Gulf Keystone Petroleum Share Discussion Threads

[beernut] 13/5/2021 08:15

Genel Energy notes new Kurdistan terms for catch-up oil payments
The KRG said that the changes comes as a result of ongoing challenges presented by the COVID-19 pandemic in Iraq.

Genel Energy PLC - Genel Energy notes new Kurdistan terms for catch-up oil payments
Genel Energy Plc (LON:GENL) relayed to investors proposed amendments to the repayment schedule for monies owed by the Kurdistan regional government for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020.

Previously, the KRG began paying oil producers 50% of the incremental revenue in any month in which the Brent oil price exceeded US$50 per barrel, as a method of repaying arrears.

It is now intending to instead pay 20% of those incremental revenues. The KRG added that it will apply the change from March invoices onwards and payments will be made within 60 days of invoicing. Also, it added that it may re-evaluate the payment model if markets see substantial volatility.

Genel, in a stock market statement, said: “The proposal has not been discussed with, or accepted by, Genel, and we look forward to discussing it with the KRG shortly.”

[pensioner2] 13/5/2021 08:14

That's a tasty 10%+ yield at this crazy share price It won't remain so high by the time it's paid imo.

[beernut] 13/5/2021 08:13

Update on Kurdistan Payments
May 13, 2021 01:51 ET
| Source: DNO ASA





Oslo, 13 May 2021 – DNO ASA, the Norwegian oil and gas operator, today reported that Kurdistan’s Minister of Natural Resources has informed the international oil companies operating in the region of an intention to extend the payment period for arrears built up from non-payment of certain invoices in 2019 and 2020.

As widely reported, last December the Prime Minister of Kurdistan announced a decision to pay the companies 50 percent of incremental revenue in any month in which Brent prices exceed USD 50 per barrel towards the arrears. The revised terms reduce the payment of the withheld amounts to 20 percent of incremental revenue above USD 50 per barrel.

The Minister also advised that all international oil company invoices, including towards withheld amounts, will now be settled within 60 days of receipt.

DNO is reviewing its position and will engage with Kurdistan to seek agreement regarding payment terms, interest on the arrears and revised lifting arrangements.

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For further information, please contact:
Media: [e-mail]
Investors: [e-mail]

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DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Netherlands, Ireland and Yemen.
This information is subject to the disclosure requirement

[beernut] 13/5/2021 08:12

Update on Kurdistan Payments
May 13, 2021 01:51 ET
| Source: DNO ASA





Oslo, 13 May 2021 – DNO ASA, the Norwegian oil and gas operator, today reported that Kurdistan’s Minister of Natural Resources has informed the international oil companies operating in the region of an intention to extend the payment period for arrears built up from non-payment of certain invoices in 2019 and 2020.

As widely reported, last December the Prime Minister of Kurdistan announced a decision to pay the companies 50 percent of incremental revenue in any month in which Brent prices exceed USD 50 per barrel towards the arrears. The revised terms reduce the payment of the withheld amounts to 20 percent of incremental revenue above USD 50 per barrel.

The Minister also advised that all international oil company invoices, including towards withheld amounts, will now be settled within 60 days of receipt.

DNO is reviewing its position and will engage with Kurdistan to seek agreement regarding payment terms, interest on th

[jackpotjack] 13/5/2021 07:57

Well as a positive it's only a small amount of a large cash pile.... a lot of oil co borrow to maintain Divi and that is defo short term lipstick on a pig.

[the patriotic irishman] 13/5/2021 07:46

'special dividend' eh 😲


well that was a extremely 'well timed' and 'choreographed' announcement 🤔



GKP still the prettiest girl on the dance floor eh 🤦‍a94;️



nah me thinks this springs to mind 😂 😂 😂


lipstick on a pig:

Some superficial or cosmetic change to something so that it seems more attractive, appealing, or successful than it really is.



eeh bah gum - its good in ere innit - rattle rattle 😋

[officerdigby] 13/5/2021 07:37

RNS: Due to high OP. We think you're getting the money we owe you (lost in by our good selves in Lebanon(?)), back too quickly. And we think we should hold on to it a bit longer and play with it. We decided to pay you at 40% of rate agreed jut today. Have a nice day, BYE!.

[pensioner2] 13/5/2021 07:35

Nice work, Mc.

[habshan] 13/5/2021 07:27

RNS - Special dividend of $25 million

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, is pleased to announce that the Board has approved the declaration of a special dividend of $25 million.

Jon Harris, Gulf Keystone's Chief Executive Officer, said:

"Given continuing strong oil prices, improving macroeconomic conditions and our robust financial position, we are pleased to deliver on our commitment to consider further shareholder distributions and declare a $25 million special dividend, bringing total dividends for shareholder approval at the upcoming AGM to $50 million. We will continue to balance investment in growth and returns to shareholders as we develop and realise value from the Shaikan Field for the benefit of all stakeholders."

Following the previously announced resumption of the Company's annual dividend policy and declaration of a $25 million dividend, Gulf Keystone will be seeking shareholder approval at the Annual General Meeting ("AGM") on 18 June 2021 to pay total dividends of $50 million, comprising the $25 million annual dividend and today's announced $25 million special dividend.

The annual dividend of $25 million is expected to be paid on 2 July 2021, based on a record date of 25 June 2021. The special dividend of $25 million is expected to be paid on 6 August 2021, based on a record date of 30 July 2021.

Both dividends will be payable in pounds sterling and converted from dollars at the spot rate prevailing on the relevant record dates.

As at 12 May 2021, the Company had a cash balance of $179 million.

[swinsco] 13/5/2021 07:25

Nice, special div to keep the wolfs at bay.