He also told us that he’d improve shareholder communication. Unfortunately, I don’t believe a word that comes out of his mouth.
20 weeks since we were told Sami was stepping down. Only 6 weeks to get someone in, Jon. You’d think they’d need to give 2-3 months notice at their last position, plus handover etc?
‘ Although oil saturation measurements were not performed in samples with no oil show, the analysis of core and mud log can illustrate the oil show situation. Unlike the samples with oil show, the maximum flowing porosity of oil-free samples is 3.8%, the average value is 2.5%. The maximum effective porosity of oil-free samples is 6.1%, and the average value is 3.3%.’
Many officials from the Kurdistan Regional Government (KRG) attended the ceremony, including Prime Minister Masrour Barzani, Deputy Prime Minister Qubad Talabani, ministers and members of the Kurdistan Parliament, and foreign diplomats.
CNPC have been acting as the intermediary between the KRG and ICG since SUMMER 2018 (new to me). Due to the tensions in Iran, this has now meant that the Chinese have changed their order of strategy. Iraq and THEN Iran. IMO, this is the reason why we had the buyback come out of the blue, for the purpose of vesting options. The Chinese/CNPC are after Iran and Iraq’s oil for the purpose of their One Belt, One Road strategy. The end of GKP is now approaching IMO.
Note the timings of the Iran problems:
“A deal would have had to have been done with Iraq anyway in order for China to put into place the planned Middle East section of its ‘One Belt, One Road’ strategy, so this problem with Iran has just meant that BEJING HAS HAD TO CHANGE THE ORDER OF THE DEALS,” the Iraq source told OilPrice.com.”
“Consequently, Baghdad has withdrawn even the much worse offer that was on the table – that had already been rejected by Erbil – in favor of allowing the Chinese government, through its own corporate proxy, China National Petroleum Corporation – to act as its intermediary in these budget-for-oil deal negotiations with the KRG. The previous deal on offer was that rather than the previous 17 percent share of Baghdad’s budget in exchange for a full quota of oil coming from the KRG, Baghdad would offer 12.67 percent. Baghdad said this figure was more in line with the percentage population of the KRG area in Iraq as a whole. “Basically, this deal will involve the Chinese doing a deal with the Russians and bribing the Barzanis to accept whatever deal is agreed between Beijing and Moscow,” said the Iraq source.”
“China will have a direct route for its ‘One Belt, One Road’ project into Europe, via both Turkey and the FSU [Former Soviet Union] states and then Russia,” the Iraq source added.”
“The deal on the table for Baghdad, according to the Iraq source, is remarkably similar, centered initially on Chinese companies undertaking various projects in Iraq in exchange for China receiving at least 100,000 bpd of oil from Iraq. This amount, when added to the current amount being exported to China, would mean that around 30 percent of Iraq’s total oil production will be going to Beijing.”
“This ‘oil for construction’ deal was AGREED IN BROAD TERMS LAST SUMMER during a visit by Iraq’s Prime Minister Adel Abdul Mahdi to Beijing, with the purpose of expanding China’s then US$20 billion of investment in Iraq at that point, in addition to the US$30 billion or so in annual trade between the two countries. It also follows the signing in 2015 by Abdul Mahdi - who was then Oil Minister – of Iraq’s agreement to be part of the ‘One Belt, One Road’ initiative.”
"2018 full year results showed revenue @ $251m on average 31.6k bopd."
That equates to roughly $21 per barrel.
$21 x 55,000 bopd x 365 days = $421m per year (approx).
$21 x 100,000 bopd x 365 days = $766m per year (approx).
$21 x 200,000 bopd x 365 days = $1.5b per year (approx).
$21 x 400,000 bopd x 365 days = $3b per year (approx).
We currently have a m'cap of just $585m and we'll have revenue of roughly $421m per year from Q2 2020...
"With Shaikan production of 55kbopd still the target for 1H/2020, the upside could be substantial"
“With Shaikan production of 55kbopd still the target for 1H/2020, the upside could be substantial in our view”
Why buy at 240p when you can walk it down on low volume to sub 200p knowing the above.
“I will ensure that we have regular, reliable and open communications with you through this channel and through other means.“
The Russian's are taking up the positions that the American's have left behind. Bodes well IMO.
Russia/China = Syria + Kurdistan + Turkey (ie route to Europe)
US = Iraq
Russia said on Tuesday that its military units were patrolling territory in northern Syria vacated by the Americans following the withdrawal ordered by President Trump, underscoring the sudden loss of United States influence in the eight-year-old Syria war.
The Americans had until Monday maintained two military bases in the area, and Russia’s announcement signaled that Moscow, the Syrian government’s most important ally, was moving to fill a security void left by the withdrawal of both the American military and its partners in their effort to destroy the Islamic State and its Syrian base.
"That's because with some degree of certainty, I can suggest that 111notout is using Tom_the_bombs login, hence the explosion in activity and the irrational evangelistic enthusiasm of the posts nature. Ignore, Admin will ban him soon enough."
Lol, they're getting edgy. Swapping login details with another poster? Lol, I've heard it all now.
A share price of 399p if there is agreement between the KRG and ICG is very possible. 230p with no significant news seems about right too.
I'll log out now, so Tom can log back in.
"cannot see how tom-the-bomb sees this doubling in price, but let`s hope so"
My figure is based on some sort of agreement between the ICG and KRG in early November. If nothing appears on this front, I can see approx 230p @ Christmas.