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Could be worse as I originally feared when the pipeline closed that we'd have no oil sales whatsoever or best case scenario break even with local sales.

Back then it was cloud cuckoo land to suggest we'd be clearing $5 or $6m per month and paying dividends.

Very upfront of you Unwin, must admit to feeling a bit the same at times recently but have just carried on with the suffering .....rightly or wrongly.

Every month??

"What’s interesting about the KRG statement is that it doesn’t mention, even once, what is happening to the KRG oil revenues. Why are billions of $ from oil vanishing (oil that is the people’s rightful natural resource)? Why hasn’t the money been returned to the KRG treasury?"

These are interesting questions for sure.

Yes, was hoping we might get an operations update before AGM but looks like they'll hold off till then as only 3 weeks away now.

Perhaps we'll find out where the $150m per month KRG share of the local oil sales revenue is being utilised for the greater good?

Reasonably happy with this news, hopefully it will bring things to a head rather than just plodding along meeting after meeting.

Then again maybe it wont :-)

Sorry carpatthis, missed your post but thinking same.

I was assuming the payment in kind would be for overdue arrears only but as usual it's as clear as mud.

I'm wondering what payment in kind means assuming 45kbpd production?

40kbpd supplied/sold in normal manner via PSC and let's say 5kbpd sold and paid direct to GKP at full market price whether that be exports or local sales.

Seems too good to be true, where do I sign?

I agree with invstrat, is there some sort of suggestion that the IOC's have been over claiming their costs?

Obviously historical costs have been a major contribution to the recent revenues of GKP but that's not an ongoing situation as has been pointed out MANY times.

The signing of these 2 deals by KRG and IOC's certainly adds some interest to the situation rather than just the never ending meetings and no progress reports. Not getting over excited but seems positive news to me.

Putup, that's an interesting point regarding payments but probably a case of take it or leave it?

Wonder if our CFO has considered this and has an adjustment lined up for future consideration, doubt it.

Very good question for next meeting or perhaps email?

Hopefully GKP are maintaining $28 per barrel local sales and Brent price has minimal effect on our paid up front monthly revenue.

I know long term exports need to restart but we're not far off receiving same as under the previous payment scheme for exports in the short term. Added bonus of no sweating for delayed payments once in a blue moon when KRG are feeling flush.

"The rebilling needs to remain ‘low key.’"

Ok not another word about it - ooops

Thanks but disappointing, seems no real progress in the last 4 months since the budget law was belatedly amended

Other side of the coin , since nothing much else going on, continue with local sales for rest of year and include overdue receivables (as per now) the free cash flow may be around $72m, well exceeding the mooted 2 x $25m dividend payments for year.

Those statements make no sense - 12 million barrels over a 2 year period is equal to approx 17kbpd

And from June 25 2023 to now is not over 2 years??

More nonsense IMO

Multiplied by 18 months or thereabout.

Same question applies to the current $140m per month being generated for KRG from "local sales"