Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Lol!
I must say I forgot about this one ... so it must be Genel decision to stop the drilling. I doubt Chevron does not have a say in it but then it is not that good if we get the keys and driving wheel...
Going forward, I am pleased we stop at least throwing millions at BB and Somaliland for so far nil return.
It was mentionned that the taiwanese company would give cash in exchange for their share (some or part of the money invested to date in the project ... can't remember the details).
If we get a decent settlement (even a small portion of what was paid/spent) for BB + some money for Somaliland, added to what we will not spend on the 2 fields .... it might not be small change!
If this happens (I know IF) then we are looking at substantial cash for acquisition or a special dividend or both .... who knows???
It did cross my mind Hydro but I don't think so as Chevron has nothing to do with this. I actually think it is a good thing that Chevron is involved as Genel expertise in terms of drilling is unproven (to phrase it kindly). In addition, the fact that Chevron is there does keep ot check our KRI friends as well.
In the grand scheme if things, it is an about neutral pièce of news .... as long as they don't come up with something similar at Sarta.
The big one this year will be progress at Sarta and more importantly how the dispute at BB evolves.
Any ideas of timescale on this? How long do it take for the arbitration to be decided ... months? Years?
Very good news indeed.
I like the fact that it is tawain state investment and we are getting cash back from the transaction.
It will be ironic that after all these mishapps over the, the stars finally line up ...
Wait and see as usual ...
Well the only thing (and it might be central to the dispute, after all we only ever heard Genel's side of the story) is that Genel were never really in position to develop he gas; they needed someone to finance it .... so I am not so sure where they stand legally.
In effect, they wanted to start with drilling the œil and there was never a solid plan to develop the gas.
I am playing the devil's advocate here ... but it might not be as black and white as we think.
The good thing is litigation (given KRG record and the fact that the arbitration is in London not Erbil) will probably be a decent leverage for a deal.
The problem with a deal is that it will likely be tied on the never-ever based on future production etc ...
Good, we get a free supply of meaningless RNS for the next 5 years!
As usual DYOAssumptions.
GLA.
It is dangerous (a bit ... not that much either since both revenue generating assets are tied up with DNO and Chevron .... difficult for KRG to shaft everybody) but it is probably the best way to recover some money from these fields.
Interesting development... on balance I see it as a positive especially with the share price being so low. I don't think the arbitration can really put a value lower than 300 Millions USD and that is about 1 GBP per share.
It might well be a long legal battle but might be a blessing in disguise .... they were getting nowhere fast with this.
With a bit of luck, KRG ( and whoever is behind them ... probably the russian) will want to develop those fields fast and we might have a solution pretty fast ....
We will see ... Dana gas did it.
At least things are moving.
GLA ...
If that is the case, it is very amateurish to say three months ... if everything else was working well, why not but the headwinds the company is facing ... it is careless.
I find the decline at Tawke spectacular. I know they explained why but it does not reassure me at all.
Well ex-div is on the 11/11 so the price so perk up until then and then drop 30 p as it usually does ... we will see.
Boyobach sold his shares and therefore us not contributing much anymore (big shame) and Bunks said he was going to look less at it... and possibly sell ... these guys were the 2 main contributors ....
So not much happening.
Personally, I do not have anything interesting to say that I haven't said many times so I do not post (not that I ever was in the same league as the two celebrities mentioned before, both in terms if quantity or quality).
I will be happy to collect the dividends ... even if it us tempting to sell and buy back after (much better yield usually).
GLA.
Tartine.
Same here Hawkey, I don't think anybody buy a share solely on the back of what a BB is saying (or at least they shouldn't). It was always a bit of fun to read your posts. I am happy that all is good with you.
All the best.
Tartine.
The numbers in isolation are pretty good. The problem is we only have one customer who also controls where we operate AND we we get paid ... or not.
33k bopd with a net cash position is a great position to be in ... but not operating in the KRI.
I would not be surprised if the KRG offers us some ****ty agreement based on future production to soften the blow ... same old jam tomorrow tactics.
It might be a difficult one to play. You have to.maimtain production but we don't really get paid properly for it or at least not in a timely manner.
I think it might rebound a bit but I am tempted to jump ship as well ... genel fatigue ....
The next news on QD and Sarta might well decide the direction of travel fir the foreseeable future. Miran an BB were not really valued in the share price anyway (I think).
To be frank, I always thought Genel did not have the scope to develop this asset and it seems normal (even if it pains me) that the KRG has (long?) Looked at larger companies to develop the gas . I agree with the previous poster that our Russian friends might well be on the case.
Good luck Boyo on your future investments and thank you for your useful posts over the years.
Agreed, there is nothing in there that warrants a price lift unfortunately. The production has been more or less stable for a few years now. There are signs that it might go down if the new fields don't start producing in earnest .... is it really shwred to increase the dividend in this situation??? I would not if it was my company....
What have the tens (hundreds?) of millions thrown at BB, somaliland, Morrocco produced.
I am sad to say it but it is a bit disappointing....
Hopefully the guy is right. It is what we want to hear ... whether it does happen that way is another matter. Energy (oil!) is failing out of love with investors because everybody from media to politicians is banging on about fossil fuel being bad etc ... and it us driving investors away from the sector.
Whether it can change back to what it was before.... who knows? It is likely to improve a bit I think ...