Genel Energy Share Discussion Threads

[sparky333] 14/9/2016 10:39

It is not about demands it is about control.The Kurds will become the puppets of Iran and Turkey.Missed opportunity by the west.

[mr roper] 14/9/2016 10:34

no one will help the Kurds. They want their own state, to do that means that parts of Syria, Iraq, Turkey and Iran will be required. Ain't gonna happen. A region with 25bn of debt and not many friends is not going to start making demands of the Turks and Iranians...They can't even get their own house in order to start with...

[sparky333] 14/9/2016 10:33

I have no concerns over the bonds. Genel is not GKP in this regard.

[cyan] 14/9/2016 10:25

One can read the numbers in a different way;

net debt $237m ; Monies owed to be received by time of bond repayment $468m

Overall Balance plus $231m.

The UNSECURED bonds are not something one needs to lose sleep over.

Brent $47.22

[sparky333] 14/9/2016 10:18

We can go over and over the geopolitics of the Middle East.Bottom line is you are dealing with Thousands of years of hate.Iraq will never help the Kurds in any shape or form.Therefore pushing kurdistan into the arms of Russia, turkey and Iran.And the stupid west sit back and do nothing. More fool our leaders.When the POO reaches $60 I expect payments will normalise at $100m a month.Can't sniff at that.

[mr roper] 14/9/2016 10:09

Sparky, I hear you..
"if all the issues get resolved".. I've been saying that since 2010...The KRG will not become self sufficient. They are more than 25bn in debt already. They are completely lacking in transparency and the ruling families spend most of their time planning against each other and creaming off any industry in their autonomous region.

17%, there were quite a few years the KRG were receiving 17% and not selling oil. It was the KRG who ran out on the last deal with the ICG, 2012 or 13 I think. Worth remembering that.

Very messed up region. Would have thought the Genl BOD would have notified shareholders about the status of the latest KRG non payment....

[ohdearohdearohdear] 14/9/2016 10:07

I agree with Roper - why anybody would want to invest in a Kurd oilie (particularly one with net debt of $237million) in view of what is happening at GKP I have no idea.

[cyan] 14/9/2016 10:05

The other critical numbers;

 Monthly cash spend in 2016 forecast at less
than $20 million(1)
 End H1 2016 cash of $407 million
 Excludes c.$20 million of restricted cash
relating to Morocco exploration commitments

HY bond and net debt
 Debt (on an IFRS basis) at end H1 2016
was $643 million, leading to reported net
debt of $237 million.

[cyan] 14/9/2016 09:58

Thank you for the presentation Sparky333.

Here is a critical extract;

"Nominal receivable of $468 million reflects latest view of amounts owed, adjusted for current netbacks
and interest

 Management’s best estimate is that the nominal receivable is recovered by 2019"

So, No lump sum by end of September. Repaid totally by time of bond issue, in regular additional payments one assumes and hopes!

[dodge meister] 14/9/2016 09:55

$200M revenue minus production cost @ $38m, minus G&A @$25m minus capex @$110M leaves $27m for debt servicing (all worst case). Not bad at all for the current oil climate.

[sparky333] 14/9/2016 09:38

New presentationhttp://www.genelenergy.com/media/2002/genel-energy-pareto-conference-140916.pdf

[w1ndjammer] 14/9/2016 08:54

Mr Roper

Genel have more than one string to their bow...........

do some research before you come knocking

the website is easy to understand, give it a go

WJ.

[sparky333] 14/9/2016 08:09

I agree with lack of payments and loaded with bonds.All boards are self serving. Hayward and Rothchilds hmmm a little different to GKP BOD

[mr roper] 14/9/2016 08:03

Sparky, dodgy board, loaded with bonds, KRG not paying, a lot of similarities to GKP. I'd say they are approximately 12-18mths behind.
remember all it takes is one inept CFO to move those bonds from unsecured to secured.

[pogue] 14/9/2016 08:00

90% income from oil is good but if you don't hold your country 90% of nothing is nothing.

[sparky333] 14/9/2016 07:39

Ps I think the peshmerga are doing a great job Btw.

[sparky333] 14/9/2016 07:37

Sorry to be a party pooper but the IOC do not Finance wars.Why is the west not proving financial aide ? Oh yes they do but to the Iraqi army and heavy weapons etc Seriously messed up between Kurdy and Iraq.

[fireplace22] 14/9/2016 07:34

pogue, If you are getting 90% of your income from oil exports its vital you pay a proportion of that back to ensure continuing supply - otherwise you'll eventually lose the lot. War or no war oil production costs money.

[pogue] 14/9/2016 07:31

Those that think the payments are not coming because of corruption should look at the news, they are fighting a war! If you were fighting to preserve your freedom who would you pay first the army or an oil company? Try and think logically, if you are invested in a share and you do not realize the country the share is mainly invested in is fighting a war perhaps you should try deposit accounts for investment.

[sparky333] 13/9/2016 22:34

Big difference Roper Genel have loads of money and bonds not due for 3 years.This is no GKP with bonds at silly interest rate and also Genels bonds are unsecured.