Gulf Keystone Petroleum Share Discussion Threads

[urals] 19/6/2020 08:12

Correct, Thick Tony cash cow even at Brent 40 bucksJune receipt for May sales average Brent 29.38At 36k, should rec about 9m gross 7.2m netJuly receipt should be a lot higher

[the patriotic irishman] 19/6/2020 08:10

''breakeven was $35, its now a lot lower''

LOL is that $35 Brent before or after the discount 😉


Full Year 2019
Average Gross Production (bopd) 32,883
Average Brent ($/bbl) 64.3
Discount ($/bbl) 21.7
Realised Price ($/bbl) 42.9
Revenue ($m) 206.7
Profit after tax ($m) 43.5
Net Cash ($m) 86.4
OPEX ($/bbl) 3.9

Note: Excludes capacity building charges, production bonus, DD&A, oil inventory movement and transportation costs.


leave it to the experts huh 😲


SO as the lowest lifting costs on the planet just got lower and the retail carrots keep on coming I can't wait to see their 2020 balance sheet results 😂



monkey say monkey do 🙈 🙉 🙊



bang gone sold - can't see it myself - NOPE NOT EVER - TOO MANY PIGLETS TO FEED 🐷

[thicktony] 19/6/2020 08:06

June receipt for May sales average Brent 29.38
At 36k, should rec about 9m gross 7.2m net
July receipt should be a lot higher

[chinese_takeover] 19/6/2020 08:00

Intriguing Thick Tony ,Lundin via Lansdowne, recently been building stake higher put man on board , who is behind Astaris the largest holder also building stake ,and of course who owns the AWOL other 25% plus ?

[habshan] 19/6/2020 07:52

Broadford - "see the cash burn was $32.2M between 13th Mar and 17th June.
$10M per month..."

And during that period the average Brent price was what exactly?

It's currently at $41.3 and rising.

Our breakeven was $35, it's now a lot less.

“ Oil Set to Resume Weekly Gains With Demand Recovery on Track”:

[urals] 19/6/2020 07:47

Agree Thick Tony, might be a hostile takeover intervention after all.Meanwhile the cash pile rises Looks like with 30% cost cuts they wlll make good money at only 31 dollar Brent, so cash pile will increase.Lansdowne a major shareholder who have recently increased stake, are managing the funds on behalf of?That looks to be Lundin Group given they putting their man on board.Astaris the other largest shareholder,is another capital management Co, who sits behind them?Is this friendly or a competition.Interesting.

[urals] 19/6/2020 07:45

Thanks Thick TonyThey also flagging a potential dividend, which fits with need to adjust LTIP plan rules regards dividend distribution attaching to latest options pre the Sale too.

[broadford bay] 19/6/2020 07:43

I see the cash burn was $32.2M between 13th Mar and 17th June.
$10M per month...

[the patriotic irishman] 19/6/2020 07:43

''our cost reduction initiatives have been thorough''


not thorough enough to put the boardroom piglets on a diet huh 😉


and with the revised (no need to tell em) LTIP to come its all looking rather gratifying for some 😲


monkey say monkey do 🙈 🙉 🙊



bang gone sold - can't see it myself - NOPE NOT EVER - TOO MANY PIGLETS TO FEED 🐷

[thicktony] 19/6/2020 07:35

They also flagging a potential dividend, which fits with need to adjust LTIP plan rules regards dividend distribution attaching to latest options pre the Sale too.
Hoping Djia falls today,weekly Puts even currently and if so back to profit, more going back here.

[the patriotic irishman] 19/6/2020 07:35

I see dear Jon has managed to squeeze some more carrots onto the retail stick 👀


'The Company is introducing 2020 guidance for Opex of $2.7 to $3.1 per barrel (vs $3.9 per barrel in 2019)'


SO ... the lowest lifting costs on the planet just got lower 😲


and the REAL profit oil cost is ?


nah I best leave that one to the experts 😉



monkey say monkey do 🙈 🙉 🙊



bang gone sold - can't see it myself - NOPE NOT EVER - TOO MANY PIGLETS TO FEED 🐷

[habshan] 19/6/2020 07:26

A good solid update and no further loss of production. Still at 36kbpd. The field's performing well.

RNS 19 June 2020

Operational and Corporate Update

Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq ("Kurdistan" or "Kurdistan Region"), is providing an operational and corporate update in advance of today's Annual General Meeting.

