Member Info for PUTUP

Less the $25 million committed to be paid out as a dividend (which could always be cancelled I guess).

We need a lot more detail from the company. For example, how much of the $3.2 per barrel opex is variable? How much of the projected capex figure can be delayed? What additional operating costs, if any, are incurred as a direct result of halting production? I'm sure there are many other questions.

A weekly figure of that would assume no variable costs of production. Maybe most costs are fixed but I would have thought not.

At the moment the KRG has the money from which further dividends this year and next were going to be paid

The last list published was as of 29 July last year. You have to wait for the Annual Report for an updated list.

"No knocked off oil discount
No distressed seller discount"

Why would the discount for KBT be removed? I t's a blend that has it's own price. I doubt Bagdad would want to assume again.

I've no idea what you mean regarding the last one

I think it safe to assume our contract with the KRG is dead. My assumption (for now) is that we will enter into an identical contract with SOMO. They still need operators who know the fields intimately.

Arma don't get me wrong. I think the situation is rather serious particularly in relation to being paid for the last six months. The market hasn't priced in zero for that (not that the probability of recovery is zero). But a dozen consecutive utile posts here isn't going to change anything. If anyone thinks the stock is cheap it's time to put-up or shut up.

Hey Opu how’s the pillow talk with your partner that you put into the stock more than a third higher than where we are today?

Arma, you’re behaving like Chicken Little. Production will restart at some point. What we don’t know is the company’s cash burn in a no production scenario. Anyone have any proper insight to this? The big concern is whether we get paid for the last 6 months. Let’s see. I suspect it may take some time.

You mean this?

Genel Energy PLC - oil producer in Kurdistan region of Iraq - Bilgin Grup Dogalgaz AS buys 236,911 shares, mostly at GBP1.17, worth GBP275,467, on Monday and Tuesday. Genel Non-Executive Director Umit Tolga Bilgin is vice chair of Bilgin Grup Dogalgaz.

So a company, for which a non executive director of Genel is Vice Chairman, bought a whopping (hehe) £275k worth...?

yes. Add March.

Itsaponzi you're having a little trouble there mate. We've been paid up to and including September 2022. So including the invoice for March that's 6 months.

"owed say $250m"

How did you come up with this number? I make invoices for 4Q 22 and 1Q 23 to total closer to $154 million.

5 have been invoiced. March will be invoiced soon.

"** I still need to check my FD share count number against the FY results."

I have done this now. The last disclosed issued share count was 216,247,533, that is 216.248 million. The FY accounts show 216,247 thousand so not quite sure of the rounding there but the difference is immaterial. Outstanding options, pre the last grant total 8.909 million (8.785 million under the LTIP, 10k until the SRP and 114k under the DBP). See footnote 24 of the accounts (although for some reason the DBP is omitted.) This cross-checks with the figure used in footnote 9 to the accounts. To these I add the 3.6 million recent grant under the LTIP and a further 111k under the DBP. So I use a FD share count of 228.468 million.

They vest.

The three year period refers to vesting. The options have been granted, but they vest (the recipient actually gets them) over time. Most often, in the event of a change of control the vesting accelerates.

Given all the options are nil-cost, any vested options are 'in the money' and would be exercised. (Only a nutter would let them lapse.) The company gets no payment for the shares issued to the recipient when the options are exercised. So... one approach is to count only the vested options as additional to the number of shares in circulation. However, given the high likelihood of vesting and the likely acceleration of it in critical circumstances, a more conservative approach is to assume all granted options will vest and be exercised. I use the latter approach and simply adjust if some granted options don't vest for whatever reason.

** I still need to check my FD share count number against the FY results. For now I added the latest grant of 3.7 million options to my previous figure. Not all the options have vested (and none of the last grant) but guess what happens if there's a corporate event such as a takeover...

Last disclosed cash was $119 million. Will have gone down a little. Divide by exchange rate to £. Divide by fully diluted shares outstanding. (I'm currently using 228.5 million FD shares.)

Seriously? Is that the extent of your knowledge of stock-based compensation? (Where's the gob-smacked emoji?)

You know the answers to these questions Invstrat.

The shares previously bought back have been cancelled.

A buyback is conducted with cash on hand. Currently there isn't one.

The last tranche was met with share issuance. This is why you should always use a fully diluted share count number and not just those on issue. "But they haven't vested" you (might) say... well guess what happens in the event of any significant corporate action such as M&A?

The proceeds from exercise (and sale) are taxable (employment income) and often an amount of shares is automatically sold to cover the individual's tax due.

On the last question, I'm not a fan of nil-cost options. I'd much rather see a bigger grant of at the money strike options. At least then if the share price doesn't go up then the warrants are worthless. But that would require replacement of the LTIP. For that you have to vote and hope key shareholders feel equally unhappy about the situation.

"Well at least we can still pick some up under the £1:80 price so we win too as shareholders "

A classic example of Opu's lack of understanding.
They're nil cost options.
There's been a straight-out 2% dilution of all shareholders as a result of the award.

"But you must admit that further share-buybacks, as called for on numerous occasions by yourself, would now be proved to have been utterly disastrous. "

Nope. :)

Price doesn't matter for the company as a whole. Each individual, however, would have had to make a decision whether or not to participate in the buyback and receive their share of the distribution. Just as when we each get our share of a dividend, we then have to decide whether to reinvest or not. If we don't we've reduced the amount of money w had at risk in GKP.

For the company as a whole they are simply distributions of cash. INDIVIDUALS have to act differently in each case - do nothing with a dividend and you've taken your share of the distribution but, with a buyback, to get your share of the distribution you have to dribble into the buyback.

All those that reinvested their dividends higher up have faced the same result as if they had done nothing in a buyback. (Worth pondering that.) Those that banked them, took some money 'off the table.' You can always, at any time, sell some of your position (take some money off the table) and invest it elsewhere.

Every single day you make a new investment decision even if you do nothing and hold. Your portfolio should be marked to market accordingly.