at The Savoy tonight ??

No RNS or World Press announcements about our takeover bonanza.
Now I have to pedal round to the Aston dealer and cancel my DB11 order.

So the (rumoured) oil we still have in the reservoir and the infrastructure we have built up over the years - are virtually worthless.
Something seriously stinks around here.

Chinese vs Indian vs European vs Stateside Big Oils squabbeling over acquiring our little PSC would be a good start methinks.

There’s nothing new going on in fact - markets and IOCs won’t touch us due to the lack of trust and economic instability based on the whims of the ruling warlords - who dictate ongoing, rampant, indigenous and uncontrolled pilferring - via the restraining control they exercise through their MNR over companies like GKP - whom (we sincerely hope) are attempting to operate with normal business practices and disclosures.
Ain’t it weird that monthly payments are nice round numbers like $18M, with no corresponding data around the actual monthly production at our wellheads, and what went into the pipelines during each payment period.
Smoke and Mirrors.

oK - but how much oil was that payment refering to, and was there any of the gross debt repayment included in it ??
Smoke and mirrors as usual.

Looks like more stringent and independent auditing of what is produced at wellheads and then what is actually pumped to export and finally the actual payments - will go through a process which will at least reduce the time-honoured right of the tinpots to pilfer from their own peoples.
Did I read recently that the usual suspects had transferred around $73 Billion of their private funds out of the region prior to devaluation.... that gives a measure of just how massive the level of theft from our donations of oil via the MNR’s books have been.
But fear not - the juicy billions in loans from the rather niave IMF and bible Joe Biden - will be the next focus for their insatiable greed.
Repatriation of the Billions upon Billions of unaccountable personal wealths - should have been the first step in Iraq’s recovery - why this has not been done remains the eighth Wonder of The Financial World.

Jensle - ? but ..... What was the question ! ?

Only LTHs will understand this:
Hope and pray they served the correct biscuits at the meeting - or the deal will never be ratified ;(

Attending to our business with the fearsome MNR is obviouly something which our absentee BoD prefer to avoid whenever possible.
Let’s see if the new CEO performs.

T’man - that’s one of the most constructive ideas I have read during my embarassing involvement here with GKP.
I strongly suspect the underlying strategy of the MNR in approving the rewarding of officers within these small, floundering oilers with totally outragous salaries and bonuses in return for their obeyance and silences.
The MNR control everything - remember the wild promises of JF back in Paris 2015 ? and his grandiose schemes to run GKP as a progressive, open, dynamic and expanding oil producer - were soon snuffed out, but he and his colleagues have become mysteriously wealthy for consistent failure.
I wonder if our new CEO will buck the trend, unite with his peers and take on the MNR ?

carp: we have no alternative BUT to keep to our side of the PSC - or the MNR will be instructed to withdraw it - via any drummed-up excuse - as is required.
Meanwhile, the rampant pilferring can and will be supplemented by any available excuse to cut or default in monthly payments if we are seen to be making an unacceptanle profit and hold an infuriating bank balance - which could be better redistributed among the waiting vultures «to benefit the peoples of Kurdistan».
The BoD really should catch up and on as to how one operates in this region - to periodically remove any balance above the $100M needed to pay off the LTL (plus an suitable operating buffer) and distribute the residue among the shareholders who own the company.

Debt: surely there is a section in the PSC which lays out the interest due on debt repayments ( doubt if our hallowed BoD are around the premises or can be bothered to find or to inforce it of course).