These KRG payments are a nightmare, even with deferred revenue contracts from majors like Glencore they dont seem to be able to pay the oil companies! Strange that it takes so long, because in the MNR monthly reports it states that an amount has been allocated to OCs. Also Genel shouts but until sofar doesnt deliver.....how about that Equity stake in mid/up- stream projects gas business. Although they stated that an equity partner is expected to be presented in 2016, they should run a little harder with this underperformance of the last year or so. In latest presentation it states that the field development contract is expected to be awarded in Q2. Also the Pre-FEED expected to be completed in H1.......so we have another 2 weeks! If it stays silent it doesnt give a picture of confidence! In my opinion, one of the only reasons the stock still holds without the prior mentioned arguments is the fact that this Turkish energy company bought a stake......we know how it goes in these countries....does this party know something we as regular amateurs dont know?
Market Cap has decreased to $290m, vs. $450-460m of cash on the balance sheet......they should do buybacks at these levels, as they are stating that they are currently producing cashflow break-even due to the new payment mechanism! Ow wait....with todays announcement it will be even more difficult to find funding for the gas project, so unfortunately buybacks and dividends are not to be expected!
There must be coming a rather good story during the results presentation, as every minor disappointment will be a reason for more holders to sell. I think it is also curious that this reservoir adjustment news is coming today, while coming thursday is the day that the results are supposed to be presented. Looking at the volumes, some big players are also buying around the current levels op 75-80p, what a coincidence that some big players are adding up at current levels, helped by the announcement today! What happens at that company and with this share is some nice food for UK lawyers......remember what happened with the reserve scandal at Shell, lawsuits followed for the next 10years!
wow somebody is selling this thing aggressively!
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