Strengthening the GKP BOD : New Iraq-Turkey oil line not possible in 18 months

Author Gramacho View Profile Add to favourites Ignore Date posted 2013-07-10 11:14 Subject Strengthening the BOD Votes for this Posting Voted UP 237 times. Message This post concentrates on the important issues to be considered before voting on the AGM resolutions and documents recent conversations with 3 of the 4 proposed NEDs. I will post some thoughts on technical and other matters arising from the Investor Day at a later date. Discussion about the move by M&G to add 4 NEDs to the GKP Board has mainly been framed in terms of the need to either remove or reign in Todd and this, inevitably, has served to divide opinion just as he does. I believe he does need advice and a degree of control exercised over his more maverick instincts but the move is, or should be, about much more than that. The move should be about bringing additional expertise to the Board to ensure that GKPs assets are matured and managed such that maximum benefit is derived for and distributed appropriately to stakeholders i.e. GKP employees, shareholders and the people of Kurdistan. Todd is very reminiscent of one of Britain’s most successful industrial entrepreneurs who I had the good fortune observe close up for a number of years in an earlier life. This guy, like Todd, was highly skilled in relationship building and in inspiring others to reach a common goal. He also sailed close to the wind and, coincidentally, did not always please the city. He too operates a very rewarding remuneration policy and the last I heard had lost very few of his management team. He built a multibillion dollar business starting from almost nothing. So Todd has some of the characteristics to continue to build value for stakeholders but needs the right people around him. His strongest card is his relationship with the KRG. IMO the case for him continuing as CEO outweighs any arguments that he should be ousted. Below are four areas that IMO are keys to success going forward and existing BOD members with executive responsibility that have expertise in the area are noted (initials only). IMO those with executive responsibility for these areas should have support, advice and challenge from a NED and that NED should provide input to the BOD on the executive’s performance. So the question is which of our NEDS is delivering this and do any of the M&G4 offer additional expertise and experience that would lead to improved independent oversight in the respective areas. • Host Government relations in KRI (TK/AAQ? + Lord Guthrie?) • Achieving a successful listing on the main market (TK/EA + Simon Murray + Mark Hanson) • Maturing and Managing our Assets with particular emphasis on pace of development and reservoir management of fractured carbonate fields (JG + ?) • Strategy for Major Asset divestment (TK/EA +Simon Murray) HOST GOVERNMENT RELATIONS Todd has done such a good job to date. Does AAQ also function in this role? It is hard to know what he actually does as he has such a low profile. According to the Daily Telegraph and ST articles M&G plan to vote against his re-election and I struggle to see what he has contributed. One of the roles of a BOD is to ensure that comprehensive risk management strategies are in place and the strategy is not robust if relations are based entirely on Todd’s relations with the KRG. Who from the BOD could front relations on a temporary basis if he were to become ill for example? I don’t know if Simon Murray would step in on a temporary basis, he has too much going on elsewhere and his background has focused more on the Far East. (Also could one of our political analysts explain if fighting for the French against a national movement in Algeria constitutes a favourable background as far as the KRG is concerned?) ACHIEVING A SUCCESSFUL LISTING ON THE MAIN MARKET This includes the whole Corporate Governance issue (a pre requisite for a successful listing) particularly reward and remuneration policies and business ethics. TK running the whole show as Chairman and CEO was seen as a barrier to this. The existing BOD composition is woefully short of what would be considered best practice. Consider the composition of BP and Shell BODs. BP = 5 Execs and 10 Non Execs at 31/12/2012 Shell = 4 Execs and 10 Non Execs at 31/12/2011 (believe an 11th non exec was proposed in 2012) GKP BOD = 4 Execs + 3 NEDS at 31/12/2012 now 4 including Simon Murray At BP and Shell the ratio of NEDS:Execs is 2:1. With NEDS of the right quality IIs are satisfied that the CEOs of our two most important oil companies gets the support they need and are meeting CG expectations. At present GKP appears to be settling for 1 possibly 2 more NEDS for a total of 5 or 6. The ratio of NEDs to Execs post the AGM will depend on whether the 1 Exec and 1 NED are re-elected but appears to be at the low end of best practice. MANAGING AND MATURING THE ASSETS John G is fond of saying that in Shaikan we have a world class asset and I agree. But at the moment the “Jewel in the Crown” dominates our portfolio, we are essentially