Kurdistan parliament sets payday ultimatum

Author: scaramouche Thursday 20:02, May 2nd/ 2013 Carts and Horses.... Apologies for the long post, but there is a fair bit to cover… To be honest, I am rather shocked by the confrontational aspect of many of the posts on here in the last few days, involving ‘seasoned’ investors who presumably want GKP and its share price to do well but simply have different views about how it might get there! I can only put it down to stress induced by the relentless fall in the share price, but please remember that this is supposed to be a discussion forum, not a bear-pit with incessant bitching and sniping! My own view on how best to raise concerns with the company appears to differ from many on here. I simply emailed GKP politely a few days ago to express my concern about the recent poorly-worded Holdings RNS (which IMO needed clarification), and to highlight that shareholders could do with some form of operational update to ensure that we understood exactly what stage the company was at. I emphasised that the political uncertainties and lengthy court case had already contributed to a very serious decline in the share price, and that shareholders badly needed some form of reassurance. I have no doubt that many shareholders did much the same, and it seems to me that today’s RNS was put out by GKP to try to refocus the mind on what people here are actually invested in - a company with a significant share in several world-class assets, one of which (Shaikan) is on the verge of large-scale Production in perhaps the world’s most under-developed and low-cost oil frontier… something which will surely appeal to many of the world’s super-majors. So, why have I used the title I have in this post”? Well, it is mainly because I get the distinct impression that some people are expecting certain key events to happen before it is actually possible for them to do so - in effect ‘putting the Cart before the Horse’. 1) Today’s RNS makes it very clear that PRODUCTION cannot start in earnest until several key factors come together. The taps are currently turned off in Kurdistan due to the long-running dispute with Baghdad, and will remain so until first there is a Green Light from the KRG for all companies to start exporting again. To do this, the oil companies need also to be assured that they will receive payment, something which has even handicapped Genel and other contractors until the last month or so. And in GKP’s case, they will also need a market to sell their oil to (probably the local one, when capacity is freed up by Genel and DNO exporting); the early production facilities to be in place; pipeline infrastructure to be available; and the FDP to be fully agreed by the KRG. Indeed, to me, the last one is perhaps the most vital missing piece of the jigsaw, on which the whole future of Shaikan and GKP rests. From today’s RNS: “On 27 January 2013, Gulf Keystone, as operator, submitted a Field Development Plan ("FDP") to the Shaikan Block Management Committee. The Company is in constructive talks with the appropriate regulatory authorities concerning their feedback on the proposed way forward for the development of the Shaikan field, which was declared a major commercial discovery in August 2012”. Those TALKS must surely entail to whom responsibility for the large-scale development of the ‘Jewel of Kurdistan’ and its 400,000+ bopd potential should be entrusted – and personally, I cannot see it being little old GKP as the asset is far too important for any risk of it going wrong! So, those continually questioning why GKP have not been producing significant volumes over the last 2 years need perhaps to consider how much the delay has really been down to GKP (and Todd), how much due to the general political situation…. and how much it is on account of the need for the KRG to ensure they get the best jockey and the best horse for such a challenging type of course! 2) Today’s RNS seems to me also to put GKP firmly into the ‘shop window’. There are mentions of Goldman Sachs report on the future global importance of Shaikan, a reminder that Exxon, Chevron and Total amongst others have entered Kurdistan in relatively recent times, and strong hints that ‘Greater Shaikan’ has an importance way beyond even the figures currently in the public domain – “Shaikan is the largest onshore development worldwide today not in the hands of a major operator. However, we believe that we have only scratched the surface of the true value of our blocks and our ongoing exploration and appraisal activity is expected to result in further upside." And, at long last, we even hear that there are tentative plans to explore and appraise SHEIKH ADI (in which GKP has an 80% net working interest) – “… the Company and the Kurdistan Regional Government, its partner in the block UNANIMOUSLY agreed to move to an appraisal programme to appraise Jurassic targets and evaluate the Triassic upside at the 3,500 metres projected depth with the Sheikh Adi-3 appraisal well. Furthermore, we plan to target two additional exploration leads, comprising potential extensions of the Atrush and Swara Tika