Genel's Kurdistan shipments raise hopes for Gulf Keystone

"the funders have funded a enormous amount already , there is pressure for the funders to pay more what's wrong with that" ------------------------------------------------------------------ If Jonathan Gaisman had said that, no-one would have batted an eye-lid. It is what he is paid for. But both oilman and simonfisher have confirmed that Judge Clarke said it! Surely then, a remarkably strong hint as to which way Judge Clarke is leaning.... and putting further pressure on the 'funders' (note 'funders', NOT Excalibur) too. This is getting VERY interesting IMHO. 7th Feb/13 B77: It is also disingenuous to keep referring back to progress since 2009 when evaluating performance over a single financial year like 2011-12, or the year to date. Todd has already wrung enough juice out of that one, IMHO. ------------------------------------------------------------------------------ But this is exactly the point that YOU are missing. TK' s remuneration was largely made up of bonuses earned in earlier years which were VESTED in March last year at 251p per share and so included in his REPORTED annual remuneration. The basic salary was, from memory, $675,000, and the fact that his overall remuneration package was recorded at $22 million was the result of the SP appreciating so markedly in those years and driving up the value of the benefits accrued. If the share price had barely changed from 3 years ago, we wouldn't be having this debate - you would simply be complaining that GKP was just another AIM oiler which had failed to deliver! Interestingly, if WZR's SP were to rise in similar fashion to that of GKP (say to $20), some of their BoD remuneration packages will also look completely ridiculous in a few years time, since the options will have risen too from their current $1. What will you be saying then - that they had all been monstrously overpaid, OR that they had done brilliantly by increasing shareholder value? AND FINALLY - you completely mis-read my post yet again. I did NOT offer a view as to how much TK should be paid, just mentioned a number of contributory factors that have led to the current situation, and what I believe is often misrepresented or not appreciated at all. My HOPE is that the remuneration committee, minus Lord Truscott, but with Messrs. Hanson and Guthrie as NEDs will carefully consider what is appropriate should further benefits be awarded this year. After all, wasn't that the main purpose of removing LT last year? Why we are back to discussing this baffles me, I can tell you...unless some people have borne grudges for some considerable time, and jump on anything published which could put TK in a bad light. Finally, my average purchase price is about £1 per share and you don't hear me complaining (despite several years of the GKP roller-coaster). Conversely there are some here who have already multi-bagged, and made comparative fortunes out of GKP's success, but seem to spend all their time moaning.... somehow failing to appreciate quite how good GKP has been TO THEM. They really need to look at themselves IMHO - has greed finally taken over and are they just continuously searching for someone to blame? Oh well, back to the shadows for me - sometimes it feels like l am banging my head against TSC's table. We ALL want the same thing - we just have differing OPINIONS about what happens while the journey continues! It doesn't need to be a war-zone. GLA, scaramouche ======= Bomb disables Iraq fuel oil pipeline February 17, 2013 05:04 PM A general view shows the North Rumaila oilfield in the southern city of Basra in Iraq December 25, 2012. REUTERS/Atef Hassan BAGHDAD: Attackers bombed and disabled a pipeline carrying fuel oil from Iraq's largest refinery to a province north of Baghdad, the oil ministry said on Sunday. "A bomb attack led to an explosion in the 16-inch pipeline transporting fuel oil from Baji refinery to Nineveh province," said ministry spokesman Asim Jihad. He said the ministry expected repairs from the blast - which occurred early on Saturday some 390 km (240 miles) north of Baghdad - to take several days. Fleets of trucks were transporting oil to Nineveh, which gets all its domestic fuel via the damaged pipeline. The attack coincides with growing political unrest, with Sunni Muslims in the western provinces accusing Shi'ite Prime Minister Nuri al-Maliki of marginalising their minority sect. At least eight car bombs exploded in Shi'ite neighbourhoods across Iraq's capital on Sunday morning, killing at least 26 people. Attacks against Iraqi energy installations and oil pipelines have declined in recent years as security has gradually improved since the U.S.