a one asset company although SA and BB may become more important with successful appraisal. That makes development of the field ultra important to the company’s future. In John G we have a safe pair of hands to move development forward. But this asset is a highly complex, fractured carbonate reservoir and there is minimal information on how it will behave when on production. Who on the Board with deep experience of developing this type of field can provide John G with independent advice and support to make the right decisions moving forward? Todd may have been brought up in the oil field and has a number of attributes but I don’t think he claims to have any deep insights into fractured carbonate field development. No one else on the BOD can offer any technical insight. It is noticeable and of concern, that none of the NEDS, including Simon Murray) has any real oil field experience. The current BOD has recently outlined a forward strategy for the company in which the pace of development of Shaikan is set by the company’s desire to become a self funding business in the near to medium term. This may be the best strategy; certainly the case for no equity dilution will appeal to us PIs. However what alternatives were looked at and which of the NEDS was able to question the BOD about alternative strategies? For example what are the pros and cons of a faster pace of development up to the point that the project is self funding in terms of value creation, development risk and debt requirements? Possibly Varzi but how deeply would he question and challenge the BOD? STRATEGY FOR MAJOR ASSET DIVESTMENT We are currently in the process of building value through exploration, appraisal and field development. There will come a time when it is appropriate to consider whether the assets are more valuable to others than GKP. (For example could a supermajor create more value than GKP by developing the field beyond say the initial target of 100-150k bbl/d more quickly than GKP?) The BOD will need to further develop the strategy regarding the sale of assets and perhaps consider the eventual sale of the company. The rationale of the strategy to put Akri Bijeel up for sale so early in its exploration and appraisal stage, before value could be proven, was not clear and did not build confidence that the BOD had access to the right level of independent support from existing NEDs in making this decision. Simon Murray has experience of big deals and input from new NEDS with oil field divestment experience would be beneficial. POTENTIAL CONTRIBUTION OF M&G4 With these concerns in mind I have conducted my own due diligence and spoken to 3 of the M&G4 for the first time. (I may try to contact the fourth if time permits.) Apparently I am a couple of steps ahead of Lord Guthrie lol! I look forward to his findings as he should have more time and resources at his disposal. The conversations were focused on assessing their experience as it related to the above subject matter. Jeremy Asher • Jeremy Asher is well known to PIs for his services as a former GKP NED. He was Deputy Chairman and left the BOD in 2010. Although he has maintained a dignified silence about the reasons for his departure it is becoming clear that his stance with respect to remuneration was a primary factor. • He is a director of Pacific Drilling a NYSE company which recently raised $2Bn debt. He is the Chair of the remuneration and Nomination Committees. Corporate Governance requirements on the NYSE are extremely rigorous. • He also has a background in oil trading and the downstream segment and understands the market for ME heavy crudes. During his time as CEO of Oil Refineries Ltd the company financed and constructed a $500MM hydrocracking unit. • In a separate venture he was responsible for upgrading and selling a refinery in Germany • IMO Jeremy ticks the boxes regarding: Host government relations - based on his history with GKP, background in the ME and his Kurdistan contacts. Achieving a successful listing/Corporate Governance – based on his track record at GKP and Pacific Drilling. Strategy for Divestment of Assets – based on his track record of building value at all the businesses he has been involved and selling on assets when value can be achieved. In addition his significant holding in GKP, purchase with his own funds aligns him strongly with PIs. John Bell • John has strong ME connections. He lived in Damascus and now lives in Beirut. He is also involved in two business projects in Iraq and has met with Dr Ashti and the KRG leadership a number of times. He is a member of the US Kurdistan Business Council. • Whilst at Suncor he built a material business in Syria that was being transformed into a regional business with three legs, two of which were outside Syria. The Syrian businesses was returning $350MM/yr free cash before Syria went into force majeure. He was also involved in proposals to develop a NOC to NOC business to start taking gas and oil from Iraq through Syria before the conflict shut down business. John was offered the opportunity to run 60% of a $65Bn Suncor