Paitech
01 Apr 2017
Farm out with Turkey? [link]
Boyobach
30 Mar 2017
Results Much as would be expected.Key words: challenging, transformational and impairments, impairments, impairments....Interesting throw-away: 'We are focused on working with the KRG to accelerate the recovery of the receivable for the oil that we have produced in recent years.......The receipt of full cash entitlements remains our focus, although there are other options available'
oilinvestor85
29 Mar 2017
Re: Taq Taq.... Yes Mem73 that what frightened me into selling! If they breach debt covenants and have to renegotiate new debt covenants with bond holders it could be a testing time !
mem73
29 Mar 2017
Re: Taq Taq.... Depending on the scale of the right downs, there could be a solvency question very shortly. Sadly, GENL now totally uninvestable until we get some clarity.
oilinvestor85
29 Mar 2017
Re: Well Hi CBI'm good thanks! I averaged down in January at 69-73p when Genl issued their last disastrous RNS. That took my average to just under 80p. I managed to sell out a couple of weeks ago at break even. I Could have made 4p/ share if I sold at the recent high 83.75p but hey ho... on to the next one .... I have no desire to reinvest here or in another Kurdistan oily. Good luck to all the guys who still hold! You're braver than me ! Tomorrow could be interesting
Clarence Beaks
28 Mar 2017
Re: Well Nothing that can't be recovered in time Oily. Multiple thousands but hey ho.Hope your ok too
oilinvestor85
28 Mar 2017
Re: Well You certainly did Clarence! You certainly did. You sure do know how to pick em! Hopefully you haven't lost too much on this one .... all the best to you pal
Clarence Beaks
28 Mar 2017
Well dont say I didnt tell you Genel was another sh-itta of a company.
oilinvestor85
28 Mar 2017
Re: Taq Taq.... Boyobach The problem is that the gas is also going to get written down on the accounts on Thursday- as advised by Genl. The other issue is that the receivables will also be tested for impairment . So the total losses on Thursday could by eye watering ! So far we are aware about 2 write downs and 2 more to potentially come.Good luck guys ... this one is for guys who are braver than me !
Boyobach
28 Mar 2017
Re: Taq Taq.... Genel is only worth the gas right now.......and who estimated that?
Boyobach
28 Mar 2017
Taq Taq.... .... was a busted flush following last year's CPR and no one should have assumed that the decline story was over..From the original field estimate (2011) of 683mmbbls, 208mmbbls have been pumped which should have left the field with 475mmbbls. Today we're at 59. That's a great record of estimation by the competent persons.Tawke might cover the bills and the KRG might pay back the $400m...Genel is only worth the gas right now
oilinvestor85
28 Mar 2017
Re: crashing Opulenta :"maybe they should take a look at GKP, this is looking like a disaster"--------OpulentaGKP is the definition of disaster! Anyone selling this needs to stay away from Kurdistan oilies! Jumping into GKP is like jumping from the frying pan and into the fire !
oilinvestor85
28 Mar 2017
Re: crashing Johan I agree up to an extent. Kurd oilies are dead! GKP holders were fed to the wolves and GENL holders are heading for a similar fate. The only realistic get out of jail free card is TAWKE. IMO Genel have to deal with the elephant in the room sooner rather than later (that's the debt). They have to pay off or refinance the debt this year or risk squeeky bum time next year. They can either reach a deal with creditors or simply sell tawke and pay off a large percent of the debt. The other option is to secure / complete the gas asset farm out and use the funds to pay off the debt. The two words you don't want to see in any RNS are "bonds & covenants" ! Regarding other oilies: I think HUR is very good conpany with excellent management team but progress is pretty much priced in to the share price now! That's why the market barely moved the share price yesterday (despite a red hot RNS)! JOG is an out & out "punt" it could multi bag or could kill you (pay your money take your chance). AMER is a little more secure with good funding and decent production. At the moment I'm also invested in SIA, SDX, AMER, , FPM, CHAR, SQZ and BLVN. All have high cash levels and ZERO debt!
Johandesilva
28 Mar 2017
Re: crashing GKP seriously! Your better waiting for Miran.IMHO nothing lefit on AIM in this region. Look to safer areas. E.g. the north sea HUR (will be proved multi billion barrel field), JOG (will multibag before drill results that should most likely fail, look out for funding on the way up) or something well funded like AMER.
commercia
28 Mar 2017
Re: You have to be brave to hold these o... spot on higlander. what choice do they have if they want to try build a nation with some assets to underpin it. I would take the oil snakes for a a ride no problem in the same position
