Member Info for Solarfire

Any buyback or dividend should wait until the contract picture is completely clear as well as a plan agreed to past unpaid invoices, in my opinion. Personally I am not in favour of buybacks.

Retain all the cash and keep belt well and truly tight.

Besides, local sales are not guaranteed to remain at current reported levels and we cannot be certain of the pipeline re-opening any time soon. (I was completely wrong last year suggesting that the closure would be temporary).

Actually I would prefer that the company diversifies the business, but that is another topic for discussion perhaps.

15 APR 2024

APIKUR Statement on President Biden and Prime Minister Sudani’s White House meeting

April 15, 2024

The Association of the Petroleum Industry of Kurdistan appreciates President Biden and Prime Minister Sudani’s emphasis on swiftly restoring exports through the Iraq-Türkiye pipeline, during their White House meeting.

APIKUR remains ready to immediately continue discussions with Government of Iraq and Kurdistan Regional Government officials to restore exports through the ITP, while preserving sanctity of current fiscal terms, and ensuring surety of past and future oil payments through formal written agreements.

We wish Prime Minister Sudani, and his delegation, continued success throughout their United States visit.

“The $10 billion in investments made by APIKUR member companies in Iraq’s Kurdistan Region oil and gas sector helps achieve Iraqi Prime Minister Mohammed Shia Al-Sudani’s economic and energy goals expressed during his meeting with President Biden at the White House,” said Myles B. Caggins III, APIKUR spokesman. “APIKUR member companies are intensely focused on cooperating with Government of Iraq and Kurdistan Regional Government officials to resume oil exports through the Iraq-Türkiye pipeline as soon as possible.”

- Ends -

https://www.apikur.uk/publications/apikur-statement-on-president-biden-and-prime-minister-sudani-s-white-house-meeting/

Yes, excellent progress being demonstrated by CEG.

The future is very bright, which for a very long termer, is something I am very pleased to say.

Field Development Plan still not approved yet.

150m outstanding.

Both In government hands.

Https://www.kurdistan24.net/en/story/34140-America,-Kurdistan-Region-are-deepening-cooperation,-says-APIKUR-spox

Hxxps://www.apikur.uk/publications/apikur-calls-for-us-congressional-action-on-kurdistan-oil-export-crisis/

January 29, 2024

Key Points:

APIKUR requests U.S. Congressional action to help persuade the Federal Government of Iraq to resume oil exports in the Kurdistan Region of Iraq, prior to the Prime Minister of Iraq’s anticipated White House visit.

The halt in crude oil exports, ongoing for over 10 months, along with unresolved Iraqi Federal Budget issues as well as prejudiced contractual terms and past and future payments to IOCs, threaten the fiscal stability of Iraq’s Kurdistan Region – a region that has been a steadfast security ally of the United States in the Middle East.

APIKUR emphasizes the significant U.S. and international investments in the region, totaling over $10 billion, and the need to protect these interests.

The Association of the Petroleum Industry of Kurdistan (APIKUR) appeals to the United States Congress for immediate action to help resolve halted crude oil exports from the Kurdistan Region of Iraq (KRI). The export halt, affecting over 400,000 barrels of oil per day, has lasted more than 10 months and is severely impacting the region's economy and stability at a time when regional tensions are already heightened.

In a letter to Congress, APIKUR details the significant U.S. and international investments in the KRI, totaling over $10 billion, which are now at risk. The letter stresses the urgent need for U.S. congressional action to encourage the Iraqi Prime Minister to resolve the oil production and export impasse prior to his upcoming U.S. visit.

APIKUR remains committed to the Kurdistan Region and urges the U.S. Congress to support efforts to resume full oil production and exports, essential for regional economic stability and security.

“The Iraqi Prime Minister should demonstrate that he is committed to leading his government to deliver a mutually beneficial solution that will no longer economically strangle the Kurdistan Region of Iraq,” said Myles B. Caggins III, APIKUR spokesman. “This solution includes resumption of oil exports from the Kurdistan Region into the international markets with payment and contractual certainty for western and American companies to resume operations. The export of oil is the foundation of Iraq’s economy, and all Iraqis will benefit when full production and global sales resume from the Kurdistan Region.”

The full letter from APIKUR to the US Congress is available for download with this press release or can be viewed on APIKUR’s website.

- Ends -

Nice post Straycat!

Please also refer to the latest GKP presentation, dated yesterday.

https://wp-gulfkeystone-2020.s3.eu-west-2.amazonaws.com/media/2024/01/GKP-Pareto-19th-EP-Independents-Conference-vf-website.pdf

This the Kurdish article translation:

https://drawmedia.net/page_detail?smart-id=14553

Foreign companies in the Kurdistan Region of Iraq (KRG) are demanding $20 per barrel of oil from the Iraqi government, according to a member of the Oil and Gas Committee in the Iraqi parliament, an agreement has been reached The process of exporting oil from the Kurdistan Region should resume.

Sabah Subhi, a member of the Iraqi Parliament's Oil and Gas Committee, said there is a clear prospect for the resumption of oil exports from the Kurdistan Region.

"The only main obstacle to the resumption of oil exports is to remove the issue of oil costs," Sabah Subhi, a member of the Kurdistan Workers' Party (PKK) faction, told the party's official website.

“Iraq has set a price of $6.80 per barrel for oil extraction. This is a big injustice for oil companies operating in the Kurdistan Region, because the working environment in the region is different from the lower and central Iraq It is different in terms of the cost of oil extraction and the type of contracts. Their contracts are service contracts and ours are partnerships,” said Sabah Subhi.