business in Canada but it came with the requirement to emigrate to Canada and it did not fit with family commitments at that time. • Prior to Suncor John had further ME experience as a Business Unit Leader for BP leading the West Med Deep Water BU in Cairo. This included renegotiating commercial terms with the government to make the project commercially attractive. • His experience as a VP at Statoil is also of interest. He was head hunted to expand its international oil and gas business via M&A deals that covered all stages of field development. When Statoil’s focus moved to non conventional oil he moved to Canada and oversaw the acquisition of a $2.2Bn Canadian heavy oil business based on SAGD potential which he built into a business employing 600 people with a $6Bn portfolio. Unfortunately the Canadians saw fit not to come forward with tax breaks and the business had to be scaled back. • IMO John ticks the boxes regarding: Host government relations - based on his experience in Syria and Egypt, his work in Iraq and his Kurdistan contacts. Managing and maturing assets – based on his experience in Syria and Egypt. Strategy for Divestment of Assets – based on his experience at Statoil of being a buyer of assets. Although John has not previously had a NED position he has been in the position of being a non operator and providing oversight on the operator’s performance. I have been in a similar position and agree that in many ways this is analogous to being a NED. Your role is a form of governance and is to confirm that operator is being capital efficient, is operating safely and has evaluated an appropriate range of alternatives. You don’t set his pay but you can evaluate his performance. I should also point out he began as an apprentice at the former BP Grangemouth refinery before graduating with a 1st class hours in process control engineering so he has a strong instinct for process safety. He also won an award that is competed for by the best young engineers in BP. Philip Dimmock • Was chairman of the remuneration committee for about 7 years at Nautical Petroleum. Advises he has taken a strong interest in remuneration practices. Described the practices at Nautical as being considerably more parsimonious than at GKP. • As an aside whilst COO at Equator he facilitated the establishment of organised teleconferences at which PIs could put questions to management. Two thirds of the duration was dedicated to questions collated by four organisers of PI group and the remaining time to questions from other individual PIs. This enabled management to better understand and react to what PIs felt was important. This sounds like the type of arrangement that KOEP was hoping might evolve with GKP. IMO many PIs on this BB would welcome this arrangement for GKP. • Valuable experience in maturing and managing assets at Forties commencing with reservoir engineering and development planning in the 1970s before returning in the 1980s as asset manager at a time when the field was being redeveloped. He had over 1000 contractors working on the field on brown field projects in the difficult period post Piper Alpha. • IMO Phil ticks the boxes regarding: Achieving a Successful Listing/Corporate Governance - based on his previous experience at Nautical. Managing and maturing assets – based on his experience on Forties and Wytch Farm with BP. Strategy for Divestment of Assets – resulting from his tenure at Nautical which ultimately lead to the company being sold at an SP near its all time high. There has been some criticism of Philip on this BB regarding the financial difficulties that Equator got into with its attempt to develop a field in Nigeria. These can be found on the web. These mainly stem from a series of attacks on an offshore rig by disaffected communities that resulted in kidnappings on three occasions and led to the rig being idle for about 100 days. (This is the result of a much wider problem that is well documented.) It also affected the availability of an FPSO. I was concerned that non payment of money owed to Equator by its partner Peak Petroleum may have reflected a lack of due diligence by Equator. Philip assures me that this was not the primary problem. My personal opinion is that, had Peak been the primary problem, then as he was COO at the time this is a bit like blaming John G if GKP was to run into financial difficulties because the development of Shaikan ground to halt because of a local dispute and MOL failed to honour cash calls. My impression is that these 3 are high calibre candidates that would bring improved governance and considerably strengthen the BOD. They may not be candidates chosen by Simon Murray or the Execs but it is my understanding they were chosen by M&G from a wide ranging list. One of the proposed NEDS was bemused that GKP should announce the NEDS are not of the calibre they are looking for when search firm they are using has approached him for bigger opportunities than is being offered here! I found them all open and willing to discuss their backgrounds and thoughts about these positions and what they