Member Info for Nobodyspecial

"in accordance with the constitution"

Five words which provide as much clarity as mud. Baghdad's interpretation of the constitution is not the same as Erbil's and this argument has been going on for years. Baghdad thinks that all Iraqi oil is for all of Iraq. Erbil thinks that Baghdad don't have a claim on any Kurdish fields that weren't producing before 2005. Each will point to their own preferred Article.

I expect there will be a committee, a file and biscuits while they carry on doing exactly what they have been doing for the last 15 years i.e. disagreeing over their interpretation of the constitution.

I wonder if the share price is being held so that JF can load up. And why is that pig flying past my window?

IMO ATB

DM - I used to use SelfTrade, but transferred all my ISA stock out to qualify for a better current account with HSBC. Wish I had never done it now. I use AJ Bell for SIPP and dealing which is far better and more like SelfTrade used to be. Just tied to HSBC for the ISA trades.

The only problem I had buying earlier was with my broker, HSBC Invest Direct.
This morning’s conversation -

Me “I’d like to buy some shares please but your systems can’t add up so I can’t to do it online”

HSBC “OK. How many do you want and in what stock?”

Me “Caspian sunrise and X number of shares”

HSBC “But sir, my system is saying you don’t have sufficient funds. You will have to buy less shares or wait for a lower price”

Me “Your system is wrong, it can’t do basic maths, I don’t want to buy less shares and if I thought the price was going to go down why would I be trying to buy the shares now?”
HSBC “I am not aware of any system errors”

Me “Well I am, this happens all the time and I am tired of calling you guys up and having to explain this to you”

HSBC “I will need to speak to my manger. Will you hold?”

Me “FFS! This is a live market and by the time you have finished speaking to your manager, the price could have risen, with you guys costing me money because your system can’t do basic maths!”

HSBC “I am sorry sir, but I will need to speak to my manager”

Two minutes and a whole load of high blood pressure later…

HSBC “Hello sir, I am sorry, my manger has just confirmed that this is a known system error. I can put the trade through another system if you want”

Me “Yes I KNOW! That’s why I am calling you to please put the trade through NOW at limit 3.7 and stop wasting time”

Google is showing the price has dropped to 3.62 from 3.70 and HSBC have the spread at 3.6-3.7
The lady then spends another 2 minutes going through the Ts &Cs of the trade before placing the order.

HSBC “Ok that order has now been placed and our dealers will get around to it when they can. Is there anything else I can do for you sir”

Google still showing 3.62

Me “Yeah can you tell me if the order has been filled. I am paying the full ask so I don’t expect to be waiting on this to execute if the current spread is 3.6-3.7”

HSBC “I’ll just check….No it hasn’t been filled yet sir.”

Me “Ok thanks, good bye”

Google flashes a 3.7 buy

It then flashes a 3.9 buy 2 seconds later and I am now seriously concerned that I have been left behind whilst on the phone to a lady with no concept of the urgency.

I log back in, and fortunately, more by sheer luck than any sensible judgement on HSBC’s part, the trade was filled at 3.7p, literally seconds before the move up to 3.9 and beyond.

An £82 billion bank, with cluess staff giving advice to buy less shares than you can afford, taking over 5 minutes to do a trade and potentially costing their clients money because their systems can't so simple maths. Unbelievable, but unfortunately true.

And Tullow's Uganda reserves were only 2C reserves.

You would have thought that the CEO would want to demonstrate belief in the obvious value of GKP's proven reserves. Yet still no RNS stating he has put his own hands in his deep pockets to show the same belief as Lansdowne have.

Anyone up for some sport?

Predictions invited for when an RNS lands stating JF has bought and how much do you think he'll buy?

I'll hazard a guess and say Highlander is going for never and none.

I'm going for Monday and a less than 100k.

Lansdowne loading up. Good to see.

On a Hastens Vivdus mattress no doubt, paid for by you and I.

FFS!

I believe in karma, in treating others the way you want to be treated and that what goes around comes around. And it can happen very quickly for some - ask the absolute legend, now known as Colonel Tom, the newest member of the England cricket team and a man who has brought joy and inspiration to the country with his selfless act.

