Gulf Keystone Petroleum Share Discussion Threads

[beernut] 12/5/2022 08:37

DNO Profits Surge on Back of High Oil and Gas Prices
Oslo, 12 May 2022 – DNO ASA, the Norwegian oil and gas operator, today reported an 84 percent jump in operating profit in the first quarter of 2022 to USD 236 million on the back of high oil and gas prices and solid production performance. Net debt dropped USD 126 million quarter-on-quarter to USD 27 million.
̴3;
“Oil and gas are back,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani, “and of course, DNO never left.” Operations have continued uninterrupted across the portfolio, notwithstanding the challenges faced by the industry in the past two years. “We’ve remained true to our commitment to develop oil and gas in a cost-effective and responsible way,” he added.
In addition to raising investments in its core business with the additional financial firepower, the Company will now step up to pay down debt and return cash to shareholders, according to Mr. Mossavar-Rahmani.
Yesterday, DNO announced a USD 200 million partial redemption of the DNO03 bond. In addition, USD 23.8 million of the bond previously acquired by the Company will be cancelled. At the late May AGM, the Company will ask shareholders to authorize an increase in annual dividend payments from NOK 0.40 to NOK 1 per share and retain the flexibility to resume its buyback program. 
As previously reported, gross production at the Company’s flagship Tawke license in Kurdistan averaged 106,500 barrels of oil per day (bopd) during the quarter, of which the Peshkabir field contributed 64,500 bopd and the Tawke field 42,000 bopd. Of the total, 79,800 bopd were net to DNO’s interest. North Sea net production averaged 12,700 barrels of oil equivalent per day (boepd), bringing the Company’s total quarterly net production to 92,500 boepd.
In Kurdistan, DNO has ramped up drilling activities to maintain Tawke license gross production of 105,000 bopd on average in 2022. The first phase field development of the Baeshiqa license has been fast-tracked, with a third well, Zartik-2, currently drilling ahead at 2,300 meters.
In the North Sea, the Company projects net production in 2022 to remain 13,000 boepd on average. DNO’s active 2022 exploration program comprising seven wells was kicked off with the Kveikje discovery well (25-50 million boe gross resources and a DNO participating interest of 29 percent) which has proven up a new play concept in an area offshore Norway in which DNO has a significant acreage position. Six additional exploration wells will be drilled this year.
An earnings call with DNO CFO Haakon Sandborg will be held today at 11:00 (CET). A link to the call is available on the Company’s homepage www.dno.no.

[highlander7] 12/5/2022 08:28

GKP are never going to build PF-3. If they were , they would have started the design a long time ago and not handed out huge dividends.

H7

[pensioner2] 12/5/2022 08:20

Cheeky little smash and grab there on the back of a floundering FTSE.

[thebabe] 12/5/2022 08:18

Any buyer MUST have done their own DD We know the Chinese have had detailed access to cores and data logging.The transition to next phase development is now, and hence the transition of ownership to IOC(s) nearbyJaap = potential for Shell to be involved plus a lot of Dutch connection in major shareholdersConsortium imo , and imminent :)

[thebabe] 12/5/2022 08:14

You can take that to the bank

[thebabe] 12/5/2022 08:14

TAKEOVER ANNOUNCEMENT TOMORROW

[thebabe] 12/5/2022 08:13

Astonishing early start.....

[thebabe] 12/5/2022 07:53

Any buyer MUST have done their own DD We know the Chinese have had detailed access to cores and data logging.The transition to next phase development is now, and hence the transition of ownership to IOC(s) nearbyJaap = potential for Shell to be involved plus a lot of Dutch connection in major shareholdersConsortium imo , and imminent :)

[fairenough11] 12/5/2022 07:46

h7,
not in 5 minutes but much faster than GKP can manage from someone who has much deeper pockets.A larger company or group imo.

[highlander7] 12/5/2022 07:42

You wont build PF-3 in 5 minutes. Chinese or not :)

They sitting on the FDP because it has something in it they are not allowed to make public - yet ?

IMO

[fairenough11] 12/5/2022 07:39

IMO GKP won't have the problem of the massive expansion at Shaikan.All things I know point to a tipping point around the FDP and the fact that GKP are giving most of their spare cash back to shareholders supports my view.
KRG will want a fast track at Shaikan to realise the massive value yet untapped.
PDQ imo.

[jackpotjack] 12/5/2022 07:22

We'll still have the immediate takeover on the go!

[shortsqueezer] 12/5/2022 07:20

Betcha the Chinese would :-)By the way things are going we still won't have agreed the FDP by then

[highlander7] 12/5/2022 07:16

They would ...but they wont be getting Shaikan up to 110k/bbls a day in less than 2-3 years. Best scenario.

H7

[shortsqueezer] 12/5/2022 06:52

They would still be glad of an alternative source if it was offered.

[highlander7] 12/5/2022 06:00

City AM ...

The European Union has been forced to abandon plans to bar the shipping of Russian crude oil amid pushback from member states.

Talks between member states broke up without a deal on Sunday and commission president Ursula von der Leyen was unable to bring Hungary on board with the proposals despite visiting Budapest for discussions yesterday.

The policy has now been dropped from the EU’s sixth package of sanctions measures aimed at weakening the Russian economy amid the invasion of Ukraine.

The EU commission first proposed the controversial policy last week. In a speech Von der Leyen acknowledged the difficulty that the import ban would entail for certain EU member states.

“Let us be clear: it will not be easy,” she said. “Some Member States are strongly dependent on Russian oil. But we simply have to work on it.”

It is understood that lobbying from Malta and Greece, as well as opposition from Hungary scuppered the policy. Member states argued that if equivalent measures to ban Russian crude oil imports were not implemented by G7 members such as the US and UK they would likely be ineffective, according to the FT.

It is understood that a ban on European companies providing services to Russian clients, such as insurance, which are necessary to facilitate imports will remain in the sixth package of sanctions

[eddie47] 11/5/2022 23:41

Nice combination. For us!

[eddie47] 11/5/2022 21:04

GBPUSD rate @ 1.225 and falling.

[shortsqueezer] 11/5/2022 18:16

Yep. Brent 107.92 and rising.

[milliecusto] 11/5/2022 17:46

Oil rapidly going northwards, expect 260 plus, Putin at it again

[milliecusto] 11/5/2022 13:29

Nice 17k buy in, ready for the next leg up

[pensioner2] 11/5/2022 12:59

From the way the FTSE and the DAX are performing it looks as though we might get another leg up when the US opens. Not long to go.

[hydrocarbon1] 11/5/2022 12:45

The traders love buying and selling it also :-)

[pensioner2] 11/5/2022 09:46

The mm's must be loving these traders so they can play with the share price and re-sell the same shares time and again. With a big dividend, and continued likely expectation of more, it seems daft to me to trade it. Let's hope the biggie drops on one of these bear periods. That would sharpen a few minds.