Member Info for Invstrat

Can we assume now that the Chinese and Russians (maybe India too) have all decided that the corruption around this region just isn’t worth the risk without serious military hardware in place to protect their INOC’s involvement ?

The importance of identifying the biggest holders is that it is they who vote through these unsavoury awards to the BoD for failing to perform.
The mystery is WHY ? - when their substanatial investments here are also a catastrophe.

JF has learned quickly and thoroughly how to maximise his considerable and totaly unjustifiable wealth however. Apprenticeship to the MNR masters has not been a total waste of his time then.

While I remember: any word of him reinstating his buybacks campaign, what’s being done with the recent buyback stockpile, any wise words as to what he will do with our funds tied up in the current stillborn dividends ...... ???? so many questions - so few answers, as per usual.

The strategy here is seemingly to hold GKP down at all costs - if oil goes up GKP inevitably gets manipulated down.

CCC - I guess nothing will come of any internal Iraqi corruption investigations as per usual then.
Why the population are powerless to stop this blatant rape of their Country, suffering poverty and near starvation while the young bucks of their ruling families swan around Dubai in Ferraris - defies any Logic.
The London courts will only make a fool of themselves if they try to prosecute Cashti & Co. - can’t wait for that farce to come to the attention of the likes of your Piers Morgan.

CCC - I would imagine that transfer of such relatively small amounts by the ruling tribals is Business As Usual in Kurdistan. Bet the Familly are p*ssed off that this one leaked. Heads will roll.
Isn’t old man Barz reputed to be worth in excess of $300Bn ?

Hmmm - so the brains behind Astaris are maybe not Sothick then .... they must have insider access to some prime info and have obviously been set up with serious backing finance to make a focused multi out of GKP when their inside info breaks - China buyout, true CPR published, farming ..... whatever.
Wouldn’t be surprised if they are a consortium involving MNR notables and maybe even some of our own (ex and/or secretive, non-achieving at their day job) seriously wealthy management ... where’s Sami then ?

NM’s rantings over several years about fractures and mystery boxes were a little disturbing as to his/her mental constitution as they went on and on ad Infinitum ........ who did he/she work for and what was the agenda behind the ravings, and was it achieved ?
In retrospect - what is the legacy of all this effort ? - a share price of under 1p.

Why would he bother to inform us ? None of our business....
Unless there was something in it for his good self (of course)!

A good article Robbie, but we long termers know that as the POO rises nearer to the country’s break even point - the usual corruption swarms in to rebalance the equation.
I guess Iraq is the ultimate example of the “loose-loose” economic theory.

You’re maybe correct FH1 - it the phantom buyer is probably tied up sorting out the bribe hierarchy with the locals.
I see the country has a new ‘el presidenti’ - ex hit man in charge of espionage or something similar, so he will want a substantial ‘cut’ or else there will indeed be cutting.
Read that Iran see Iraq as a vehicle to annoy Trump over the embargoes, could that mean Big Oil Stateside could be persuaded to buy into Iraq heavily to give an excuse for moving in US military to protect their investments ?
All up in the air and immersed in unknown shenanigans as usual, but I totally agree that the SP is being used as a plaything by someone very keen to keep the lid on it.

Good input hasiba..... thanks for bringing the politics into focus.
Unprosecuted corruption rules as per usual then.
These situations are always sorted out by civil war.
NOBODY messes with The Pesh however.

I think there must be something essentially wrong going on here.
I feel our investments are out of control, and those trusted to manage this business on our behalf are not working to an agenda which follows any robust business strategy for a public company - nor does it display any intention to return the best outcome to its stockholders.
Hiding behind “we’re in a closed period you understand” to remove the facility for management to buy into the company and demonstrate personal involvement is a sham of course.
Using company assets to buy back shares, then sit on them (presumably for an anterior motive) which is proving to be only to the benefit of management. I predict more shares will be awarded to themselves, by themselves.
Avoiding using these funds to pay off a extremely expensive loan - which would demonstrate a logical move as there is no tax advantage in carrying a loan when funds are available to remove it from the books.
Not deploying the assets to better our business: new equipment to improve recovery (try and get it technically correct next time), drill wells in the correct locations to either improve reservoir knowledge or even increase production, hire the best oil industry personnel (possibly avoiding expensive future errors - or at least minimizing them), invest in gas processing plant - as we appear to be producing the stuff (which presumably came as a big surprise to our technical team), expand the business into another region, cancel the buybacks and proportionately revalue the shares on the open market, how about paying the shareholders a dividend via buyback shares ? ........ and shed loads of other possible strategies.
Mere PIs shouldn’t need to be spelling out a pick list of sensible strategies to a grossly overpaid BoD, now should we ?

