Member Info for Invstrat

42k bbls down the tubes again today indeed - pity we don’t get paid for it under the terms of the PSC.
The tinpot rulers are in a real quandry - do they stump up from their massive private accounts and pay back what is owed, and we will (hopefully) return them a stepchange in production ASAP - or do they just continue to sit on their ill-gotten wealth and expect us to fund production growths from our savings ..... then reap a even greater skin-off from the increased sales ?
Its a WIN-WIN for them either way, of course.

Simple solution:
All debts and wages could be cleared off at a stroke - if a small % of the ongoing pilferring could be repatriated.........

The longterm issue we are facing is in fact getting the MNR to pay us anything other than the monthly subsistence amounts which they full well know we can exist on, and make a slender profit from.
If we scream too loud - the PSC will be recinded on any lame duck excuse I fear - and our savings will be sacrificed in legal wrangles for years.
We must remember whom we are dancing with - JF knows the brutal realities here.
He has been well rewarded to accept them after all.

Put up: Er - I think that cancellation of shares on issue would be anticipated to have a positive effect on the value of the remaining shares ‘though.
Who said anything about the net perceived value of the company ?
Yawn.

We had in excess of £150M at bank, a LT loan of £100M at 10%pa plus the opportunity to pre-invest in setting up for the proposed production ramp-up as outlined by our very own JF, and of course a diversification into buying up or into any of our colleagues businesses..... sitting as contenders for deployment of these excess funds.
Additionally, and more corrosively in the longer term - The Money was obviously attracting the attention of our Masters (who cunningly exploited the situation by defaulting on our monthly invoices - which is still brilliantly continuing to this time of course).
Can we therefore now conclude that the wise strategy behind using our excess cash on the Shares Buyback alternative was really done to provide a reservoir of shares for subsequent self award purposes when the business or production figures began to ramp-up ?
Unfortunately - the storm of criticisms from us laymen on here and the abscence of any actual achievements from the efforts of our tireless BoD - made dishing them out under the guise of ‘awards for achievements’ blatantly unacceptable.
They should have been deleted from the shares on issue forthwith, and the consequences of opting for a hybrid wrong decision among three solid alternatives - would have been understood and written off as just poor management by an unfortunate management team.
All above board, not entirely unexpected and graciously acceptable by us shareholders.
...... But Hold on guys - you may still have an excuse to self-award if a spin around the revenues generated by the recent increase in oil price can be woven by JF in the year end results ;)
.

h1970: excellent Logical summary there - either we are indeed sold (and JF can soon quietly slide away into a very honourable, luxurious retiral - or the search continues for a suitable replacement.
The qualities which a replacememt must exhibit to be considered for MNR acceptanceare are at least of the same level of fear, total obedience and blind subservience to the cause which JF so admirably exhibited.
We have to wish them the best of luck in being offerred such a talented clone
As if.

I had assumed that the share buy-back ploy was a complete waste of working capital - which could have been used in upgrading, Exploratorium drilling or developing the stillborn production Centre #3 during a downturn period in the industry - when contractors and suppliers were hending over backwards to secure work and sell equipment ?
It then makes no sense to tie-up scarce Company resources in creating a reservoir of stagnant Shares - whose sole strategic purpose appears to be in providing the BoDs with a source of forthcoming bonus share awards for their crass mis-management of our company.
IMHO.

Agreed LS .... I’m quite heavilly into Genel too, they have a visible, communicative and professional management team. Maybe these factors explain a lot.

Oh PUT I think we longtermers realise that there is an Important group of people who will be demanding their CUT way before any of the abused population see anything other than the usual subsistance wages ;)

opu: «let’s hope the replacement knows how to make GKP flourish«
I would rephrase that to - «let’s hope the replacement knows how to make SOMETHING happen»
- and that would go down as a positive step forward, the first after 5 fallow years.

Things vectoring in towards some sort of Deal with China then - wasn’t that last rig we had operating in the Field hired from China Drilling ?
How will this pan out then ? - will China just block buy future Kurd/Iraqi oil at a negotiated bartering agreement in exchange for long term loans..... or will they be daft enough to dig deeper upstream into production and buy out our PSC (via a suitable under table payout for signing the firesale to the usual suspects) to get us at a ‘special price’ - and we lose out again ?
What do you knowledgeable guys think the likely gameplan will be please ??