entail. IMO two issues remain. Firstly can the BOD come up with several significantly superior candidates in the next few days before the broker voting cut off date transpires? If not then, based purely on what they can bring to the BOD in terms of competency and experience, I see plenty of reasons to support the nominations and no reason not to support them. Secondly is there any other agenda in play that would be detrimental to GKP PI interests? So far my due diligence has not revealed anything of concern. Due diligence should be complete on Thursday this week. Regards, Gramacho ================================= KURDISTAN IRAQ NEW PIPELINE final test data before oil starts flowing for the first time directly across the border to Turkey. By News Teamin DirectorsTalk Highlights, Oil and Gas0 On a hot and dusty plateau in Iraqi Kurdistan, engineers in hard hats are gathered around a section of new pipeline as they check final test data before oil starts flowing for the first time directly across the border to Turkey. Twin flare towers behind a bank of storage tanks send viscous black smoke billowing into the sky. The powerful smell of sulphur is an indicator of the quality of what lies underground. “It’s the champagne of Kurdistan,” grins Joe Stein, a softly spoken Texan who is operations manager for the joint Turkish-Chinese venture at Taq Taq, part of the last great onshore oilfield in the world. “It’s very light. It’s very good for refineries. It’s high grade and easy to produce. It’s golden oil.” Hydrocarbon wealth is transforming this strategic corner of the Middle East at a time of dramatic change and extreme violence across the region – elsewhere in Iraq itself, where a post-2006 record of 1,000 people were killed in May alone, as well as in neighbouring Syria. With an estimated 45bn barrels of reserves – the fourth largest in the world – and a century’s worth of natural gas, the Kurdistan regional government (KRG) has become a big player in a geologically exciting but politically sensitive market. The pipeline from the Turkish-Chinese venture at Taq Taq, part of the world’s last great onshore oilfield. Final section of the new pipeline from Taq Taq will tie in to the border metering station at Fishkhabour, allowing 300,000 barrels of crude a day to begin flowing into Turkey. Targets are 1m barrels a day in 2015, and 2m in 2019. Crucially, this is being done without the approval of the federal government in Baghdad, which is locked in a bitter dispute with the KRG over the terms of the Iraqi constitution and the revenue-sharing that is supposed to flow from it. Economic independence – and perhaps more – is suddenly within sight for a sizeable chunk of the world’s biggest group of stateless people. “Sharing wealth is a fundamental instrument of power,” argues Ashti Hawrami, the KRG’s natural resources minister. “By not implementing the constitution, Baghdad is encouraging instability and disintegration. The only way we can survive is by having economic development. Slogans about democracy are not enough.” Officials in Erbil, the KRG’s booming capital, complain that Nouri al-Maliki, Iraq’s Shia prime minister, is wedded to the same authoritarian style and centralised administration that the Kurds hoped had gone with Saddam Hussein. Based on their share of the country’s population, the KRG is supposed to get 17% of national revenues. Baghdad in turn accuses the Kurds of acting unconstitutionally. The KRG retorts that whatever they earn, they will pay 83% into the national treasury. “There is a huge gap between this Iraq and the other Iraq,” muses Fuad Hussein, an adviser to the KRG president, Massoud Barzani, whose photograph adorns every government office. “My generation grew up in Iraq and we were part of the Kurdish resistance. The new generation already has freedom. They will not accept losing it again.” Other contentious issues include payment for Kurdish peshmerga fighters, compensation for the victims of Saddam’s genocide and the status of disputed areas such as Kirkuk, from where Kurds were ethnically cleansed. But oil and the new link with Turkey are giving the KRG a strong hand to play in the game of nations. Seeking to mend fences, Maliki visited Erbil for the first time in two years on Sunday, but his talks with Barzani were largely symbolic. “Neither I nor President Barzani has a magic wand,” he quipped. Barzani had warned that the latest contacts with Baghdad were the last chance, with the oil multinationals now calling the shots. Exxon Mobil’s landmark agreement with Turkey, risking retaliation against its own operations in southern Iraq, is at odds with US government policy. Maliki has condemned it outright as illegal. But Chevron, Total and Russia’s Gazprom are taking risks too. Fifty companies have invested $20bn (£13bn). Iraq has had an oil industry since the 1920s but Kurdistan’s was started from scratch in 2006 because it was never developed under Saddam, who milked the country’s hydrocarbon wealth to buy weapons to kill Kurds in the infamous Anfal campaign and to invade Iran and Kuwait. “This is