discoveries, following acquisition of 70 km of additional 2D seismic data.” In other words, those OIP numbers attributable to GKP are likely to rise pretty sharply and with them our potential price-tag, in a relatively short time-frame. That should tend to focus the minds of prospective suitors, I imagine! So, in answer to those who expected Takeover interest to have been demonstrated already, I can only conclude that GKP might have previously discouraged potential suitors or buyers been dissuaded until now they had a much clearer idea of what GKP might be selling. Irrespective, this particular horse does now seem to be on a very firm footing, and to me the RNS certainly suggests that the company is on the right track. IMHO. 3) I note the furore over the location set for the AGM. I agree that it might have been preferable for it to be held in Paris, but I do not share the views of those whose main objective appears to be to hold the CEO exclusively to account for the lamentable state of the share price, and seek to get him over a barrel. My own view is that GKP is at least making it possible for most interested shareholders to attend an Investor day in London on 4 July 2013, 3 weeks before the AGM. This will enable them to obtain answers to many of their questions BEFORE deciding which way to cast their votes on all the forthcoming AGM resolutions. It could have been the other way round (AGM, then presentation), or people being asked to vote on the spur of the moment and in the rather heated amphitheatre of the AGM itself. Personally, I would much rather the chance to be able to think about what I hear than be expected to make some kind of rash and ill-considered judgement. My suspicion too is that the Investor presentation has been carefully timed with the expectation that the Court case verdict will have been delivered by then, and that, with better news on the production front, the share price will be very much higher. If so, I imagine Todd will be fairly comfortable attending and facing his inquisitors- and, if not, well I rather suspect that there will be a motion appearing on the AGM agenda anyway, in relation to his current role, and that the vote will be…….... well, let’s wait and see, because I too might be putting the cart before the horse! 4) Finally, after careful consideration, I do think that perhaps the time has come for the Chairman and CEO roles to be separated, regardless of what transpires in the next two months, as I note that Todd himself apparently acknowledged in his interview with the Daily Telegraph on 28 May 2012. – “Mr Kozel, who is currently also executive chairman, said Gulf Keystone planned to appoint a separate chairman, in line with best practice”. I feel that it would surely be both timely and in the best interests of good Corporate Governance, and perhaps help to allay some of the current concerns expressed by many shareholders on this board. BUT I would also be extremely cautious about moves to get rid of him altogether, as that might have unforeseen consequences and serve only to upset the apple-cart… to the benefit of whoever might be behind Excalibur and the relentless downward pressure on the share price since this seemingly spurious Court Case commenced nearly 7 months ago... and therefore to our collective detriment. . In conclusion, for now I will continue to back exactly the same horse that I have backed for the last 3.5 years, but I would prefer for him to be “reined in” a little to avoid some of the excesses we have witnessed in recent times. For info, I have only just come across this collection of pictures taken from the Oil and Gas Year Kurdistan Region of Iraq Strategic Roundtable 2013, which took place only a few days ago but seem to have been added today. http://www.facebook.com/photo.php?fbid=476387745767412&set=a.476374362435417.1073741844.213716412034548&type=3&theater One observation I would make is that our man, Todd, appears in many of the photos, and is given a key position on the stage next to Ashti Hawrami (photo 11), with Mehmet Sepil of Genel on the other side of Ashti at the conference. While this perhaps proves little, it is very apparent to me that GKP still features heavily in the KRG's strategy for targeting 1 million barrels per day by 2015 (150,000 from Shaikan) and 2 million per day by 2019 (probably at least 400,000 from Shaikan). Whatever games might be happening in respect of the share-price at the moment, GKP (and Todd) are certainly not seen as small fry in Kurdistan, but one that is feasting at the Captain's Table.