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Antwort auf Beitrag Nr.: 49.490.999 von texas2 am 03.04.15 08:05:37ein wenig sortieren:
Todd Kozel ein damals kleiner Ami Ölprinz mit Chuzpe gründet zusammen mit arabischem Geld (die Retourkutsche der Kuwaitis für den Saddam Einmarsch in Kuwait) eine Ölfirma, steigt damit im N-Irak ein und hat einige lange Jahre später den Dussel einige Millarden bbl Öl zu finden, bei reinen Produktionskosten, die mit den saudischen vergleichbar sind (niedrigsten weltweit) - Jackpot! Die Milliarden bbl öl kann jeder selber mit dem Ölpreis multiplizieren und einen Bruchteil davon nehmen, je nachdem wie man die Kosten einschätzt, wie viel der Staat, die Kurden abziehen etc. Todd Kozel übertreibt es aber ein wenig, sieht zB einige Milliarden bbl Öl zu viel (sag ich: kann schon passieren in solch einem Glücksrausch ) und übertreibt auch bei seinem Gehalt, der mit über 20 Mio $/a über dem vom Shell Chef liegt, obwohl GKP noch nix verdient. Kann man auch verstehen, wenn die alt gewordene Ehefrau, die in den USA geblieben ist, 100 Mio $ für die Scheidung will. Aber das Verständnis hört bei den Aktionären und Partnern auf und sie setzten Todd Kozel vor die Tür, der damit zusammen mit seiner Familie "nur" noch Aktionär ist. Es folgt der schillernde Simon Murray aus Hong Kong kommend und GKP braucht dringend Geld um weiter zu machen. Man verschuldet sich mit 250 Mio $ und jede Menge Leuten wollen die Milliarden bbl Öl, die GKP jetzt in Kurdistan neu entdeckt hat. GKP selber stellt sich zum Verkauf dh man sagt GKP will nicht selber großer Ölproduzent werden und wahrscheinlich unterm Strich nicht mehr $ sehen sondern durch den Verkauf der Firma schnellere aber unterm Strich weniger $ sehen. Wenig später wird Murray vor die Tür gesetzt, weil einige größer Aktionäre (M&G sollte über 50 Mio Aktien von GKP haben)eine andere Linie als Murray fahren wollen. Wer will jetzt also alle seine Anteile am Milliarden bbl GKP Ölkuchen haben:
- Die Kurden selber, ist immerhin ihr Land, sind ein geschundenes Volk, das seinen eigenen Staat haben möchte. Mit den verschiedenen mehr oder weniger korrupten Clans, Parteien. Stellen zur Zeit die bewaffneten Wachen auf dem Ölfeld (mit Gewehren aus Deutschland)und somit in einer relativ starken Position, die viele $ sehen wollen
- Der Irak, ist immerhin ihr Staat, politisch zur Zeit von Shiiten dominiert, mit ein wenig zu kurz gekommen Suniten und einer ISIS die die Christen umbringt und mit dem Rest im Clinch liegt. Machen zur Zeit den korrupteren Eindruck als die Kurden. Aber mit Isis ist man voneinander abhängig und sie befürchten die vielen $ zu verlieren. Haben deshalb zB den griechischen Öltankerreeder verklagt, damit der nicht mehr das von den Kurden verkaufte Öl transportieren soll.
- Kozel und die Aktionäre, schießlich war das die Idee der GKP Gründung. Andere Aktionäre wie der M&G Fond kämpfen aber auch mit harten Bandagen um einen möglichst hohen Anteil von GKP zu bekommen.
- Kreditgeber: Weil das aber mit der Bezahlung der ersten geförderten zehntausenden bbl/d nur schlecht läuft (Irak/Kurden/Isis Problem) muss Kredit genommen werden. Die Kreditgeber denke ich wollen ebenfalls ein möglichst großes Ölkuchenstück von GKP und natürlich ihr Geld zurück (aus Sicht der Aktionäre, die nicht bei den Kreditgebern dabei sind: schlecht verhandelt)
- Und dann gibt es noch die möglichen Käufer wie die Majors (zB Exxon) und Staatlichen Ölfirmen (Chinesen etc), für die GKP mit den Millarden bbl Öl ein sehr fetter Brocken wäre, der die Geschäfte über viele Jahre, ja Jahrzehnte weiter sichern könnte, wenns klappt. Die wollen natürlich so billig wie möglich kaufen.
- Partner wie die MOL - kann zumindest eine wichtige Hilfe fürs GKP Überleben sein. Wenn irgendwie möglich werden die aber ebenfalls versuchen, ihr Filetstück zu vergrößern wenn was geht.
