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Yes and that tanker is now fully loaded, left Ceyhan last night and currently sailing past Cyprus, so we're awaiting the next one at this moment in time.

Great exports restarted but we need to know if interim deal is $16 or $14pb and when this is likely to be paid.

Seems 1st payment mid Dec, so that follows on to Jan and Feb to complete the 3 month cycle and that leads on to Mar'26 for 1st proper payment and possible reconciliation of interim invoices.

Hopefully these are worse case scenarios and we have arrears recovery possibility and perhaps the interim and/or reconciliation payments and will be made before mid Dec

Possibly GKP don't know the payment schedule yet and they will update as soon as possible.

"Does anyone know where DNO sits with respect to their Cost Recovery Pool?"

DNO accordingly will deliver the Kurdistan Regional Government's share of sales from the Company's operated Tawke license, currently averaging 38,000 barrels a day, for export. The balance of the oil, representing the share of sales the foreign contractor group consisting of DNO and Genel Energy International Limited, currently averaging 30,000 barrels a day, will continue to be sold to local buyers under existing contracts.

Think this suggests DNO/GENL are getting 30/68 barrels for their share of production. around 44%

Yes can see what you're saying, beyond belief, not counting on it but best of both worlds may be possible?

Thanks Putup, better late than never, forgot I wrote that, must've been a Fri eve :-)

"As for outstanding debts, the agreement "excludes provisions for the up to $1 billion in receivables owed to the IOCs" from past exports. However, the eight signatory IOCs agreed to "meet within 30 days ... to work toward creating a separate mechanism" to address the outstanding arrears"

I know there seems to be much speculative reporting going on atm but perhaps the re invoicing of previous invoices is not how we are going to recover the arrears after all??

I know, wait and effing see!!

BTW I agree it will likely be more than $25pb rather than less.

" Furthermore, if the pricing discount reduced to $20/bbl (from assumed $25/bbl) "

Putup is going to have a meltdown, I can hear him typing :-)

Think DNO/GENL are taking a fairly pragmatic view sticking with local sales meantime with the option of possibly exporting at a later date.

Just read that 1st payment for exports expected mid Dec, that's going to hurt?

Strikes me that the escrow account will have a very decent balance after 3 months if IOC's are only receiving $14pb.

*Less transport and quality discount obviously

Never ending debate but I'm sticking with invoicing and re-invoicing cost arrears as per local sales but at KBT realised prices, otherwise we'll have to pay them for reconciliation and continue to chase outstanding invoices. Surely $12.50pb contractor payment wouldn't cut it without a 100% agreed payment plan for arrears.

"Dunno. I had been assuming a realised price of $36 for 4Q !"

I'm assuming that's what the reconciliation is about, we'll be topped up at a later date hopefully at full PSC entitlement .

Sorry, the sell question was aimed at itsaponzi

Have you sold today?

I'm assuming the $30 realised price doesn't refer to our actual invoices but the temp fixed $14pb

Yes according to DNO RNS $16 hss been reduced to $14 ($2 for pipeline usage)

Hopefully the difference will indeed be reconciled after 3 months and we receive full entitlement for this production.

Straight to the point, what is our likely monthly payment within the expected $16 agreement and re-invoice of unpaid cost recovery ?

$15m to GKP @ 40kbpd? and $4.2m to MOL?

Dear ICG, please wait till the oil is in the export pipeline before sending salaries, otherwise there could be a technical hitch as per previous months.

Seems a reasonable enough decision by DNO/GENL to me as long as local sales revenue stream persists.

They can allow others to test the water and probably no issue joining at a later date in order to ramp up overall KRG production.

Only thing is not sure how this would affect the overall blend SOMO are looking to sell.

Incidentally I still wouldn't be surprised if exports don't restart in short term as still seems a number of issues hovering around, again happy to be wrong.