Member Info for MrCareful

Does anybody know if there is a start date for the next buyback? Thanks

Anybody else noticed all the Sell’s going through, some large ones at that, but the SP doesn’t fall. Maybe order filling?

IMO the single buyback trade of 100k @ 141p sends a message to shorters and the like that there valuation may be a lot higher. The last broker target price was 165p on 21-Mar-24, before the last positive Operational update on 13-May-24. Not sure where the TP of 150p has come from?

I too am happy to hold and hoping for a broker update.

Although there is no news on ITP and Arbitration, production is up, we are now selling oil in the higher 30s and we are well funded. DNO who operate the Tawke license (DNO 75% GENL 25%) expressed confidence by reporting it is also stepping up investments in the Tawke and Peshkabir fields, by restarting completion of 3 development wells that were discontinued last year as a cost saving measure following the pipeline shutdown. In addition, DNO has deployed its 2 own intervention rigs to conduct routine workovers, including repairing or replacing pumps, zone stimulations and cleaning out asphaltenes among low-cost, quick turnaround production enhancement measures.

Genel didn’t report on this. Maybe they just left it for the operator or they are taking a back seat while oil negotiations continue in Iraq.

Thanks HGNAMED

Yes, DNO seems very confident in the future, wondering what they know we don’t? Also paying a divi!

GENL has also been increasing day by day( they have a 25% stake in Tawke).

I am surprised GKP hasn't gone up on such encouraging news and the price obtained for their oil.

May be we will get an Operational & Corporate Update Report soon, we did last year around about this time

Yesterday Iraq and Turkey agreed for Turkey to receive oil resources as compensation for its involvement in the construction projects. Hope the oil transferred won’t count as being part of Iraq’s Opec quota!

https://shafaq.com/en/Iraq/Iraq-to-finance-joint-development-projects-with-Turkiye-from-the-Oil-Fund-spokesperson

T was thought the flow of water would be tied in with the flow of oil.

Any info on deals for Iraq to get its much needed water? It was thought the flow of water would be tied in with the flow of water.

Istaponzi, Please refrain from making such comments without backing them up. I couldn't find anything in the Genel results stating that they don't see the pipeline opening this year.I understand one can be reported for spreading such untruths and a ban after being reported 5 times.

“As we reshaped our business in 2023, we have continued our search for the right opportunity to integrate within Genel. There remain opportunities out there that fit our criteria, and we are confident that we will find the correct deal.”

I wonder if they already have something in their sights. If they can’t spend it, we may get dividends like in the past. Meanwhile outgoings are covered, cash in the bank and looking forward to the reopening of the pipeline and the results of our arbitration claim.

I would have loved to have seen a farm out in Morocco and the start of drilling in Somaliland.

#itsaponzi a 90s close, I doubt it, given good results under extremely challenging circumstances,. broker rating 165p following the RNS (without ITP open) and potentially a lot of good news in the pipeline! Yesterday’s SP was taken down to close at 104.80p with what appears to be 117k worth of buys after the close.

I am happy with the results given the extremely challenging circumstances. Some folk hoped for a divi or buyback but without future clarity it is good and prudent management to withhold cash for now. The SP is being punished with a 4p drop at the moment. No doubt, If there had been a 4p dividend the SP would have shot up for a short while before investors saying a distribution was irresponsible. Let’s see how the market values GKP at the end of the day, after the analysts & investors presentation at 10am.

I think we are nearing the end game in negotiations over the opening of the pipeline, so everything to play for with Erdogan's visit only weeks away.

According to Malky (oil analyst Malcom Graham-Wood) on today's RNS from Genel;

“Genel have issued their updated P2 reserves, which fell from 92.2m barrels at the end of 2022 to 88,9m barrels at the end of last year. This takes into account 4.5m b’s of production and the stripping out of the Sarta reserves, showing that there is still upside at the Tawke PSC, which is generating cash even in the current local sales environment.

Genel therefore remains in a very strong position, well funded and still looking for opportunities to diversify the portfolio.”

Today’s rising oil price should help!

Sorry the title of my last post should have read

"Tawke has largely recovered from the March 2023 pipeline shut down"

I am looking forward to Genel’s HY results as costs have been cut and local sales are good.

Any news on Somaliland and the Morocco Farm Out would be a bonus.

Today DNO reported on fields where we also have an interest;.

“At yearend, gross production from the DNO operated Tawke license (75% ) in Kurdistan had largely recovered from the March 2023 export pipeline shutdown and was averaging 80,000 boepd. Post pipeline shutdown, the Company’s net entitlement share has been sold at prices in the low-to-mid USD 30s per barrel on a cash and carry basis and transported by traders by road tanker or pipeline to local refineries. Concurrently, Tawke license operational spend was cut by some 65 percent from pre-pipeline shutdown levels as drilling activity was curtailed and staffing levels reduced.”

Following the RNS Canaccord Genuity reiterated their Speculative Buy and TP of 180.00p

Although some think our “sludge” is not heavy enough, GKP see strong local market demand as they enter March and are looking to increase sales above current levels.

I am no legal expert but I would have thought there must be legal rights to recovery or else why did the KRG eventually cough 2.4 billion if they could get away with not paying?!

IMO there is a good chance of Genel being successful in its claim against the $1.4 billion they spent on the fields as the KRG lost its case in 2017 with UAE-based Dana Gas and its partners with a final settlement of $2.24 billion. At the time, folk said they wouldn’t pay up because they couldn’t afford to pay their teachers and army. but they coughed up rather than go back to court

Besides the Jefferies upgrade to buy (tp 100p) and them “seeing re-opening risk as over-sold, and a solid balance sheet with net cash to remain above $100m throughout 2024 supported by local sales, even if exports do not restart." Key Insights from Simply Wall St suggests Genel is potentially 32% undervalued;

“Using the 2 Stage Free Cash Flow to Equity, Genel Energy fair value estimate is UK£1.24 Current share price of UK£0.84 suggests Genel Energy is potentially 32% undervaluedOur fair value estimate is 28% higher than Genel Energy's analyst price target of US$0.97price”

Canaccord reiterated their speculative buy yesterday with a target of 180p.

Pity I don’t have any more cash!