Gulf Keystone Petroleum Share Discussion Threads

[nicebut] 16/10/2016 17:57

I told you..... but you no listen. Why you no risten?

I say again- I don`t remember the detail of your ridiculous obsession with your Joanna Southgates box story etc...*ONLY* that it made you look really stupid- not for the first time....! there were thousands of posts on LSE...All deleted.



oil_investor16 Oct '16 - 16:34 - 523409 of 523420 4 4

Oh dear.

Nicebut cannot address the issue and explain blah blah blah

I don't follow his logic.

[cutthecagain] 16/10/2016 17:52

Chevron

You lack a pair when you have to create a new avatar with the sole purpose of attacking other posters.

Some spineless people invested in GKP. No doubt you're one of O_I's inner circle too timid to say what you think.

Roverite

I think you're wrong about JF and I think you're wrong in believing the size of the assets are greater than what we have been led to believe. As with all these matters, time will tell but no doubt Mitty will be on to another incorrect theory by then which if you're still invested you will be undoubtedly chasing.

[biggerthus] 16/10/2016 17:34

bob,
Exactly. Blaming the former management is a lazy game. They didn't secure anything against Shaikan. Zouari did.

It's remarkable that Nadhim Zahawi seems to have overlooked the alternative route that GKP might have taken; i.e. the many many $millions owed by the KRG before JF wrote them off.

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oil_investor16 Oct '16 - 17:02 - 523412 of 523414 1 1
BiggerThus: so Nadhim Zahawi MP says that the previous management "racked up" huge debts?

NO NO NO

The previous management borrowed money to INVEST IN THE PF-1 and PF-2 PRODUCTION FACILITIES.

That is not "RACKING UP DEBTS" at all!

The KRG did not pay ARREARS. Which they PUBLICLY ACKNOWLEDGED WERE OWING.

I think he may perhaps have a bit of a problem heading his way, from that comment.

[oil_investor] 16/10/2016 17:30

roverite: the standard PSC terms cover the situation. Fiscal neutrality. The assurance is integral to the contract.

I'm not disagreeing with you per se, merely saying that it was covered.

[roverite12] 16/10/2016 17:25

Oil investor .

The bottom line is that we borrowed WITHOUT sufficient assurances of being paid by the KRG .

We also put the company itself as collateral against the loans . That was suicidal .

JF has been complicit in failing to remedy any of those mistakes .

[roverite12] 16/10/2016 17:18

fairenough11
16 Oct '16 - 16:07 - 523402 of 523411 3 2
FFS,it couldn't have been worse with TK still here could it?

----------------------------------------

What happened was that the bent , corrupt TK was replaced by the bent , corrupt M&G mob (Oilman's chums) who only ever wanted the company for themselves . The MNR refused their kind offer , deposed them , and ever since we have had a compliant , bent , corrupt board headed by JF .

Never have we had a board with the slightest interest in representing the interests of the shareholders . But we are where we are and whether TK would have been better is a total irrelevance to us now . Might as well dream about winning the lottery than dream about what might have been .

All this talk about the covering up of the value of the asset(s) worth is true imo...and at the end of the day , JF is responsible for this as CEO regardless of the extent of his complicity . ie . did he know or not .

My conclusion is that confidence cannot be restored by selective removals of key figures such as JS etc . JF himself is too tainted to remain . He has failed by any standards and the share price can never recover with him at the helm . There simply can never be enough confidence in him .

The problem now is that the noteholders/major shareholders alone can restore confidence - and we still don't have a clue as to who they are , who they represent , and what they are holding for .

[oil_investor] 16/10/2016 17:02

BiggerThus: so Nadhim Zahawi MP says that the previous management "racked up" huge debts?

NO NO NO

The previous management borrowed money to INVEST IN THE PF-1 and PF-2 PRODUCTION FACILITIES.

That is not "RACKING UP DEBTS" at all!

The KRG did not pay ARREARS. Which they PUBLICLY ACKNOWLEDGED WERE OWING.

I think he may perhaps have a bit of a problem heading his way, from that comment.

[gkphero] 16/10/2016 16:55

Zahawi is a bent tan imo.

Is there any other kind?

[biggerthus] 16/10/2016 16:49

Local pressure now.

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hxxp://www.stratford-herald.com/60096-mp-defends-criticisms-oil-firms-finances.html

MP defends criticisms over oil firm’s finances
By Preston Witts - 15th October 2016

STRATFORD MP Nadhim Zahawi this week defended himself following revelations that he has made £370,000 from an oil company that is £470 million in debt.

Press reports have stated that Mr Zahawi has been making a fortune from his work with Gulf Keystone Petroleum while small shareholders in the company “have seen their investment all but wiped out”.

Mr Zahawi, who has been Stratford’s MP since 2010, was taken on as chief strategy officer for Gulf Keystone in 2015 on a salary of £20,125 a month for working between eight and 21 hours a week. This works out at more than £240,000 a year.

Already a millionaire as a result of his role as co-founder of the polling company YouGov, Mr Zahawi also receives a salary of just under £75,000 a year as a Member of Parliament. His parliamentary salary, however, is dwarfed by his income from his outside business interests.

In addition to his Gulf Keystone salary of £20,125 a month, one report states that he received a string of bonuses between January and June this year, adding up to £76,246.38, plus a payment of £52,325 made in September for 210 hours work, backdated to July last year.

He is also reported to be earning £40,000 a year as a non-executive director of the recruitment company SThree.