(cue TSC and all manner of fish jokes, no doubt!) = As usual you write many words... but you fail completely to address the point that I made which was that you claimed it was OBVIOUS that the RECIPIENT sold the 10 million shares. It was not OBVIOUS at all, which your very own post makes blatantly apparent. But what is becoming very OBVIOUS to many on here is that you twist facts, make unsubstantiated allegations, and even deliberately attempt to denigrate perfectly well researched posts (which DO contain many facts) for no reason other than that the author does not share your opinion. I have no 'reputation to protect', which you repeatedly insinuate, and my conclusions are often very different to what you SUBSEQUENTLY (often weeks after the original post) claim that I had said. So, you can drop that claim for starters. I try to analyse and share information, which is what my skill-set best lends itself towards - nothing more, nothing less. Indeed, I see that I am not alone in being subjected to this kind of treatment from you. You, sir, have an agenda.... and it is crystal clear to myself and many on here what it is - you constantly try to damage GKP in the short-term while declaring it has excellent long-term potential... and you repeatedly seek to promote Genel, whose original shareholders still sit on a 10% loss even after the recent sharp price rise and huge publicity machine. There is room here for investors in both those shares, and WZR too, as long as they engage in fair and CONSTRUCTIVE debate. But yours is nothing but DESTRUCTIVE and antagonistic towards GKP Shareholders who are serious investors here and clearly recognise the extreme disparity between the share price and the fundamental, intrinsic value. It is time that someone took the trouble to point this out! AIMHO and please DYOR GLA, scaramouche P.S. Woody – many thanks for the earlier 'vote of support', but I don’t believe that ANYONE can realistically represent shareholders with such widely differing views and do justice to the questions that they might feel need to be asked at an AGM - certainly not me! My views are my own, not anyone else’s. ========= TheTaq Taq-Khurmala Oil Pipeline built by KAR Group which will increase exports from the Kurdish region. (KAMARAN NAJM/Metrography/Iraq Oil Report) By Patrick Osgood of Iraq Oil Report Published Friday, May 3rd, 2013 Kurdistan's Parliament has passed a law that establishes a legal framework for the region's oil-funded economic independence within Iraq's federal system.The legislation seems destined to spark controversy with leaders in Baghdad, who claim primary authority over Iraq's oil sector and have disputed the legality of the Kurdistan Regional Government's (KRG) autonomy claims. Yet it also represents an important statement of unity within Kurdistan, whose competing parties – often at odds – ra... Suicide bombers target Kurds in Iraq's disputed areas Wed, May 08 09:40 AM EDT 1 of 3 KIRKUK, Iraq (Reuters) - Three suicide bombers struck at Kurdish security forces and the local headquarters of a Kurdish political party in the disputed area of Iraq on Wednesday, killing three people, police and medics said. Tensions between Iraq's Sunni, Shi'ite and ethnic Kurdish communities have increased since the withdrawal of U.S. troops in December 2011. Wednesday's attacks took place in a band of oil-rich territory over which both the central government in Baghdad and the Kurds, who run their own administration in the north, claim jurisdiction. At the heart of the dispute is the ethnically mixed city of Kirkuk, 250 km (155 miles) north of Baghdad. A suicide bomber in a car targeted the offices of the Patriotic Union of Kurdistan (PUK) in Kirkuk on Wednesday, killing one guard, police and hospital sources said. Another bomber in Kirkuk targeted Kurdish security forces known as peshmerga, killing one, police and medics said. In the town of Tuz Khurmato, about 67 km south of Kirkuk, a suicide bomber in a car killed one peshmerga, security sources said. No group immediately claimed responsibility for the attacks. Iraq is home to a number of Sunni Islamist insurgent groups. The Iraqi army and peshmerga forces reinforced positions along their contested internal boundary last year, raising the temperature in a long-running feud over land and oil rights. More Kurdish troops deployed beyond the formal boundary of their autonomous region last month, a move they said was to protect civilians after clashes broke out between Sunni protesters and Iraqi security forces in the town of Hawija, near Kirkuk. (Reporting by Mustafa Mahmoud and Raheem Salman; Writing by Isabel Coles; Editing by Angus MacSwan) ============= Author scaramouche View Profile Add to favourites Ignore Date posted Thursday 20:02 Subject Carts and Horses.... Votes for this Posting Voted 112 times. Message Apologies for the long post, but there is a fair bit to cover… To be honest, I am rather shocked by the confrontational aspect of many of the posts on here in the last few days, involving ‘seasoned’ investors who presumably want GKP and its share price to do well but simply have different views about how it might get there! I can only put it down to stress induced by the relentless fall in the share price, but please remember that this is supposed to be a discussion forum, not a bear-pit with incessant bitching and sniping! My own view on how best to raise concerns with the company appears to differ from many on here. I simply emailed GKP politely a few days ago to express my concern about the recent poorly-worded Holdings RNS (which IMO needed clarification), and to highlight that shareholders could do with some form of operational update to ensure that we understood exactly