Gulf Keystone Petroleum Share Discussion Threads

[sbb1x] 16/8/2022 21:37

Brent tagged 91 earlier, downward spiral started :)

[0ili0] 16/8/2022 19:58

Habshan - good old Gertjan saw the value 🛢️
28525;

[habshan] 16/8/2022 19:12

Howard - "Did not Mol give up on AB saying not comercial long before 2016 and BB was not flowing after Genl drilled it."

Early results from those fields were less than fantastic and showed that they weren't straightforward which is why GKP used the phrase "potentially substantial development costs and associated risks".

But even if they'd been totally wonderful if you can't pay your share of the costs then you have to let go. The PSC specifies contractual milestones, wells have to be drilled and money has to be spent. You can't just do nothing for however long it takes and hope that eventually things will improve, the PSC just doesn't allow you to do that.

[howard smith] 16/8/2022 18:50

Did not Mol give up on AB saying not comercial long before 2016 and BB was not flowing after Genl drilled it

[hangthedj] 16/8/2022 18:45

Yes Habshan, not getting paid, that was a bummer indeed, causes all sorts of problems lol.

Downsizing turned out a good move in the end but still feels slightly irksome to me that another operator is probably benefiting from our initial outlay and endeavour.

Anyway, need to just let it go, or hey can we have it back now we've plenty money.

[sbb1x] 16/8/2022 18:17

I never short

[habshan] 16/8/2022 18:08

shortsqueezer - "Not sure forced is the right expression in our case. We’ve got the jewel in the crown so perhaps a small sacrifice in the whole scheme of things ?"

We were "forced" by a lack of money, and we managed by the skin of our teeth to survive, and we did indeed hang on to the jewel in the crown.

We relinquished Akri Bijeel, Sheikh Adi and Ber Bahr Jan-March 2016 with the company citing reasons including "potentially substantial development costs and associated risks".

2015-16 was a time when the company weren't being paid, had no money, were $600 million in debt which they couldn't service and were struggling for survival.

Strategic Update 25/02/15 - "Further to the Company's RNS of 6 February 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is announcing today that it has recently engaged in discussions with a number of parties in relation to possible asset transactions or a sale of the Company."

August 16 - Restructuring.

There was no option but to let go of those 3 licenses, they simply didn't have the money to carry on with them, in fact they didn't even have the money to carry on with Shaikan and do even basic maintenance which is why the wells went into a natural decline with production falling from 44.6kbpd in June 15 to 31.5kbpd in summer 18 just before JF decided they could start spending again.

All looks very very different now though.

Onward and upward.

[shortsqueezer] 16/8/2022 18:00

Gone short again then lion queen ? :-)

[sbb1x] 16/8/2022 17:58

- Oil declines for a third day- Deepening global slowdown looks set to coincide with an increase in supply from OPEC producers. - US data show cooling manufacturing after weaker China figures- WTI futures drop below $89 after falling around 3% on Monday https://t.co/U1gz4Yau5N

[giant_canine] 16/8/2022 17:33

Think Rosneft got them they registered 5 companies in Singapore I think , someone at time linked them all to Rosneft

[fairenough11] 16/8/2022 17:24

Plus BB & SA.

Who got SA?

Very significant imo.

Strange share price action last 2 days.

[shortsqueezer] 16/8/2022 17:15

Not sure forced is the right expression in our case. We've got the jewel in the crown so perhaps a small sacrifice in the whole scheme of things ?

[habshan] 16/8/2022 17:15

The ICG Finance Minister Ali Allawi has quit.

He's been replaced by the current Oil Minister Ihsan Abdul Jabbar.

So they'll need a new Oil Minister.

Let's hope they replace him with someone half sensible who can read and understand the relevant clauses in the Constitution.

"Iraqi finance minister resigns from position."

[shortsqueezer] 16/8/2022 17:11

In all fairness though it probably won't will it. Biden has to buy back all the strategic reserves he's plundered. EU won't be biting Russian oil any time soon. Winter is near. It's only going one way mate.

[hangthedj] 16/8/2022 17:08

Does anyone else find it slightly/very frustrating that GKP were virtually forced into handing back the Akri Bijeel licence (after investing huge anounts) to discover another company reaping the rewards.

Similar story with Genel and the Miran licence although that seems to be heading to court in the years ahead.

Daylight robbery springs to mind but all part of the risk I suppose.

[sbb1x] 16/8/2022 17:02

This will be 200 - 270 for rest of tge year.

[habshan] 16/8/2022 17:00

UT reported as a 146,836 buy.

[sbb1x] 16/8/2022 17:00

Stocks go up and stocks go down, its quite simple. When oil crashes though 90s the whole market will sell off. 2008 all over again just waiting game.Until then enjoy the swings

[shortsqueezer] 16/8/2022 16:44

Oil down share price up mate. Must be doing your head in :-D you must be a grand master at the Hokey Cokey :-D

[nufc9] 16/8/2022 16:26

No Bigdog, Oil down but GKP up. Things just don't make sense anymore!? Maybe the end is indeed very near...

[sbb1x] 16/8/2022 16:22

OIL PRICES EXTEND LOSSES, BRENT, WTI FALL OVER $2/BBL TO SESSION LOWS

[sbb1x] 16/8/2022 16:20

Brent looks ill again 92s

[highlander7] 16/8/2022 15:39

I would take anything Broadford tells you with a very large pinch of salt. Process Engineers do the Commissioning and Start Up is done by Control Room Operatives. He most certainly is not either of these, judging by the nonsense he posts. Its fantasy as always.

H7