Jackpott Ölaktie Gulf Keystone !
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Chalifmann3 : Jackpott Ölaktie Gulf Keystone !
Im moment wird natürlich gerade viel mit alternativer Energie spekuliert wie Fuelcells ,Hydrogen ,Solar und wind etc,aber die Werte sind allesamt ziemlich gehypt ! Der Ölpreis hingegen ist stabil und ich war seit meinem Einstie g in Lukoil in 99´ immer ein Fan von Ölaktien gewesen,das ging sogar soweit ,dass ich 2006 in den Explorer "Energulf" eingestiegen war und gleich mal 1000% mitgenommen hattemheute weiss ich allerdings,dass solche Aktien wie Energulf oder Petrel so gut wie hoffnungslose Investments sind !
Nicht aber Gulf Keystone,mein Hauptfavourit für einen zukünftigen "Major integrated" ,der seit dem warscheinlich grössten Ölfund aller Zeiten im Irak in 2009 von mehreren Milliarden Barrel zu den allergrössten gehören könnte und warscheinlichn in zukunft auch wird ! Als Beispiel sei nur mal Anadarko Petroleum genannt mit 2,8 MRD Barrel Reserves die - genau wie Lukoil - mit 40 MRD-Dollar bewertet sind,ein wie ich finde fairer Wert ! Klar,Gulf Keystone hat ähnlich grosse Resourcen,wenn nicht noch grössere, im irakischen boden gefunden,ist aber nur ein Bruchteil,nämlich 1 MRD.-€ wert ,das liegt wohl daran,dass Gulf Keystone zwar mehr Öl hat,aber bislang noch weitaus weniger zu Tage fördert als beispielsweise Lukoil oder Anandarko.
Hier heisst es für mich glasklar: Kaufen wenn die Kanonen donnern uind sie haben gedonnert,hier der chart in britischen Pence,die aktie wird in London gehandelt ,aber auch in Frankfurt mit der WKN A0B72B ,ich bin dabei und werde aufstocken !!
Chalifmann3 : Gulf Keystone raises fears for its future
The London-listed company said on Thursday that it might not be able to meet interest payments on its bonds due in April and October or make capital repayments of $575m due next year.
It warned in its annual results that the continuing low price of oil, political problems in Iraq and other difficulties “create a material uncertainty that casts significant doubt upon the group’s ability to continue as a going concern”.
But the company added: “The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.”
Like other oil companies that entered the region after the 2003 invasion, Gulf Keystone has encountered a series of problems, including non-payment by the Kurdistan Regional Government.
The Erbil-based KRG has struggled to meet its commitments to international oil companies as it battles Islamist militants and argues with Baghdad over financing.
Gulf Keystone chief executive Todd Kozel stepped down in 2014 amid complaints over high executive pay, and according to one person close to the company, at the request of the KRG.
Gulf Keystone did start receiving payments from the KRG last year but it is still owed $168m.
The company announced last year that it had entered talks with potential buyers — news that sent the shares up more than 55 per cent to 55p, giving it a market valuation of £489m.
But it said on Thursday that thanks to low oil prices and volatile geopolitics, “a transaction is unlikely in the near term”. The shares dropped 21.7 per cent to close at 9.4p, valuing the company at £92m.
Gulf Keystone is in talks to secure new financing from its bondholders, to whom it must pay $26.4m of interest in April. The company currently holds $50m in cash.
Lionel Therond, head of oil and gas equity research at Standard Advisory, said: “They might make the interest payments in April but the one in October, maybe not. And it seems they won’t make their debt repayments next year.”
He added: “Eventually if there is no oil price recovery, this is a company which is doomed.”
Jón Ferrier, Gulf Keystone’s chief executive, said: “We are not going bust at all, but we are facing up to a difficult position we are in.”
Iraqi Kurds and independent oil companies are mutually dependent. If the relationship fails, both have a problem, says Jonathan Guthrie.
Sami Zouari, chief financial officer, said Gulf Keystone’s ability to pay its bondholders would depend on the payments it receives from the KRG.
He added that debt owners held the right to take over the equity in the company if it failed to make its payments. Payments are partially tied, however, to how much oil the KRG can sell each month.
The major oil pipeline linking Iraqi Kurdistan to international markets was shut down between February 17 and the end of last week as Turkish forces battled Kurdish militants in the south-east border region the pipeline runs through.
