Member Info for ValueS

The 140 kbopd Kerbala refinery might be able to process Shaikan crude. It is the most modern of Iraq's refineries and was inaugurated just months ago:

https://www.enerdata.net/publications/daily-energy-news/iraq-inaugurates-140-kbd-karbala-oil-refinery.html

Finally, it looks like they have taken my advice as posted in 26/04/23 @ 14:47! After wasting 6 weeks or more of time.

Best regards ValueS, Baldrick is very impressed with himself!

This reminds me of how Vedanta Resources (VED) was taken by its Indian billionaire boss.

At this rate, VOD could be a single digit penny share!

Our highly talented and observant BOD would notice that I am sure ;) So, they would decide to consolidate 1:10 which brings the SP nearer to £1 again but cut the dividend pay out by 90%. And all Vodaphone problems solved :D

What's there to worry about! (Shhhh .... don't tell anyone that the number of shares held by everyone get reduced by 90% as well)

It is really getting silly now, over 20% drop in a month!

This is Vodafone. An Elephant that's not supposed to move this fast.

Watched the trades for few minutes just moments ago. Noticed trades of more than 9m shares at a time @77.18p! (£7m).

Correction: The Kurdish village is called Shekhka.

It is an Arabic word that is written using English letters. The Arabic word is the same for both the village (South of Shaikan) and the oil field. But in English it could get written as: Shikan, Shaikan, Sheikhan or Shaikhan, take your pick. The village itself is an Assyrian village and to the East of the oil field there is a Kurdish village called Shaikhana or Shaikana and to the west of the field there is a Yezidi village called Lalish which contains Yezidis holiest temple and it is the closest to the field than the other two. I'd suggest it should realy be called Lalish oil field IMO since PF1 is only few hundred yards to the East of Lalish while the other two are miles away :)

Best Regards ValueS

Https://www.youtube.com/watch?v=n24NthemRH8

https://www.youtube.com/watch?v=4oohSx59gvI

Shouldn't they solve the Kurdistan oil pipeline first?

Best Regards ValueS

Don't worry Armaxmaximilian. This is a committee within the Parliament. They have no real executive power.

But the Shaikan oil field lies further North and probably within the Duhok province borders! Only just.

Best Regards ValueS

Shaikan is regarded by the FGI as part of the Nineveh province! See google maps:

https://www.google.co.uk/maps/place/Al-Shikhan,+Iraq/@36.6931272,43.3269879,14z/data=!4m6!3m5!1s0x40062efaf20f720b:0x6cbf52af6321dd31!8m2!3d36.6864269!4d43.3475329!16s%2Fm%2F02ptmr0?hl=en&entry=ttu

However, the KRG regard it as part of the Duhok province!

Best Regards ValueS

The current VOD price! Made me think and ask myself what is the point of buying VOD?

Can't be for growth because we are back to where we were 25.5 years ago!

Can't be for income, because the SP is falling by more than the dividend since the Verizon Wireless deal!

Only good for trading? I wonder....

Best Regards ValueS

I find it very difficult to believe that no solution would be found within 9 months. Already, there's been a huge decline in US inventories for the week ending May 19, including a draw of 1.6M barrels from the SPR:

https://uk.investing.com/news/commodities-news/oil-jumps-on-humongous-us-draw-then-pulls-back-3031417

Just wait when the driving season is in full swing, world wide not just the US. The world can't afford $100+ oil prices. Once SOMO is absolutely sure about Turkey they will find a route out for Kurdistan oil IMO.

Best Regards ValueS

That is indeed the case, they had to issue a TR1 because the 15% threshold's been crossed.

Shouldn't GKP consider a buyback instead of the cancelled dividend?

Just a $10m buyback programme could more than compensate for the new share issue at current prices.

Now holds 32,549,217 GKP shares (14.63%)

https://polaris.brighterir.com/public/gulf_keystone_petroleum/news/rns/story/xleol9w

Not a huge reduction but a bad sign never the less!

