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Gulf Keystone (GKP) has announced that the $15 million gross it announced it was getting on 19 February has arrived which is good news. The bad news, and boy it really is bad news, is that cash post payment is just $56 million.
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Comments
Paul Curtis
It’s clear that KRG trying to save GKP? Hence being paid far more than they deserve re Genel/DNO.
KRG strategy appears to be trying to keep GKP alive until markets pick up YE and M&A options improve. Agree what’s left over for equity, if anything, the big Unknown.
The problem is that the pipeline is down and KRG not receiving any export revenues. Hence bust unless pipeline back up soon and/or receive international aid. If KRG can keep GKP alive, they will since Shaikan a flagship asset. They don’t want lousy valuation for obvious reasons.
Issue is can they…..
Tom Winnifrith
Quick someone nominate PC for BB moron of the week. He admits KRG getting no export revs as pipeline down but thinks KRG is prioritising bailing out BB Morons over things like ammo for its troops. yeah right…
Drunken Sailor
Paul quite clearly is not saying KRG are bailing out BBMs: “Agree what’s left over for equity, if anything, the big Unknown”
What he is saying is the field is a national asset and they would not want to see it shut down by sending GKP bust right now. Their best interests are served by doing what little they can (given they are the biggest debtor) to keep things ticking over, until the oil price improves and hopefully they can solve their pipeline issues so that it gets bought out at a decent price by someone with the resources and knowhow to maintain it as a national asset, which will still leave BBMs potentially on 0p.
Paul Curtis
Tom
Try being objective
Why did KRG pay $15m, same as last few months, when they paid Genel and DNO about two thirds of previous month?
Go on, tell me or nominate yourself for Moron of Week