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One of the funds reduced their short position by 0.1%. That may account for the jump around 3pm.Lets see if more blink come Monday.
ATB to all shareholder, as usual DYOR
https://shorttracker.co.uk/company/GB00BQHP5P93/
Millennium declared their short position on GKP on 22nd Feb for 0.5%.
Increased this to 0.61% on 26th Feb
Increased again to 0.72% on 28th Feb
Today gone to 0%.
😂
https://shorttracker.co.uk/company/BMG4209G2077/
All credit to GKP board - great comms
The US pre market price is £9.90.
I loaded up around the £9 and I really honestly believe the shorters have got this one wrong. This company is as dull as it gets but pays 30% dividend at this price.
Here’s hoping the shorter get f fully wrecked here.
https://stocktwits.com/symbol/DECPF
Angus wrote today: “Looks like this will be delisting this morning”
😂 this share was just waiting for Angus to sell so the rest of us can make money
The BOD have had 3 months to sort out the refinancing and all we’ve heard is we are in a precarious position.
I can’t see why the SL would agree to a weeks extension unless they’ve been shown some substantial evidence that they will get their money.
This is in a high risk high reward scenario now but as usual dyor .
Atb
In a perverse way getting paid only $25 works in GKP favour. Not only are the covering their cost but making $4m profit so can continue to do this. Whereas the Iraqi government are seeing their oil sold for pittance knowing full well that these ‘local’ sales are Turkish and Iranian middlemen who are selling for double what they have paid.
Also note the the bopd given is only up to 26th feb. There are still 3 more days in february not accounted for
With all the political shenanigans ongoing in Iraq and any other company would have folded. This little beauty is not only covering monthly costs but is now making $4m profit and this when they are having to sell locally at $25.
It’s still a tough road ahead to get around the politics but if any company can do it It’s GKP.
Atb to all shareholders
Good news for the Kurds the salaries are now guaranteed for 2024. Budget allocation amendments to be passed to parliament soon.
https://shafaq.com/amp/en/Iraq-News/Iraqi-Finance-Minister-2024-budget-spreadsheets-to-head-to-parliament-soon
There are Shiite factions within the Iraq government which want to make life hard for the Kurds. Unfortunate for them now that the Supreme Court has ruled they are no longer able to stop the salaries from being paid. Interestingly the finance minister is facing questions tomorrow about the salaries and also the delay to the budget allocation amendments.
https://shafaq.com/amp/en/Iraq-News/Iraq-s-Finance-Minister-faces-parliamentary-questions-on-Kurdistan-salaries-and-budget-delays
I find it incredulous and downright stupid for putup to be invested here if he truly holds the views he has spouted here.
The thing to remember here is that GKP has no debt. Any historical payments that are not paid is an annoyance and an accounting loss and nothing more.
The key thing is that things appear to be moving forward slowly but surely.
Atb to shareholders
@highlander - that made me lol. It appears in Iraq if you spend £1 then you get £1 back. Apparently profit is frowned upon 😂 the Iraqis need to overhaul their business studies course for sure
@putup
The article doesn’t say recovery cost it just states $12 a barrel.
Other than the current costs of oil recovery does the company have any other debt, as far as I know the answer is no.
Cost recovery is just an accounting method.
Assuming Iraq government is offering $12 per barrel and not linking to recovery costs is that good or bad?
From
Paste the following article in any online website which provides translation from sorani to English.
https://www.rudaw.net/sorani/business/240220245
This article says oil exports will be resolved in the near future. Been hearing that for nearly a year 😂
Have a read but following is my take based on the article mentioning $12 per bopd. This is new as previously there was mention of $6 and $20.
I’m sure someone here will disagree but if they are offering $12 to gkp is that really such a bad deal? I mean $12 * 50k * 30 = $18m a month. I think it is about $6m a month costs for gkp which leaves $12m a month for capex and dividends . Assuming they use $6m for capex and $6m dividends. This will be about 2.2p dividend a month or annually 25%+ at current price. Is that really such a bad deal? I know it’s less than what we are getting now but surely seems fair to me as the oil does belong to the Iraqis.
The article doesn’t mention past payments so I’m guessing will be difficult to get.
WorldQuant reduced their short position from 0.59% to 0.49%. If people think they are slowly closing their short position then think again.
They registered their first short position on 15/09/2023 for 0.54%. If you check the share price around this time was between 91p and 84p. They increased their position over a month to 0.8%. When they went to 0.8% the price was around £1.20.
