Member Info for Straycat

I’ve been attempting to investigate DNO’s financial status. I’ve done it so I can more properly understand their potential as an acquisitor of GKP.

So I’ve looked at their Q3 results.

Good grief, Norwegian FCA equivalents are very different to ours. So convoluted and ambiguous.

I could bore everyone with a detailed financial analysis, but I’m not a BOT and there’s only a few take-aways that matter with regard purely to the Kurdistan region:-

1) Given their recent uplift in production following the ITP re-opening they expect to achieve 60 boepd for the full year to December 2025;

2) They’re worth $1.4bn of which $1.3bn is ‘Goodwill’ on acquisitions;

3) Their net debt is $808m based on the cost of those acquisitions;

4) They’ve engaged in a complex borrowing scheme which involves them paying over 10% a year in interest. Just like GKP did post re-structure. I can’t tell from the information whether the lenders have asked for a charge on the assets as a consequence of the borrowing mechanism;

5) The Chairman and CEO is one and the same and owns just under 13% of the shares in a Company which has 975m shares in circulation.

What does this all mean?

a) I’m nowhere near as good at financial analysis as I would need to be to fully understand these accounts because they structured using Norwegian rules;

b) However, this is quite clearly an aggressively acquisitive business with global interests which is also prepared to take risks;

c) And it has the biggest shareholder at the helm who is leading the direction of travel.

And for GKP?

The first stage is the Oslo listing.

I reckon JH has met Bijan Mossaver-Rahmani (said Chairman of DNO).

Why wouldn’t he? They share the same interests in the region.

The rest would be pure speculation…

But I now think it might be a risky relationship unless it involved a complete takeover of GKP.

And then at what price?

AI BOTUP's predictions have been a complete joke throughout its tenure on this bb because it's still learning its craft.

It's time us lot saw it for what it is.

Ill conceived b*ll*cks.

With an agenda that is specified by draining GKP of its facility for self funding generation.

The larger question is who's behind the AI BOTUP...

Jens,

I've been restricted from posting my original response by the LSE/FCA!!!!

Anyway, I reckon JH can see a bigger picture than just an enhanced shareholder base.

I think the Norwegian market is a very attractive prospect for GKP way beyond any of that, specifically because of IOC involvement in the KRG region.

Hey Jens,

I'd be pretty interested in your view on the prospective Oslo listing, particularly in the context of JH's interview which you so kindly provided.

I know what JH said, but what do you reckon he's got on his mind?

A simple extension of GKP's share base reach or something more strategically significant?

It’s time for any GKP believers to make an argument for standing our ground.

I have no idea how many of us there are, or whatever reasons we have for sticking around, but given my time in serious management I reckon GKP’s strategic goals are a presentable proposition for major investment wealth over the next five/six years as the self-funding development flows.

As I have continually referenced, the key is uninterrupted and regular cash recovered for investments made.

It’s as simple as that.

And that’s on JH and the Board. That’s their job.

As for AI BOTUP and his acolytes, they’re not part to play in the real script here.

Back in the real world, this is a simple bet about whether the Board can deliver on the debt free self-funding proposition given the changed circumstances.

I say they can.

Just love you C...after all this time.

So right.

‘GKP's future is predicated on being self-funding, and with extremely low crude prices on the horizon, any "agreement" to pay producers anything like $16/bbl will completely collapse - no matter what cast-iron legal agreements say; self-funding then flies out the window.’

Tosh,total tosh BB.

The whole of the GKP financial model is predicated on its self-funding nature, whatsoever the new arrangements might be.

The key is all about the self-funding development of the Field.

It’s definitely not a subsidiary issue that ‘flies out of the window.’ if the oil price moves against the model.

Oil prices, because of their very commodity nature will change for good or bad.

JH’s job is to secure regular payments based on production performance alone. Whatsoever the poo.

And that’s it.

And that’s all.

How he does that is the key issue. But his track record is pretty impressive since his appointment in 2021. He’s tried and succeeded in promoting shareholder interests during his tenure and some very testing times.

If investors don’t believe in this basic principle, then they should vote with their feet and bail.

'You can't polish a turd'.

That's right.

Which is why you'll never be shiny!!!

I think we're all tired of your antics and those of your cohort.

Not that it matters to you a damn, I'm sure.

Us lot will just crack on regardless...