all oil Iraq never knew it had,” says an official in Erbil. “It’s intoxicating. There is a sense of history about what is happening here.” The row over the unpaid revenues is grimly familiar, says the independent journalist Hiwa Osman. “For the KRG, it feels as if it’s still dealing with the same Baghdad. Its economic sanctions are straight from Saddam’s playbook.” Iraqi Kurdish peshmerga fighters, whose checkpoints guard the roads to the oilfields. Photograph: Safin Hamed/AFP/Getty Kurdistan’s stability is a strong pull for foreign investors. Security at Taq Taq is run by a UK company employing former South African special forces, with the KRG’s oil-protection force guarding the perimeter and Ashaish, its CIA-trained intelligence service, watching closely. Peshmerga checkpoints line the roads to Mosul and Kirkuk, where al-Qaida bombings are as frequent as in Baghdad. Erbil has become the exploration capital of the world, and the bars of its best hotels echo with multilingual banter about oil and associated deals. The Turkishenergy company Genel, partnered with China’s Sinopec at Taq Taq, is run byTony Hayward, the former BP chief executive who was forced to quit after theDeepwater Horizon disaster in the Gulf of Mexico. In the face of such intense interest, awareness is growing of the effect on the KRG economy and the urgent need for a skilled local workforce. “Now everyone wants to go to university to do an oil-related degree,” says a young professional woman, “but we don’t yet have the resources.” Her husband has just quit a secure civil service job to move into private-sector oil services. It looks like a smart and potentially lucrative career choice. Outside of government circles, some suspect Turkey’s motives – not surprising given its historic hostility to the Kurds. There is a vivid reminder in the shadow of Erbil’s ancient citadel, where young men collect signatures in support of Abdullah Öcalan, the jailed PKK leader whose peace talks with Recep Tayyip Erdogan are another important strand of the region’s shifting geopolitical landscape. “Oil in Kurdistan is not just about Iraq,” argues Asos Hardi, of the independent newspaper Awene. “It’s about relations with Syria, Iran and with the US, which opposes what the KRG is doing. Everyone is using Kurdistan. “Erdogan wants to play the Kurdish card. That’s his game, not an independent Kurdistan.” Exactly how and where oil revenues will be spent is another worry. Hawrami’s officials highlight “capacity-building” agreements under which foreign companies pay for facilities that give ordinary Kurds a share of the region’s wealth. Norway is cited as an example of prudent planning and diversification. Gorran, the main opposition party, complains of corruption and nepotism in Barzani’s KDP. But Kamal Kirkuki, the party spokesman, dismisses “negative propaganda by an unhealthy and immature opposition”. Uncertainty about the future has been a staple of Kurdish life for decades. But Taq Taq and other oilfields, Turkey’s volatile politics and voracious energy needs, and the ambitions of the world’s biggest oil companies are creating new options. For the moment the Kurds of Iraq seem to be improving their bargaining position to try to force a reluctant Baghdad to comply with the federal constitution. If that does not happen, then all bets are off. “Iraq is going to hell,” says Hussein, Barzani’s adviser. “If we cannot live together we must talk about something else. We Kurds are not part of the conflict between Shia and Sunnis. But if there is a fire in the house next door, it will burn you too in the end. And there is no fireman.”

Foreigners have heard this message, and tend to agree. “Iraq is disintegrating slowly,” observed an Erbil-based diplomat. “Over the last two years the Kurds have been pushed into a corner. Baghdad is no longer their point of reference so they started looking elsewhere. Now Turkey is giving them the possibility of making money out of oil. But oil could be a trigger for the division of Iraq. If there is no agreement on oil, there is no Iraq.”

A troubled history Iraq’s 5 million Kurds have experienced relative stability since the end of the 1991 Gulf war, when they were liberated from Saddam Hussein and lived under a no-fly zone protected by US and British air power. A persecuted people who famously had “no friends but the mountains”, they were allied with the post-cold war world’s only superpower. Iraq’s 2005 federal constitution gave the Kurdistan regional government (KRG) an unprecedented degree of self-government. But the last few months have also held out the prospect of change for the 14-17 million Kurds in Turkey, where the prime minister, Recep Tayyip Erdoğan, is in negotiations with the jailed Abdallah Öcalan, leader of the PKK and its 30-year insurrection. Syria’s 1.6 million Kurds have made big gains since the uprising against Bashar al-Assad and now control the north-east of the country – though their status has bedevilled relations with the Arab opposition. Kurds in Iran (7 million) enjoy minority rights but experience persecution. The