The disruption was also a blow to the autonomous regional government that is struggling to pay civil service and military salaries amid the worst oil price collapse in 25 years.
The KRG is running a large budget deficit that has only been partially covered through pre-pay deals with large international oil traders.
Unlike rival Genel, which is led by former BP chief executive Tony Hayward, Gulf Keystone has not written down the size of its proved and probable reserves, however.
The company increased production from its Shaikan oilfield last year by 71 per cent to 11.1m barrels — an average of 35,000 barrels a day.
Mr Ferrier said: “We have a fantastic asset and we have secure rights to those assets.”
Referring to the London-listed oil company that called in administrators last year, Mr Ferrier said: “We are not another Afren.”
Wird schon schiefgehen,hm ? ---- Oder ???
Siro100 : Am kommenden Montag...
Siro100 : Riecht nach einer Pleite
Siro100 : ....
Siro100 : Seit 13:30 Uhr....
Siro100 : Sollte das Ding...
Chalifmann3 : end is near 1
Guaranteed and convertible bondholders are working on the plan to take the company if it fails to find substantial new funding, said the people, who asked not to be identified because the talks are private. Under the proposal, holders of $250 million of guaranteed notes due April 2017 would get a majority of the company, while convertible bondholders and shareholders would have smaller stakes, they said.
Gulf Keystone, which operates in the Kurdish region of northern Iraq, delayed payment of $26 million of debt obligations due this week as it seeks to restructure its finances. The London-based company has been hit by the slump in oil prices and previously erratic export payments from the Kurdistan Regional Government.
A spokesman for Gulf Keystone declined to comment on restructuring talks and potential new investors. The company can delay the overdue bond payments until early next month without risking default.
Bondholders could deploy the plan if management fails to raise enough money to guarantee repayment of $575 million of notes due next year, the people said. Gulf Keystone has a market value of about $74 million, following an 86 percent stock rout in the past year, based on data complied by Bloomberg. The shares dropped 6.3 percent on Friday, the first decline this week.
Houlihan Lokey Inc. is advising a group of guaranteed and convertible bondholders including GLG Partners, Sothic Capital Management and Taconic Capital Advisors, people familiar with the matter said in February.
Officials at Houlihan Lokey, GLG, Sothic and Taconic declined to comment on the restructuring negotiations.
Gulf Keystone can delay payments on $325 million of October 2017 convertible notes due April 18 until May 2. Those on the guaranteed notes can be postponed until May 3. The convertible notes last traded at 17 cents on the dollar, while the guaranteed notes were at about 49 cents, according to Trace, the price-reporting system of the U.S. Financial Industry Regulatory Authority.
Gulf Keystone has said that the Shaikan wells in Kurdistan, which it operates with MOL Hungarian Oil & Gas Plc, need $71 million of investment to maintain current production levels of 40,000 barrels a day. Spending of $88 million is required to raise production to 55,000 barrels
Chalifmann3 : end is near 2
The company has been receiving its agreed monthly payments, from the Kurdistan Regional Government in payment for oil supplied from its Shaikan development, of $15m gross per month. But there's been not a penny yet to cover the arrears from before that deal was struck, when the government was taking the oil and not paying for it.
On top of that, Gulf's debts and interest payments are building up while its cash reserves are dwindling -- the company has been keeping afloat thanks to a standstill agreement with creditors that had been extended as far as 1 July.
But then, after the markets had closed on Friday, Gulf Keystone revealed the bad news -- the standstill agreement has not been extended, the company doesn't intend to make its delayed April 2016 coupon payments, and in the absence of the agreement the company will be in default. Gulf reiterated that it's discussing a possible agreement with some stakeholders that could lead to a restructuring, and that the discussions will continue.
Is it all over?
What does this all mean? Gulf Keystone shares fell 30% in early trading when the markets opened Monday, but at the time of writing the price had recovered half of the drop to 4.1p for a 15% loss on the day. What does the future hold now for Gulf Keystone?
I'm reminded of the disaster that befell Afren last year, when, overtaken by debts it couldn't service, a debt-for-equity restructuring that would have handed most of the company to its creditors looked to be the only way out. Despite a protest from some shareholders, the deal looked like it would be struck until the last minute, when the state of the company turned out worse than expected and Afren ended up in administration.
Gulf is clearly not in such a dire situation as its Shaikan reserves are large and the oil is pumping away at daily volumes of 40,000 barrels per day. But the company has said its wells might begin to exhibit natural declines later in 2016, and that more capital investment will be needed to maintain current volumes and to raise production to a possible 55,000 barrels per day.
