Gulf Keystone Petroleum Share Discussion Threads

[confused _gerbill] 06/6/2024 10:50

Don't know if there will be amount disputes, but if the salary is being paid in good time, then that suggests to me that SOMO / ICG are expecting an outcome to the oil negotiations to fund the payments and increased budget outlays 🤷🏻‍♂️

hxxps://www.rudaw.net/english/kurdistan/060620241

ERBIL, Kurdistan Region - Iraq on Thursday deposited into the Kurdistan Region’s account the salaries of civil servants for the month of May, the federal finance ministry announced, without specifying the amount of money sent.

“The accounting department of the Ministry of Finance began sending the salaries of civil employees of the Kurdistan Region,” Iraq’s finance ministry said in a statement.

The funds disbursed include those of the “disabled in the directorates of the social protection, care and social development network, the salaries of civil and military retirees, entitlements of the [Ministry of] Martyrs and Anfal Affairs, contracts, and the entitlements of the region’s departments,” the ministry added.

Iraq’s Federal Supreme Court in February ordered the Kurdistan Regional Government (KRG) to submit a breakdown of the monthly budget for the Region’s employees’ salaries to the finance ministry so Baghdad could start paying the Region’s share from the federal budget.

The ruling mandates the Kurdish government to open accounts for its employees at Iraqi state-owned banks - a process dubbed Tawtin (localization) by Baghdad.

On Tuesday, Iraq’s state-owned Trade Bank of Iraq (TBI) issued its first batch of debit cards for Kurdistan Regional Government (KRG) employees as part of the Kurdish government’s initiative MyAccount, aimed to stop paying its employees in cash.

Six private banks are involved in offering digital banking services to the KRG’s over a million public employees. The federal government has shouldered the payment of the employees since the beginning of this year but has yet to agree to continue the process through My Account. Baghdad wants to apply its own banking initiative, Tawtin.

KRG officials claim that the TBI has joined the My Account initiative and that the bank is offering banking services to its employees in the framework of the initiative. The TBI has not confirmed this, instead using the word Tawtin - a process the KRG has campaigned against - in its statement about the process last month.

The KRG has failed to pay the salaries of its civil servants on time and in full for a decade due to a financial crisis which deteriorated when a ruling by a Paris-based arbitration court suspended its export of oil to the international markets over a year ago. The Kurdish government now relies on local income and its controversial share from the federal budget.

Erbil has repeatedly accused Baghdad of not making regular payments of its share of federal funds. Last June, Iraq passed a three-year budget of which the Kurdistan Region's share is 12.6 percent. Baghdad has claimed it has fully implemented its financial obligations to the KRG, including through loans to assist the Region in paying the salaries of its civil servants.

[herbertsmithfreehills] 06/6/2024 10:14

Must be incredibly illiquid market

[eddie47] 06/6/2024 10:10

No stock or what? Are they going to have to raise the price?

[herbertsmithfreehills] 06/6/2024 09:48

#gkp #gkptakeoverWalleye capital are still over 1.5m shares short @Gulf_Keystone This must be a conundrum for them.??https://x.com/111notout1/status/1798628269937553638?t=q_yDYBnRB2U8C7R95fNptA&s=19

[beernut1] 06/6/2024 08:45

KRG delegation will visit Baghdad next week to agree on resuming stalled oil exports: official
Kurdistan
Iraq
Erbil
Baghdad
Oil
Kurdistan
Turkiye
Ceyhan
KRG delegation will visit Baghdad next week to agree on resuming stalled oil exports: official
2024-06-05 17:26


Font
Shafaq News/ The Kurdistan Regional Government (KRG) said on Wednesday it will send a delegation to Baghdad next week to discuss restarting oil exports, a key revenue stream for both sides that has been stalled for over a year.
The announcement came after a regular meeting of the ninth KRG cabinet, chaired by Prime Minister Masrour Barzani, earlier today.
The talks, according to an official press release by Barzani's bureau, aim to overcome obstacles that have hindered oil exports since March 2023, causing significant financial losses for both the federal and regional governments.
"The delegation, which will include representatives from the KRG and oil companies, will focus on finding mechanisms to address all hurdles impeding the resumption of oil exports," the KRG statement said.
The premier reiterated the KRG's commitment to reaching a "comprehensive and balanced agreement" based on Iraq's permanent constitution.
Such an agreement would see oil exported through the federal State Organization for Marketing of Oil (SOMO) with revenues deposited in the national treasury.
The KRG has previously stressed its autonomy over its oil resources, leading to long-standing tensions with Baghdad. However, the statement suggests a willingness to compromise to resume exports.
"The KRG government is prepared for dialogue and negotiation to reach an agreement," he said.
On May 28, Iraq's oil ministry called for meeting "as soon as possible" with the Kurdistan Region's ministry of natural resources and international companies operating there to reach a deal on resuming oil exports via a pipeline to the Turkish port of Ceyhan.
Traffic via the Iraqi-Turkish oil pipeline, which once handled about 0.5% of global oil supply has been halted, stuck in legal and financial limbo, since March 2023, and talks to resume the exports have stalled.
The sharing of oil revenues between Iraq's federal government and the semi-autonomous Region in the north has been a cause of tensions between the two sides.
Flows through the pipeline were halted after the Paris-based International Chamber of Commerce in a longstanding arbitration case ruled Ankara had violated provisions of a 1973 treaty by facilitating such exports without the consent of the Iraqi federal government.

