Member Info for Solarfire

"Really pleased we are paying off the debt - the bond holders now have nothing to come after and we will be debt free which is superb well done on getting this sorted."

My thoughts exactly Bugsy...

By Reuters:
Published: Jun 4, 2022, 22:22

(Reuters) -The judicial council of Iraq’s Kurdistan said the region’s oil law remained in force, rejected a ruling from the federal supreme court that Kurdish authorities should hand over their crude supplies.
Iraq’s federal supreme court ruled in February that Kurdistan’s law regulating its oil and gas industry was unconstitutional.

“The actions of the Kurdistan Regional Government (KRG) in relation to oil and gas operations are in accordance with the Iraqi constitution of 2005. The provisions of the oil and gas law issued by the parliament of the Kurdistan region in 2007 do not violate those of the Iraqi Constitution,” Kurdistan’s judicial council said in a statement released on Saturday.
The statement said Article 112 of the Iraqi constitution, announced in August 2005, granted the federal government supervision over Kurdistan’s oil and gas fields operating at that time, but that fields that started commercial production after that date did not apply to this article.
It also indicated that all oil and gas fields currently operating in the region started commercial production after August 2005.
The KRG has been developing oil and gas resources independently of the federal government, and in 2007 enacted its own law that established the directives by which the region would administer these resources.

https://www.fxempire.com/news/article/iraqs-kurdistan-judicial-council-defies-supreme-court-over-oil-law-1023461

For me, it's more interesting to know the buyers, not the sellers. If we get a TR-1 for a big seller then of course that would be interesting, but all we know is that Blackrock have seen fit to add, and add big.

GKP was once the darling of the small investor. No longer is that completely the case.

GKP is raking in the cash, and they will increase production if the FDP is approved. We have a stronger leadership as well, thank goodness.

Yes, the OP is at a very high price presently, but I think it will remain high for a good while yet. The world is heavily depending on our production and product and that makes for a compelling investment. The risks are still there, but less so these days compared with previous times.

All very good, in my opinion.

I wonder how this will play out over the next few months. The next corporate update will come before the AGM, so we will get a clearer picture shortly. I hope the drilling is going well.

I wonder why the board of directors are not announcing the reinvestment of their paid dividends.
I am pretty sure we're not in a close period.... or are we?

Ordinary Resolutions
1. THAT Deloitte LLP be re-appointed as the Company’s auditor.
2. THAT Mr Jaap Huijskes, be and is hereby re-appointed as a Director in accordance with the Bye-laws.
3. THAT Mr Martin Angle, be and is hereby re-appointed as a Director in accordance with the Bye-laws.
4. THAT Mr David Thomas, be and is hereby re-appointed as a Director in accordance with the Bye-laws.
5. THAT Ms Kimberley Wood be and is hereby re-appointed as a Director in accordance with the Bye-laws.
6. THAT Mr Garrett Soden be and is hereby re-appointed as a Director in accordance with the Bye-laws.
7. THAT Mr Ian Weatherdon, be and is hereby re-appointed as a Director in accordance with the Bye-laws.
8. THAT Mr Jon Harris be and is hereby re-appointed as a Director in accordance with the Bye-laws.
9. THAT the Directors’ Remuneration Report as set out in the Annual Report for the year ended 31 December 2021 be and is hereby approved.
10. THAT the Directors’ Remuneration Policy described on pages 87 to 92 of the Annual Report of the Company for the year ended 31 December 2021 be and is hereby approved.
11. THAT a dividend of $25 million payable in cash on the Common Shares in the form of an ordinary dividend is declared and approved;
12. THAT a dividend of $50 million payable in cash on the Common Shares in the form of a special dividend is declared and approved.
13. THAT the Company be generally and unconditionally authorised to make market purchases of its Common Shares.

Broke my own promise and added another 1700 shares. The story here is quite compelling now. GLA.

GKP RNS: "The annual ordinary dividend of $25 million is expected to be paid on 15 July 2022, based on a record date of 1 July 2022. The special dividend of $50 million is expected to be paid on 29 July 2022, based on a record date of 15 July 2022."

So, it's unlikely you will be able to reinvest the first dividend and benefit accordingly from the larger second dividend. However with the short time differential, it is likely investors will inject monies prior to 1st July to benefit from them both. And that's precisely what's happening now.

GKP are in a very strong position, more dividends likely later this year imo.

I calculate the dividends as 9.4p and 18.8p per share.
In any case it's all good and whittling down my losses here.

It means an introduction to the new CEO and how she sees the business strengthening. All good I would say.

All good news today. Arrears all collected.
Yes £3 looks very likely anytime soon.
Operations update will almost certainly provided ahead of the AGM; drilling and FDP.

Next AGM is on 24th June 2022, as announced in the 30th March RNS.

As to where the AGM is to be held, I don't know.

Yes Dazpink, a steady as she goes update. The business is on a sound footing now with more positive news to come H1.

Agreed.

The persistent delays in the FDP submission would suggest that the market is still not fully on board quite yet. But you have to believe that Iraq will want an increase in our production, especially considering the world macros at the moment. A FDP approval is coming soon, imo, and that will bring about the re-rate.

Certainly the company can afford to continue with the dividends, so both factors together with an oil price over 100 dollars means we are a company finally looking only positive for the future. Buyers know this, and this will explain why we didn't fall back for long following exdiv date. A FDP approval will be the next positive catalyst.

23.7p drop in theory, but history will show you that that may not necessarily be so.
Plus add in the macros.
I agree with others others here that the share price is only trending up. Let's see.

Fabulous update this morning. All going to plan. Confidence in the EME camp is very high.

The fundamentals of TW. are strong and have been for over a decade now.

Demand is strong and likely to continue that way into the future, land is secured. However, raw material prices are rising as are interest rates. But overall I think that TW is well placed to continue building units at the required rate whilst making profits from their well-oiled machine.

The risks to cash are not the same as those often experience by general construction and civil engineering companies. TW is a cyclical business and a pretty safe bet in a balanced portfolio. Dividends with an annual yield of around 6.6% are not too shabby either.

No excuse to be locked out if you are a believer of the asset.

Here's hoping for a rise in SP leading to the next update that could be any day now, where that be Duyung or Jade related.

Brent currently 108.4 for June Futures contract.
I might be a tad impatient, but why isn't the FDP getting nudged along by Kurdistan? News soon, logic would say.

If the shares have been "worked", then why no RNS?

I think Straycat refers to major shareholder pressure to cancel them, thereby not allowing those treasury shares to be used to feather their own respective nests, and at a time when goals were not met?
It is now twice that I can recall the Chairman has survived a vote. He seems to be unable to understand the ordinary and major shareholder, in my opinion. This despite the Company sat down with major shareholder to align themselves.

Oh btw, I notice that the HR director will receive a further whopping amount of shares