what stage the company was at. I emphasised that the political uncertainties and lengthy court case had already contributed to a very serious decline in the share price, and that shareholders badly needed some form of reassurance. I have no doubt that many shareholders did much the same, and it seems to me that today’s RNS was put out by GKP to try to refocus the mind on what people here are actually invested in - a company with a significant share in several world-class assets, one of which (Shaikan) is on the verge of large-scale Production in perhaps the world’s most under-developed and low-cost oil frontier… something which will surely appeal to many of the world’s super-majors. So, why have I used the title I have in this post”? Well, it is mainly because I get the distinct impression that some people are expecting certain key events to happen before it is actually possible for them to do so - in effect ‘putting the Cart before the Horse’. 1) Today’s RNS makes it very clear that PRODUCTION cannot start in earnest until several key factors come together. The taps are currently turned off in Kurdistan due to the long-running dispute with Baghdad, and will remain so until first there is a Green Light from the KRG for all companies to start exporting again. To do this, the oil companies need also to be assured that they will receive payment, something which has even handicapped Genel and other contractors until the last month or so. And in GKP’s case, they will also need a market to sell their oil to (probably the local one, when capacity is freed up by Genel and DNO exporting); the early production facilities to be in place; pipeline infrastructure to be available; and the FDP to be fully agreed by the KRG. Indeed, to me, the last one is perhaps the most vital missing piece of the jigsaw, on which the whole future of Shaikan and GKP rests. From today’s RNS: “On 27 January 2013, Gulf Keystone, as operator, submitted a Field Development Plan ("FDP") to the Shaikan Block Management Committee. The Company is in constructive talks with the appropriate regulatory authorities concerning their feedback on the proposed way forward for the development of the Shaikan field, which was declared a major commercial discovery in August 2012”. Those TALKS must surely entail to whom responsibility for the large-scale development of the ‘Jewel of Kurdistan’ and its 400,000+ bopd potential should be entrusted – and personally, I cannot see it being little old GKP as the asset is far too important for any risk of it going wrong! So, those continually questioning why GKP have not been producing significant volumes over the last 2 years need perhaps to consider how much the delay has really been down to GKP (and Todd), how much due to the general political situation…. and how much it is on account of the need for the KRG to ensure they get the best jockey and the best horse for such a challenging type of course! 2) Today’s RNS seems to me also to put GKP firmly into the ‘shop window’. There are mentions of Goldman Sachs report on the future global importance of Shaikan, a reminder that Exxon, Chevron and Total amongst others have entered Kurdistan in relatively recent times, and strong hints that ‘Greater Shaikan’ has an importance way beyond even the figures currently in the public domain – “Shaikan is the largest onshore development worldwide today not in the hands of a major operator. However, we believe that we have only scratched the surface of the true value of our blocks and our ongoing exploration and appraisal activity is expected to result in further upside." And, at long last, we even hear that there are tentative plans to explore and appraise SHEIKH ADI (in which GKP has an 80% net working interest) – “… the Company and the Kurdistan Regional Government, its partner in the block UNANIMOUSLY agreed to move to an appraisal programme to appraise Jurassic targets and evaluate the Triassic upside at the 3,500 metres projected depth with the Sheikh Adi-3 appraisal well. Furthermore, we plan to target two additional exploration leads, comprising potential extensions of the Atrush and Swara Tika discoveries, following acquisition of 70 km of additional 2D seismic data.” In other words, those OIP numbers attributable to GKP are likely to rise pretty sharply and with them our potential price-tag, in a relatively short time-frame. That should tend to focus the minds of prospective suitors, I imagine! So, in answer to those who expected Takeover interest to have been demonstrated already, I can only conclude that GKP might have previously discouraged potential suitors or buyers been dissuaded until now they had a much clearer idea of what GKP might be selling. Irrespective, this particular horse does now seem to be on a very firm footing, and to me the RNS certainly suggests that the company is on the right track. IMHO. 3) I note the furore over the location set for the AGM. I agree that it might have been preferable for it to be held in Paris, but I do not share the views of those whose main objective appears to be to hold the CEO exclusively to account for the lamentable state of