Member Info for Straycat

Great geopolitical chat on the bb, some of it quite helpful.

But the truth is that we don't know what will be resolved, nor when.

And neither do GKP.

But one thing's for sure; the oil will flow.

The Board can only control the Company performance in the face of what's in front of them.

And in the best interests of their shareholders (which is their primary duty).

And they are.

For me, cost control is now the primary concern.

And it's time for them to look at what the cost base is in the context of what the business is currently generating in cash.

As at 8/8 they held $80m in cash with no debt. They are currently selling 11.7k bopd with advance payments (albeit at a discounted price).

So they have breathing space for now. I reckon it'll be Q1 2024 before this issue is resolved. and that is not a problem on current cash flow projections.

In the interim the Board need to be looking at cost control measures including but not exclusive to:-

Capex;

G&A expenses.

In particular the Board need to review their own earnings and how they are paid i.e. on what basis they are paid.

In particular whether they want to reflect/participate in the general shareholder suffering.

For example, suppose they deferred some of their earnings until serious production resumed, even if there was a claw-back clause.

Or any other mechanism that preserved cash right now.

What a statement that would be as to Company solidarity. A PR coup.

Probably won't happen though. Greed is a huge motivator.

Shame imo.

PUTUP doesn't work in isolation.

He never did. And PUTUP knows that because his acolytes are paid by his Owner. One way or another.

Trouble is, we don't know who his Owner is!!

And I don't care.

Because I own serious shares in GKP and care about its future.

And that lot don't.

And I'll continue exposing this bb corruption if only for the honest investors who just want to understand what's actually going on in GKP right now...to the best of my understanding and ability.

I'll tell the truth as I see it.

Not as others projected (PUTUP) that the CPR would be completely depleted by the end of 2022.

What a load of projected tosh. Yet he was selling that as a truth.

Here's the truth.

We've got a problem.

Let's give the Board the chance to deal with it.

I reckon they're doing a decent job in very difficult circumstances.

I know I'm in danger of reading like a Boardroom sympathiser.

I'm not.

I'm a realist.

Hi Slings,

My only issue with is P is that he's corrupting this bb with financial b/s that has nothing to do with the real GKP world right now.

What do you want to know from me?

I'll give you a real view as I see it.

But it will be based on a a reasoned and serious assessment of what's Boardroom thinking right now.

I have no inside info'.

But I am a seasoned senior Executive if that is of any consequence (I wonder sometimes nowadays).

SC.

The first place paid financial analysts go to when they are challenged is numbers and acronyms.

And that's what PUTUP represents.

They will never have actually run a serious business. It's a pipedream for them.

Because they are devoid of any interpretation and general management insight/vision experience.

So for the uninitiated:-

FD =Fully Diluted share;

FCF = Free Cash Flow;

CRP =Cost Recovery Pool.

The point is that this site is now being manipulated by paid posters. Probably without any investment in the future of GKP .

So here's the truth.

We have a serious problem due to circumstances out of our control.

But the oil will flow.

JH's job right now is to limit our exposure as far as he is able.

And that's exactly what he's doing.

Don't be intimidated by acronyms and pitiful financial analysis which is completely irrelevant right now.

Look at what GKP are doing today to protect our position in an environment which is largely out of their control and unpredictable.

The oil will flow.

JH has one job.

To enable that.

And he is.

So take the $80m and look at any future cash flow projections that you might propose over the next six months.

ignore recovery costs et al. Irrelevant right now because outside of JH's control.

In fact, ignore everything else that has been contractually agreed.

But control manageable operational costs, including development capex where it is clearly unnecessary in the circumstances..

We're in shape for the long haul.

Ignore the P&L. Right now it doesn't matter.

Not relevant right now.

Btw, If you stop saying 'huh', then I'll stop accusing you of being from the USA and a Hick to boot!

Yeehah!!!

PUTUP.

Brilliant!!

Your excursion into the English language and its meaning shows no bounds in its ignorance of the subtleties of OUR language.

I forgive you because of your American heritage and lifestyle.

And your complete ignorance, or have I already mentioned that?

You panicking PUTUP?

You should relax.

The oil will flow. The model of self financing growth to ca. 100k bopd is still alive.

Unless the people that pay you tell you to write to the contrary.

In which case you're going to look stupid sometime soon.

Love

Straycat.

I bought my shares (then added later) in early 2018.

At that time the oil was being trucked at 32k bopd for that year. There were problems with hi-jacking, but the oil flowed. The pipeline connection resolved those issues.

The problem is not whether the oil will flow.

It will.