Gestern nachdem offiziell klar war, dass die Bondhalter jetzt GKP nicht die Unterhose ausziehen zur Lasten der Aktionäre, stieg der GKP Kurs um danach zu fallen, meine Interpretation weil gleichzeitig die Nachricht kam, dass die Wahrscheinlichkeit steigt, dass mehr billiges iranisches Öl auf den Markt kommen könnte
Eine äußerst interessante, auch im Ölgeschäft nicht alltägliche Melange - viel Spass beim spekulieren
Todd Kozel ein damals kleiner Ami Ölprinz mit Chuzpe gründet zusammen mit arabischem Geld (die Retourkutsche der Kuwaitis für den Saddam Einmarsch in Kuwait) eine Ölfirma, steigt damit im N-Irak ein und hat einige lange Jahre später den Dussel einige Millarden bbl Öl zu finden, bei reinen Produktionskosten, die mit den saudischen vergleichbar sind (niedrigsten weltweit) - Jackpot! Die Milliarden bbl öl kann jeder selber mit dem Ölpreis multiplizieren und einen Bruchteil davon nehmen, je nachdem wie man die Kosten einschätzt, wie viel der Staat, die Kurden abziehen etc. Todd Kozel übertreibt es aber ein wenig, sieht zB einige Milliarden bbl Öl zu viel (sag ich: kann schon passieren in solch einem Glücksrausch ) und übertreibt auch bei seinem Gehalt, der mit über 20 Mio $/a über dem vom Shell Chef liegt, obwohl GKP noch nix verdient. Kann man auch verstehen, wenn die alt gewordene Ehefrau, die in den USA geblieben ist, 100 Mio $ für die Scheidung will. Aber das Verständnis hört bei den Aktionären und Partnern auf und sie setzten Todd Kozel vor die Tür, der damit zusammen mit seiner Familie "nur" noch Aktionär ist. Es folgt der schillernde Simon Murray aus Hong Kong kommend und GKP braucht dringend Geld um weiter zu machen. Man verschuldet sich mit 250 Mio $ und jede Menge Leuten wollen die Milliarden bbl Öl, die GKP jetzt in Kurdistan neu entdeckt hat. GKP selber stellt sich zum Verkauf dh man sagt GKP will nicht selber großer Ölproduzent werden und wahrscheinlich unterm Strich nicht mehr $ sehen sondern durch den Verkauf der Firma schnellere aber unterm Strich weniger $ sehen. Wenig später wird Murray vor die Tür gesetzt, weil einige größer Aktionäre (M&G sollte über 50 Mio Aktien von GKP haben)eine andere Linie als Murray fahren wollen. Wer will jetzt also alle seine Anteile am Milliarden bbl GKP Ölkuchen haben:
- Die Kurden selber, ist immerhin ihr Land, sind ein geschundenes Volk, das seinen eigenen Staat haben möchte. Mit den verschiedenen mehr oder weniger korrupten Clans, Parteien. Stellen zur Zeit die bewaffneten Wachen auf dem Ölfeld (mit Gewehren aus Deutschland)und somit in einer relativ starken Position, die viele $ sehen wollen
- Der Irak, ist immerhin ihr Staat, politisch zur Zeit von Shiiten dominiert, mit ein wenig zu kurz gekommen Suniten und einer ISIS die die Christen umbringt und mit dem Rest im Clinch liegt. Machen zur Zeit den korrupteren Eindruck als die Kurden. Aber mit Isis ist man voneinander abhängig und sie befürchten die vielen $ zu verlieren. Haben deshalb zB den griechischen Öltankerreeder verklagt, damit der nicht mehr das von den Kurden verkaufte Öl transportieren soll.
- Kozel und die Aktionäre, schießlich war das die Idee der GKP Gründung. Andere Aktionäre wie der M&G Fond kämpfen aber auch mit harten Bandagen um einen möglichst hohen Anteil von GKP zu bekommen.
- Kreditgeber: Weil das aber mit der Bezahlung der ersten geförderten zehntausenden bbl/d nur schlecht läuft (Irak/Kurden/Isis Problem) muss Kredit genommen werden. Die Kreditgeber denke ich wollen ebenfalls ein möglichst großes Ölkuchenstück von GKP und natürlich ihr Geld zurück (aus Sicht der Aktionäre, die nicht bei den Kreditgebern dabei sind: schlecht verhandelt)
- Und dann gibt es noch die möglichen Käufer wie die Majors (zB Exxon) und Staatlichen Ölfirmen (Chinesen etc), für die GKP mit den Millarden bbl Öl ein sehr fetter Brocken wäre, der die Geschäfte über viele Jahre, ja Jahrzehnte weiter sichern könnte, wenns klappt. Die wollen natürlich so billig wie möglich kaufen.
- Partner wie die MOL - kann zumindest eine wichtige Hilfe fürs GKP Überleben sein. Wenn irgendwie möglich werden die aber ebenfalls versuchen, ihr Filetstück zu vergrößern wenn was geht.
Gestern nachdem offiziell klar war, dass die Bondhalter jetzt GKP nicht die Unterhose ausziehen zur Lasten der Aktionäre, stieg der GKP Kurs um danach zu fallen, meine Interpretation weil gleichzeitig die Nachricht kam, dass die Wahrscheinlichkeit steigt, dass mehr billiges iranisches Öl auf den Markt kommen könnte
Eine äußerst interessante, auch im Ölgeschäft nicht alltägliche Melange - viel Spass beim spekulieren
Antwort auf Beitrag Nr.: 49.490.972 von texas2 am 03.04.15 07:49:10Die, denen GKP 250 Mio $ schuldet haben ihre Bedingungen gestellt, wie zB dass GKP immer mindestens 50 Mio $ auf dem Konto haben muss etc.
2 April 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Consent Solicitation Update
US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655908)
(the "Notes")
Further to the Company's RNS of 12 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has received confirmation that its Consent Solicitation has received the successful support of noteholders. The Consent Solicitation will expire at 3.00 p.m. (London time) on 2 April 2015.
