Genel Energy Share Discussion Threads

[naithani] 26/2/2018 15:00

How much institution hold here? It seems not many shares on free float. share price reacting to very small volume.

[nicksig] 26/2/2018 14:30

Yep, there were paid for 2 months. I hold there as well

[sparky333] 26/2/2018 14:24

Nice payment to GKP nearly $40m

[losses] 26/2/2018 11:54

Added more to average up...

[nicksig] 26/2/2018 10:16

Thanks cyan - yes I'd seen this - I was half asleep!

Looking strong today

[cyan] 26/2/2018 09:11

Here is the full text. Basically we have much larger gas assets than was previously believed;

19 January 2018

Genel Energy plc

Bina Bawi and Miran West gas resource update

Genel Energy ('Genel' or 'the Company') is pleased to announce that RPS Energy Consultants Ltd. ('RPS'), as part of its work on the updated competent person's reports ('CPRs') for the Bina Bawi and Miran West fields (Genel 100% and operator), has finalised its evaluation of the contingent gas resources at both assets:

- The RPS evaluation confirms a significant upgrade to the combined 2C gross (100% working interest ('WI')) raw gas resource estimate for the Bina Bawi and Miran West fields:

o The RPS assessment of the combined gross 2C raw gas resource for both fields now stands at 14,792 Bscf, a figure which excludes associated condensate volumes attributable to the upstream partners

o The RPS assessment of the combined gross 2C condensate volumes potentially recovered from raw gas production at both fields totals 137 MMstb

o As at end-2016 Genel's reported 2C resources included net raw gas resources from Miran and Bina Bawi totalling 1,421 MMboe(1) , which related to Genel's respective 80% and 75% interests in the Bina Bawi and Miran PSCs at that time

o In February 2017 the Company increased its interest in both PSCs to 100%, resulting in a combined pro-forma end-2016 Genel 2C resource of 1,815 MMboe (10,530 Bscf(2) )

o The 2018 RPS estimates of combined 2C resources from both fields have increased c.40% compared to the pro-forma end-2016 2C resource

- The revised Bina Bawi 1C gross raw gas resource estimate is more than 50% higher than the gas volume agreed to for the field under the Gas Lifting Agreement ('GLA'). The revised Miran West 1C gross raw gas resource estimate is in line with the volume agreed to for the field in the GLA

A comparison of the revised 2C gross contingent resource numbers for both fields and the Company's end-2016 number, which was based on the 2013 RPS reports plus the addition of the Company's assessment of non-hydrocarbon gases, is summarised in the following table. Further detail is provided in an appendix to this announcement.

=============================================================================

Brent $67.17

[cyan] 26/2/2018 09:07

Read here nicksig;

[nicksig] 26/2/2018 07:32

We’ve had the updated CPR for the oil, presumably there will be another one shortly for the gas?

[losses] 26/2/2018 06:47

Baghdad Can Use KRG Pipeline to Export Kirkuk Oil: KRG Basnews English 26/02/2018 ERBIL - The Kurdistan Regional Government (KRG) is ready to allow the Iraqi government export Kirkuk oil via the Kurdish pipeline on the international markets."The Iraqi government can export the produced oil through the Kurdistan-Turkey pipeline where the state-owned SOMO manages the sale which would eventually bring more revenue to the country," KRG Spokesperson Safin Dizayee was quoted by Kurdistan 24.The official said Baghdad is currently exporting between 40,000 to 50,000 barrels of oil from Kirkuk to neighbouring Iran while the remaining crude is dropped back into the wells.

[losses] 26/2/2018 06:38

ERBIL - The Iraqi president, parliament speaker and prime minister are scheduled to hold a decisive meeting before Wednesday's parliamentary session in hopes of reaching a political consensus over the controversial 2018 budget bill.MP Imad Uhanna said if any agreement was reached between Fuad Masum, Salim al-Jabouri, and Haider al-Abadi, on Wednesday the parliament will vote on the budget bill based on the political consensus between the main factions.

[nodoe] 25/2/2018 22:03

You put that better than me Hawkey!!😊

[hawkey2] 25/2/2018 21:42

REASONS TO BE CHEERFUL

KRG exports increasing each month.
More and more positive dialogue between KRG/ Bagdad every day.
International Pressure creating an environment for a deal huge
USA biggest base in the world built in Kurdistan almost complete.
All border crossing open now
International Airport expected to open any day now.
Iraqi offering to pay some Kurdistan salaries.
European countries strongly lobbying to support KRG
ISIL defeated.

Oil on the rise again getting nearer to 70$ a barrel. still rising
Venezuela & Iran situations likely to keep oil at present level.
Saudis desperate to get oil over 70$ for IPO.
OPEC countries likely to agree to extend current deal..
API drawdown regular and Worldwide oil glut shrinking.