Tehran government is concerned that PKK fighters leaving Turkey may now launch attacks inside Iran. Öcalan has talked of creating a “stateless union” between Kurds in Turkey, Iraq, Syria and Iran, which would increase integration while maintaining national borders. Kurdish leaders everywhere are painfully conscious of a history of oppression and betrayal by supposed friends. Hopes for statehood after the first world war came to nothing and the British put down a Kurdish revolt in Iraq in the 1920s. In 1946 the short-lived Mahabad republic in Iran was abandoned by the Soviet Union. In 1975 the US withdrew its support for an Iraqi Kurdish rebellion mounted from Iran and secretly aided by Israel, as part of a rapprochement between Baghdad and the Shah of Iran. “Covert action,” Henry Kissinger told Mullah Mustafa Barzani, father of the current KRG president, “is not missionary work.” - See more at: http://www.directorstalk.com/kurdistan-iraq-final-test-data-before-oil-starts-flowing-for-the-first-time-directly-across-the-border-to-turkey/#sthash.VjtC0xrT.dpuf ================================= You are all correct this was designed as a gas line. Taq Taq to Khurmala 20" capacity 150,000 bbl/d. Completed. Khurmala to Fish Khabur 24" opening to 36" capacity 300,000 ( without pumps ) Completed. ================================================================== http://www.platts.com/latest-news/oil/istanbul/new-iraq-turkey-oil-line-not-possible-in-18-months-21765882?. New Iraq-Turkey oil line not possible in 18 months: official Istanbul (Platts)--1Nov2013/1145 am EDT/1545 GMT The construction of a new oil export line from Iraqi Kurdistan to Turkey is not possible with the 18 month timeframe suggested by Kurdish officials, a Turkish energy ministry spokesman told Platts Friday. Turkish energy minister Taner Yildiz wants a new pipeline but has not given a possible timeframe for its construction, the spokesman said. There have been no feasibility studies, tenders or pipeline ordered so the completion of a 970 km pipeline within such a short timeframe is not feasible, the spokesman confirmed. He was commenting on reports that Kurdistan region minister for natural resources Ashti Hawrami had said that a new 1 million b/d line could be operational within 18 months to two years. Sources close to the Iraqi Kurdish side confirmed to Platts Friday that the new line will be constructed to carry heavy crude from fields such as Sheikhan separately from the lighter crude produced by fields such as the Genel-operated TaqTaq field. Speaking at a conference in Istanbul on Thursday, Hawrami said the Kurdistan Regional Government wants to expand flow through the existing Kirkuk-Ceyhan line to full capacity and commission the new line when production of the heavier crude has risen sufficiently. Sources confirmed that the new pipeline is expected to be completed in around 18 months with the KRG responsible for completing the Iraqi section of the line. The Turkish section of the line will be constructed by Turkey, he said but was unable to confirm whether it would be a state-owned or private company that would complete the line. Turkish company Ikideniz Petrol, a subsidiary of Calik Holding, last year applied to Turkey's Petroleum directorate for a license to construct a pipeline from the Iraq-Turkey border to Ceyhan. Calik holds stakes in upstream assets in southeast Turkey, Iraq, Afghanistan, Azerbaijan, and Turkmenistan. The source said the new pipeline is expected to run parallel to the existing Kirkuk-Ceyhan pipeline. --David O'Byrne, newsdesk@platts.com --Edited by Jonathan Loades-Carter, jonathan.carter@platts.com ======================================================== Turkey aware of Iraq's concern View parent message Hello Everyone, There have never been any doubts at all that Kurdish oil will not flow from Kurdistan direct to Turkey.It is only the usual rhetoric from Shahristani. For those of you that have stayed invested in GKP long enough you will remember what Shahristani said: 1. The contracts signed by Marathon and Murphy,sometime in late 2010 was illegal and that never stopped ExxonMobil,Total,Chevron and Gazprom from signing PSC's with the KRG despite the illegal PSC's. 2.That the trucking of Kurdish oil to Turkey is illegal and Shahristani calls it "smuggling" and threatened to sue Genel and that has not stopped the daily 40-60K barrels going into Turkey. 3.When the 300K pipeline was announced,Shahristani called the pipeline illegal and when it was near completion,he asked the KRG to join the line to the Baghdad controlled pipeline before being exported! My take: 1.No one in Kurdistan takes Shahristani seriously.It is just bad politics and Baghdad does not have the Kurds interest at heart at all.Baghdad has no control over the KRG and they should start treating the KRG as partners in the Government. 