RE: SP3 Dec 2023 21:50
I also suspect buying in the background and IMO we are way undervalued. The average closing price for the 4 weeks prior to the Iraq KRG meeting that caused shares to rise to 93p was 83.2p for Genel (this 4 weeks also included the 3 week close period before our Trading&Ops report).
The same 4 weekly average for GKP prior to the Iraq KRG meeting was 119.71p
Following lack of progress on the pipeline this week GKPs has pulled back from its highs to an average closing price of 128.88 over the last week, but still notably higher than before the meeting. Whereas Genel's average close price over the past week was only 74.7p, way lower than the 83.2p before the meeting!
That is in spite of directors buying 2,976,747 at 83p and 107,000 at 85.77p just before the close perod and a recent broker coverage starting with a 'hold' and price target of 95 pence as posted by #LOTM-13 .
Although Genel is heavily exposed to Iraq, lets not forget, it does have other “irons in the fire” in Somaliland and a farm-out in Morocco.
Apologies if already posted but I don't recall seeing Malcy's(oil analyst Malcom Graham-Wood) comments, for what its worth, on the Marrakesh Oil and Gas Summit held at the end of October ;
“Genel has highly prospective offshore acreage and is committed to farming-out some of its project, attending the Summit and with excellent presentations would have clearly benefited from being here, they have undoubtedly drummed up further interest in front of a very large, sophisticated international audience.
Genel were well represented in Marrakesh, Gavin Elliot, Exploration geologist gave a case study entitled ‘New data, new plays and new ideas in a proven petroleum province; Lagzira, offshore Morocco. At the following panel discussion, his colleague Mike Hohbein, Asset Manager Africa, Genel spoke on the ‘Particularities of Moroccan subsurface and the opportunities for collaboration with international partners on research and development of new exploration technologies’.”
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