Best Regards ValueS

to be issued by the 10/05/2023. More feedstock to keep the herd happy.

" pressure will mount in keeping all those hundreds of oil workers employed."

For a bit of fun I wondered what would Baldrick's cunning plan be in order to save these people. And after (tele-) bribing him with the biggest turnip I can find (his consultancy fees in modern days language), here it is:

The MNR agrees with MOO to sell and "truck" the Kurdish oil to the refineries in and around Baghdad at a discounted price (say Brent - 34) and use the proceeds to pay for past invoices.

A- MOO should be relieved that they don't have to pump 400 kbopd from Basrah to these refineries, but instead sell it to the world market.

B- The KRG is happy as they find a temporary market for their effectively 'stranded asset' and putting it to good use to reduce their liabilities.

C- The IOC's are happy because they are being paid

D- The jobs of hundreds of oil workers are saved.

PS. For those who don't know about Baldrick's cunning plans:
https://www.google.com/search?q=baldrick+cunning+plan&rlz=1C1GCEA_enGB770GB770&oq=baldrick&aqs=chrome.1.69i57j0i512l3j46i340i512j46i512j0i512l3.23083j1j7&sourceid=chrome&ie=UTF-8

Best Regards ValueS (Sorry, Blackadder:D)

"The MUCH bigger issue is the 4Q 22 and 1Q 23 receivables."

It is if GKP (and partner MOL) continue to invest in Shaikan. They must suspend any further investment right now until ALL receivables are paid. Meanwhile, just keep a skeleton structure with absolute minimum running costs until the matter is resolved

There is already a 3rd pipeline already! It is called the strategic pipeline and has a capacity of 800 kbopd. It runs from Basra in the South to Haditha in Western Anbar province according to the latest info I have:
https://www.gem.wiki/Iraq_Strategic_Pipeline
It currently feeds crude to the following refineries:
1- Nasiriya Refinery 30 kbopd
2- Samawa Refinery 30 kbopd
3- Shanafiya Refinery 20 kbopd
4- Najaf Refinery 30 kbopd
5- Karbala Refinery 140 kbopd - when completed.
6- Daura Refinery 140 kbopd https://www.offshore-technology.com/marketdata/daura-refinery-hydroskimming-iraq/
7- Siniya Refinery 20 kbopd
8- Haditha Refinery, Iraq's oldest refinery, 36 kbopd. Contract has already been signed with Honeywell UOP to build another 70 kbopd refinery in Haditha: https://www.dmsprojects.net/iraq/projects/ministry-of-oil-haditha-oil-refinery/PRJ00025820

Within the "vision" of the strategic pipeline is having Haditha as an oil Hub for Iraq where it could receive oil from either Basrah and/or Kirkuk and be able to export oil from Haditha through Jordan and/or Syria, as well as being able to export oil from the South to Ceyhan, Turkey or from the North to the Southern terminals.

However, the pipeline between Kirkuk and Haditha was very badly damaged during the Daesh war. From what I can gather there is a limited amount of oil (around 70 kbopd?) being transported via this pipeline and oil is being "trucked" from Haditha to Jordan at a small rate of ~ 30 kbopd.

Best Regards ValueS

"Iraq contracts are service contracts only on $ 2.5 a barrel !"

Not necessarily for one thing.
For example, GazpromNeft gets paid $5.50 a barrel for its development of the Badra oil field. While the lowest paying contract of $1.15 a barrel is with Lukoil for the development of the West Qurna 2 oil field. Which is what I gathered by reading the following article:

https://oilprice.com/Energy/Energy-General/Why-Russian-Oil-Giant-Lukoil-Wont-Give-Up-On-This-Huge-Oilfield.html

The other thing, IMO having the KRG (temporarily) agreeing to having SOMO as the selling agent of Kurdistan oil does not necessarily mean that the contracts with the IOCs will have to change. They may remain as they are for now.

Best Regards ValueS