2.The Turks will distribute and monitor the amount of oil exported and will give Baghdad 83 percent of the revenues from the Kurdish exports net after paying the PSC's contractors their cost and profit oil.This is what Turkey will do and unless Shahristani tells Turks that he does not trust them,that will not come down well with Turkey if that is the case. 3.Given the above,it will address Baghdad's concern of the amount of oil exported and it will guarantee that the PSC's contractors are paid. Make no mistake,oil will flow from Kurdistan direct to Turkey.Now markets are strange and never perfect,DNO closed on last Friday, at a historical high of 17.68 Nowegian Kroners,whilst Genel is down which makes no sense given that Genel has stakes in Tawkye and Taq Taq. GKP,given the raising of 50mil Usd in a short time and will be funded till mid 2014 and that GKP will begin exports once the Kurdish pipeline is ready and it will happen,make no mistake with that as well,the SP is again ridiculous and for those of us thats been here long enough,this is not new at all. However,who knows GKP could start exports earlier than planned if the KRG needs every drop of oil that they could get hold off to export,knowing that Baghdad will surely and slowly reduced the KRG budget over time. Till my next post,best wishes to all and stay steadfast. ======================= The thread is like a old copy of the Dandy magazien, now FFS wake up. Monks investment trust as always been a vehicle for Kurd oil explorers and state street. Look at DNO and learn the lessons and never assume the shares in Monks BG are TK 100% Open your eyes and realize the MNR have more dam share in Kurd oil exploration companys than any investor , all mixed into a series of accounts. Those who have been around along time should realize and should have followed DNO debacle and GKP debacle in March 2009 when shares were sold out of the oppenheimer . Dont assume the owner of benificary of Gokan is kozel, think about issues clearly and ask where the 450,000 share are that never voted at the AGM. I am no Kozel fan, but I know people who wear blinkers cant see the Dam MNR and KRG are upto there necks. Try an exercise. Genel Enerji. Heritage. DNO VAST GKP HUNT KOMET AFREN How many litigation issues are there and who carved up DNO block and gave part to Genel Enerji and Etamic, who carved up DNO block and gave SA to GKP. What about Alqoush, and so on so forth I bet Ross perot is happy, the MNR and KRG think they can do what they want, problem is they can as they own all the shares in listed companys. GENEL finish up with Chia Sukr from Longford LFD. Remind me which spiv american generals were on the board of Forber Manhattan. Take a long hard look at which institutions owned DNO and what the Oil Minister did when he had a JPM , HSBC squabbling over who was going to trade the DNO shares and where did they finish up.Genel Enerji. Politicians and oil companys , are expendable to the KRG, I struggle to believe people cant see the simple facts. Regards from the windy city CJ He noted that the libertarian vote swung against Republicans in the 1992 presidential election, which included third party candidate Ross Perot, a businessman who favored a balanced budget and abortion rights. Both Perot and Republican incumbent George H. W. Bush lost to Democrat Bill Clinton. The Constitution Party, first established as the U.S. Taxpayers' Party in 1991, is a vehicle for a hard-edged Christian conservative politics that has never found much success. And in 2000, Pat Buchanan tried to transform Ross Perot's Reform Party into a nationalist conservative party in line with his own idiosyncratic, anti-trade populism. The round of funding was led by I2BF Global Ventures, the same firm that invested into the ridiculously cool asteroid-mining space startup Planetary Resources along with Avatar director James Cameron, Google chairman Eric Schmidt, Google cofounder Larry Page, and Ross Perot Jr. “In the two years since Dauria Aerospace was founded, we’ve reached several key milestones in technology development and have successfully secured contracts and established our global presence,” Dauria Aerospace president Mikhail Kokorich said in a statement. “We are confident that with our new partnership with I2BF Global Ventures and the invested capital, we will succeed in reaching our amplified goals in the next few years.” Founded in 2011, Dauria Aerospace has raised a total of $30 million in funding to date. The company currently operates satellite development centers in Moscow and the NASA Ames Research Center in California. Clinkle peeked out of stealth mode long enough to reveal that it has raised a whopping $25 million seed round from some of the most well-known investors out there, including Andressen Horowitz, Peter Thiel, Diane Greene, Jim Breyer, Marc Benioff, Owen Van Natta, Ross Perot JR.(chairman of the real estate development firm Hillwood and The Perot Group. ), Peter Crisp, and Stanford professors. Clinkle is building a mobile payments platform that could ultimately replace physical wallets. That is the big vision — to create a transactional network of merchants and consumers that is so strong, you could walk around without a wallet for a week and still be able to buy everything you need. Read more on VentureBeat. ============