the share price, and seek to get him over a barrel. My own view is that GKP is at least making it possible for most interested shareholders to attend an Investor day in London on 4 July 2013, 3 weeks before the AGM. This will enable them to obtain answers to many of their questions BEFORE deciding which way to cast their votes on all the forthcoming AGM resolutions. It could have been the other way round (AGM, then presentation), or people being asked to vote on the spur of the moment and in the rather heated amphitheatre of the AGM itself. Personally, I would much rather the chance to be able to think about what I hear than be expected to make some kind of rash and ill-considered judgement. My suspicion too is that the Investor presentation has been carefully timed with the expectation that the Court case verdict will have been delivered by then, and that, with better news on the production front, the share price will be very much higher. If so, I imagine Todd will be fairly comfortable attending and facing his inquisitors- and, if not, well I rather suspect that there will be a motion appearing on the AGM agenda anyway, in relation to his current role, and that the vote will be…….... well, let’s wait and see, because I too might be putting the cart before the horse! 4) Finally, after careful consideration, I do think that perhaps the time has come for the Chairman and CEO roles to be separated, regardless of what transpires in the next two months, as I note that Todd himself apparently acknowledged in his interview with the Daily Telegraph on 28 May 2012. – “Mr Kozel, who is currently also executive chairman, said Gulf Keystone planned to appoint a separate chairman, in line with best practice”. I feel that it would surely be both timely and in the best interests of good Corporate Governance, and perhaps help to allay some of the current concerns expressed by many shareholders on this board. BUT I would also be extremely cautious about moves to get rid of him altogether, as that might have unforeseen consequences and serve only to upset the apple-cart… to the benefit of whoever might be behind Excalibur and the relentless downward pressure on the share price since this seemingly spurious Court Case commenced nearly 7 months ago... and therefore to our collective detriment. . In conclusion, for now I will continue to back exactly the same horse that I have backed for the last 3.5 years, but I would prefer for him to be “reined in” a little to avoid some of the excesses we have witnessed in recent times. AIMHO and please DYOR GLA, scaramouche P.S. Woody – many thanks for the earlier 'vote of support', but I don’t believe that ANYONE can realistically represent shareholders with such widely differing views and do justice to the questions that they might feel need to be asked at an AGM - certainly not me! My views are my own, not anyone else’s. ====================== I has asked the company for some information on SH-8 and received the following today: Thank you for your email. Shaikan-8 has been drilled as the Company’s first post-appraisal well. This well has been completed (http://www.gulfkeystone.co.uk/uploads/gulfkeystonepetroleum-naturalresourcesforum22march2013.pdf - Slide 7) and will become part of the Shaikan field development. As we are moving into the development and production at Shaikan, we do not plan to provide detailed updates on every development and production well drilled. Best regards, Gulf Keystone Petroleum - Bonobo77 So Mikey is now trying to suggest that the 'development and production' company - in which we have invested our hard-earned - has decided to withhold information on 'development and production', because some of those shareholders are seeking improved governance. Moreover, he 'can't blame them'. Staggering in every conceivable way. - If SH 8 is the first post-appraisal well, it means that it is a development well. If that's correct, the BIR (=12%) has been awarded. And the FDP approved! And past costs (for 12%+20%) have been paid to GKP... A lot of money. How much? That is probably why they can say they are fully funded (until the next financing of course). This news blackout is of course done under "INSTRUCTIONS" for the best interest of the cy... We can't complain, it's another step in the right direction. BD - Sicilian Kan bravedog, just because something is "post-appraisal" does not make it a development well. The appraisal report has been submitted, and the FDP is awaiting approval. We know the FDP has not yet been approved. GKP is in a "post-appraisal" period. It is not yet in development. As and when the FDP is approved, then the development operations will start, see Article 13.1 of the PSC. FWIW, I do not believe the FDP will be approved until the politics are sorted out and there are still a few political steps yet to take - which is apparent by the last minute STEAM postponement. Shareholders will just have to hold and wait a little longer. - The fact that - BlackRobe's folded (reported last week in the US, and only just discovered here) citing failure to attract investment. Remember BlackRobe had several possibilities on