Member Info for Invstrat

Very dangerous for him and his ilk if the inquisition is indeed from ICG as one could assume that he had mutual protection and no question of investigation from the local Barz family dynasty.
Did't his wife recently turn Sheika's evidence on her part in doing the washing ?
It all has to come out in the suds as we have long expected.
What's in it for us and our years of subsistence payments and back debt - which maybe didn't all go to supporting the brave Pesh and the war immigrants as we were told at the time ?
Maybe Sami's conscience and his probable knowledge of The Truth prompted him to throw in the dish-dash and exit with his 14M before the incision deepens ?
Who knows - can't wait for his memoirs, and Danny Devito's Oscar when Disney does The Lying Kurd.

Good find SS. Bet sphinkter muscles are pulsing in Erbil.
Would it be naive to assume that the CurrenrKurd PM, our ex Strategy watchdog and the ex Nat Reso minister from Thames side are in emergency meets ?

Just a thought while sailing along - could it be that the sp is being played / forced / threatened down until the ruling familly can inherit this ostensibly monster asset for buttons (for the benefit of the population of Kurdistan of course) .

Yeh - very amusing S-cat.
But you summarize the feelings of a bunch of us on here I bet.
My wife and I witnessed JF from a few feet away in Paris - her opinion is as a respected professional and she rated him as a motivated guy with a strong drive to succeed.
Someone got to him within a few months of his debut and he literally 'went to ground'.
Suspect the tough tribals at the MNR (and above) are who put the fear of god in him.
He certainly had never dealt with that ilk during his stratospheric career at Mærsk.
Reservoir contents are being kept under wraps - although earlier leaks point to an elephant with overflowing bladder and no prostate problems.
Any action to improve our production and export more efficiently via pipelines is being thwarted - not as if the suppliers don't want to do business with a cash-flush custmer, now is it?
JF is under control therefore, and we are paying the price while he awaits the next order.

What GKP is worth ?
Yes, and you are quite correct not to count in any revenue from the PSC as nobody else does.
Was there not mention of a longterm debt of some $300Mill plus interest hiding somewhere ?
Maybe presenting the bill for that best forgotten little item to the MNR hastened Sami's removal ?
I bet they don't want that acknowledged in the annual accounts.

as per usual.
An embarassing list of excuses, delays and mis-management of our cash, and a consistent inability to get production moving in an increasingly favourable market for oil to boot.
ESPs are easy - depth, viscosity, temp, flow rate - the vendors select the frame size, driver power, cabling and piping, and trim the impellers to match things up.
What in h*ll is the problem now JF ?
The vendors are bending over backwards to assist if you don't have anyone with a degree in either fahrenheit or centigrade within your hand-picked senior managemnt millionaires.
We give this type of spec. engineering to our young graduates as teeth-cutting exercises.

One would think that the MNR, the tribal Presidenti and his hangers-on, and the people of Kurdistan, would want us to ramp up production asap to get things moving to everyone's satisfaction.
So here we are: money in the bank - which nobody seems to know what to do with except pay it out in bonuses, share buybacks, dividends - anything but reinvesting to increase production to turn this joke into a flourishing oil company.

Clear messages from the markets and potential buyers then - don't touch kurdelled oilers with a barge pole.
Perhaps Sami threw in the towel out of pure frustration.

Numbers confuse me, but bottom lines say it all.
A real storey:
Bought £100 worth steadily during 2014/15.
After the dilution and SP decay during 2015/16, and taking full advantage of my OO entitlement, I now have £4 worth.
The dilution and ensuing drop in SP did for me. A double whammy. Thank god I grabbed the full OO,
As of today, I need a sale price of c. £15 to claw back my original £100 - and nothing to show for the last 5+ yesrs in limbo.

this sold as life is going on and GKP is in limbo.
We took on the MP at vast expense as ordered by those who really run the company - I'm sure they would respond favourably to a donation to their favourite charity to ease a quick sale to a larger company who could get this little show on the road a damned sight faster than our BOD puppets.