Deal in the pipeline?
Now that the standstill agreement has been suspended, there has to be a possibility that a deal with lenders isn't far from being inked -- I reckon they'd be mad not to come to some sort of agreement given the genuine long-term potential of Shaikan. I see it as inevitable that Gulf will survive -- its finances are all in the open and there shouldn't be any Afren-like skeletons in the closet. The big question is how much of the company will be left for existing shareholder after any debt-for-equity swap takes place.
Considering that Gulf's debt repayments are set to rocket next year, with $250m due in April 2017 and another $325m due in October, and with its market cap standing at only $40m today, I can't see there being much left at all. I've been bearish on Gulf Keystone as an investment for a long time now, and I certainly wouldn't be buying in the hope of recovery now.
Chalifmann3 : 5% für die Aktionäre,dumm gelaufen
Gulf Keystone Petroleum Ltd. creditors will take control of the oil producer after low crude prices and erratic export payments
... (automatisch gekürzt) ...
Siro100 : Die Bude ist...
noidea : Gulf
In meinem Depot die Aktien aber bis zum 31.12. gesperrt !?
Also was soll das denn ?
noidea : Gulf Keystone
Chalifmann3 : hi noidea
noidea : hi chalif
Chalifmann3 : Neustart ?
Chalifmann3 : hi
How much GKP invests into the Shaikan field – beyond what it terms ‘maintenance capital’ - depends upon the outcome of ongoing talks with the Kurdistan Regional Government.
Uncertainty over the quantum and regularity of oil payments from the KRG has been a continual headache for both GKP and its shareholders.
Long running talks aim to establish a regular and timely payment cycle, and crude marketing arrangements. And as analysts at stockbroker WH Ireland this morning point out, the present payments schedule reflects only slight returns for the oil company.
“The cash received amounts to $11.22/b, which is low and suggests the KRG is not shy about creaming the lion’s share of the gains at the expense of the providers of capital and technical expertise,” WH Ireland said in a note.
Over the course of 2016, Gulf Keystone received US$142.5mln of gross oil payments from the KRG, while production averaged 34,794 barrels of oil per day (at the top end of last year’s guidance).
GKP ended 2016 with some US$104mln of cash, and following its debt-for-equity refinancing the group’s debt was reduced to US$100mln.
Chief executive Jón Ferrier emphasised the group’s operational performance, which he described as strong.
“We have an increasingly well understood field which continues to perform in line with expectations, a healthy balance sheet, and stand ready to further invest in the Shaikan Field,” he said.
“However, commercial and contractual clarity around payments and marketing remain key to achieving production growth and realising full value potential."
noidea : die MK von Gulf ist doch ein Witz !
AND08 : die MK stimmt nicht
noidea : hallo and08
Chalifmann3 : es geht volldampf voraus weiter bei Gulf
08:57 06 Apr 2017
Having reset its finances, with a dilutive debt-for-equity swap, the company is now funded for the next programme of work.
Oil workers on a well
A new phase of work will lift output to 40,000 bopd, then to 55,000 bopd
Gulf Keystone Petroleum Ltd (LON:GKP) boss Jón Ferrier said he is “strongly encouraged” by the stable performance of the Shaikan field, which is in-line with expectations.
In the company’s results, for 2016, it was revealed that production from Shaikan averaged 34,794 barrels of oil per day, which was at the upper end of the 31,000 to 35,000 bopd guidance for the year.
Having reset its finances, with a dilutive debt-for-equity swap, the company is now funded for the next programme of work – which first aims to stabilise output at around 40,000 bopd, before growing to 55,000 bopd.
The first phase of the programme has an estimated US$58-68mln capital cost, while the next stage is slated at US$25-45mln.
GKP reported a 126% rise in revenue to US$194.4mln, up from US$86.2mln, which included US$72.6mln which offsets against payables due from the Kurdistan authorities. Losses narrowed significantly to US$17.4mln, from US$214mln.
“We are cash flow positive with a healthy current cash balance of $112.7 million as at 5 April 2017, so we are primed for future development. Since September 2015, we have received 16 payments from the MNR for Shaikan exports,” Ferrier said.
“To reiterate the group's position; we have a field which continues to perform predictably, a revitalised team, and a healthy balance sheet, with which we stand ready to further invest in the Shaikan Field and grow shareholder value."