[herbertsmithfreehills] 06/6/2024 08:25

Shamaran $SNM, Gulf Keystone $GKP and DNO $DNO are probably the best asymmetrical risk propositions I've ever encountered. SNM will earn >1x its current market cap - per year - in net earnings when the ITP reopens. https://x.com/alexeliasson/status/1777289785859801211?t=uZxYnKolRdSWsY2kI_iVEQ&s=19

[furenstaurus] 06/6/2024 08:18

#gkp #gkptakeover
Update on the pre Takeover stabilisation program.
😎

[furenstaurus] 06/6/2024 08:13

It’s a side show , the company is sold TBA , that is blindingly obvious.
Just wait for the AGM resn to be formally passed, then a formal sale announcement will follow

[fardels bear] 06/6/2024 08:11

You make the coffee, do you?

[arcadian] 06/6/2024 08:11

H7

They could be resolving all the problems as they perceive them to be not as the KRG or APIKUR see them.

Waiting and GKP are synonymous.

[petebreeze37] 06/6/2024 08:10

Being a realista and party pooper, I dont see this being resolved quickly or at all but Bagdad seemed to have been jolted into action by an outside source.
Im not overly worried either way because gkp are performing very well without Bagdad, and september looms

[furenstaurus] 06/6/2024 08:10

#gkp #gkptakeover



Update on the pre Takeover stabilisation program.



😎

[redbed] 06/6/2024 08:09

What you think is irrelevant.Read the execution program RNS.....Then you don't need to think.It tells you lolIt continues in a closed period

[richscotsman] 06/6/2024 08:07

... But I don't think they can start a new one in a closed period...

[furenstaurus] 06/6/2024 08:04

#gkp #gkptakeover

Update on the pre Takeover stabilisation program.

😎

[furenstaurus] 06/6/2024 08:04

It continues in a closed period….lol

[highlander7] 06/6/2024 08:04

Like politicians the world over you believe it when it happens.

[richscotsman] 06/6/2024 07:59

They only seem to have spent £2.1m of the $10m buyback cap. I wonder if the buy back period will be extended or if the company will be prevented from doing this by being in a closed period.

[furenstaurus] 06/6/2024 07:52

#gkp #gkptakeover
Update on the pre Takeover stabilisation program.
😎

[redbed] 06/6/2024 07:51

It's a side show , the company is sold TBA , that is blindingly obvious.Just wait for the AGM resn to be formally passed, then a formal sale announcement will follow.

[arcadian] 06/6/2024 07:45

"remove all obstacles


Sounds good to me. Let`s hope and wait.

[furenstaurus] 06/6/2024 07:26

#GKP #GENL $DNO $HKN $SNM @apikur_oil

Delegation of KRG and IOCs to visit #Baghdad early next week at invitation of #Iraqi Oil Ministry to discuss and establish solutions to remove all obstacles to the resumption of #Kurdistan #oil exports.

[furenstaurus] 06/6/2024 07:24

#gkp #gkptakeover
Update on the pre Takeover stabilisation program.
😎

[arcadian] 06/6/2024 07:16

H7
The details of the budget when published will show whether this is noblesse oblige or an acknowledgement of the claims of the companies in line with their contracts although there would be an ironic element to this in that the KRG never really paid its bills fully so we may still be left with the question of who pays and what about the monies owing.

[habshan] 06/6/2024 07:02

Another 125,000 bought.

RNS.

Transaction in Own Shares

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq announces that on 05 June 2024, it purchased 125,000 common shares of US$1.00 each in the Company ("Shares") on the London Stock Exchange through Peel Hunt LLP in accordance with the terms of its share buyback programme announced on 13 May 2024 (the "Buyback Programme").