Massive copy'n paste from some of the Big Oil annual report formats - but that's OK too.
After a cursory read through the 125 pager, a few observations stand out.
Disclosure that someone owes us a cool $500M presumably + compound interest over ?/4yrs at 5% , now that amounts to a very tidy sum of around $600M. However, no reference to this elephant in the boardroom within the financial reports that I could see.
Please don't write it off as a Bad Debt Sami, and next time - make it visible please. Set Kimberley onto recovering it perhaps ?
Add to that our soon $300M in the bank - less the $100M loan, and we are worth $800M just as a pure financial entity.
I guess you can just ignore our infrastructure (which looks of high quality and well maintained), the rumoured hydrocarbons said to be remaining in the reservoir, export pipeline fully tied in soon,and the current self funding expansion to 110kbbls/d.
I can't accept that we are not attractive as a going concern.
Copious pages around remuneration to the BoD of course. Well done to all involved, hope there are more schemes in the pipeline around the successful sale of this little oil company.

So it points to rampant corruption around the MNR and incumbent Kurd rullers?

Exxon is held as the "Rolls Royce" of IOCs and they are hyper carefull with all commercial and technical dealings (OK the Exxon Valdez catastrophe was the exception which turned the company to reinvent themselves as they are today).
The Chinese will deal with The Devil if it secures cheap oil for its massive and prospering populace.

Even so, none are daft enough to take on GKP and its current puppet masters. Which is a great shame for us.

As a longtermer my view is that we won't be sold until IOCs who are surely interested in us still see the region as a loose canon run by the corrupt Barzani dynasty who hold power only because they skillfully manipulate the Kurd independence carrot over the population. When and if they are voted out and the KRG accept loyalty to ICG we will surely see movement on the sales front.
Regular payments seem to be well established now.
But here we are involved in the US/Iran debackle. Cant see an IOC getting involved until this latest spanner in the works is resolved.

Isn't the "close period" just a convenient instrument to remove awarding bonuses in shares - in preference to hard cash?
What a convenient sidestep as reward for obeying inapproptiate orders from above.

You really shouldnt compare us to GNL or DNO - these companies appear to be run by industry professionals who are conscious of their reputations and how they act on behalf of their shareholders.

Yessir T-bomb, the Adi affair was a really eyeopener. We paid out tens of millions to our host who owed us hundreds of millions. Why? Because we couldn't afford to develop the asset. Why? Because our host wasn't paying us.
Who was lubricated to sign off on that little game ? - and by which mechanism one wonders.
Here's a scenario: Bigwigs in the MNR and local politicians are heavilly into the shares via shadow companies.
They really know the value of Shaikan and need control of it to float their Kurd ambitions. Meanwhile they need a puppet team to bully around (guess who ?) and privately milk the share price quietly, day by day. Aren't Swizz bank accounts so obliging.
The LAST thing they want is a powerful IOC taking over as they may not want to play the same game and would blow the whistle probably.
So here we are. Stuck.
Let's hope that scenario is just fantasy.

That about neatly sums it up Surreyscot.
JF sold us out for 1p when money was cheap (sub 3%) if I recall, and Sheikan was a massive and highly potential field.
Doesn't add up in my simple mind either.
I recall my wife's quiet but prophetic comment after she observed me circling among some of our management at Paris in 2015: "run, run now, run for the hills".
How right she was.
Bit of a shame that these intelligent and highly paid incumbents whom we trust our cash and company to don't seem to apply the same gusto and inventiveness to running and marketing GKP as they appear to apply to ensiring their own wellbeing.
The full story will out eventually.

Unfortunately, nobody will touch us with a barge pole.
Probably due to how this company's reputation is seen and remembered by the oil industry players.
If I could raise the wind - hell, I'd buy us at £2.50 !

up through 20nok.
What have they done to attract such demand for their shares ?

Maybe they'll soon have another go at taking us out of our misery ?

So Conoco Philips have divested of their North Sea assets.
Get marketting Jon...... they could just about aford to take us in one gulp.

Wonder who the next block of 770,000 will be going to ?
Any suggestions ?

Clear as mud as per GKP usual.
If I understand it correctly - the management team pick up several tens of thousand of shares at $1 just for hanging around.
These shares then have a market value of £2.50, so Mr Cotterl pockets a neat £ quarter of a million, and the others around £100k.
That's for this year - expect they will be awarded another round of even more at an even higher value next year (assuming the SP rises).
If this is what the 2nd division milk us for this year, the Big Boys will be reaping 7 figure self-inflicted bonuses no doubt.
Expect a sheepish RNS admitting their windfalls tomorrow then.
Is there no end to their Game ?