They have not made any money but are sticking around like a bad smell.
Our other shorter walleye I have to admit have done a better job they hold a 0.9% position which was openwd with 0.5% in June 2023 and increased to 0.9% by october 2023. They opened their positions when price was between 1.20 and 1.35. Now these guys are in profit. Each penny is roughly £20k. The price has been down to 77p yet these guys don’t seem to sell.
Both of these hedge funds mission in. My opinion appears to be to keep the price suppressed rather than making a profit from the short .
I’ll leave you to determine why.
Atb
like the parties in iraq so many disparate views on here. may i suggest rather than looking at the words uttered from barzani and sudanis mouths look at what is happening on the ground.
1. the teachers will now be paid from krgs potion of the budget and not loans
2. iraq invites bids for new oil areas in april. eni and shell have asked for documents this is because iraq is now moving to profit sharing contracts. https://www.zawya.com/en/projects/oil-and-gas/iraq-to-invite-bids-for-new-oil-sites-in-april-cktd84rr?amp=1
3. budget law amendments are in process with resolution beginning of march. we will know outcome from that what the oil companies in krg will get.
4. opec is not an issue here if it was iraq wouldn’t be trying to hand out new better contracts
5. sudani outwardly calls for us to leave but then nothing happens. read social media of these iranian backed groups and you will see they hate sudani because they know he has no intention of handing over iraq to iran. the majority of iraqis shia sunni and kurds all rather be aligned with the west than iran. armas is just completely nuts if he thinks any sane person would want to align themselves with russian or iran. don’t get me wrong americans have ****wd up the middle east but iran and russia are not the answer lol
as rogthehamer says patience is required and i think we will all be rewarded.
here endeth my two penny worth.
How can a company producing 1000 BoE/d be going broke? That’s about £2m a month and it’s only at this level because they have deliberately not bought gas for injection.
What have they been spending the money they raised on?
The ultimate bunch of cowboys. I feel sorry for all the long term holders.
Someone is going to buy this on the cheap and make huge profits sadly not us.
I have. 1m shares and will leave it in and see what happens. It was a gamble then and still is.
It’s full speed ahead on the amendment to the budget law. Either that or the Kurdistan deputy prime minister has told porkies to bring to an end the teachers 5 month strike.
https://www.rudaw.net/english/kurdistan/190220241
In case you miss the significance the amendment to the budget law also consists of an increase in the cost of oil production.
Atb
I’ve heard Dilly and Kevin refer to 201 as a legacy product and it has always annoyed me.
Google: A legacy product may be a product that is no longer sold, has lost substantial market share, or is a version of a product that is not current.
How people are expecting theorem to cough up a large sum is beyond me.
Clx is the only one that I can see which is a company maker.
This BoD needs to go. They have dined on us for long enough.
Another non burger rns from our Clive. I don’t know whether to laugh or cry. It really is soul destroying.
It looks like at third go they have managed to hit oil at 142 but only 160 bopd whereas previously it was doing 1000 bopd. So it’s taken 12 months to get 1/10 of production back. They’ve now decided to move the rig onto well 145. Surely they should have tried to look for another interval at 142 to get production up to 1000.
I’ve come to the conclusion that G70 rig only exists in Clive’s mind so we can ignore this altogether.
Clive says: “We are in discussions with potential partners to work together to attempt to bring Deep Well 802 into commercial production.”
forget about negotiating just get someone professional in even if it means giving them 100% of oil produced from that well. The point is we all know there is oil there we need someone to get it out. One well producing and we will have big oil companies lining up.
We have to accept that we have the oil but incompetent people. We need a farm out to get the oil.
Look at this rns we have managed to get more oil but overall still producing 1900 bopd 😂
CE contract is still on track as far as I know but yet Clive does not even think to mention that.
See you all in about 3 months when the landscape should hopefully look better.
Just a few facts re : Gabriel
Gabriel is listed as a member of the technical committee as stated here: https://www.gulfkeystone.com/about/corporate-governance/
Now if you scroll down to the technical committee box and click on the terms of reference link it tells you who makes up the committee and their role. The first paragraph in the document states “the committee is a committee of the board of directors of the company”.
I suggest everyone read the remit of this committee and then make your own mind up if you think Gabe is in the know or not.
The risk here is mainly political between KRG and Iraq government. One main positive which didn’t get much attention is that for the first time KRG received money from January from the budget allocation rather than a loan. Let’s see if that continues for February.
Atb to all shareholders.