Among his other business activities is a consultancy he operates with his wife, Lana, called Zahawi and Zahawi, which runs stables from his 31-acre constituency home in Upper Tysoe.

In 2013 it was revealed that he’d claimed expenses for electricity used by the riding business and a yard manager’s mobile home. Mr Zahawi said the expenses claim had been made by mistake and he paid it back in full.

Mr Zahawi is an Iraqi Kurd whose family were persecuted by Saddam Hussein and fled to England when he was a child. Gulf Keystone is a company with specific interests in Kurdistan.

According to reports the firm has 35,000 shareholders, most of them people of modest means. But since 2012 the company has lost 99 per cent of its market value, with its share price crashing from 425p to just over 2p today.

Mr Zahawi – who has always maintained that his work for Gulf Keystone is done in his own time, including Sundays – told the Herald: “The huge debts that the company has racked up, and therefore the loss of share value, was under a previous management team.

“The current management team was brought in with the purpose of restructure and to help save hundreds of jobs in the UK and Kurdistan. I was approached by the current CEO because of my oil and gas expertise, having trained as a chemical engineer, and my country expertise.”

Mr Zahawi added: “By the time you go to print on Thursday we will have completed a restructuring of the business that would convert over half a billion dollars of debt into equity, making the company viable and saving those jobs. The restructuring was approved by shareholders with 94 per cent voting in favour.”

[oil_investor] 16/10/2016 16:34

Oh dear.

Nicebut cannot address the issue and explain how the 12.8 billion barrels figure (actually 9.38 billion, because he spuriously introduced the 12.8 billion barrels figure himself and kept repeating his mistake) was being discussed before Jon Ferrier investigated what John Stafford and Anastasia Vvedenskaya had been doing, and JF then released the AAPG presentation. Because it WASN'T being discussed.

Now he shoots off at a tangent, talking about "thousands of posts" (another incorrect statement) about "some AAPG presentation being withheld".

I don't follow his logic.

There was the AAPG's own pre-presentation ABSTRACT of the Lorenz/Cooper/Stafford presentation. So it was known that it existed. But Vvedenskaya refused to release it. She made FALSE STATEMENTS to a number of shareholders (not myself) that it had been "superseded by the CPR". Which had actually PRECEDED IT lol

The shareholders wanted to see it. Jon Ferrier arrived, was told what had been going on, and wasn't happy about the concealment: he investigated what Vvedenskaya and Stafford had been doing. FACT. Confirmed by documents INCLUDING FROM JON FERRIER.

Interestingly, something has now been spotted (thanks to nicebut's almost endless reference to the 9.38/12.8 billion figure) which had previously been missed. It is this:

Dr. Lorenz prepared the AAPG slides AFTER the CPR was published on 13 March 2014. This is proved because that figure DID NOT APPEAR UNTIL 13 MARCH 2014.

Therefore it follows that Stafford personally checked the slides (making some changes) AFTER HIS CPR PRESENTATION ON 13 MARCH 2014.

This is an inescapable reality. There is no point arguing about it.

Therefore what Vvedenskaya told the shareholders is now PROVEN TO BE A FALSEHOOD.

Thanks to Nicebut.

[pocopicu] 16/10/2016 16:19

You can be very hurtful sometimes Lonely Hearts.

[oilman63] 16/10/2016 16:19

Remind me Bob who was in charge of the company in 2013 ???

Wasn't it your best mate Todd ???

So why if they could rise money didn't they ???


we could have raised the $250m in September 2013 (i.e. when the Judge gave the Excalibur verdict)


Looks like bad management at the top level to me but of course you will want everyone to overlook that won't you.

[angus thermopyle] 16/10/2016 16:19

Does anyone know if we get contract notes for the oo purchase. I've not seen anything in my tdw account.

[angus thermopyle] 16/10/2016 16:16

Hi dafydd123, I got about 90% of what I asked for. Approx 160,000 additional giving me a total of 500,000 for the bottom drawer. I don't think I'll risk any additional money though and will start to build bit by bit elsewhere. No clues where just yet. It will take something special to get me out of this hole.

[oil_investor] 16/10/2016 16:14

Oh dear.

Joseki appears confused about acidisation.

I somehow don't think he is an oil analyst?

In which case: what was he doing at the 27 May 2012 GKP broker analyst meeting?

[nestoframpers] 16/10/2016 16:10

If Todd was so canny he'd have held back on SH 6+7 and we would still have cash and be producing more with another rented PF , ESP and small cheap shallow drills.

[fairenough11] 16/10/2016 16:07

FFS,it couldn't have been worse with TK still here could it?We have just given away 85% of the company for shirt buttons and we are valued at £270M,when there was no need to default and we could have had a RI/Placing.
That has cost us over $1Billion+ in lost value AT LEAST,everything else pales into insignificance when compared.
The management post TK has GIVEN AWAY THE FAMILY SILVER but still you go on and on about TK/Bob/WR and anything else that DEFELECTS THE BLAME AWAY FROM WHERE IT FIRMLY LAYS,
THE BOD WHO SECURED THE NOTES,DELIBERATELY DEFAULTED CAUSING A PI WIPEOUT RESTRUCTURE AND DID NOT HAVE A RI/PLACING.

imo.

[pocopicu] 16/10/2016 15:56

Getting rid of Todd was the beginning of the end (for PI's at least). In the Middle East you need somebody very smart, very streetwise and one who is able to hold his own with the all of the senior politicians. The ones who followed Todd were/are none of these. Spineless yes men. But at least the latest CEO has managed to reduce the number of slips, trips and falls by one a year.