Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Were pi treated at a disadvantage? JF, Sami and NZ on Nadim's own admission in the press were tasked to proceed with the restructure. The restructure was essentially a transfer of ownership form a large base of private holders to a select few group of bond holders.
Not only a the time they had money for the coupon but they also engaged into a campaign of bringing down the value of the asset and trash the share price to the target 83p/share for the restructuring/transfer. We were told the wells 'were gazing out ' In the 17 march 2016 presentation we learned that the wells are gazing out and further investment is urgently needed to maintain production to the current level.
p5. 'Lack of further investment may result in a production decline due to the loss of wells in the next two years either by gassing out or by ceasing to flow naturally '
At the time production was roughly the same as it is now, still producing dry oil
About as imminent as them putting themselves in default well ahead of time when they had the money to pay for the coupon!!!
but it doesn't stop here, this presentation keep on giving or should I say trashing?
Same p5 it gives the details of capex that is needed to maintain the flow or increase it to 55k/day
p5
Capex required ($m) Maintain 40,000 bopd Increase to 55,000 bopd
Electrical Submersible Pump (ESP) x3 21 21
New wells x1 21 21
Additional production facility 13
Trunk line tie-in 10 10
Other 3 3
30% contingency 16 20
Total 71 88
please note the 30% contingency
please note also that no mention is given on the GKP spending share MOL and the KRG spending capex is included in that slide. It's all about perception
Now let's put all of that back into context
Now let's fast forward and look at current production, hardly changed, we had a couple of workovers but no ESP
The plans to increase to 55 k ? still i the back drawer..... What was that all about?
ECL - Scott Pickford - ERCE
ECL -
Before joining the KRG cabinet (may 2006), Dr. Hawrami held several senior oil executive positions in the private sector, most recently serving as chairman and CEO of ECL Group Plc from 1999 to 2006.
a few shenanigans
https://www.theguardian.com/business/2005/jun/02/hearafrica05.equatorialguinea
Scott Pickford an ECL company
Hawrami was Chairman of ECL/Scott Pickford when the original prospectus 2004 for Aim admission was made. Scott Pickford, part of ECL Group was taken over by RPS Group in 2005, and Andy Kirchin who signed off GKP original 2004 CPR Aim admission Document, became RPS Senior Vice President Consulting, Houston.
Equipoise - formed in part with Scott Pickford key directors: don Scott - Charles wood
Adnan Samarrai
Adnan Samarai moved from ECL to GKP then to KRG. Ashti became natural resources minister.
John Stafford .... was an ex- ERCE and ECL!
As described on his "Senior Management" page of GKP, 'John gained experience with several service companies including ECL, Schlumberger and PGS ' [note: this is the old name of ERC]
'Im only going by past experience, no Oil Company I know off will produce oil and sell it at a loss.'
but this is JF , the same guy that went the default route when he had money for the coupon ..... stranger things have happened
So why is JF not presenting this very effectively and why is it not reflected in the current SP ?
because JF is somebody else 's puppet ..... he could resign but the pay and the bonuses are good .... so i guess he is content with himself
so we wait when and if some crumbs get thrown at us
well said everhopeful
there is no anthropogenic cause for the climate change, it is a hoax on a massive scale.
"The UN is bent , there is no C02 problem , in fact we need more of it , they want to tax us for generating it to get cash, IE the IPCC is like the Mafia. Wouldn't surprise me if these cabals are buying up oil stock as they spread the fear , then one fine day , all is forgiven we were wrong about C02 Oil is fine again."
@ Tom-the-bomb
LOL!
4 min 46 sec - 5 seconds.
JF lips were indeed moving But we should have heard something like that:
'i fully acknowledge that you own the company and I will make sure to throw you under the bus in order to make your number so insignificant that i would not have to deal with you anymore.
in the mean time i still need you guys to vote for me next month so that i can actually become CEO despite being a UK resident.'
https://www.brrmedia.co.uk/broadcasts/559d1054059ab1be289c10df/gulf-keystone-petroleum-agm-update-from-ceo
4 min 46 sec - 5 seconds.
@cperkins
hardly an attack, more of an observation and something shareholders need to be aware of
Anyone is free to have a closer look into board members and their past antics .....
for my part, John Bell as a chairman is by itself bad news, it is my opinion
by the looks of it, everywhere this guy goes, disaster follows
does anyone remember what happened in Gulfsand (GPX) - look RNS 16 december 2015
shareholders shafted and a few including Bell at the helm, taking the company for a song
'Through the involvement of financier Richard Griffiths and Russian oil veteran Michael Kroupeev via his Waterford company, the debt legacy of the old management has been nullified through their taking on of the convertible loan that GPX owed Awarak International and then financing an issue of Ord shares to repay this. Net effect of this was to give them effective control of the company and there have been further management changes this year with Alistair Beardsall – a long time lieutenant of Kroupeev departing midsummer and John Bell taking the reins. Following a further modest fund raising in August of £1.5m, together with Syrian tycoon Ayman Asfari (via his ME Investments vehicle) who purchased stock at 5p earlier in 2016, the trio now hold 82.76% of the company. '
http://www.alignresearch.co.uk/gulfsands-petroleum/gulfsands-petroleum-establishing-fair-value-in-a-post-syrian-conflict-environment/
John Bell was also pushed on the board of GKP during a boardroom coup supported by institutional investors (M&G) while lying on his CV about his conflict of interests . His time on the GKP board didn't last that long and share holders were shafted anyway through a restructuring that offered 65% of the company for under 1 penny
the slides are up
https://www.gulfkeystone.com/media/120309/gkp-scottish-oil-club-presentation-7-feb-19-vfinal.pdf
it would have been a great embarrassment to JF to have the Oilcan showing up ..... we could have asked JF about the 'infamous' letter
for that reason i doubt we'll see the oldcan on any GKP's event.
