Member Info for Straycat

Absolutely no problem.

I get where you're coming from.

That's right, but I'm certainly not one of them.

Because I believe in the business (debt free) model.

In fact I've been increasing my position since August.

Doesn't make me right though.

This is a risky share; simple as that.

And I don't pretend to be a PUTUP Guru.

Contractually, 2012=2032.

BUT

‘There is also an “…automatic right to a 5-year extension”. Not defined, however, is whether or not this “right” has to be officially requested and, if a request, when such request must be made.’

Given that the current Board position strategically and under the current PSC arrangements, that five year extension would be requested and would be automatically granted.

Because the KRG/IOC agreements have been deemed legal.

‘There is another possible extension, of another 5 years, which can be requested at the end of the 20+5 year period. If so requested, and granted, the contract would then end 1st August 2042.’

That depends on Field development, but if GKP lean into developing the Field with the KRG’s/ICG’s money as its investment fund then why wouldn’t that funding keep on coming if the Field has the massive potential that might be released?

There’s some strange illogic permeating this bb right now.

PUTUP is now like watching David Brent (Ricky Gervais) in ‘The Office’.

So excruciatingly and agonisingly cringing, it’s hilarious.

Bit like that horrific dance routine where Brent attempts to be the Bot to show off to his staff at Xmas because he’s feeling challenged by the new reality of his situation…if you’re not familiar, Google it.

Unmissable.

Just let him run himself out.

Or enjoy the show!

I am.

Strange phenomenon though isn’t it?

I guess it’s all about any advertising is better than no advertising.

In any case PUTUP is irrelevant.

Per GKP’s website:-

‘Long life asset

The Company estimates gross 2P reserves of 458 MMstb at 31 December 2023. Based on 2022 gross average production of 44,202 bopd, the last full year of export sales prior to the ITP closure, estimated gross 2P reserves-to-production ratio is around 28 years, underpinning the case for further investment.’

'Underpinning the case for further investment ' (obviously in further Field development).

SC

‘Straycat it seems that your looking forward to capital spending for the benefit of future production, and quite right to.’

That is an excellent summary of my position. Particularly in this new environment.

I don’t need today’s profits in dividends. I’ll take them as they come.

I care much more about the Field potential and how that might be realised.

Because that potential is probably massive over the next few years.

Then we all win. That’s the bet anyway.

Who knows, with the BP/Kirkuk intervention everything might be back on the table.

As for PUTUP, he’s lost his relevance as his unbalanced and biased analysis becomes more and more apparent and equally financially incompetent.

He’s now taken to using his acolytes to fight his battles for him against my positioning.

Who cares? Not me.

‘I’ll target a share price of 240/60 based upon a ‘PUTUP’ technical valuation.’

PUTUP’s ‘technical evaluation’ is predicated on a proposition that GKP is better placed giving away all its FCF in dividends and/or buybacks as they develop.

Not a chance for future investments in that environment.

If that’s what you really believe then you haven’t run the numbers to 100k bopd.

Fine. Not my issue.

Look, there’s a simple truth here.

GKP has eventually arrived at a place where a serious future is possible.

And one which may produce future FCF which will be committed to retentionist shareholders at the same time as developing the Field.

Who doesn’t want that?

‘Nothing else in your sad world to jump on .’

‘I will happily jolly on enjoying my life while you wait for mummy to bring in your porridge straycat. Are you still a virgin by the way 🤔’

Love it:-

1) Don’t use pre-emptive text unless you read what it’s written, you moron;

2) Leave my ‘mummy’ (which should start with an ‘M’ btw) out of this because her porridge is excellent, if a little stodgy…it’s her age don’t you know. Otherwise she’s an Egyptian dead wrap up;

3) Definitely a virgin, but I’m happily smashing it out several times a day on my own. Thanks for asking, though a little intrusive.

I suppose my point is that you have no point.

And that’s about it really.

‘Looks like all Monday gains will be whipped out by next week on an O&G law.’

I’m going to give you the benefit of the doubt.

Did you mean ‘wiped out’?

Or did you mean that the Whips will dictate ICG/KRG political process next week?

