Member Info for PUTUP

Pipeline resumption - the most telegraphed event ever. It's the detail we are all waiting for, including that around realised sales prices (vs international benchmarks), arrears recovery arrangements, monthly payment mechanisms, field development plans, cost audits vs FDP and adjustments to provisional to reflect actuals.

"treble from the 60s"

Yeah that was a while ago now but a fantastic opportunity. In the peak of COVID shock when oil plummeted into the teens. A ballsy call then though. And just a handful of days when you could buy in the 60s. I started buying on the 15th of May 2020.

How much did you buy in the 60s Zedy?

Thanks HGNAHMED for posting the news. (Mr Market had been trading on it since noon.)

Although 40% is better than the 32% we'd be getting according to our current contract (pre arrears recovery). Lots more detail to come out. Let's see.

Currently the stock is mid way between my solid/good fundamental valuation support (export scenario) and giddiness/quack-quack levels.

"while the remaining 40%, owned by the operating oil companies, will be sold to SOMO at the prevailing domestic price in the Kurdistan"

Christ I hope this bit isn't true - "prevailing DOMESTIC price"

Yes. I trimmed at 120p but only because I was up almost 3x in less than a year. If we see weakness towards a 100p I will be tempted to buy back the trim. If management can perform there ought to be very good returns over the next couple of years.

More like 24 months. End 2027 NAVPSe from KBW 167p at which point I think the company can finally be earning its cost of capital and so a multiple of 1. So very healthy circa 25% p.a. gains from here.

The ducks got fed and are no longer quacking

Discipline still required.

Each and every day.

Mark to market and make a new decision every single day. Your initial purchase cost is irrelevant.

Sounds like he was recounting the old $23.20 discount plus 'stutter stutter'. Sour prices have been relatively strong of late which would be helpful but for now I keep my assumption of the historical $23.20 plus $6 for KBT as the discount. Even with that, the upside from exports vs local sales is well-understood.

I hope you don't think GKP gets all the upside Zedy...

Last few hours for the divi

It shows

Do you have a mortgage?

A stock for stock merger with DNO would make a lot of sense. Better yet, a combination of the Kurdistan assets of DNO and Genel into GKP. There's literally no reason for Genel to exist as a separate company. A consolidated IOC sector in Kurdistan would strengthen the sector in many ways and provide considerable operating and corporate overhead synergies.

Mr Market is much more confident.

Will we finally close the little gap left up at 199-200p?

"Yes agree very confusing?"

Starsalign, very relaxed re all this. Cash is king and status quo prevails. Carry on.

2.6% of company since February if the annual report figure can be trusted (we know som line items eg NBIM are wrong)

IMO this is the biggest 'technical' challenge our investment faces - in addition to the company improving its RoE and hence justifying a higher book value multiple, a huge portion of the share register may be looking to roll out having survived a near death experience.

I see Redwood Capital have continued to sell down. Will be interesting to see how much of their holding they attempt to move. 2% of company sold so far.

It will all be fine. They will agree to international law. Focus on 2027.

Thx. (Rachel has no choice but to totally revamp property taxes (annual tax and capital gains). Inbound sooner or later.)