Genel Energy Share Discussion Threads

[wantmorethan24p] 06/12/2016 10:03

maybe this will be a takeover target once the heavyweight comes on board.

[valhalla3] 06/12/2016 10:01

francoismyname: Great news on the Haywards replacement. A real heavyweight in the industry with all the right credentials and a track record of big takeovers. I think that's the last we will see of 80p today. You lot really do spout a lot of drivel. Lol

[wantmorethan24p] 06/12/2016 10:00

what was said about gas yesterday???

[wantmorethan24p] 06/12/2016 09:58

KRG-MNR ‏@MNRKurdistan 35m35 minutes ago
Nadhim Zahawi MP #KIOG16 : Both government and people of Kurdistan are open to working with UK

[wantmorethan24p] 06/12/2016 09:57

who will bid for the new blocks when you do not get paid.
at least we know from the conference that the IOCs are trying to pressurise the kurdistan govt to pay.

[ohdearohdearohdear] 06/12/2016 09:46

Why is it ludicrous?

[ozzmosiz] 06/12/2016 09:43

It wont be falling to 60p that is ludicrous

[ozzmosiz] 06/12/2016 09:41

Hope thats not the last of 80p...if so in the wrong direction.....

[ohdearohdearohdear] 06/12/2016 09:41

Will be a much better opportunity when it falls to 60p before Christmas.

[wantmorethan24p] 06/12/2016 09:30

another buying opportunity

[francoismyname] 06/12/2016 06:23

Link in case you have not seen it.

hxxp://news.sky.com/story/former-bg-boss-finlayson-lined-up-for-haywards-genel-role-10684909

Very good news.

[francoismyname] 06/12/2016 06:20

Great news on the Haywards replacement. A real heavyweight in the industry with all the right credentials and a track record of big takeovers. I think that's the last we will see of 80p today.

[cyan] 05/12/2016 23:27

Thanks Amaretto for your post. Lots and lots of upside potential imo.
Confidence is on the floor at the moment and with it the share price
However, those who can wait for more stability will be well rewarded imo.
The potential upside in our gas assets is significant. I do hope we will pick up some more blocks.

Brent weaker at $54.17

[amaretto] 05/12/2016 22:58

Sounds like the KRG & the IOCs (DNO & GENL anyway) really laid their cards on the table today. The KRG can be left in no doubt what is required to get production up although I'm sure they knew that already. Given they're trying to get interest in 20 extra licences in the New Year, I'm sure their minds are focused on what is required.

Excerpt from:

Following the deputy prime minister’s assurances that the KRG was working hard to pay its debts to oil companies, DNO ASA’s Executive Chairman Bijan Mossavar-Rahmani warned that energy firms could not commit to expansion without funding.

“We have scope to bring production…up…at [the] Tawke [field] with additional investments, but neither DNO nor our partner Genel can commit significant funds to further expansion without regular predictable payments from the Kurdistan Regional Government for our ongoing deliveries, and a plan to recover the arrears for oil already shipped from Tawke but not yet paid for,” Rahmani said in a presentation at the conference.

The DNO Chairman stated that the scale of opportunity in Kurdistan remains very significant, but reiterated that this opportunity and potential can only be realized if properly incentivized and rewarded.

“We have only scratched the surface in Kurdistan…More oil and gas wells are drilled in the United States in one week than have been drilled in Kurdistan in the past 100 years,” Rahmani said.

The Tawke joint venture has received nine monthly payments for 2016 exports, with the last one for September production paid yesterday, Rahmani revealed. Despite this, the KRG is still in significant debt.

“Because not all payments have been made in a timely manner Kurdistan Regional Government’s payment arrears continues to grow and now exceeds $1 billion for DNO’s share of past Tawke deliveries,” Rahmani said.

Supporting DNO’s stance, Genel’s CEO Murat Ozgul stated at the conference that the KRG’s payments to IOCs should be in full, on time and consistent with production sharing contract terms.

[stockriser] 05/12/2016 21:21

To attract the next wave of investment in the region, timely payments and a clear mechanism for fully recovering debts were key issues that Erbil needed to address, Murat Ozgul, chief executive of Genel Energy, one of the KRG's top producers, told the conference.

Norway's DNO said it was owed more than $1 billion in production arrears.

Hawrami urged patience over late payments.

"Be patient with us, we thank you for that. But there's no point in public complaints at every opportunity about our non-performance," Hawrami said.
Also In Commodities

"If Kurdistan is really not such a good place where [production costs] $2 a barrel, take your money elsewhere. I have no problem with that. I’m sure you can find opportunities elsewhere," Hawrami said.

The KRG's Deputy Prime Minister Qubad Talabani said the government had already implemented urgent austerity measures that included cutting fuel subsidies and reducing civil servant salaries that should help with repaying debts next year.

[dodge meister] 05/12/2016 21:16

Utrecht:

hxxp://mnr.krg.org/index.php/en/the-ministry/contracts/new-psc

[utrecht_00] 05/12/2016 19:34

Golfhelicopter123- you mentioned that genel are receiving around $12.50 and $10.50 a barrel from the 2 wells. Is that fair value i.e is that what they should receive or is the krg cutting payments and accruing the rest owed? Should genel be receiving say $30 a barrel. In the rns the krg states that they deduct around $9 from the price of oil but I cannot reconcile the difference of that amount to the low $12.50 and $10.50 that genel receives?

Tia Utrecht.

[wantmorethan24p] 05/12/2016 18:03

wander if Genel will bid for more blocks??

[amaretto] 05/12/2016 17:53

More tweeting from the conference:

KRG-MNR ‏@MNRKurdistan
@qubadjt #KIOG16 KRG trying 2 increase revenue by raising fees, penalties, water charges, industrial elec tariffs; slashing fuel subsidies.

[amaretto] 05/12/2016 17:51

Interesting tweet from the KRG:

KRG-MNR ‏@MNRKurdistan
@qubadjt #kiog16 Massive salary&pension cuts sustained, avge monthly payments cut by > 1/3, from $750m to $450m v hard & unpopular decision

I must admit I didn't think they were grappling with the nettle of their huge civil service but it looks as though they are making a start.

[amaretto] 05/12/2016 17:48

cunmor - good post. I agree with your sentiments that this is far from a gamble; as you say, ISIS in retreat (a few weeks ago a British General estimated six months and they'd be cleared from Iraq), large cash reserves which are being maintained via payments (albeit sporadic of late), POO increasing and over the course of 2017 the market naturally rebalancing.

It's hard to remember that only five months ago the share price was 140p having recovered from its 70p low. If the POO maintains the $50-$60 range over the next few months and payments continue monthly then imagine where we'll be in the Spring with ISIS in Iraq on its last legs.

[cyan] 05/12/2016 16:17

GENL is, imo, not properly appreciated by enough small pi's.

I come back to market to book ratio's;

GKP 1.67

GENL 0.08

I respectfully suggest that anyone who believes the differential factor of 20 is reasonable is living in cloud cuckoo land.

GENL is grossly undervalued.

Brent $54.96