Or are you just an imbecile without ant linguistic ability?

Have you any idea how ridiculous you appear on this bb?

‘Invstrat is upbeat.’

I’m quite fond of this bloke. He’s suffered along with many other LTHs.

Re-structure was obviously desperate in investment terms.

Now the new breed are ignoring the pain that those investors went through and are riding the next wave.

I’m one of them. I have no excuses.

But the ‘New GKP World’ is simply a function of what the LTHs had to chin.

And the new leadership is forward looking.

I reckon the LTHs deserve to embrace any benefits that come their way.

And I hope they are compensated appropriately.

Because if they are then so am I, in a very different investment way (thanks to them).

Good luck to all pre-Restructure investors who are still around.

SC.

We'll either get back the delinquent debt or we won't.

In the greater scheme of things, as long as GKP unravels the complicated financial difficulties it finds itself in ( and it is) then JH just has to march on to 100k bobd, self funded.

The arrears is simply a distraction.

Not to say it's not commercially important. It is a critical part of any renegotiation.

But pragmatism overrides pride when you're dealing with an asset of this value, actual or potential.

For what it's worth, I reckon the current management under JH is different gravy...we'll see.

If I'm wrong, I'll drink that gravy!!!!

But whatever gravy that is, it's got to have marmite and Worcestershire sauce in it and serious seasoning.

In which case, yummy!!

We're going the right way here Chaps and Chappes.

The gainsayers are now turning into background noise.

‘At least Putup has a balanced view with realistic expectations. To many delusional wannabe millionaires on here.’

So Itsanidiot is aligning himself with PUTUP’s pschycogobblygook dismissive position.

Back on planet earth, serious investors are starting to frame their investments on this new reality.

You know, the one where GKP has a real future and a real investment proposition based on debt free investments. All the way to 100k bopd over the next five years.

The only caveat is that JH MUST secure our future payment structure.

That will be critical.

Well JH is hardly likely to posit that the arrears doesn't matter, is he?

Of course it does.

My point is that it can be negotiated away, delayed/deferred/integrated into any new arrangement that suits a debt free business.

The key is that any new arrangement MUST protect GKP cash flow during a protracted investment process over at least the next five years.

Then we win.

I guess my point was/is, GKP don't need to rely on it to press on with self-funding growth.

Because in the bigger 100k bopd picture, it will be a rounding error.

All you've got to do is to run the numbers.

Don't get me wrong, I'm all for us retrieving the $151m which is legitimately owed. And any other costs that can be recovered.

It's important that we do try.

But it is subordinate to the pursuit of self-funding development to 100k bopd.

And that requires more certainty that GKP will be paid for their investments on terms that are in some way compatible with previous arrangements.

That's all.

Per rog,

‘Too speculative to day trade hence all of my positions were closed yesterday. Buy for the medium term below 220 but expect a few down days along the way because these things never happen in straight up and down lines.

Or for those with money to spare and are young enough to wait a while Buy longer for the long term below 280 as and when each stage of more good news appears on the horizon.’

Welcome to the real GKP world where there’s a plan to develop a position posited on self-funding growth. Only requiring a commercial proposition which is commensurate with the original (post-restructure) platform.

I reckon under JH’s leadership that will happen. Lot of work to do yet.

But we’re debt free and therefore not financially emasculated.

All JH has to do is play what’s in front of him, which he has been doing during a very difficult period to protect our shareholders’ best interests.

Let’s do it. Let’s open the pipe and invest.

If we get there, we’re in the money, one way or another.

GKP Net Assets @$528m (per 2024 Half Year accounts). = £425m @xr 1.24.

Market valuation now £405m @ £1.87.

Go figure, given the new future that beckons…

Can’t be right BUT once the traders are gone then we can all get on!

Looking good to me.

PUTUP,

what f*cking waste of our time.

And on that, you've lost your time.

You keep revisiting your downside revisionism to revise your own posture.

Do you really think that is making you relevant?

And do you think anyone is listening/reading?

Absolutely LOVE the LTHs coming out to play...wish I'd known you because this has cost you so much.

Good effort to stick around.

Excellent. Really first class.

And good luck to you all.