How do you sleep at night Ferrier? If I were you, I'd be a very tired man indeed.

I donated a load to Colonel Tom, thinking I could afford to becuase I would be getting a nice dividend from GKP this year. But no, Ferrier gave the money to the KRG and spent it on his options instead. Don't worry, I'll cover it because unlike some, I have principles and I'm not a greedy, self serving, lying pig. Oh and i used my OWN money.

Interesting to see that Genel and the KRG are at the table renegotiating the Bina Bawi PSC in light of the gas development proposals.

I wonder when they'll get around to something similar for GKP's 2nd ammendment.

At least Weatherdon had the decency to buy a few as soon as he could. Papineau too. Hardly earth shattering amounts and probably far less than many PIs ever have, but it's a start.

Notable by his absence form the RNS? You guessed it - the leader, the man who needs his newbies to show him what putting skin in the game as soon as practicably possible really means, Mr Jon Ferrier.

Who knows, maybe he'll be embaraased in to buying his own now that these two have shown him what to do?

Bravedog, I thought you had made a typo there with your spelling of Kozel's name and got it wrong.

But on reflection, I see that no, you were quite correct. Very droll. Made me chuckle.

Not quite Bravedog

He was gifted these shares for free. As long as they have value he's quids in for doing squat except vandalising the balance sheet. Even if the shares fall in value he's in the money.

Agreed, he would probably want his free shares to be valued at higher prices, but he wins whatever happens. That is not true for those who actually put their own skin in the game.

With respect to those who say Weatherdon has nothing since his arrival, I would challenge that and say you're wrong.

In fact, since his arrival he oversaw and signed off on the release of futher company funds for the buyback, while obviously having some influence over the decision to scrap the dividend.

If only he had done nothing!

Sadly, everything he has done since his arrival, was WORSE than doing nothing, IMO.

These awards weren't for doing nothing. They were for doing something - something that has cost the company and shareholders vital cash, or put another way, failing to deliver shareholder value.

Still I can't blame the guy - if someone offered me a job that awarded me 773k shares in only 3 months, for being absolutely useless, I'd probably have accepted it too. You would wouldn't you?

any financial journalists that might be interested in doing a story on JF's shameless greed at a time when millions of hard working people are in financial distress?

Someone who could humiliate JF and the rest of the board and shine a massive light on the fact that they used company money, at sharehoders' expense, to line their own pockets as a reward for utter failure?

Those who say that as lowly PI's we have no voice, are correct in terms of what we can acheive through our voting rights. But what can we acheive through a concerted effort to use all tools at our disposal - Facebook, Twitter, LinkedIn the media etc to out these theiving, lying pigs?

If his face was all over the papers for being a total failure, for pocketing millions of pounds worth of free shares, paid for with money that could have been returned to the shareholders he has let down ever since walking through the door, maybe he might be forced to find a shred of decency and reconsider.

Here's a comparison. Richard Sneller, a fund manager at Baille Gifford, which once had a substantial holding in GKP, has a personal holding in a company called Omega Diagnostics, which for various reasons, could be worth many times what it's trading at today. Since 20th April, there have been TWO RNSs, stating that he has recently reduced his holding despite the comapny's share price climbing significantly in the last month.

Why did his holding reduce? Because he gave the shares away to charity.

He gave them away, at his cost, for the benefit of other people less fortunate than himself, sacrificing large potential gains to help others.

Meanwhile Ferrrier and co are giving away GKP shares, at shareholder's cost, to benefit from people less fortunate than themselves, whilst bank rolling a corrupt government who also steal and benefit from people less fortunate than themselves.

Perhaps being publically villified and hounded for being a greedy, useless, failure of a CEO might encourage him and his band of merry little robbers from having the nerve to accept these obscene awards.

@Mark Leftly - any interest?

IMO

113,407 shares or nigh on £90k worth of free shares for what?