Noteholders have submitted the requisite proxies to remove the book equity ratio covenant from the trust deed constituting the Notes (the "Trust Deed"), and the Company has agreed to the following terms: (i) retaining the Company's Debt Service Reserve Account at one year of scheduled interest payments for the Notes (instead of stepping down to six months of interest payments in October 2015); (ii) granting a security interest in favour of the holders of the Notes and the Company's 6.25 per cent. Convertible Bonds due 2017 (the "Convertible Bonds") over the shares of Gulf Keystone Petroleum International Limited, subject to negotiation of the terms of the security and intercreditor documentation; (iii) reducing certain of the Company's grace periods under the Trust Deed for certain events of default and including additional notifications to the Trustee; and (iv) beginning a dialogue with a committee of holders of the Notes if and when the Company's cash balance drops below US$50 million (including amounts in the Debt Service Reserve Account) for a period of five consecutive business days. Certain of the foregoing features will have to be formally approved at an additional meeting of holders of the Notes and if applicable the Convertible Bonds, to be called by the Company within 15 business days of the successful completion of the Noteholder Meeting scheduled for 7 April 2015. For the avoidance of doubt, the removal of the book equity ratio covenant is not subject to the result of such additional noteholder meetings and the Company expects the supplemental trust deed that will give effect to the removal of the book equity ratio covenant to be executed following the first noteholder meeting on 7 April 2015, subject to confirmation of the final results of the Consent Solicitation following its expiration.
The Placing of New Common Shares announced by the Company on 31 March 2015 is conditional on, inter alia, the consent from the holders of the Notes to the removal of the book equity ratio covenant from the Trust Deed.
The other terms and conditions of the Consent Solicitation remain unchanged. The complete terms and conditions of the Consent Solicitation are described in the Consent Solicitation Memorandum dated 12 March 2015 issued by the Company, as supplemented by the Supplements dated 24 March 2015 and 30 March 2015 (together, the "Consent Solicitation Memorandum"), copies of which may be obtained by contacting D.F. King Limited, the information and tabulation agent for the Consent Solicitation, as set out below. Additional information concerning the Consent Solicitation may be obtained by contacting the solicitation agents.
Capitalised terms have the meanings assigned to them elsewhere in this release or in the Consent Solicitation Memorandum, as applicable.
This RNS is for informational purposes only, and the Consent Solicitation is being made only pursuant to terms of the Consent Solicitation Memorandum. The Consent Solicitation is not being made to, and Consents are not being solicited from, holders of Notes in any jurisdiction in which it is unlawful to make such solicitation or grant such Consent. None of the Company, the guarantor of the Notes, the solicitation agents, the information and tabulation agent or the trustee under the Trust Deed makes any recommendation as to whether or not holders of Notes should deliver any Consents. Each holder of Notes must make its own decision as to whether or not to deliver a Consent.
Further Information
A complete description of the terms and conditions of the Consent Solicitation is set out in the Consent Solicitation Memorandum. Further details about the transaction can be obtained from:
The Solicitation Agents
Deutsche Bank AG, London Branch
Tel: +442075476153
Tel: +442075473693
2 April 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Consent Solicitation Update
US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655908)
(the "Notes")
Further to the Company's RNS of 12 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has received confirmation that its Consent Solicitation has received the successful support of noteholders. The Consent Solicitation will expire at 3.00 p.m. (London time) on 2 April 2015.
Noteholders have submitted the requisite proxies to remove the book equity ratio covenant from the trust deed constituting the Notes (the "Trust Deed"), and the Company has agreed to the following terms: (i) retaining the Company's Debt Service Reserve Account at one year of scheduled interest payments for the Notes (instead of stepping down to six months of interest payments in October 2015); (ii) granting a security interest in favour of the holders of the Notes and the Company's 6.25 per cent. Convertible Bonds due 2017 (the "Convertible Bonds") over the shares of Gulf Keystone Petroleum International Limited, subject to negotiation of the terms of the security and intercreditor documentation; (iii) reducing certain of the Company's grace periods under the Trust Deed for certain events of default and including additional notifications to the Trustee; and (iv) beginning a dialogue with a committee of holders of the Notes if and when the Company's cash balance drops below US$50 million (including amounts in the Debt Service Reserve Account) for a period of five consecutive business days. Certain of the foregoing features will have to be formally approved at an additional meeting of holders of the Notes and if applicable the Convertible Bonds, to be called by the Company within 15 business days of the successful completion of the Noteholder Meeting scheduled for 7 April 2015. For the avoidance of doubt, the removal of the book equity ratio covenant is not subject to the result of such additional noteholder meetings and the Company expects the supplemental trust deed that will give effect to the removal of the book equity ratio covenant to be executed following the first noteholder meeting on 7 April 2015, subject to confirmation of the final results of the Consent Solicitation following its expiration.
The Placing of New Common Shares announced by the Company on 31 March 2015 is conditional on, inter alia, the consent from the holders of the Notes to the removal of the book equity ratio covenant from the Trust Deed.
The other terms and conditions of the Consent Solicitation remain unchanged. The complete terms and conditions of the Consent Solicitation are described in the Consent Solicitation Memorandum dated 12 March 2015 issued by the Company, as supplemented by the Supplements dated 24 March 2015 and 30 March 2015 (together, the "Consent Solicitation Memorandum"), copies of which may be obtained by contacting D.F. King Limited, the information and tabulation agent for the Consent Solicitation, as set out below. Additional information concerning the Consent Solicitation may be obtained by contacting the solicitation agents.