The problem is about how we'll get paid and by whom.

For what it's worth, I reckon JH has done a sterling job in very difficult circumstances. And we've got incoming cash as a consequence.

Enough to sustain the business model for now.

But that's not the solution. The solution is inevitably beyond his remit.

All JH can do is manage GKP resources around issues within his control.

And he is.

I don't necessarily believe that Q4 23 is the deadline.

Q1 2024 is my assessment.

But I do believe that the oil will flow again. Obviously.

In the interim we'll get punished.

And there may be a question about financial support. Whether it be rights issue or private investment.

But for me the bigger consideration is whether to buy or sell, and more importantly, when?

I think I'll stick around a while...

Itsaponzi,

Relax.

The oil will flow again.

Maybe there will be a rights issue, probably not.

But the oil will flow in any case.

The terms of engagement are changing between GKP and their Masters.

That's all.

We'll just have to chin it.

Swell,

You've nailed that.

Excellent post.

This not for the faint hearted right now.

Just read JH's position as expressed in the OpUp.

Big Boy's game...in or out.

For what it's worth, I'm in.

But it's a tough call.

So are you buying or selling?

Or just pontificating?

This is a seminal moment.

Grow a pair, or go.

I'm not sure whether I've got a pair or not!!

But that's a very different story. I think I'll have to ask my partner...

I'm in.

Armas,

The oil will flow; not whether but when.

And the cost...

Hey highlander1970.

'You are the one clearly disillusioned here.'

I think you meant to use the word 'delusionary'.

'Disillusioned has an entirely different meaning to the word 'delusionary'.

Particularly in the context of me putting more money into my hobbyhorse (hope you understand that reference!!).

You need to invest yourself in an education if you wish to engage with the English language.

Or at least buy the Oxford Dictionary.

And then use it contextually.

I recognise you from another bb so I know why you're here.

Hi Solarfire,

Don't worry (or do!).

I've got this sh*t wrong many times before with many investments...

And I'm definitely one of them.

No ramping, just the truth.

C0ckeye,

We've had a bb relationship for years and it's had its ups and downs.

But I've never thought of you as an idiot.

'...but he absolutely could have laid out the options and potential actions by the BOD in the event of any outcome and disputes that may follow. As a bare minimum to brace shareholders for it.'

He's not there to speculate to shareholders on what might happen in various scenarios and how he intends to develop GKP's position accordingly!

It's not a democracy.

Apart from once a year when the shareholders vote on his and the Boards' performance, for good or bad.

And even then they keep their jobs even if they get less than 80% support at the AGM from the shareholders(vis Jaap and Jon).

Just imagine if JH outlined his personal opinion on what the possible outcomes might be of International Court rulings, the possible outcome of Turkish elections and Erdogan's behaviour during that period of uncertainty.

And then offered his own opinion in open forum about what he thought his options might be in those hypothetical circumstances.

The immediate impact would be a run on the share price for which he would have been directly responsible.

Bear in mind his primary responsibility is to protect shareholder interests.

Oh yes, and it would create shareholder anarchy.

And, of course, he would lose any Board room authority.

That's what the Board's for, whether you agree with them/like them/give them any credit or not.

Their duty is to manage the Company through what is clearly a difficult time that they could not have predicted in advance.

And certainly couldn't have/can't express their opinions on, apart from in privatis in the Boardroom.

It's difficult for us PIs right now, I get that.

But for what it's worth, I reckon that, in the circumstances they're faced with, the Board is working in our best interests.

And you will know that I am not necessarily a Board supporter.

I campaigned vociferously for the resignations of both Jaap and Jon for three years.

C0ckeye,

You really don't understand a CEO's primary responsibilities to his shareholders do you?

JH (and the Board) MUST deal in the facts that are available using the RNS platform according to FCA rules.

And that's all JH can do.

He can't speculate on what might happen on the geopolitical stage apart from to recognise the issues. And state GKP's response at an operational level.

Otherwise he risks the share price as a consequence.

If he were to express a personal opinion based on conjecture then he would be in breach of his duties.

And his primary duty is to safeguard his shareholders' investments.

BB is in the privileged position of expressing his opinion given his interpretation of events with whatever underlying purpose. Without that responsibility and any accountability.

JH doesn't have that luxury.

Like I say, get a grip.

Well in that case let's seccond BB to the GKP by way of a special resolution at a Rule 23 SGM!!!

Jesus C0ckeye, you're better than that.

Recommending BB's 'appreciation' of geopolitical events over the Board's broader and more detailed knowledge is obviously and simply stupid.

Get a grip.