Best then to squirrel the liquid assets of the company (with no declaration as to the strategy behind this choice) by a management who tactically avoid having no personal investment, nor are they exposed to any financial risk.
One could say their livelihood is invested - but technical failures, the secretive way in which our business is suspicially run, and the catalogue of missed deadlines and delayed promises - appears never to have cost anyone’s job.

I also feel that even the majority shareholders must now be realizing that this company is exhibiting unsound management practices, and is surely returning unsatisfactory profits and displays a growth vector which is at best, zero.

So, who behind the scenes is really calling the shots and benefitting from supporting this charade of self awards coupled to complete failure to grow one of the last big onshore discoveries - with the cheapest cost of production of onshore oil and (and now) gas of our times ?

I think the unwillingness of the KRG to agree to the ICG proposal is primarily that it limits the scope for the rotten-to-the-core local rulers to benefit from their birthright to corruption.
Think the worst that can happen here, then double it ....... and you will be closer to reality.
For Example: Someone or something is keeping JF in his untouchable position - which allows him the luxury of a track record where repetitive failures are then rewarded handsomely and repetitively.
A day of reckoning will arrive - great shame that Mikey (and probably many other LTIs) won’t be around to witness the final chapter.

Hah oilfield memories indeed - in the Good Old Days if the rigboss reminded you to “take yer RedWings withya boy” as you waited for the chopper - it translated as ..... you won’t be back.
And here we are, 40yrs later being made asses of in our own industry by a few slick kids whom we never voted for and can’t get rid of.
Strange times.

Re your earlier contribution today WMMG - 150p is actually 1.5p for we long term sufferers (who are standing so far under water that the only strategy is to hang on in here in the wild hope that the catalogue of failed promises and dead deadlines from the millionaire members of the dysfunctional BoD - one of which may some day come to pass).

Very, very sad to hear of Mikey’s passing - great respect for the man and his quiet intelligence and open sharing of his huge investment knowledge .........
Do you ever stop to consider that you are playing with peoples’ lives here in your little fiefdom JF ?
Please remember - what goes around comes around.

The residue of the treasury shares must be driving JF crazy, and since he was glaringly absent from his recent awards for services list - he will no doubt be about to surprise and delight us all.
How will he pull it off without attracting a torrent of troublesome investigations ?
Guess we’ll just have to wait, see and learn ...... but I’m sure he won’t keep us guessing for too long.

The over-riding question remains: as JF achieves nothing to progress GKP, gets off with setting up ridiculous “schemes” to retain the star-studded key personnel (who have rotated out several times but still collect the bonuses), pays himself a ridiculous salary plus bonuses for a catalogue of non-achievement of his grandios goals - and yet he hangs on (apparently invincibly) - so what function is he performing for the majority holders that we are left to only guess at ?
Wonder what this wizard of oil industry management, communicative skills, solid and proven track record and uncanny economic and political foresight - will go onwards and upwards to achieve for the next IOC and it’s adoring shareholders fortunate enough to recruit him ........

Good point there as usual H1970, but .......
I was at Paris and didn’t remember that it was voted upon. Wasn’t it just after the handing over of GKP to the bond holders - then JF announced his “schemes” in the same breath ??

A trifle broad-brushed summary of how a public company, like our GKP, functions under law there Broadway:
The BoD are responsible ultimately to the shareholders by dint of the latter’s collective majority ability to vote them and their proposals on or off.
The worrying entity here is that JF’s self gratifying ‘schemes’ must have been approved by a majority of voting shareholders when put before them. Presumably those whom the company was handed over to with an accompanying decimation of the share pool for us by standing PIs back in 2016.
They were so obviously approved as reward or enticement for performing some function which therefore was to the benefit of the majority shareholders at or around that time. Not too esoteric to work out what that could have been now is it ?
Unfortunately for the MSs - their investment here has gone sour as the company has not performed as expected under JF et al - partly due to external events and partly due to dubious management and technical decisions ...... so they too must be becoming a little peeved that the reward schemes which they approved as ‘incentives’ to secure their majority stake in this company - are not being balanced by an anticipated Klondike increase in their shares either. But they, like us minority PIs, are now stuck with that which they authorized JF to reap.
Let’s see what transpires in the coming years - maybe GKP will soon be sold out ?
Question then will be - will the sum approved under JF’s wise stewardship and the subject to the blessing of the honest members of the ruling MNR in such matters - reflect a full, fair and transparent amount ......