Capitalised terms have the meanings assigned to them elsewhere in this release or in the Consent Solicitation Memorandum, as applicable.
This RNS is for informational purposes only, and the Consent Solicitation is being made only pursuant to terms of the Consent Solicitation Memorandum. The Consent Solicitation is not being made to, and Consents are not being solicited from, holders of Notes in any jurisdiction in which it is unlawful to make such solicitation or grant such Consent. None of the Company, the guarantor of the Notes, the solicitation agents, the information and tabulation agent or the trustee under the Trust Deed makes any recommendation as to whether or not holders of Notes should deliver any Consents. Each holder of Notes must make its own decision as to whether or not to deliver a Consent.
Further Information
A complete description of the terms and conditions of the Consent Solicitation is set out in the Consent Solicitation Memorandum. Further details about the transaction can be obtained from:
The Solicitation Agents
Deutsche Bank AG, London Branch
Tel: +442075476153
Tel: +442075473693
Antwort auf Beitrag Nr.: 49.490.954 von texas2 am 03.04.15 07:43:09Mr. Murray erzählt jetzt ein wenig von seiner Version der Geschichte. Bringt zumindest ein wenig Licht hinein, was wie vielleicht gelaufen ist in den letzten Monaten, Tagen
Gulf Keystone ex-chairman says was forced out, tried to lure Exxon
Reuters
April 1, 2015 11:11 AM
By Dmitry Zhdannikov
LONDON, April 1 (Reuters) - The former head of oil company Gulf Keystone said he was talking to several parties, including ExxonMobil, about a rescue for the firm before being forced to quit under pressure from an investor.
Gulf Keystone, which has been hit hard by a fall in oil prices and delayed payments for crude by Kurdistan, said this week that Chairman Simon Murray, a former chairman of commodities trader Glencore, had retired.
But Murray said he was effectively forced to quit after he disagreed with the firm's decision to raise $41 million through an equity issue at a 21 discount to the market to avoid breaching debt covenants.
Murray said he believed the capital increase this week was a bad short-term solution and had been pushing for a longer-term option, such as an offer from investment group T5 led by former Tullow Oil chairman Pat Plunkett.
He said there had been other options on the table too.
"We had two offers. Pat Plunkett was offering a slightly complicated but interesting solution. Exxon and a Chinese company was looking at us as well. I told the board we should be looking for a long-term solution," Murray told Reuters.
"Instead the board opted for a panic-mode decision."
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-0.69%
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NYSEThu, Apr 2, 2015 4:01 PM EDT
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A spokesman for Gulf Keystone said the company believed it took the best decision for its shareholders this week and declined to discuss details of Murray's departure or talks with individual parties.
"It is not appropriate to comment on individual conversations, beyond saying that the company, supported by its advisers, will continue to select what it views as the best course of action in order to see it through its short-term liquidity issues, and to ensure the greatest value can be achieved for all stakeholders..." the spokesman said.
Exxon Mobil, which in 2012 became the first major oil company to invest in Kurdistan despite opposition from the central government in Baghdad, declined to comment. "We never comment on potential business opportunities," a spokesman said.
INVESTOR ROLE
The dispute between Kurdistan and Baghdad over oil export rights and payments has had far reaching implications for firms working in Kurdistan, including Gulf Keystone.
The firm is owed $200 million by Kurdistan, which has been waiting for money from Baghdad, carries a debt of $575 million and faces a liquidity squeeze ahead of an April deadline to pay $26 million to lenders.
Even before the Kurdish Regional Government left bills unpaid, Gulf Keystone had been going through turmoil.
Murray became chairman in July 2013 amid a campaign by investors M&G and Capital Group to put new directors on the board due to their concerns about corporate governance and Chief Executive Todd Kozel's large compensation package. Kozel quit in 2014.
M&G and Capital Group hold more than five percent each in Gulf Keystone, making them the second and third largest shareholders behind Barclays Wealth, according to Reuters data.
Murray said it was M&G which had asked Gulf Keystone's board in a letter to force him out if the company wanted M&G to participate in the new $41 million share issuance this week.
M&G, which agreed to subscribe to the new share issue, declined official comment.
A source familiar with the M&G strategy said the fund was convinced management changes were needed at Gulf Keystone to improve company performance.
"You don't enter into sale negotiations with the position of weakness. The company needed to address short-term liquidity problems first," the source said.
Murray said he felt different: "I said I did not want to stand in the way of receiving the money if that is how the board felt. Even though I felt this was not the way".
(Editing by David Clarke and David Evans)
Gulf Keystone ex-chairman says was forced out, tried to lure Exxon
Reuters
April 1, 2015 11:11 AM
By Dmitry Zhdannikov
LONDON, April 1 (Reuters) - The former head of oil company Gulf Keystone said he was talking to several parties, including ExxonMobil, about a rescue for the firm before being forced to quit under pressure from an investor.
Gulf Keystone, which has been hit hard by a fall in oil prices and delayed payments for crude by Kurdistan, said this week that Chairman Simon Murray, a former chairman of commodities trader Glencore, had retired.
But Murray said he was effectively forced to quit after he disagreed with the firm's decision to raise $41 million through an equity issue at a 21 discount to the market to avoid breaching debt covenants.
Murray said he believed the capital increase this week was a bad short-term solution and had been pushing for a longer-term option, such as an offer from investment group T5 led by former Tullow Oil chairman Pat Plunkett.