"The price of oil should be adjusted from $6.80 to about $20 with the amendment of the budget law. For this purpose, the companies have met with the Iraqi Oil Ministry and made the proposal to Iraq," he said "It is up to the Iraqi government to resolve the issue if it agrees to include the budget amendment."

Since March 25, 2023, Turkey has suspended oil exports from the Kurdistan Region of Iraq (KRG) following a decision of the Paris Arbitration Court has imposed on Turkey.

After nearly 10 months of suspension of oil exports, Turkey has now agreed to resume oil exports, as Sabah Subhi said, "What remains is to amend the budget law and resume oil exports, the budget law is scheduled to be amended next month."

In the federal budget law, the Kurdistan Regional Government (KRG) has agreed to deliver 400,000 barrels of oil per day to the Iraqi Oil Marketing Company (SOMO) and the oil revenues will go directly to the federal treasury The Kurdistan Region should receive its share of the federal budget.

Since the end of June 2023, the Iraqi budget law for three years (2023-2024-2025) came into force, and since then controversy has erupted about the provisions related to the Kurdistan Region, the Kurdistan Regional Government objected to the price The budget law for oil production and transportation.

Https://www.rudaw.net/english/middleeast/iraq/140120244

ERBIL, Kurdistan Region - Kurdistan Region President Nechirvan Barzani on Sunday said that Erbil and Baghdad are on the right path to solving the problem of the Kurdistan Region’s stalled oil exports.

Barzani spoke to reporters following a trip to Baghdad where he met with senior Iraqi government and political leaders, including Prime Minister Mohammed Shia’ al-Sudani and Oil Minister Hayyan Abdul Ghani.

“The matter of oil exports was one of the topics we discussed with the oil minister and the prime minister. We hope that this matter be solved in a short while,” Barzani told Rudaw’s Halkawt Aziz.

“I cannot say when, but I think we are on the right path to solve the issue,” he added.

Export of Kurdistan Region’s oil through the Iraq-Turkey pipeline has been halted since March 23 when a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying Turkey had breached a 1973 agreement by allowing Erbil to begin independent oil exports in 2014.

Delegations from Erbil have paid numerous visits to Baghdad to discuss resuming the exports, the halt of which have inflicted damages to the cash-strapped Region’s fragile economy. In November, President Barzani said the problem between Baghdad and Erbil was more “technical rather than political.”

Yes, we are covering costs for the production side of the business.

GKP are holding out, quite rightly so, because production is only a fraction of the business Capex, not just the cost of maintaining the equipment and Opex. We have much drilling to do when the field eventually gets developed. We know that the Iraq central government needed to have the contracts explained to them, so it would't surprise me that they were completely forgetting that the Shaikan field is subject to a massive development.

Such a lot of wasted time.

Actually Belgrano, this approach to business is to be expected in this region.

I worked in Saudi Arabia for 10 years and I can tell you this:

No-one likes making a final decision for fear of making a mistake and holding a responsibility. No matter the seniority. Pretty much all decisions will go upstairs. There is very little delegation in my experience.

When it comes to money and contracts, everything has to be very precise. Usually all proposals and documents are prepared by others and therefore there is no guarantee that they are even understood fully, quite often due to language difficulties. There will be re-drafts of the drafts! These contracts will no doubt be referenced by both parties for many years to come, so it is important to get them right.

As others have mentioned here, there is a culture of face saving. This might be a very important factor in consideration of any changes, amendments or tweaks to contracts that are likely being proposed. Hopefully a win win situation for all parties.

All the above seem to take precedence over time issues.

At least there is a definite coming together of minds. Therefore, I am very confident that we will be pumping oil into the pipeline soon. Let's see how matters progress over the coming days.

Not a false dawn at all.

Consider that the Oil Minister and his advisers had to have the existing contracts explained to him by the KRG; that they ares focusing on only the production costs and not the full scope of production and field development (which is huge for Shaikan); adding also that the Producing Companies need to review any new contract proposals in detail and , finally that the Oil Minister wasn't ever going to be the final decision maker, then it is only realistic that more time and patience is needed.

But there is definitely encouragement that all parties are in agreement that the oil must flow for the sake of Iraq.

Yes, I agree, looking more positive of a resolution now.

Yes, it is good news being debt free, especially for an AIM company.

The BOD gave all the clues concerning the Uruguay farm in, and they must be very confident of that now, in my opinion.

Yes I am way down in my investment here, but the Company has new targets now. I will never get my money back, but nonetheless it's nice to see a corner being turned. Cautiously optimistic.

Putup, even so, volume is pants.

Exactly! I would imagine that currently the IOCs are finalising their individual structured repayment plans offered by KRG. There can be no more delays, everyone has, and is, losing a fortune.

Yes yawn.

Some really condescending posts from putup recently.

But who cares, GKP are in an improving position of late. A much easier hold after the recent announcements.

Hey FlyingHorse, I hope you're ok? You have provided good posts lately; it's good to have you back. I have lost all energy with the death of my wife last December, but I am holding tight to my shares. The oil will flow and the field remains a monster.

According to the last RNS, we should expect to receive news by the end of August concerning the 3D seismic inversion study. The oil migration study by end of September.

Hopefully positive news ahead of the publication of GKP´s 2023 Half Year Results on 31 August 2023.