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Mon 14 Sep 2020 11:42:46 GMT
Author: Giles Coghlan | Category: News
OPEC - Cuts forecast for global demand for its crude by 700K bpd in 2020 and 1.1mln bpd in 2021
https://www.forexlive.com/news/!/cpec-sees-2020-world-oil-demand-falling-by-946-bpd-20200914
I think 9/7/2020 refers to the 7th of September 2020 using the U.S. date format.
If the solution means more regular payments then that can only have a positive impact on GKP.
Perhaps I'm reading into this too much, but it does seem strange that the RNS announcements regarding the Share Buyback scheme are always made after the stock market closes so the RNS alerts don't appear the following day. Perhaps GKP is trying to fly under the radar so the price stays low. If the KRG are involved with any takeover deal then the late oil payments may even be intentional for the same reason.
I believe that James Barder is 62 years old or will be 62 next year. If he has a company pension based on his final 5 years salary (2019-2024) then it's likely that he'll wait until next year before any profit making decisions are made. This will have a positive effect on his salary and increase the value of any company pension he might have. I've seen this waiting game happen before with a company I worked for in the 1990's and the management were rumoured to retire on a very generous pension.
Does anyone know if Jon Ferrier retires in 2026? There's something about the dates quoted in the last RNS that suggests a company pension scheme based on profit related wages and final 5 years salary (big investment, low oil production and low profits between now and 2021 followed by low spending, high levels of oil production and large profits between 2021 and 2026).
Hopefully , Taconic were just trying to make a fast buck on their investment. It would be interesting to see if they buy back in if the share price drops again. Perhaps that's what they're waiting for? It's also curious that this happened after the announcement of the Value Creation Plan on the 15th of May and GKP management reserving the right to award themselves more shares in GKP until 2021 (or is it the 12th of December 2026?).
The new guy seems to be very well thought of by his previous employer. I wonder if leaving OMV before his contract expires in September 2018 has imposed certain restrictions on what he can do between now and October. "VIENNA, Sept 16 (Reuters) - OMV�s head of exploration and production, Jaap Huijskes, will leave the company in the first half of 2016, well before his contract expires in September 2018, the Austrian oil and gas group said on Tuesday. Huijskes� decision is �based solely on private reasons�, OMV said in a statement. Industry officials had seen in him a potential successor to current Chief Executive Gerhard Roiss, whose contract runs until March 2017. Huijskes, a Dutchman who had honed his German to better fulfill his role at OMV, has been in his current position since 2010, having previously held senior positions at Shell. OMV is investing heavily in new exploration projects to cut reliance on margin-squeezed refining and marketing, a strategy Roiss said it will stick to despite Huijskes�s departure plans. Under Huijskes, 49, OMV last year made its biggest acquisition by buying Statoil North Sea assets worth $2.65 billion. The deal helped it find a more reliable source of energy than countries such as Libya, once one of OMV�s major producers. OMV shares were down around 1.5 percent shortly before the close while the European oil and gas sector index was up around 0.6 percent. �He has been successful with all the transformation within (exploration and production) and played an important role in the acquisition of Statoil (assets),� said one equity analyst. �Probably they will try to replace Jaap with someone as professional ... and with experience in the region, meaning the North Sea,� this analyst said, adding he was surprised �as everybody was�. OMV is sticking to its goal to boost production to 400,000 barrels of oil equivalent per day by 2016, Roiss said in an emailed statement after the announcement. �I deeply regret that Jaap Huijskes wants to leave the management board prematurely. Cooperation is and was excellent. We have in past years made OMV into an integrated company, focused on exploration and production,� Roiss said."
"Tethys Petroleum Ltd.: Gas Drilling Program Update Grand Cayman, Cayman Islands--(Newsfile Corp. - January 11, 2018) - Tethys Petroleum Limited (TSX: TPL) ("Tethys" or the "Company") today announces an update of its gas drilling program. Tethys is pleased to announce that it has completed drilling seven new shallow gas wells out of the previously announced eight well program. Due to weather conditions, the eighth well is expected to be drilled in the spring of 2018. All seven wells were tested successfully for gas at a depth of between 470 and 550 meters. In addition to the new wells drilled, one existing well has been successfully worked over. By January 1, 2018 five wells, comprising one existing well and four new wells, had been tied in to the Company's existing pipelines and added to production. The other new wells, which are further from the Company's existing pipelines, are expected to be tied in during the spring of 2018. Three of the new wells will be on production for three months after which production is required to cease whilst the mandatory reserves evaluation and reporting process is carried out. There is also a need for repairs and parts replacement at the compressor station to increase capacity which the Company plans to do during 2018. Until these works are carried out the overall production increase from the new wells will be limited by existing compression capacity. Given the need to cease production from certain wells whilst reserves evaluation and reporting takes place and the need for compressor repair and replacement works, it is anticipated that optimum production levels from all the new wells will be achieved towards the end of 2018."
...UK Tethys shares is the 28th of April 2017.
Does all this good news mean the share price will sky rocket before the delisting?