He said there had been other options on the table too.
"We had two offers. Pat Plunkett was offering a slightly complicated but interesting solution. Exxon and a Chinese company was looking at us as well. I told the board we should be looking for a long-term solution," Murray told Reuters.
"Instead the board opted for a panic-mode decision."
Related Quotes
XOM
84.30
-0.19%
GKP.L
36.00
-0.69%
Exxon Mobil Corporation Watchlist
84.30-0.16(-0.19%)
NYSEThu, Apr 2, 2015 4:01 PM EDT
WTI Is under Pressure as Cushing Inventories Approach Capacity Market Realist 10 hrs ago
Exxon Mobil (XOM) Stock Declines Today as Oil Price Take a Sharp Downturn TheStreet q 11 hrs ago
More
A spokesman for Gulf Keystone said the company believed it took the best decision for its shareholders this week and declined to discuss details of Murray's departure or talks with individual parties.
"It is not appropriate to comment on individual conversations, beyond saying that the company, supported by its advisers, will continue to select what it views as the best course of action in order to see it through its short-term liquidity issues, and to ensure the greatest value can be achieved for all stakeholders..." the spokesman said.
Exxon Mobil, which in 2012 became the first major oil company to invest in Kurdistan despite opposition from the central government in Baghdad, declined to comment. "We never comment on potential business opportunities," a spokesman said.
INVESTOR ROLE
The dispute between Kurdistan and Baghdad over oil export rights and payments has had far reaching implications for firms working in Kurdistan, including Gulf Keystone.
The firm is owed $200 million by Kurdistan, which has been waiting for money from Baghdad, carries a debt of $575 million and faces a liquidity squeeze ahead of an April deadline to pay $26 million to lenders.
Even before the Kurdish Regional Government left bills unpaid, Gulf Keystone had been going through turmoil.
Murray became chairman in July 2013 amid a campaign by investors M&G and Capital Group to put new directors on the board due to their concerns about corporate governance and Chief Executive Todd Kozel's large compensation package. Kozel quit in 2014.
M&G and Capital Group hold more than five percent each in Gulf Keystone, making them the second and third largest shareholders behind Barclays Wealth, according to Reuters data.
Murray said it was M&G which had asked Gulf Keystone's board in a letter to force him out if the company wanted M&G to participate in the new $41 million share issuance this week.
M&G, which agreed to subscribe to the new share issue, declined official comment.
A source familiar with the M&G strategy said the fund was convinced management changes were needed at Gulf Keystone to improve company performance.
"You don't enter into sale negotiations with the position of weakness. The company needed to address short-term liquidity problems first," the source said.
Murray said he felt different: "I said I did not want to stand in the way of receiving the money if that is how the board felt. Even though I felt this was not the way".
(Editing by David Clarke and David Evans)
Antwort auf Beitrag Nr.: 49.470.566 von texas2 am 01.04.15 04:47:27hier noch sehr fundierter Lesestoff
http://www.alessandrobacci.com/2015/02/Why-Do-IOCs-Have-to-I…
http://www.alessandrobacci.com/2015/02/Why-Do-IOCs-Have-to-I…
Antwort auf Beitrag Nr.: 49.468.073 von texas2 am 31.03.15 19:22:05Zusammenfassung von der FT
March 31, 2015 6:25 pm
Gulf Keystone chairman steps down after share placing
Michael Kavanagh
Gulf Keystone Petroleum pipeyard storage©Gulf Keystone
Simon Murray is to step down as chairman of cash-strapped Gulf Keystone Petroleum, less than two years after he took up the role amid criticisms of other board members’ pay and the oil company’s corporate governance.
News of the retirement of Mr Murray — a former chairman of commodities trader Glencore and veteran of the French Foreign Legion — came after Gulf Keystone completed a £30m share placing at 32p a share, to boost its cash balances as it renegotiates with lenders.
A source close to the company described the placing as securing “four to five months’ breathing space” — allowing it to improve its funding position as it waits for overdue export payments from the Kurdistan Regional Government.
Gulf Keystone did not give specific reasons for Mr Murray’s departure, which was announced at the same time as the successful fundraising. People familiar with the events suggested that some leading shareholders had asked for the City grandee to be replaced, but the company declined to comment.
Last month, Gulf Keystone revealed it was in talks with unnamed parties over a possible sale of its business, following a collapse in its share price.
Andrew Simon, the company’s senior independent director who led a crackdown on boardroom pay awards last year, has taken over as interim chairman with immediate effect.
One of Mr Murray’s first acts on becoming chairman in 2013 had been to back fellow director Lord Guthrie, former head of the UK’s Defence Staff, in opposing the nomination of four outside directors by the group’s then leading shareholder M&G.
However, both military men were quickly forced into retreat when M&G joined other leading shareholders including Capital Research Global Investors, to press for change ahead of the company’s annual meeting. Mr Murray and the board then accepted M&G’s nominations and the resignation of two longstanding boardroom allies of company founder Todd Kozel.
Mr Kozel himself chose to quit as chief executive ahead of last year’s annual meeting, where shareholders were expected to oppose his reappointment as a director. His resignation came days after the sudden departure of Ewen Ainsworth as finance director.
Shortly before Mr Kozel’s resignation, continuing board room disagreements under Mr Murray’s leadership had also led to the exit of John Bell and deputy chairman Jeremy Asher. Both had served less than a year.