their books and chose this case as the most lucrative - according to a gloating Alex Panayides. So it seems they put all their eggs in one basket and are now folding. Wonder why that is? - Rumours last week that the Judgement might have been sent for comment to the opposing camps - the sudden spike up on Wednesday, - Judge Clarke back in the Court room during the last few sessions. Has he finished his tome? - Remember the lawyer at the end of the CC that some people were quoted as saying was there to see how the land lay? Seems BlackRobe have been expecting this, so why now this precipitous decision to close down their operations so close to June? - Some members of BlackRobe moving on to a new company. Is that in an effort to distance themselves from a fiasco and lack of due diligence, which would certainly affect their ability to attract investment? Will we see the parties back in Court on Tuesday? BlackRobe folding - couldn't happen to a nicer company. All that coaching on question avoidance, prolonging the case, being slippery and loquacious. To me it seems that those who live by the sword die by the sword. They're even sueing each other, like two scabby dogs fighting over a chicken carcass - Litigation Funders.... lowest of the low. http://newsandinsight.thomsonreuters.com/Legal/News/2013/02_-_February/BlackRobe_Capital_founder_sued_by_rival_litigation_funder/ - BlackRobe Capital founder sued by rival litigation funder 2/15/2013COMMENTS (0) By Nate Raymond NEW YORK, Feb 15 (Reuters) - The founder of two prominent litigation funding companies was hit with a lawsuit on Friday by a rival firm that had provided his former wife funding to finance their divorce. Timothy Scrantom and the two firms, Juridica Capital Management Limited and BlackRobe Capital Partners, were sued in U.S. District Court in New York on claims of tortious interference and misappropriation of trade secrets. The lawsuit seeks at least $7 million. The plaintiff, Balance Point Divorce Funding, had been providing money to Scrantom's former wife in exchange for a cut of any divorce settlement. But the lawsuit claims Scrantom persuaded her to not pay Balance Point so that he could pay less in the divorce than if she had to pay the funder. The case provides a rare window into the growing field of litigation finance, in which hedge funds and other investors provide money to litigants in exchange for a cut of any settlements or verdicts. Some firms, such as Balance Point, specialize in providing people with money to pay legal fees in high-end divorces. The firm, based in Beverly Hills, California, and founded by lawyer Stacey Napp, advertises that it provides spouses with financing - including legal fees and living allowances - in marital splits involving more than $2 million in assets. Scrantom, reached by telephone, called the lawsuit "frivolous." Richard Fields, the CEO of Juridica, had no immediate comment. Judith Lockhart, a lawyer for Balance Point, did not respond to an email seeking comment. Scrantom has long been regarded as one of the most significant players in litigation finance. In 2007, he co-founded Juridica, a publicly traded company with more than $200 million in assets under management. Scrantom left Juridica to co-found BlackRobe Capital in 2011 with Sean Coffey, a prominent plaintiffs' lawyer. The case could provide fodder for industry critics such as the U.S Chamber of Commerce, which has argued that allowing investors to fund lawsuits can drive up the costs of settlements. MONTANA ACTION Last year Balance Point sued Scrantom's former wife, Lila Masters, in a Montana federal court. Masters' divorce from Scrantom was pending in Montana state court. Todd Shea, a lawyer for Masters, said on Friday that his client contended the contract with Balance Point was unenforceable under Montana law because of how "pervasively involved" the firm became in managing her divorce beyond just providing funding. Masters approached Balance Point in May 2011, according to the court papers filed Friday. The company provided more than $310,435 for her legal fees and expenses in her divorce from Scrantom in exchange for 25 percent of her marital asset claims, the lawsuit said. But according to the complaint, Scrantom contacted Masters during the proceedings to obtain confidential and privileged communications with her lawyers and her agreements and emails with Balance Point. Balance Point also claims that in May 2012, Masters reached out to Scrantom for advice on the enforceability of Balance Point's agreement. Scrantom allegedly advised it was unenforceable, the lawsuit said, and at one point asked if her lawyer would "have a problem" suing Balance Point. The lawsuit said Juridica and Scrantom interfered with Masters' obligations to pay Balance Point. By April 2012, Scrantom began negotiating a $5.17 million settlement agreement directly with Masters, unbeknownst to her lawyers or Balance Point, the complaint said. Scrantom convinced her that doing so would mean she could get a better settlement by eliminating the $1.08 million payment Balance Point said it would be owed under the proposal, as well as