- Not delivering 55k bopd
- Not delivering a dividend
- Not cancelling the treasury shares bought at a massive loss
- Turning GKP into the KRG's piggy bank

Thoroughly deserved JF. You really know how to milk this for every penny don't you? If you were only half as good at milking oil from Shaikan, or milking payments from the KRG, you might actually be deserving of such easy money. But you aren't, so you're not.

No need for him to put his hand in his pocket and buy any now is there?

Parasite
IMO

CC - Hat's off to you sir. I looked into ODX last week off the back of your posts, liked what i was seeing and got in at 30.62. Much appreciated heads up. Cheers

All the best
NS

Just noticed another 2C/3C typo in my earlier p.s. Again, apologies for peddling lies and filth.

Though the value of c$827m still holds for GKP's 3C barrels, if c$1.20 is beng paid for 3C reserves in the current climate.

Yep. I've alluded to John Stafford's pen stroke comments, the volume of oil in the fractures and the Permian light oil volumes in previous posts. All too aware Bugsy.

Re below - sorry there was a typo. Tullow's net 3C Uganda reserves are 476m not 467m.
So Shakain's 2P reserves are really only 103 million barrels more than Tullow's former Ugandan 2C reserves. Apologies.

I did use the correct 476m figure when calculating the per barrel price though, so just over $1.20 p.b remains unchanged

Ladies and gents, in these sadly barren times I am pleased to provide……a sports update!
In this year’s Dividend Shield, sponsored by GKP, the score was

CCC 25 million – NobodySpecial 0

You called It CCC. Though I still can’t see the common sense in blowing $50m on a share buy back and claiming to have returned accretive value when those shares haven’t been cancelled and are heavily underwater.

Some of that money could have been tangibly returned via a dividend, at a time when many UK PI’s incomes have been affected by Covid 19 and need the additional income. They have bills, don’t get interest free loans, haven’t been gifted millions of share options for non delivery at work and don’t appreciate their cash being used to fund a less than transparent political regime, for free, again.

JF is disingenuous claiming a $100m return. Last year’s divi was short changed. $50m of GKP equity held in Treasury is underwater. Some or all of that money could have been returned without changing the company’s current and future cash position. It was cowardly not to address this today. And to have hidden behind Covid19 as a convenient excuse for not having to meet targets again. What is left to do? If the new well’s a producer, other wells are worked over and the PFs are upgraded, why is GKP still not producing more than it was 5 years ago? He keeps missing his own deadlines then pretends he’s some sort of success. He’s not. He’s the kid at school who’s dog always ate his homework. Of course, this is all just IMO. All reasoned debate welcome.

SS – Nooooo. Nice idea in theory, but further in bed with a partner who’s a chronic liability? What kind of sick masochism is this? Please no. The KRG would give us Sheik Adi back. And make us pay for it. Again. At twice the price. Please no ??

DHC ... Looking at Tullow’s 2019 year end presentation, Uganda was 1.7bbo Gross 2C, with 467m net to Tullow. Sold at just over $1.20 per barrel. With further percentage revenues to come if Brent rises to $60-$70.

Read across to GKP with $164m cash in the bank as of 22nd April, $73.3m owed, 2P reserves of 579m barrels on 22nd Jan 20 and currently producing “only” 38k bopd
112m barrels MORE 2P reserves than Tullow’s Uganda 2C reserves, which sold today for a minimum of c$1.20 p.b.

Anyone care to hazard a guess on the current value of a 2P reserve?

Whatever it is, GKP have got c579m of them with a market value today seemingly at huge odds with what they’re worth in a corporate transaction. If the Treasury shares held are a defensive move against hostile predation, fair enough, but the BOD should say so, as other company’s BODs have.

p.s. ERCE had GKP’s additional 58% WI 2C reserves at 500m barrels (See page 8 of Aug 2016 CPR).

At 80% WI it’s 689.6m barrels, worth about $827m at $1.20 p.b. If you can get it.

Fair enough CCC.

You've been around the block and your view is as valid as the next man's.

Though, as you've been around the block, you know yourself the inherent risk in crediting these guys with common sense or the same understanding as an LTH of what "protecting the company" really means ;-)

We'll see Thursday.

p.s cheers for all the useful news links over the years, both here and on the other place. All the best.