Thomas Shull, one of the slate of M&G nominees initially opposed by Mr Murray and Lord Guthrie, the previous year, opted to step down amid the feud.
Mr Murray’s resignation on Tuesday leaves Lord Guthrie and John Gerstenlauer, who replaced Mr Kozel as chief executive last June, as the only surviving members of Gulf Keystone’s board from two years ago.
March 31, 2015 6:25 pm
Gulf Keystone chairman steps down after share placing
Michael Kavanagh
Gulf Keystone Petroleum pipeyard storage©Gulf Keystone
Simon Murray is to step down as chairman of cash-strapped Gulf Keystone Petroleum, less than two years after he took up the role amid criticisms of other board members’ pay and the oil company’s corporate governance.
News of the retirement of Mr Murray — a former chairman of commodities trader Glencore and veteran of the French Foreign Legion — came after Gulf Keystone completed a £30m share placing at 32p a share, to boost its cash balances as it renegotiates with lenders.
A source close to the company described the placing as securing “four to five months’ breathing space” — allowing it to improve its funding position as it waits for overdue export payments from the Kurdistan Regional Government.
Gulf Keystone did not give specific reasons for Mr Murray’s departure, which was announced at the same time as the successful fundraising. People familiar with the events suggested that some leading shareholders had asked for the City grandee to be replaced, but the company declined to comment.
Last month, Gulf Keystone revealed it was in talks with unnamed parties over a possible sale of its business, following a collapse in its share price.
Andrew Simon, the company’s senior independent director who led a crackdown on boardroom pay awards last year, has taken over as interim chairman with immediate effect.
One of Mr Murray’s first acts on becoming chairman in 2013 had been to back fellow director Lord Guthrie, former head of the UK’s Defence Staff, in opposing the nomination of four outside directors by the group’s then leading shareholder M&G.
However, both military men were quickly forced into retreat when M&G joined other leading shareholders including Capital Research Global Investors, to press for change ahead of the company’s annual meeting. Mr Murray and the board then accepted M&G’s nominations and the resignation of two longstanding boardroom allies of company founder Todd Kozel.
Mr Kozel himself chose to quit as chief executive ahead of last year’s annual meeting, where shareholders were expected to oppose his reappointment as a director. His resignation came days after the sudden departure of Ewen Ainsworth as finance director.
Shortly before Mr Kozel’s resignation, continuing board room disagreements under Mr Murray’s leadership had also led to the exit of John Bell and deputy chairman Jeremy Asher. Both had served less than a year.
Thomas Shull, one of the slate of M&G nominees initially opposed by Mr Murray and Lord Guthrie, the previous year, opted to step down amid the feud.
Mr Murray’s resignation on Tuesday leaves Lord Guthrie and John Gerstenlauer, who replaced Mr Kozel as chief executive last June, as the only surviving members of Gulf Keystone’s board from two years ago.
Trading Spotlight
Antwort auf Beitrag Nr.: 49.467.935 von Eulenfoerster am 31.03.15 19:02:42Wenn man Murray den Chinesen zurechnet, weil er in Hong Kong geschäftlich tätig war/ist, könnte man schlussfolgern, dass jetzt vielleicht Exxon am Zug ist. Vielleicht spornt das aber auch nur die Chinesen weiter an oder vielleicht sind diese Spekulationen auch nur Hirngespinste. Tatsache ist aber, dass die in den letzten Tagen veröffentlichten Informationen von Medien, die teilweise für mich ebenfalls wie Hirngespinste rüber kamen, sich wenig später als Tatsachen entpuppten. Siehe zB die Spekulation, dass einige Adressen mit Murray nicht zufrieden waren . Aber nach wie vor viele Fragezeichen: warum, wieso und wie könnte es weiter gehen?
Antwort auf Beitrag Nr.: 49.467.902 von texas2 am 31.03.15 18:59:56Schreibfehler:
schlimmer: 0,32
schlimmer: 0,32
So lange sie keine regelmäßigen Einkünfte haben, ist Gulf eine Geldverbrennungsmaschine.
Ist Exxon nun im Spiel als möglicher Aufkäufer ?
Ich jammerschade, Gulf hat gewaltige Ressourcen die Milliarden wert sind. Bei den Ölpreisen müssten sich die Ölmultis mal solangsam aufmachen zu Übernahmen. Bisher gab es in letzter Zeit keine großen Übernahmen.
Da hier aber die Möglichkeit besteht, verstehe ich aber den Kurssturz nicht.
Ist Exxon nun im Spiel als möglicher Aufkäufer ?
Ich jammerschade, Gulf hat gewaltige Ressourcen die Milliarden wert sind. Bei den Ölpreisen müssten sich die Ölmultis mal solangsam aufmachen zu Übernahmen. Bisher gab es in letzter Zeit keine großen Übernahmen.
Da hier aber die Möglichkeit besteht, verstehe ich aber den Kurssturz nicht.
Antwort auf Beitrag Nr.: 49.459.766 von texas2 am 30.03.15 22:22:24Die da geht es drunter und drüber Nachrichtenflut reißt nicht ab.
Zuerst erfahren wir dass die 86 Mio neuen Aktien für 0,36 Pfund verkauft werden.Dieser (zu) niedrige Preis wir vor allem die freuen, die diese angeboten haben bekommen, für die Anderen bedeutet es Verwässerung, für die Firma ein wenig finanziellen Spielraum, wobei mit den 40 Mio $ aber auch keine richtig grossen Sprünge gemacht werden können.