Tethys Petroleum Press Release: Tethys Petroleum Limited to cancel listing in the United Kingdom Fri, 24th Mar 2017 07:00 March 24, 2017 Tethys Petroleum Press Release (TSX: TPL, LSE: TPL) Tethys Petroleum Limited to cancel listing in the United Kingdom GRAND CAYMAN, CAYMAN ISLANDS - Tethys Petroleum Limited ("Tethys" or the "Company") today announces that it has applied to the United Kingdom Listing Authority ("UKLA") to cancel the standard listing of the Company's ordinary shares (the "Shares") from the Official List of the UKLA and the cancellation of trading in the Shares on the Main Market of the London Stock Exchange (together, the "Cancellation"), following a determination by the Company that the costs of maintaining a dual listing on the London and Toronto stock exchanges is unnecessarily expensive for a company of Tethys' size. Following the Cancellation, the Shares will continue to trade on the Toronto Stock Exchange which should provide shareholders with liquidity and places sufficient corporate governance requirements upon the Company. Further, the Company's conclusion, that the London listing be cancelled, is supported by the limited trading and liquidity of the Shares on the London Stock Exchange (meaning that limited benefit is brought by that listing). Pursuant to Listing Rule 5.2.8, the Company announces that the cancellation notice period has now commenced and cancellation is expected to take effect at 7:00 am on Tuesday 2 May, 2017. The Company currently has two share registers, a register maintained by Capita Asset Services in the UK and a register maintained by TSX Trust Company in Canada. It is the Company's intention to transfer the shareholdings on the Capita Asset Services register to the TSX Trust Company register following the Cancellation which should result in further cost savings for the Company. Those shareholders affected will be contacted about this with further details in due course.
"Thank you for contacting the company. The RNS issue was brought to my attention this morning and was due to a technical issue with our distribution partners. This issue should now be resolved going forward and missed filings should be populated by Monday morning. In the meantime, please see the company website or visit SEDAR for up-to-date releases. Kind regards" Could this have an impact on next Mondays share price?
More good news: "February 01, 2017 11:05 ET Tethys Petroleum Press Release: Court Ruling in Favour of Tethys and Unblocking of Bank Accounts GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Feb. 1, 2017) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today announces that on January 25, 2017 the Almaty City Court found in favour of Tethys' wholly owned subsidiary, Tethys Aral Gas LLP ("TAG"), in rejecting the appeal of Eurasia Gas Group LLP ("EGG") against the previous court ruling of December 26, 2016, which also found in favour of TAG. As a result of EGG's claim against TAG, restrictions have been in place over TAG's bank accounts pending the hearing of EGG's appeal. Following the rejection of EGG's appeal, TAG applied to the court to have these restrictions removed which the court has approved and which have now been implemented. TAG can now operate its bank accounts normally and has full and unrestricted access to its bank accounts." http://www.marketwired.com/press-release/tethys-petroleum-press-release-court-ruling-favour-tethys-unblocking-bank-accounts-tsx-tpl-2192714.htm
More news: "Tethys Petroleum Press Release: Results of Extraordinary General Meeting GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Jan. 30, 2017) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today announces the results of the Extraordinary General Meeting ("EGM") held on January 27, 2017. Extraordinary General Meeting All resolutions put to shareholders at the EGM were passed on a poll at the meeting. Details of the voting on a poll on those resolutions voted on at the EGM, including votes represented by proxies, are as follows: Resolution For Against 1. The Warrant Exercise Resolution 114,043,831 (60.36%) 74,880,448 (39.64%) 2. The Debt Conversion Resolution 113,663,831 (60.28%) 74,880,448 (39.72%) In accordance with applicable Toronto Stock Exchange and Canadian Multilateral Instrument 61-101 rules the votes in respect of the Warrant Exercise Resolution exclude any votes attaching to ordinary shares beneficially owned by Jin Guang Ltd., the nominee company of Medgat Kumar and Prax Pte Ltd., the nominee company of Winston Sanjeev Kumar Soosaipillai. Shares owned by Jin Guang Ltd. and Prax Pte Ltd. each account for 8.6% of the ordinary shares issued by the Company. If all 192,300,000 warrants are exercised and assuming the Annuity and Life Reassurance Ltd. ("ALR") loans are converted at maturity into 186,316,064 ordinary shares then Jin Guang Ltd. and Prax Pte Ltd. would each own approximately 15.8% of the enlarged number of ordinary shares. Similarly, the votes in respect of the Debt Conversion Resolution exclude any votes attaching to ordinary shares beneficially owned or controlled by Pope Asset Management LLC, Annuity and Life Reassurance Ltd. ("ALR") or their affiliates. Together these shares account for 17.3% of the ordinary shares issued by the Company. If the ALR loans are converted at maturity and assuming conversion of the warrants owned by Jin Guang Ltd. and Prax Pte Ltd. the percentage of the enlarged number of ordinary shares owned by Pope Asset Management LLC, ALR and their affiliates would be approximately 30.9%." http://www.marketwired.com/press-release/tethys-petroleum-press-release-results-of-extraordinary-general-meeting-tsx-tpl-2191949.htm
Medgat Kumar bought a lot of shares and warrants last year. He must have high hopes for Tethys: "The Ordinary Shares acquired by Kumar represent approximately 9.0% of the Corporation's current issued and outstanding Ordinary Shares and the Warrants acquired represent 50% of the issued and outstanding Warrants of this particular class of warrants. On a partially-diluted basis, assuming the exercise of all Warrants held by Kumar, but no exercise of any securities convertible into or exchangeable for Ordinary Shares of the Corporation by any other party, Kumar would have ownership and control over 140,101,698 Common Shares of the Corporation, representing approximately 24.0% of the then issued and outstanding Common Shares."
Winters here, so Gas sales in Kazakhstan should be good: http://www.skymetweather.com/content/global-news/kazak-capital-astana-a-true-winter-city/