money owed to her lawyers, the lawsuit said. "Scrantom could pay Masters less in the divorce settlement if Masters did not have to pay a percentage to Balance Point," the company said in the complaint. Balance Point contends that to the extent Scrantom convinced Masters to provide copies of her agreements with Balance Point, that constituted misappropriation of its trade secrets. But the lawsuit contends Scrantom had made similar allegations about Balance Point and that he had threatened to sue Balance Point on claims it used Juridica's confidential information. During a deposition, he clamed Balance Point's involvement in Masters' case constituted "unfair competition" because it was a competitor. Balance Point denied that claim and said any information Masters had on cases Juridica funded would not matter because it competed for different cases and clients. Scrantom's threats of litigation, though, resulted in a potential investor in Balance Point reducing its offer of a $50 million line of credit into an ability to draw on $5 million in unnumbered tranches, the lawsuit said. While unnamed, the details of the investment match one announced in a May 2012 press release by asset management company Asta Funding Inc. The case is Balance Point Divorce Funding, LLC, v. Scrantom, U.S. District Court, Southern District of New York, 13-1049. For Balance Point: Judith Lockhart, Carter Ledyard & Milburn. For the defendants: Not immediately available. (This story has been clarified, in the first and fifth paragraphs to say that Balance Point provided funding to one of the parties in the divorce case. The previous version said that Balance Point provided a loan, but whether or not the money was a loan is a matter of dispute in the pending litigation in Montana.) Follow us on Twitter @ReutersLegal | Like us on Facebook ========================= I am delighted that Red now FULLY agrees with my original valuation WHICH HASN"T CHANGED AT ALL from my first post.. It took him some time to admit this. I am delighted that he agrees that this ONE under appraised asset with figures that are out of date is already worth $13 billion to GKP. Some 6 times the current share price based on only ONE of the assets. I am delighted that Mr Evans recognises that the variables used are at the low end of expectations. Eg only a 25% Recovery Factor What Mr Evans hasn't YET recognised and admitted is that this is only scratching the surface as far as Shaikan is concerned GKP is targeting further stacked reservoirs in the Lower Triassic and the Upper Permian. He tries his best to give the impression that Shaikan and its 13.7 billion OIP is the end of the story when its only the beginning. I note that no value has been given to the gas even though a 1000MW power station is being built at Shaikan What Mr Evans hasn't yet admitted is that Shaikan is only one of THREE world class fields in which GKP has a stake. That the barrels of oil assigned to GKP already swell the $13 billion valuation of Shaikan alone and will continue to do so.. That the entitlement at Sheikh Adi is 80% fully diluted almost 50% above Shaikan. That the OIP figures are set to rise, That reserves will be declared and that the route to market is only months away. But then Mr Evans you actually KNOW this don't you :0) Thank you for the entertainment you have certainly made me chuckle. But sadly........ I will not be responding further to your posts as I'm afraid tt really is not worth the effort. I do hope that those you advise do well. Kind regards and Bye. ============ From the other board http://www.deccanherald.com/content/16641/ioc-oil-jv-eyes-gulf.html IOC-OIL JV eyes Gulf Keystone acquisition IOC-OIL JV eyes Gulf Keystone acquisition London, PTI: In a first overseas acquisition, Indian Oil Corp (IOC) and Oil India Ltd are jointly eying acquisition of London Stock Exchange-listed Gulf Keystone Petroleum Ltd for about US$2.23 billion. The 50:50 joint venture of IOC and OIL, are in talks to acquire Gulf Keystone Petroleum that has operations in Kurdistan, Iraq and Algeria, investment banking sources said here. “They are talking to a set of promoters of Gulf Keystone and have valued the entire buyout at US$2.23 billion,” a source said. Another investment banker said IOC-OIL joint venture was in talks with the two promoters groups based out of Kuwait. “The promoters are keen to sell but are asking for more,” the banker said without putting a value to what the promoters were demanding. Gulf Keystone is a Bermudian incorporated company that has six exploration blocks and two producing fields in Algeria. In November 2007, the company acquired interests in two production sharing contracts in the Kurdish region of Northern Iraq. ========== chopper89x Not what I normally be doing on a Saturday night but none-the-less thought I would do a bit more digging into some unanswered questions I had from some time ago, the main issue was into the disputed territories and the view from Nineveh with regards to sheykhan and who it would essentially be governed by in the future, as Sheykhan is one the areas covered under section 140 , however dispite some