AI BOTUP is delusional if it thinks the market's not rigged.

Of course it is.

Nevertheless we invest because, despite the odds, we also know that true value has real value.

Hence GKP.

GKP is a strange investment entity. An enigma.

I’ve been in this share since early 2018 in a significant way.

But it’s never been easy…quite the reverse.

What I do know is that post Re-structure GKP became a massive investment opportunity for me because of the size of Shaikan and GKP’s new found debt free status. Aswell as the contractual set-up with the KRG, non payment of outstanding debt notwithstanding .

Now we’re looking on a new vista and no one can predict the outcome…certainly not me.

BUT, debt free status is a massive advantage over our peer group in the larger Field…including DNO.

I think the Oslo listing will be a seminal moment for GKP.

JH at his best.

Well I for one appreciate your input.

It's on you though.

Regards

SC

I reckon we need to relax about the current share price.

The oil price is volatile and Trump is on the tariff march.

However, the fundamentals will out.

Traders are a different breed; the likes of AI BOTUP, Iztanidiot and their acolytes will do whatever they have in mind as a cohort driving their own agenda.

None of that is of any real consideration to me.

What is important are the critical investment criteria in GKP; debt free, with a self-funding growth model and good management.

Also JH and the Board have taken us shareholders through a difficult trading period AND produced shareholder returns of capital to boot!

The sp will recover because the basic business proposition is rock solid.

As always, the key is in our debt free status.

That freedom, if properly exercised, gives us shareholders a real chance to make money in this share as the Field develops…

IF GKP can agree some formula for regular uninterrupted payments then it seems to me this is a real investment opportunity.

Just run the numbers…

The Oslo development in intriguing because it might be another avenue for GKP development. JH’s recent interview to Norwegian business was crafted by JH to address and excite the Norwegian second market. Fascinating. If you get the chance, give it ten minutes of your life. It’s worth it.

For the newer investors here, and at e risk of being patronising pr*ck, here’s a reminder of the purported GKP objective.

It was, and still remains the target of 100k bopd given a SELF FUNDING investment of ca. $500/600m over five or maybe six years.

The whole deal depends upon regular payments without interruption.

That’s the key.

How you orchestrate that when dealing with the KRG is a different issue which, nevertheless is critical.

The subtleties of how this might come about are beyond me because we are not privy to the serious discussions happening behind the scenes. But JH is.

Unfortunately for me, I believe in the strategy howsoever it is achieved.

And if it costs GKP some petty cash in the greater scheme of things (as in delinquent debt full repayment recovery for example), if you run the numbers @ 100k bopd on almost any oil price spectrum, this company is worth at least ten times its current valuation.

Not sure my outlook is to everyone’s taste, but I’m still seriously invested after seven years. And I’ve made a lot of money betting on this no debt strategy.

For what it’s worth.

Got it in one BS.

Totally agree.

Risk and reward.

That's the name of the GKP gamble.

'should not/cannot be ignored.'

So to be clear.

Current GKP share price has nothing to do with delinquent debt nor any concerns about December payments. These are already priced into the sp and investors are aware.

This is all about poo.

And rightly so because it materially affects GKP’s P&L/Balance sheet.

However, JH has moved GKP back into the trajectory of renewed investment to 100k bopd because of the re-opening of the ITP.

And that should/cannot be ignored.

Whatever the detractors like AI BOTUP and Itzanidiot say.

C,

Certainly that's how I read it.

SC.

PUTUP talks B8llocks because 'he's' a Bot.

With a mission.

Programmed by some idiot who is frightened by GKP's potential.

And invested in its demise.

Like his mate Ponzi.

Excellent!

Nothing better than self-flagellation.

Do it all the time myself playing the markets!!

Truth is GKP may well be an incredible investment going forward.

And we now know JH will take our shareholder position foremost as those investment events reveal themselves.

I reckon he is Top Bloke in management terms.

And I was pretty good in my time so I know the difference between good and bad.

And he’s definitely good for us all.

Hi C.

I'm in good shape thanks. You?

Jens produced a video on this site from an interview with the Norwegian business press that I simply missed.

But in my view it was quite revealing as to JH's possible ambitions.

A freak like me wants as much insight into JH and his m.o. as I can glean.

God knows GKP RNS's are always constructed to release as little info' as is the minimum requirement possible (and I understand the reasons why).

That's all.

Regards

Straycat.