Member Info for Jim800

It’s “an agreement” not “the agreement.”

From ice on 5 Aug:

Don’t think I’m missing much. I’ll be back when the accounts drop and the narrative resets, as it will. Catch you all then. 👋😎👊

🩳🩳🔥🔥

Do us all a favour and at least do what you say you are going to do! If you can’t even get that correct there’s not much hope for you getting anything else correct.

You lost all credibility with your “it’s definitely worth £1.40 as there’s loads of positive cashflow forecast” back in Feb.

We need a few RNSs:

- production restarted -I see GKP have managed that, DNO / Genel haven’t yet.

- pipeline open - don’t see any signs of Turkey paying their fine even if KRG / Iraq could agree for 5 minutes.

- SOMO / KRG agreement with IOCs over costs, monies owing and future payments - Genel CEO says he’s not confident that will happen this year,

Admire your optimism but it’s based on nothing at all and likely to lead to disappointment 😀

Sorry - so true it got posted twice 😀

SP not helped by another 5% fall in HH prices. Now at 2.8 down from almost 4 a month ago.

How do you get flowers down a pipeline? Or are they smuggled across the border as well?

Ttek - gave to disagree. I hold many shares in different companies, not many BoDs are so incompetent, unable to forecast cash flows, set up MDCs or so keen to dilute shareholders for personal gain.

It’s the BoD at fault here, not shareholders, not interest rates, not macro events.

Ttek - gave to disagree. I hold many shares in different companies, not many BoDs are so incompetent, unable to forecast cash flows, set up MDCs or so keen to dilute shareholders for personal gain.

It’s the BoD at fault here, not shareholders, not interest rates, not macro events.

Be brave loyal shareholders - Khorud and Simms will be along shortly to tell us why this was such a good move, that cashflow is sorted for the next 2 years, that Northfork will be up and running on Wednesday and we’ll soon all be millionaires!

Simms has been telling us this for years as he wisely takes advantage of the temporary share price weakness to average down.

Next year Rodney……

Accretive definition "making the amount, level, or value of something gradually increase"

C'mon Terry try a smile today please.

It's a long term strategy that's beginning to prove itself. I see 2 parts to proving the accretive claims, unfortunately they're sequential, not parallel and make take a while.

Firstly, prove that the acquisitions do impact the bottom line as promised. H1 results are step one of that proof, but several more sets of results required to prove it absolutely.

Secondly, the market recognise the strategy is working / effective (based on results) and then the share price and hence value of the company increases to suit, again this seems to have started 3 ish months ago and continues with a further step up today (US to follow). This will hopefully continue with further results updates but be impacted up or down by HH / oil prices, reserve levels, consumption and other macro events.

Patience may be required.

Hamilton - not really a surprise to most of us. What the market has been waiting for is numerical proof that DEC's acquisitions have been as "accretive" as promised, that forecast synergies and economies of scale have been achieved (or are being achieved) and that cash flow allows the maintenance of the dividend, debt pay down on plan and continuation of BBs.

Q2 (and thus H1) results are the first step in proving that the incorporation of acquisitions and the figures for a bigger DEC match forecasts - looks like they do. Markets either pleased or relieved depending on your point of view.

Chase - any chance you could re-post that in English please? Preferably with a few proper sentences in there.

I watched the Genel presentation and really didn’t get the “we think we’re covered for lost production” claim.

They haven’t “lost production” they’ve just delayed it a bit - same amount of oil will be produced, just over a longer time.

Would they have to repay the insurance company for the “extra” production tacked on the end of previous assumed well depletion?

It’s more probable that they haven’t - else they might have told us as a boost to share price.

Why would they keep it secret?

Share BB seems to be mopping up sellers and lifting the share price (as we’d all hope).

But why have Molten kept over 9 million shares in treasury? Surely for investors, cancelling them would show a bit more conviction!

One can only assume at some point they’ll be relaunched onto the market either for sale, as a sweetener to deal or even worse given to staff as a bonus. All of which cause more dilution.

Cancel them please.

What more could they do?

Genel had payment delays, pauses etc years before the itp closure.

I’d suggest they should have put more effort into diversification 4 or 5 years ago.

They’d have saved a fortune not perusing arbitration over the BB PSC as well.

Not much else they could do today but plenty could have been done better over the last 5 years.

Summary of presentation - honest, frustrated but not very positive in the short term. Not really any different from the last one.

- no chance of a dividend, money to be used for acquisitions.

- ITP believed to be serviceable

- Little chance of a KRG / Iraq agreement for exports this year. Discussion has intensified but "we've been here before" and "we can't see the light at the end of the tunnel yet."

- Bond money is just in case an acquisition pops up

- The BoD think they're doing well and don't need help finding an accretive acquisition

- Arbitration costs not yet known - nor timeline.

- 50Mn of monies owing still part of APIKUR / SOMO / KRG discussions.

- Tawke still off production but year end figures still stand and insurance policies being checked.

- Oman to cost $15Mn ish over next 3 years.

"We remain committed to a strategy of diversification which will enhance cashflow in the future!"

Lots of jam tomorrow - not too much today or in the short term. Nothing to move the share price this year!

Hi Phrophet - a day off from village idiot duties? Still think the pipeline is opening in Feb?

Below is a quote from Genel’s RNS: is divesting 3 sites in KRG and opening 3 in Oman, Morocco and Somalialand focussing on KRG or diversifying? Come on, even you might get that right!

“We are pleased to report the conclusion of our reorganisation of our Kurdistan business – in the first half of the year we finalised the terms of our previously announced divestment of the unprofitable Taq Taq PSC, and our exit from each of the Sarta and Qara Dagh PSCs.”

Unfortunately everyone can see the headwinds and the tailwinds haven’t turned up yet.

The winds will turn at some point - but will it be in time???

Read the results!

FCF of less than £5mn and focus on 3 Exploration activities in other regions.

No dividends here til Oman comes online in 3 years plus.