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The Close Period Dealing Regulations include the following:
"Its purpose is to ensure that persons discharging managerial responsibilities do not abuse, and do not place themselves under suspicion of abusing, inside information that they may be thought to have, especially in periods leading up to an announcement of the company's results."
The regulations also include the concept of "connected persons", and say:
"connected person has the meaning given in section 96B (2) of the Act (Persons discharging managerial responsibilities and connected persons)"
Section 96B (1) sets out quite clearly the "connected person" aspects, and says:
For the purposes of this Part, a “person discharging managerial responsibilities within an issuer” means—
(a) a director of an issuer falling within section 96A(1)(c)(i) or (ii); or
(b) a senior executive of such an issuer who—
(i) has regular access to inside information relating, directly or indirectly, to the issuer, and
(ii) has power to make managerial decisions affecting the future development and business prospects of the issuer.
You are the barefaced liar my dear chap...you and all of your ghosts.
Isn't anyone playing with you this morning?
Strictly speaking the (very large) number of shares were CONSOLIDATED by making 100 old equal 1 new. Billions down to millions.
Your holding, as in the number of shares held, was therefore DILUTED (as in watered down) meaning that you now only hold 1 share whereas you had previously held 100.
Whichever way you look at it (and leaving aside the mini-bagger since consolidation) you were fooked.
I believe the company may have decided, like DNO, not to publish every payment received. Whether or not this was at the behest of the MNR (and what the CFO thought of it) remains open to conjecture.
This is how DNO finished-off their last payment update RNS of 20th Aug 2018:
"Following regularization of export payments for Tawke license production since February 2016, the Company will no longer make monthly receipts announcements. The Company will instead update the market on export volumes and values as part of its quarterly financial reporting."
in the MNR's hands?
Is the main requirement for success (company officers & employees - not shareholders) in the Oil Extraction Business in the Semi-Autonomous Kurdistan Region of Iraq to be "malleable"?
...and don't forget the SH-3 retubing work, drill pad prep for SH-H, more prep for #5(?), etc, etc.
Design changes are not the issue - the ordering and payment for the incorporation of that equipment necessary (pressure vessels, piping runs, pumps, heaters, instrumentation changes, etc) - are the issue.
The "mood" at the AGM, and in the reporting media, will be determined not by what sums the company is due in 6 - 7 months, but by the facts as they are presented on that day.
The $500M figure is Gross (i.e. due to all contracting parties), not Net to GKP.
P4 of Full Year Results:
"It is also important to stress that the Company has immaterial outstanding revenue arrears."
The outstanding sum of ca $500M relates to Costs which are recoverable in accordance with the Cost Oil formula of the PSC - the sum is also GROSS, not Net to GKP. Kimberley has no leverage in accelerating the return of this money - it will be returned to GKP slowly over the years; the only way to accelerate its return is to ramp up the field output.
The Cash-at-Bank sum is certainly not $300M - that figure, of $296M, was the end-of-year amount (31st Dec 2018) and will have been reduced quite a bit by all of the work carried out since then.
Regarding funding, the statement reads:
"Under our CURRENT MARKET ASSUMPTIONS AND PREDICTED FIELD PERFORMANCE, the Company is now fully funded for all phases of the Shaikan expansion programme, up to 110,000 bopd."
(CAPS are mine)
To date, many of the company's assumptions have proved to be somewhat wide of the mark.
...yet again.
Money talks.
Good morning SS,
Finally, a civilised posting that doesn't start with "fraud".
Posting your CV here is not required – I would be interested, however, in your technical posts, if I can find them.
Re my posting 579321, this, if I remember correctly, was made around the time of the “ESP Installation” debate.
The posting is correct – but has been misinterpreted by you. The first sentence relates to the use of “Expert” which is what my job title was when I signed my first O&G employment contract many years ago (Rotating Equipment Expert). My employer (government national oil co.) agreed to my request to have this replaced with “Specialist”, which I felt was more correct & appropriate. I later moved on from rotating equipment to other managerial responsibilities within the NOC.
The 2nd sentence expanded on that O&G experience (mostly in a refinery environment) and made reference to other areas of expertise in advanced engineering, not in O&G, that I subsequently achieved in my career.
I have no interest in abusing you, but your repeated abuse of me invites a response - and your refusal to engage at a technical level warrants comment.
coldingrid,
your response is very telling - not say somewhat over the top.
The "questions" you posed re oilman were, IMO, purely rhetorical and merited no answer from me.
You are very free with your accusations about fraud, liars, etc, but much less so with details of any such misrepresentations .
I'm in no way ashamed to say that I support several posters on the other board - those who attempt to "tweak your tail" and to bring some healthy balance to the absolutely overblown nonsense that gets put out as "research" by some there...and here too it has to be said.
Re any ignorance & jealousy shown, well I'm all ears if you would like to bring such to may attention.
Your allegations of fraud would particularly interest me.
In closing, what informative postings have there been from slurryman?
coldingrid,
I'm afraid I must turn the Q back to you...
Why is it so important to slurryscot to keep emphazing his "experience" and yet offer nothing whatsoever supportive to that claim? Why does he keep on about it?
At least oilman has walked the walk, climbed the hill so to speak, and invested some considerable amount of time & money doing on-the-ground research.
If you are so hot, why does your moniker include cold?
You are going down a dead-end road.
SS,
you said earlier: "Whether anyone believes anything I say is of course up to them. All I will say it is based on 50 yrs experience in the O&G Industry including 10 yrs in Offshore Drilling in my younger days. If you prefer to listen to agenda driven trolls - be my guest,".
Enlighten us please, just a little, as to your experience(s) - in order that we may give more weight to your informed views.
Just to repeat, mcfly has NOT been banned from posting on the other board.
...and who will "compel" them to disclose what or who is being hidden?
You...the CEO...or a trusted NED?
I too have taken advantage of the 7.3% yield and put some of my retirement savings into BT.
Re the other "growth stocks" you mention, the SP growth in such stocks is more related to the excitement factor than any profit - forget dividends, as they will be a long time coming for most of these stocks.
I'm happy with what appears to be a good solid yield.
Mikey,
what you stated is simply not the case - " ...the 17p minimum payment per share will remain constant".
Not even the dividend of 8.4p will remain constant.
The supplementary payment of 8.4p, made to placate certain interests, should be regarded as a one-time benefit, nothing more.
Mikey,
I don't trade GKP so I have no detailed knowledge of how CFDs actually work in respect of dividends.
Looking at some web articles, however, it seems there is a methodology for sharing such payments. As to how that gets translated into a perceived yield - well, I leave that to you.
In classical yield terms, such are reported in the respected financial press, the yield is more or less what I calculate.
Mikey,
I assumed 229.43M shares in issue, $25M as the actual dividend, XRate as 1.3 and SP as 230p.
is actually only 3.64% - which puts it in the same ballpark as DNO, the current benchmark in Kurdistan.
Another $25M, or 3.64%, will be paid this year as a Supplemental Dividend, a sweetener, to placate certain interests.
Once the cash pile starts reducing rapidly end-19, latest mid-2020, you can say goodbye to supplementary dividends.
slurryscot,
there is another Forum, one to which you have no access.
We do look, however, and we laugh...