Dann erfahren gleich hinterher, dass der schillernde Simon Murray aufhört. Ist der jetzt beleidigt und warum, hat er einen Machtkampf um was? verloren?
Schwer das warum und wieso zu verstehen
---------------------------------------------
31 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Placing of New Common Shares
Further to the Company's announcement of 30 March 2015 Gulf Keystone is pleased to announce that it has successfully raised through Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners") gross proceeds of US$40,693,235 through a conditional placing of 85,900,000 new Common Shares of US$ 0.01 each in the Company (the "Placing Shares") at a placing price of 32p per share (the "Placing Price") (the "Placing").
Use of Proceeds
Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
Prior to proceeds from the Placing, the Company's cash balance is US$86.3 million, which includes the pre-payment of US$26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February.
The Placing
The Placing has been made on a non-pre-emptive basis and is subject to the terms and conditions set out in the Appendix 1 which forms a part of this Announcement. The Placing has not been underwritten.
The Placing Shares have been placed by the Bookrunners with both new and existing institutional investors.
The Placing is conditional, inter alia, on holders of at least 75% in principal amount of the Notes consenting to the Extraordinary Resolution by 7.00 p.m. on 1 April 2015 or such later time and date as may be agreed between the Company and the Bookrunners, being no later than 5 p.m. on 2 April 2015; admission of the Placing Shares to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"); and the Placing Agreement to be entered into between the Company, Mirabaud and Pareto not being terminated prior to Admission. In connection with the Placing the Company will undertake not to adjourn the Meeting or amend the resolution proposed at the Meeting.
The Placing Shares will represent 8.78 per cent. of the enlarged issued share capital of the Company. The Placing Shares will be fully paid and will rank pari passu in all respects with the existing Common Shares including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
Admission to trading and listing
The Company has applied for Admission of the Placing Shares. It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 2 April 2015. The total number of Common Shares in issue following completion of the Placing, and the total number of voting rights, will be 978,138,061.
The above figure of 978,138,061 Common Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Gulf Keystone under the FSA's Disclosure and Transparency Rules.
Sami Zouari, Gulf Keystone Petroleum's CFO, commented:
"This successful Placing will strengthen the Company's financial position while discussions with interested parties in relation to possible asset transactions or a sale of the Company and the Board's assessment of a number of longer-term funding options to progress to the next Shaikan production target of up to 70,000 barrels of oil per day are ongoing."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
-----------------------------------
31 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Board Change
Gulf Keystone Petroleum announces that Simon Murray, the Company's Non-Executive Chairman is to retire from the Board of Directors of Gulf Keystone.
Andrew Simon, Senior Independent Director, will assume the role of Interim Non-Executive Chairman with immediate effect. A search process for a new Non-Executive Chairman will now begin.
Commenting on today's announcement, Andrew Simon, Interim Non-Executive Chairman of Gulf Keystone said:
"On behalf of the Board and everyone at Gulf Keystone I would like to thank Simon Murray for his significant contribution since 2013. During his tenure he oversaw the move up from AIM to the Main Market of the London Stock Exchange, and the Company achieve its production target of 40,000 barrels of oil per day. He has also worked tirelessly on behalf of the Company as we navigate through some of the challenges brought about by both the geo-politics of the region where we operate and the current oil price environment. We wish him well in the future."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Anastasia Vvedenskaya, Head of Investor Relations
Zuerst erfahren wir dass die 86 Mio neuen Aktien für 0,36 Pfund verkauft werden.Dieser (zu) niedrige Preis wir vor allem die freuen, die diese angeboten haben bekommen, für die Anderen bedeutet es Verwässerung, für die Firma ein wenig finanziellen Spielraum, wobei mit den 40 Mio $ aber auch keine richtig grossen Sprünge gemacht werden können.
Dann erfahren gleich hinterher, dass der schillernde Simon Murray aufhört. Ist der jetzt beleidigt und warum, hat er einen Machtkampf um was? verloren?
Schwer das warum und wieso zu verstehen
---------------------------------------------
31 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Placing of New Common Shares
Further to the Company's announcement of 30 March 2015 Gulf Keystone is pleased to announce that it has successfully raised through Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners") gross proceeds of US$40,693,235 through a conditional placing of 85,900,000 new Common Shares of US$ 0.01 each in the Company (the "Placing Shares") at a placing price of 32p per share (the "Placing Price") (the "Placing").
Use of Proceeds
Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
Prior to proceeds from the Placing, the Company's cash balance is US$86.3 million, which includes the pre-payment of US$26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February.
The Placing
The Placing has been made on a non-pre-emptive basis and is subject to the terms and conditions set out in the Appendix 1 which forms a part of this Announcement. The Placing has not been underwritten.
The Placing Shares have been placed by the Bookrunners with both new and existing institutional investors.
The Placing is conditional, inter alia, on holders of at least 75% in principal amount of the Notes consenting to the Extraordinary Resolution by 7.00 p.m. on 1 April 2015 or such later time and date as may be agreed between the Company and the Bookrunners, being no later than 5 p.m. on 2 April 2015; admission of the Placing Shares to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"); and the Placing Agreement to be entered into between the Company, Mirabaud and Pareto not being terminated prior to Admission. In connection with the Placing the Company will undertake not to adjourn the Meeting or amend the resolution proposed at the Meeting.