Roseneft lending KRG up to 3$ billion
Roseneft agree massive exploration & development programme
Rosenfet in current negoiations with the KRG. What for and Why ?
China rumoured to be buying into Rosneft
Several Gas pipelines in process of being built on by Roseneft
GAZPROM drilling and spending hugely in Kurdistan
New CPR should confirm/ Increase resource due very soon.
Chevron started drilling again in KRG.

New Chairman, New World class CFO, New Board members
Payments now regular every month for 29 months.
Regular payments still being received in very difficult circumstances
Payment increases now each month due to payment "R" factor. Largest ever payment this month.
Free Cash flow in could be as high as 150-200$ million
Over 80% of all shares with only 5 major institutions.
No major shareholders selling.
Very small free float. Hard to buy large volumes on occasions.
New Bond issue securing finance for 5 years.
Excellent agreement reached on all receivables.

Some of lowest Production cost in the world.
Market cap 6ish x less net assets.
Net debt paid down considerably & reducing every month
Breakeven at less than 20$ per Barrels.

Peshkabir being spoken about as "most exciting find" in DNO Chairman£s career.
Peshkabir producing 15k BOPD and will be over 30k BOPD by summer.
End of year Peshkibar BOPD will be much higher than this
Peshkabir 4 likely to have been spudded.
3 new wells being drilled in Tawke to increase production.
6 new Peshkabir wells to be drilled in 2018
DNO committed to spending record Capex in 2018. 50% more than last year.
Taq Taq production increased last 3 month.
Taq Taq new oil find confirmed, possibly more to follow.
Taq Taq CPR stating new reserves.
Miran & Bina Bawi updated CPR showing huge increase in resource.

Gas partner expected soon.
Moroccan way forward announced.
2D Seismic in Somaliland significantly increased and initial results due soon.

Hows that for £1.28 ????

Hawkey

[nodoe] 25/2/2018 21:14

Market cap of 350m ...owed roughly 350m...debt of 300m...producing lots of oil and potential of lots of gas...this will be £2 or more pretty soon

[pogue] 25/2/2018 19:50

good lad Cyan you know it makes sense :0)

[cyan] 25/2/2018 19:44

A reason for this to go up could be interested investors placing large buy orders.

Plenty of other reasons as discussed earlier which do rely on a political settlement.

I am in for the long haul and not adverse to trading when appropriate.

[pogue] 25/2/2018 19:39

Sorry to put a negative on all the happiness but I think we will fall again. No reason for the rise, unless somebody has signed an agreement to transfer Kurdistan O&G to Baghdad, may go higher in which case I will sell some, on the other hand it may not, dont get excited until there is some news we will be the last to know though that is for certain.
Trade the rises and dips...

[cyan] 25/2/2018 16:56

The gas project does appear to have been set back about a year, imo, by the referendum fall out.

We appeared to be well on course for a deal by the end of 2017 with ROSNEFT committed to the gas pipeline.

On that hopeful basis we got to 165p and POO was at least $10 LOWER than it is now.

Not sure how they came up with 138p on LSE bb.

Patience required .

[kulvinder] 25/2/2018 16:18

There certainly appears to be a renewed sence of belief that price will rice from here after Friday's rise, long may it continue....there talk on the lse bb that £1.38 is the major hurdle to pass, did not explain the rational behind that figure.

[cyan] 25/2/2018 12:33

It does look like its all a matter of time .
Need a clearer political climate, but, imo the advancing gas development could be the catalyst for a bid.
The volumes have been proved larger and we are looking at the equivalent of around 2 billion barrels of oil. That's very big indeed.

In the meantime we are managing our producing oil fields well and PESH looks like it could have a long very productive life.

The other plus is the relative strength in POO. The price is higher now than when the 476p (above) piece was penned.

We start the week with Brent at $67.395

[cyan] 25/2/2018 10:43

Whilst poking about doing research on another company I came across an interesting Malcy blog piece on GENL quoting Tony Hayward.

Its just under 3 years old, but made me smile. Talk about 'undervalued'



"Finally there were some other nuggets in the interview that shareholders might like to see, looking at the way forward it seems as if one path is through strong growth and the other is if the company received an offer ‘they could not refuse’ both of which are equally likely apparently. I am convinced that Genel will be taken over at some stage and that there will be a serious consolidation of assets in Kurdistan as demonstrated by the activities mentioned above by GKP, at 476p Genel is significantly undervalued especially if Tony isnt going anywhere in a hurry."

I am not greedy I would take an undervaluation of 400p now! lol

[sparky333] 24/2/2018 08:25

Spider sense is tingling !!!!!

[nicksig] 23/2/2018 19:35

Same to you kulvinder. Onwards and upwards

[kulvinder] 23/2/2018 17:06

The Motor is on start and boat is about to turn! Few beers tonight. Have a good weekend.

[nicksig] 23/2/2018 16:36

Yes nice auction. Looks like someone is hungry for stock