Monaco1 : Hallo Calif
Chalifmann3 : mötley
Is it finally time to buy Gulf Keystone Petroleum Limited?
G A Chester | Saturday, 25th March, 2017 | More on: GKP
Imager: Public domain
Gulf Keystone Petroleum (LSE: GKP) has been one of the great oil disaster stories for investors of recent years. Its protracted fall from grace culminated in a virtual wipeout for long-term shareholders last year in a hugely dilutive debt-for-equity swap.
The company still seems to be viewed as poison by many in the market but does this present a great opportunity for new investors to make a killing and old shareholders to recoup their losses? In other words, is it finally time to start buying Gulf Keystone stock?
From the brink of insolvency
The traumatic events of last year were precipitated by an overload of debt on Gulf Keystone’s balance sheet, a falling oil price and a deterioration in regional geo-politics.
The oil price and political situation left Gulf Keystone in a position in which it would be unable to service, refinance and/or repay its debt. With the company teetering on the brink of insolvency, management undertook a painful restructuring of the balance sheet. This involved a significant debt reduction from over $600m to $100m through the conversion of over $500m of debt into equity and a $25m equity raise through an open offer at 1.09 cents (0.82p) a share.
Management said the strengthened balance sheet and liquidity would allow Gulf Keystone to implement its near-term investment plan to maintain production at 40,000 barrels of oil per day (bopd) with the potential to increase production to 55,000 bopd.
Chief executive Jón Ferrier commented: “With the support of the MNR [Kurdistan Regional Government Ministry of Natural Resources], which has established a pattern of payments, and with a stabilising oil price environment and sustainable debt levels, we have the foundations of a strong future equity story for a restructured GKP to develop the Shaikan field and unlock its potential as one of the most significant assets in Kurdistan.”
Has there ever been a better time to buy?
Despite the transformation of the balance sheet (Gulf Keystone reported a cash position of $104m at 31 January), an improving oil price and some brightening of the geo-political outlook, the company’s shares are trading today at below the level when the very existence of the company was under threat.
A 1-for-100 share consolidation followed the restructuring, which means that today’s share price of 118p is equivalent to 1.18p in ‘old money’. The shares were trading at 2.02p immediately prior to the announcement of the restructuring.
Of course, Kurdistan remains a volatile region, although this is something that has always been known to investors. Also, discussions with the MNR regarding a regular and timely payment cycle and other commercial and contractual conditions have yet to conclude. However, management appears optimistic of gaining satisfactory clarity and “looks forward to making further investments to achieve plateau production at nameplate capacity of 40,000 bopd”.
Gulf Keystone has always been a relatively high-risk investment. Indeed, I have rated it as wholly un-investible over the last couple of years. However, looking at the business and potential today, I believe there’s never been a better time to buy the shares — albeit for investors with a higher tolerance for risk.
Don't make these mistakes
Underestimating the risk of Gulf Keystone's previous high level of debt proved to be a costly mistake for some investors but is it one of the most common wealth-sapping mis-steps investors make?
Chalifmann3 : hi monaco
Chalifmann3 : sieht gut aus
15:54 05 Apr 2017
Last year was extremely dilutive for GKP shareholders, they'll be hoping that 2017 will be better.
oil well and money, US dollar
GKP releases results for 2016 on Thursday
Given that Gulf Keystone Petroleum Ltd (LON:GKP) severely diluted equity holders with its recent financial restructuring, swapping some US$500mln of debt for new shares in October, the loyal investors still holding shares will be hoping the worst is now over.
As GKP releases results for 2016 on Thursday eyes will be on production volumes, realised oil prices as well as commentary regarding crude transportation and payments.
GKP boss Jon Ferrier is seemingly in increasingly positive mood, according to oil companies expert Malcom Graham Wood.
“The winds they are a changing, around at New Fetter Lane but the main asset, Shaikan is certainly not, it is still a high quality asset with significant growth potential,” he said in his blog this week, following a meeting with the company.
“The reserves which are 622 mmbbl of 2P give current stable production of 40/- b/d and with investment that figure could and should grow to a much higher number.”
“Effectively under new management and after last year’s refinancing with a balance sheet that actually has net cash GKP is in a stronger position, albeit having wiped out most of the equity holders which they would be minded to remember.
“KRG payments for their oil have been regular and adequate and means that in due course they will be able to contemplate further investment to increase production, but this time they will do things in the right order one hopes.”
Monaco1 : Wieder dabei