Jón Ferrier, Gulf Keystone's Chief Executive Officer, said:

"In response to the unprecedented COVID-19 pandemic and macroeconomic conditions, we took decisive actions to preserve liquidity and safeguard the long-term health of the business. We are now well placed to weather the current environment and are able to move quickly back to growth at the right time. Our cost reduction initiatives have been thorough, and I am grateful to our staff and contractors for their commitment and support. Whilst uncertainty around the timing of the end of the crisis persists, the partial oil price recovery gives us some grounds for optimism about the future and our return to delivering the significant untapped value in Shaikan."

Operational

Ø Maintaining strong focus on safety with zero LTIs recorded in 2020.

Ø In order to protect all personnel, the Company continues to actively manage its working practices in light of the COVID-19 pandemic observing all of the appropriate protection measures.

Ø Despite the challenges presented by COVID-19, production operations continue at c.36,000 bopd (gross). Average gross production for the year to date is 37,232 bopd.

Ø DQE's Rig 40 has been stacked on site at zero cost, which will aid the timely resumption of drilling activities, when appropriate.

Ø During this period of reduced activity, the Company continues to optimise its plans for a quick and effective restart of the 55,000 bopd expansion project.

Financial

Ø As a result of a continued rationalisation of the organisation, expenditures, and contract renegotiations, the Company remains on track to achieve its previously announced target of Opex and G&A savings in excess of 20% in 2020 compared to 2019. On a run-rate basis, we are targeting to achieve savings of c.30%.

o The Company is introducing 2020 guidance for Opex of $2.7 to $3.1 per barrel (vs $3.9 per barrel in 2019).

o The workforce is in the process of being reduced by c.40%, including over 60% of expatriates, due to the reduction in the work programme.

Ø Capex for 2020 remains in the range $40 - $48 million (net), a 50% reduction compared to 2019, of which $30 million (net) had been spent by the end of April 2020.

Ø Cash balance of $144 million as at 17 June 2020.

Ø Payments by the Kurdistan Regional Government to GKP are in line with the peer group, with invoices from March 2020 onwards being settled the following month. There is an ongoing dialogue relating to the payment of invoices for November 2019 to February 2020, aggregating $73 million (net).

Corporate

Ø Garrett Soden is to be welcomed back to the Board of GKP as a Non-Independent Non-Executive Director representing funds managed by Lansdowne Partners Austria.

Ø Mr Soden will be formally appointed following completion of the appointment process and will bring valuable financial and industry experience. Mr Soden was a Non-Executive Director between 2016 and 2019 and he has undertaken to conform to UK corporate governance standards in respect of external appointments.

Outlook

Ø With the Company's ongoing prudent approach to managing its financial position and the decisive measures taken to reduce its cost structure to preserve liquidity, GKP remains financially resilient to manage through the current macro environment.

Ø Despite a partial recovery in oil price, the Company closely monitors market dynamics and will continue to take the appropriate actions to preserve value in Shaikan.

Ø GKP looks forward to resuming investment and shareholder distributions when conditions allow.

End.

[highlander7] 19/6/2020 07:25

Short and to the point RNS.

[thicktony] 19/6/2020 07:22

Looks like with 30% cost cuts they wlll make good money at
31 dollar Brent, so cash pile will increase.
Lansdowne a major shareholder who have recently increased stake, are managing the funds on behalf of?
That looks to be Lundin Group given they putting their man on board.
Astaris the other largest shareholder,is another capital management Co, who sits behind them?
Is this friendly or a competition.
Interesting.

[steephill cove] 19/6/2020 07:21

Garrett Soden is back as a Non-Independent Non-Executive Director.

Very interesting ;-)

[steephill cove] 19/6/2020 07:16

Soho2 premium poster; deramper & filtered. Into the skip he goes...

[soho2] 19/6/2020 07:09

Oh dear ....

[highlander7] 19/6/2020 05:54

Desire Petroleum ? Yes I remember the "it isnt oil its water " RNS after telling us all IT was oil !. I sold all I had left right on the announcement as the price crashed. Still made a pile tho.

and you all think GKP is bad !


LOL

[steephill cove] 18/6/2020 23:43

McFly02:- Cashti knows exactly who Stuart is lol.

Comedy Gold :-)

Has he got an old Land Rover that needs replacement parts then?

[mcfly02] 18/6/2020 22:50

Habscam 🤡

I'm currently sat on information.

So much better than Roberts News Service lol.

You washed up old insignificant fart.

[jackpotjack] 18/6/2020 22:37

It would have to be a Desire Oil to Water to impact the current Mcap much worse ?

[habshan] 18/6/2020 22:18

"And what I've just been told" "GoatCam does it again" "Will they tell you ??? "Probably not.

They already told the whole world about on the 23rd of April Oilman.

If you were to read what the company tells you you'd know about these things at the same time as the rest of us and not months later.

That goatcam network that's just told you about it is pretty useless isn't it.