opposition from the governer of Nineveh and some locals Sheykhan is one of the more pro KRG regions of the province and is likely to become part of the greater krg. One other point I found very interesting and something that definitely wasn't posted on here was that the mayor of Sheykhan commited suicide earlier this year .. Apparently shot himself... Begs some questions doesn't it? Anyway the disputed territories is a side topic here as its not anywhere near as interesting as a report I found from 2008 by the international Crises group Titled OIL FOR SOIL forward a grand bargain On Iraq and the Kurds. I won't go into too much detail as quite frankly there's a lot, but it's worth reading if you get time. However to summarise the most interesting points which come as the recommendations for a realistic and amicable outcome. My comments in brackets To the Government of Iraq and the Kurdistan Regional Government (KRG): 4. Formally request the UN Security Council to empower UNAMI to guide negotiations on a grand bargain. ( basically allow us to advise you and for you to follow our recommendations ) 5. Until such a bargain is reached: a) accelerate negotiations over a federal hydrocarbons and associated laws and avoid unilateral moves – including signing oil and gas contracts and, in the case of the KRG, developing oil and gas fields in disputed territories; (carry on allowing operators I.e hunt Gkp hill wood to keep drilling In Nineveh despite local objection...wonder why ) f) reach agreement, with UNAMI’s technical assistance, on a definition of “disputed territories”; and g) reach an interim agreement, with UNAMI’s assistance, for joint administration and security in disputed territories claimed by the Kurds. To the Government of Iraq: 8. As part of a grand bargain: a) adopt and implement UNAMI’s recommendation for an internal boundary between the Kurdistan region and the rest of Iraq; ( basically anything north of Al hamdanyia will be partly the krg) i) establish Kirkuk governorate as a stand-alone governorate or a uni-governorate federal region for an interim period of ten years; l) enact a federal hydrocarbons and companion revenue-sharing law mandating equitable development of oil and gas throughout Iraq, including the Kurdistan region; accepting the KRG oil and gas law; and granting the KRG the right to both manage its own fields and export oil and gas. ( give in to the Kurds let them power ahead it can only benefit you all ) 13. Ensure provincial elections are held no later than 31 January 2009 as per the new law and in a free, fair, inclusive and transparent To the Kurdistan Regional Government: 15. Address Turkey’s concerns about the PKK’s (Kurdistan Workers Party) ability to use the Kurdistan region as a staging area for attacks in Turkey by limiting its movement, preventing it from using the region to launch attacks, denying it access to media and disarming its fighters in areas under effective KRG control; ( that was some pretty good advice 5 years ago wasn't it , looks like someone is listening now) To the Government of Turkey: 16. In the context of an Iraqi grand bargain: a) establish formal ties with the Kurdistan regional government; (tick) b) work with the Iraqi government and the KRG to allow oil and gas transport from the Kurdistan region to/through Turkey; (tick) c) pursue an economic open-border policy with Iraq, including its Kurdistan region; and d) encourage investments by Turkish entrepreneurs in the Kurdistan region and cease all military activity inside Iraq so long as the KRG takes the above steps. (massivefuckingtick) To the U.S. Government: 17. Promote the notion of a grand bargain and support efforts by UNAMI, the Iraqi government, the KRG and all other stakeholders to reach it. (you listening Obama the whitehouse kocked up one policy on Iraq listen to us and it may well work) (this ones important ) 18. Send an unambiguous signal to the Kurdish leadership that it opposes a quest to incorporate Kirkuk but is prepared to establish appropriate security arrangements for the Kurdistan region and, in particular, to offer guarantees to protect any agreed-upon internal boundary. ( this is the most interesting of them all , so agree not too fuss over kirkuk for now whilst we get the oil show on the go and we will somehow get the US to protect the internal disputed territories . Bigfuckingclue EXXON 2 of exxons blocks are in disputed territories one of them in dangerously disputed territories bashiqa , the equivalent of the American army ring any bells.... So this was all implemented by the UN security council in early 2008 and we have been slowly been seeing it play out and so far, it's pretty much followed it point by point , what I currently think we are witnessing is A last attempt by the whitehouse to get the oil law sorted and if the deadline is not met then the big chevron and Exxon pipeline deal will go ahead to turkey, My conclusion.... Exxon have Al qush and part of Shaikan already chevron have been quiet and no big blocks yet , experts with heavy oil... 500kbopd heavy oil pipeline to be built ...they are our buyers. Goodnight ===========