And of course there are all these shareholders he's duped in pushing them to act against their best interest
Yet, for some reason him and his ilk still haunt the BBs mainly to antagonize
/ a very boring presentation by a very boring man wanting to run a boring company /
the giant field was translated on a slide as a 'large field'
300mil in cash / 100mill of debt- they are in a position to fund themselves their work program up to 100k bopd
55k target moved to 2020 ... not much happening till the end of 2019 then. WTF
Triassic to unlock potential from 75k and beyond 100k bopd
monthly production was shown (at last) and December was lower than usual 27.5, near the bottom of their expectations, due to work overs on SH1
at least they seem to be going some work ?!?
- good slide on Fracture porosity - as a very important metrics impacting the reserves, and the different methods they use to assess it
but maintain and confirm through production data the ERCE assumptions of 0.2 - 0.4 - 0.7 (low, medium and high) numbers. How lucky considering that ERCE themselves admitted it was a guess on their part.
- laughable slides on performance. looking into the last year only and clearly showing that the company has now caught up with its peers in Kurdistan. (wow)
Personally i fail to see why this has any relevance to anything.
would he have shown a performance graph over the length of his tenure in GKP then we are not even at half of where we were before he joined. and secondly being 'in line with peers' doesn't mean anything to me. as a CEO he should be a Shephred and not a sheep.
If Shaikan is really the 'giant field' he talks about then perhaps his performance should try to reflect that
- a slide on the capital structure before and after the restructuring. or the culling of private investors. it made my heart churn. all in the lightest and coldest manner as if it hadn't always been the aim of the exercise!
he seems to wonder why we have so many hedge funds, which is unusual (perhaps they know more than he does)
a note on the 'very aggressive' fund managers at Taconic who eventually sold out.
didn't seem aware of the Chinese presentation and said it was very old!!!
the point remains that this presentation assumes to have had access to a great deal of information (core samples) which are not in the public domain. But he denies that it has nothing to do with him.
bad experience on the after event. When i asked him what he had to say to these investors he decimated
He replied 'nothing'!!!
and he went on to say that he didn't create the problem. I begged to differ. (He is the one that decided on the default route, secured the debt on asset and finally handed the company over to the bond holders, all under is leadership )
but JF didn't let me finish he added that we voted for it and tuned his back angry, cutting short the conversation.
Indeed we had a vote, with a gun on our face .... not exactly what i call 'choice'
if I was a new or prospective share holder then may i would have been excited..... to wait
yes all nice and helpful before taking you to the slaughter house. Perhaps the guy had the corrupt fiber all along and perhaps why he landed the job.
'Bugsy911Today 08:25 I think calling him a glove puppet is too kind the guys a fraud and certainly isn't the same man that started with us a few years ago.
Something with him changed as initially he was like a breath of fresh air and actually engaging with us.'
Peel Hunt constructed their note using outdated 2P and 2C figures from the time of the Restructuring - a planned corporate event according to the former CSO which destroyed the investments of the vast majority of shareholders. All Peel Hunt are doing is re-presenting the NPV valuation which ERC Equipoise gave in that CPR. Money for Nothing, and kick the PIs for free?
They have taken the opportunity to reduce the 2P by 15% in order to reflect some supposed risk that the 2P Reserves will not be developed! Are Peel Hunt having some kind of laugh? They have reduced the 2C by 75% on similar reasoning. Not much point finding all that Shaikan oil, was there?
MOL said in November 2018 that there are new CPR numbers. But GKP say nothing. MOL even put an NPV value on the value of the announced development programme: over $1 billion. But mere silence from GKP and from Peel Hunt about that. JF said in December 2016 that there is a load of liquid (condensate) in the Triassic which had been excluded from the CPR and the NPV valuations. Since then - silence from GKP about that. Nor any mention of it from Peel Hunt.
Have Peel Hunt been given all the facts by GKP, or just some of them? It must be one or the other. What’s their brief?
Peel Hunt have however disagreed with JF’s guidance that 2019 priduction will be 32k to 38k bopd. They reckon 37k bopd. So why is JF saying one thing, and the house broker saying something quite different about the same thing, within barely one week of each other? Peel Hunt also disclose estimates for the ESPs (an extra 2000 bopd each), the additional wells (5000 bopd each) and the tubular workovers (an extra 2000 bopd each). JF had not given such figures, so at least the Peel Hunt note does contain something informative.
Time to replace JF imo.
oops I meant worth his salt
I remember him doing an interview for the BBC back in 2015 slagging TK for his excessive remuneration.
When Jon joined the Share price was in the 40p range (Prior dilution)......
Does Gulf Keystone Petroleum Limited’s (LON:GKP) CEO Salary Reflect Performance?
https://uk.finance.yahoo.com/news/does-gulf-keystone-petroleum-limited-120337307.html