-led invasion of the country in 2003. Iraq, OPEC's second largest crude producer, has signed oil contracts with a number of foreign firms to develop its long neglected energy sector. ============ Bomb disables Iraq fuel oil pipeline inShare0Share this Email Print Related NewsPakistan faces growing anger over sectarian bombings 12:10pm EST Blasts hit Shi'ite districts in Baghdad, killing 26 9:58am EST Bomb kills 64 in Pakistan's Quetta Sat, Feb 16 2013 Attacks kill 12 in Iraq's Mosul: sources Mon, Feb 11 2013 Attack on Iranian dissident camp in Iraq kills five Sat, Feb 9 2013Analysis & OpinionOil in the blood The key to the meaning of Keystone XL Related TopicsWorld » Meteorite hits Russia Stunning images as a meteorite explodes over Russia. Slideshow BAGHDAD | Sun Feb 17, 2013 9:58am EST BAGHDAD (Reuters) - Attackers bombed and disabled a pipeline carrying fuel oil from Iraq's largest refinery to a province north of Baghdad, the oil ministry said on Sunday. "A bomb attack led to an explosion in the 16-inch pipeline transporting fuel oil from Baji refinery to Nineveh province," said ministry spokesman Asim Jihad. He said the ministry expected repairs from the blast - which occurred early on Saturday some 390 km (240 miles) north of Baghdad - to take several days. Fleets of trucks were transporting oil to Nineveh, which gets all its domestic fuel via the damaged pipeline. The attack coincides with growing political unrest, with Sunni Muslims in the western provinces accusing Shi'ite Prime Minister Nuri al-Maliki of marginalizing their minority sect. At least eight car bombs exploded in Shi'ite neighborhoods across Iraq's capital on Sunday morning, killing at least 26 people. Attacks against Iraqi energy installations and oil pipelines have declined in recent years as security has gradually improved since the U.S.-led invasion of the country in 2003. Iraq, OPEC's second largest crude producer, has signed oil contracts with a number of foreign firms to develop its long neglected energy sector. (Reporting by Ahmed Rasheed; Editing by John Stonestreet) == For the second time in less than a week, saboteurs bombed a pipeline supplying refined fuel to Ninewa province from the Baiji refinery. North Iraq pipeline bombings continue Iraq’s Oil Police secure the site of a burning oil pipeline near the northern city of Kirkuk on July 3, 2006, after it was bombed by insurgents. (MARWAN IBRAHIM/AFP/Getty Images) By Staff of Iraq Oil Report Published February 21, 2013 BAGHDAD - A pipeline carrying fuel from the Baiji refinery to Ninewa province was bombed for the second time in less than a week, highlighting the volatility of an area long home to militants and a populace marginalized by Iraq's ruling politicians. Saboteurs bombed the pipeline at 2:10 a.m. on Wednesday. Soon after, fire fighters and civil defense forces responded, working to extinguish the fire, assess the damage, and remove mines and improvised explosive devices (IEDs) that the attackers had planted... ============ Genel's Kurdistan shipments raise hopes for Gulf Keystone By Darshini Shah | Wed, 09/01/2013 - 10:37 Genel Energy (GENL) has started to ship crude oil into Turkey from the Kurdistan region of Iraq in small quantities. "While the amount is small, what it does do is clearly demonstrate that the Kurdistan [Regional Government] is keeping to its timetable of permitting exports independently of Baghdad," stated analysts at FoxDavies. "The volumes may be small, but this is a significant step forward, and paves the way for the wholesale export of crude in the next 12 to 18 months." Should investors buy Gulf Keystone? The news bodes well for the region, as well as for the companies operating there, including Gulf Keystone Petroleum (GKP). Last year was a rollercoaster for the company, which saw the shares reach a peak of 433p in February, before falling 60% to end the year at 177p. However, the clouds seem to be clearing for the oil and gas explorer. One of the big problems Gulf Keystone has faced is a ban on oil exports caused by disputes between the Kurdistan Regional Government and Iraq's central government. However, Wednesday's news appeared to be paving the way for exports to flow from the region once more. In fact, plans to build a new pipeline to increase export capacity are already underway. Secondly, Gulf Keystone has been engaged in a legal dispute with a company called Excalibur Ventures, which is claiming that an agreement dating back to 2006 entitles it to a 30% share of Gulf Keystone's subsequent discoveries. However, January should see the matter settled one way or another and remove any uncertainties. Winning the case would likely pave the way for a move to the FTSE 250, which would give it greater exposure to large, institutional investors. Thirdly, Kurdistan has an estimated 45 billion barrels of oil, with Gulf Keystone's 51%-owned Shaikan asset estimated to hold 14 billion barrels in place. Even if investors assume only a quarter of this is recovered, that equates to just 95p per barrel at the company's current market capitalisation of approximately £1.65 billion. Finally, with Shaikan the biggest asset in Kurdistan, the explorer could be on the radar for other players in the region, including Chevron (CVX), Total (TTA) or ExxonMobil (XOM). Gulf Keystone's attractiveness could be further augmented if the company wins the court case, as this would remove any obstacle to a takeover bid. ============= IRAQ – Kuwait Energy charge 6.24 dollars to produce a barrel of oil from Basra =========== ============