The Placing Shares will represent 8.78 per cent. of the enlarged issued share capital of the Company. The Placing Shares will be fully paid and will rank pari passu in all respects with the existing Common Shares including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
Admission to trading and listing
The Company has applied for Admission of the Placing Shares. It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 2 April 2015. The total number of Common Shares in issue following completion of the Placing, and the total number of voting rights, will be 978,138,061.
The above figure of 978,138,061 Common Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Gulf Keystone under the FSA's Disclosure and Transparency Rules.
Sami Zouari, Gulf Keystone Petroleum's CFO, commented:
"This successful Placing will strengthen the Company's financial position while discussions with interested parties in relation to possible asset transactions or a sale of the Company and the Board's assessment of a number of longer-term funding options to progress to the next Shaikan production target of up to 70,000 barrels of oil per day are ongoing."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
-----------------------------------
31 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Board Change
Gulf Keystone Petroleum announces that Simon Murray, the Company's Non-Executive Chairman is to retire from the Board of Directors of Gulf Keystone.
Andrew Simon, Senior Independent Director, will assume the role of Interim Non-Executive Chairman with immediate effect. A search process for a new Non-Executive Chairman will now begin.
Commenting on today's announcement, Andrew Simon, Interim Non-Executive Chairman of Gulf Keystone said:
"On behalf of the Board and everyone at Gulf Keystone I would like to thank Simon Murray for his significant contribution since 2013. During his tenure he oversaw the move up from AIM to the Main Market of the London Stock Exchange, and the Company achieve its production target of 40,000 barrels of oil per day. He has also worked tirelessly on behalf of the Company as we navigate through some of the challenges brought about by both the geo-politics of the region where we operate and the current oil price environment. We wish him well in the future."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Anastasia Vvedenskaya, Head of Investor Relations
Antwort auf Beitrag Nr.: 49.459.430 von texas2 am 30.03.15 21:29:31und es ist ja nicht so, dass es nach diesen verrückten Tagen heute Abend nicht noch verrückter werden könnte:
Ex-Tullow boss reveals rescue plan for Gulf Keystone
30 Mar 2015 - 20:50
LONDON, March 30 (Reuters) – A group of investors led by former Tullow Oil chairman Patrick Plunkett said on Monday it had offered to help Gulf Keystone <GKP.L> solve its funding problems but the firm had so far declined to engage in discussions.
Gulf Keystone has said it was in talks with a number of parties about a possible sale of the company or some assets to help it solve short-term liquidity issues, caused by low oil prices and non-payments. [ID:nL4N0VZ2FH]
On Monday, Gulf Keystone said it would place up to 85.9 million shares to raise a maximum of 30 million pounds ($44.4 million) to strengthen its balance sheet as it struggles with irregular payments for its oil from Kurdistan. [ID:nL6N0WW48S] Plunkett, who is chairman of independent oil firm T5, said he had informed Gulf Keystone about an alternative plan he had in mind, but discussions "never got the momentum".
"We are confused. We believe our approach is demonstratively a far better proposition than a stop-gap placing. We were expecting to get some interaction with the company but it didn't happen," he told Reuters.
Gulf Keystone declined to comment. The firm has previously said it would select what it views as the best course of action to see it through its short-term liquidity issues and ensure the greatest value for all stakeholders.
Plunkett said he had put together a pool of investors and proposed a three-part solution. The first step was a $130 million recapitalisation including an immediate $50 million equity funding.
The solution also included a proposal to transform the board and management in combination with the T5's team, and a possible debt for equity conversion.
"We really hope we can still engage in discussions," he said.
(Reporting by Dmitry Zhdannikov; editing by David Clarke) ((Dmitri.Zhdannikov@thomsonreuters.com
Ex-Tullow boss reveals rescue plan for Gulf Keystone
30 Mar 2015 - 20:50
LONDON, March 30 (Reuters) – A group of investors led by former Tullow Oil chairman Patrick Plunkett said on Monday it had offered to help Gulf Keystone <GKP.L> solve its funding problems but the firm had so far declined to engage in discussions.
Gulf Keystone has said it was in talks with a number of parties about a possible sale of the company or some assets to help it solve short-term liquidity issues, caused by low oil prices and non-payments. [ID:nL4N0VZ2FH]
On Monday, Gulf Keystone said it would place up to 85.9 million shares to raise a maximum of 30 million pounds ($44.4 million) to strengthen its balance sheet as it struggles with irregular payments for its oil from Kurdistan. [ID:nL6N0WW48S] Plunkett, who is chairman of independent oil firm T5, said he had informed Gulf Keystone about an alternative plan he had in mind, but discussions "never got the momentum".
"We are confused. We believe our approach is demonstratively a far better proposition than a stop-gap placing. We were expecting to get some interaction with the company but it didn't happen," he told Reuters.
Gulf Keystone declined to comment. The firm has previously said it would select what it views as the best course of action to see it through its short-term liquidity issues and ensure the greatest value for all stakeholders.
Plunkett said he had put together a pool of investors and proposed a three-part solution. The first step was a $130 million recapitalisation including an immediate $50 million equity funding.
The solution also included a proposal to transform the board and management in combination with the T5's team, and a possible debt for equity conversion.
"We really hope we can still engage in discussions," he said.
(Reporting by Dmitry Zhdannikov; editing by David Clarke) ((Dmitri.Zhdannikov@thomsonreuters.com
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