..... if the cunning Chinese use a bailout scenario to secure the oil - there is no point in one of them paying £50 a pop to buy up a small corruptly controlled producer now then - is there ?

The MNR and above control any sale.
Their only concern is ensuring continuity of their creamoff scams.
Any buyout approach by an IOC with serious legal and financial muscles and International influencies will be rejected of course - as their leeway for pilferring will be terminated.
They would not be dealing with the likes of Jaap and JF - but with the Big Boys and the power of their country behind them. Can you imagine the lokal tinpots trying to run up debts and prolong the restrictive and default payments tactics they apply to the likes of us with Xi Jinping ?
This also explains the delay in dealing with Baghdad of course. All production figures and financial dealings would be investigated and monitored.
Everything we procrastinate about and dream up wild theories and explanations around on here - fall into place when you accept this background reason for no sale, default payments, information lockdowns and the need to keep the true contents of Shaikan out of the public domain.
Silence and unquestioned obedience has its price of course - which neatly also explains the laclustre performance and excessive salaries and awards heaped on our absentee management for achieving nothing and avoiding confrontational tactics to grow this little company.
Its as simple as that.

The problem we have in showing a fertile bank balance is that the ruling tinpots are aching to get their hands on it - and why not ? JF has handed over and obeyed all of their instructions to date ...... so why won’t he hand over their bank balance (which has been stolen from them via some irrelevant little PSC document which should never have been signed) as the oil within Shaikan belongs to the Rulers of the peoples of Kurdistan !
What a custard flux.

Determining price and timing using crystal balls and spurious guesstimates around any potensial sale of this pantomime - will be based only on what markup the tinpots can cream off «to benefit the peoples of Kurdistan» of this rumoured major National asset.
Until they find a buyer who is prepared to risk getting involved in this sort of duplicit business - we are unfortunately all going nowhere.

....... Let me focus for a moment, and make a Nostradamienesque prediction:
The FOG is clearing ........ when SM’s Sell by Date and predictions of wealth beyond belief expire - he will just roll-over into a new nom-de-plume, with a new takeover date, and a new range of breathtakingly optimistic multibagger integers.
I can hardly contain my optimism.

LS - why would the collective shareholders (or 50+ % of them) approve a lowball in the common knowledge that operating our PSC on the assett is said to be valued at a potentially grander value ?
The only reason that a suspiciously low offer would be accepted would be due to the usual corruption and self-benefitting strategies rumbling on in the background.
God Help us.

The buyers of the oil we obediently submit will undoubtedly have to pay (or more probably pre-pay) the MNR for it up front...... any departure from this will result in export taps being shut off PDQ by the overlords at the MNR.
I guess it’s not akin to solving a third order differential equation - to make a transfer of some of that income to the producers ?
Fortunately - following hard on the heals of the ‘fighting IS’ excuse for non/delayed payments - comes the C19 and ‘fighting to save our population‘ excuse. .
How fortunate for the tinpots holding the pursestrings then.
This indemic, ongoing blatant corruption is enough to spark a peasants’ revolt, and to drive any company considering investing in the area - to run for the hills.
Our wealthy, irrelevant management have let them off with their gameplaying for way too long now - to the extent that this defaulting has become standard practice.

Here’s hoping that Boris learns something from appointing a (dubiously) self-made millionaire to be in charge of the virus procurement, distribution and eradication ........ could cost him the next election.

Looking back at the quantum leaps which NZ skilfully achieved for us during his fabulously well reimbursed masquerade as non-existent business developement director (and capot over JF for his big mate Cashti at MNR ) vis: developing our asset, securing regular monthly payments, persuading his mate at the MNR into prioritising the clearing off of their massive back debts (plus interest) due to GKP... then ultimately getting tinpots’ approvals for us to be sold off to the Phantom Chinese for a rekord 3 digit sum- we can expect an object lesson on how to source and implement the vaccines in rekord time.
Wonder if he will unleash his stealth weapon - his personally honed high achieving triple ace team of Jaap, JF and Sami to spearhead his thrust to save the UK from certain death and financial ruin ?
NZ for PM and the ‘Sir’ title for his musketeers from HM and a grateful nation.
Grow up Boris - Piers will rip you to pieces over this.......