Gulf Keystone Petroleum Share Discussion Threads

[hearts1] 27/1/2017 22:22

Paul Carroll knows

[phillis] 27/1/2017 21:37

Tony Peart knows

[lardner23] 27/1/2017 20:45

Everything??? Wow, poor you :)))
(I'm not good at sympathy - just block/ignore what's thrown at you, imo. People get things wrong/interpret subjectively all the time.)

The only people who can shed light on what really happened at the GKP end to that deal (and GRH's offer posted on 3i) are JF, maybe the rest of the BoD...and everyone's favourite impartial MP, of course.

[oilman63] 27/1/2017 20:07

I joined two people together at the very beginning and then after that I had zero involvement. But because of someone's history I was cautious.

I was accused of everything in blog world.

All completely wrong.

[oilman63] 27/1/2017 18:17

Lardner

I feel I am getting drawn deeper into an argument that I am not comfortable defending.

Not saying you are right or wrong but not everything is simply black or white.

So I think it's best that I concede to your expertise.

And just as a side note I didn't ring a certain American gentleman that I was accused of doing.

[nestoframpers] 27/1/2017 17:56

I don't believe there is that much oil left in Saudi.

[nestoframpers] 27/1/2017 17:53

$7.5 bill per bill blls I think.

[nestoframpers] 27/1/2017 17:48

265 bill blls = value of $ 2 trillion .How do they get to that ? GKP looks well cheap going by that.

[nestoframpers] 27/1/2017 17:47

By Rania El Gamal, Reem Shamseddine and Alex Lawler |

DUBAI/KHOBAR, SAUDI ARABIA/LONDON


The first independent audit of Saudi Aramco's [IPO-ARMO.SE] oil reserves has confirmed the state oil company's own figures, sources familiar with the situation said, ahead of its planned share market listing next year.

The listing, expected to be the world's biggest initial public offering (IPO), is a centerpiece of a Saudi Arabian government plan to transform the country by enticing investment and diversifying the economy away from oil.

Based on a figure of 265 billion barrels, Aramco's fields contain about 15 percent of the world's proven reserves. Any finding that the reserves are significantly above or below that could affect the company's market value in the listing.

"The independent audit produced no surprises," a source familiar with the situation said on Friday. "Aramco's reserves have always been reported internally in line with international practice."

Aramco had asked two U.S. oil reserve auditing specialists to review its deposits.

These are Gaffney, Cline and Associates, part of Baker Hughes and Dallas-based DeGolyer and MacNaughton. DeGolyer and MacNaughton completed its audit last year, two of the sources said.

Aramco and DeGolyer could not be reached for immediate comment on Friday. Gaffney Cline also could not be reached for immediate comment.

Saudi Arabia's proven oil reserves have been listed at about 265 billion barrels in oil industry reference publications such as the BP Statistical Review of World Energy for many years.

Aramco said its crude oil and condensate reserves were 261.1 billion barrels in its 2015 annual report.

The reserves audit produced figures "definitely not below" those published by Aramco, a second source familiar with the matter said, while a third source said the auditing firm's estimate was higher than Aramco's own.

The IPO plan is being championed by Deputy Crown Prince Mohammed bin Salman, who oversees energy and economic policy in the world's top oil-exporting country.

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Prince Mohammed has said he expects the IPO, which will offer up to five percent of the company, to value Aramco at a minimum of $2 trillion.

Senior oil industry figures have welcomed the Aramco IPO for casting more light on Saudi Arabia's oil reserves. Many of the world's biggest sovereign reserves holders have not changed their numbers for years.

The head of Russian oil company Rosneft Igor Sechin said last year the Aramco listing would give transparency over reserves data which had not been updated for 30 years.

(Additional reporting by Dmitry Zhdannikov in London; Editing by Jane Merriman)

[nestoframpers] 27/1/2017 17:17

Bartle Bull ‏@bb_bull 3h3 hours ago
More
Iraq's stock market is up +16% in USD terms in 2017.
Up +47% in USD since August 2016.

[2jester] 27/1/2017 16:51

"I have told you before that if they went to arbitration the Bondholders would immediately call the debt in and wipeout shareholders 100%"


Really?

Well why wait to gain less?

Why not encourage arbitration if that gains the most?

Why would the bondholders be so against arbitration if they had most to gain from it, its almost like the bondholders are the KRG. Ahem.##

[lardner23] 27/1/2017 13:38

Oilman, there was nothing in the bond t&cs that automatically gave BHs the right to call in the debt if the company was in arbitration. A time-out could have been negotiated. To call in the debt immediately, assuming cash got too low, would have been BHs shooting themselves in the foot - a lose-lose situation. Did they really want to hasten the end, with no chance of recovering their debt? My point still stands - if he felt he had no way of saving shareholders, why not make a difference by going public about what was going on?

The BHs strong position was primarily brought about by lack of cash combined with the relatively massive size of the debt and the decision to give the Noteholders security over GKPI. That one was down to Sami and whoever was advising him.

JF arrived claiming to be very familiar with the MNR/Kurdistan. If that's the case, he would have known there were big issues. The first ports of call to dig further should have been GKP's peers in the region, IOC people who'd already pulled out or taken a back seat, the three NEDs who were on their way out as he arrived and maybe Murray.

And even if he was misled by absolutely everyone he talked to, he still stayed on and went quiet once the mist had cleared, rather than resigning. That, plus the indecent haste with which they announced the vcp and staff retention scheme, tells me quite a lot.

[roverite12] 27/1/2017 13:18

Nonsense . If he was conned why didn't he resign and walk away ? He was the main man in this fraud - the one doing the conning .

[oilman63] 27/1/2017 12:46

Lardner

I have told you before that if they went to arbitration the Bondholders would immediately call the debt in and wipeout shareholders 100%

The question is how did the Bondholders get in such a strong position ???

Edit: sorry I skim read your post. Bit busy at the moment.

If you were going to take the job who would you have asked ???

The old BoD ??? The KRG ??? And they would of no doubt promised the earth and how things would change when he was in post. I think and it is my personal opinion that he was conned like the rest of us.

[roverite12] 27/1/2017 12:42

JF is an excellent strategist . I believe he did his due diligence , saw the opportunity to make millions , tens of millions and maybe even into the hundreds of millions eventually . He has conned EVERYBODY - the only difference between Oilman , Bob and the rest of us is that he did it face to face with them . There is a thread between his hiring , the destruction of the shareholders and the share price , and the VCP . The VCP is the end game . Everything else has been a means to that end . All that remains for the original shareholders is to ride along with this fraud and make the most of it - some might even make money out of it .