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Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Flash note: Two payments in two months
Today’s announcement that Gulf Keystone Petroleum (GKP) has been paid for the second month running is good news for all concerned. GKP gets much-needed revenues and a second payment starts to give Kurdistan companies (and investors) a taste that these payments could be the start of regular, reliable cash flows. We note Genel and DNO have yet to announce payments themselves, but would be surprised not to see these in the near future.
Update: Updated CPR sees 2P reserves more than double
Gulf Keystone Petroleum (GKP) has released an updated CPR on its assets, with the resources of its Shaikan, Sheikh Adi and Ber Bahr assets all seeing revisions. Headlines of a more than doubling of the 2P reserves base demonstrate increased confidence in the quality of the Shaikan asset following strong operational performance. Importantly, the reservoir mechanism is now believed to be gas cap driven (rather than through global aquifer support), which will mean revisions to the development plan....
Update: Payments anticipated in September
In its half-year results today, Gulf Keystone confirmed continued strong operational performance from Shaikan. The company continues to produce high volumes from Shaikan (a new daily high of 45mbblsd in August), though struggles to receive revenues for its crude. The payments situation remains unchanged, but first cash receipts from the KRG to contractors are now expected in September. This remains the overriding theme for investors in Kurdistan-based companies. We have tweaked our valuation, wh...
Update: Payments situation improving
In the update published on 9 July, Gulf Keystone (GKP) announced sound operational performance and an improving situation with payments. Production has been consistently high, with rates of over 40mb/d achieved in June. On the key question of payments and offtake, GKP has received a second payment from the recently announced domestic contract, taking cash received to $11.6m (gross). Additionally, the company expects to start trucking to Fyshkhabour for injection into the export pipeline to Ceyha...
Update: Equity issuance strengthens financial position
GKP’s oversubscribed equity offering gives it renewed financial strength, with cash in hand of over $120m. This allows GKP to invest to maintain its current capability of 40mb/d and cover operating expenses in 2015 even without receipt of revenues from oil sales (which we fully expect it to receive in time). Additionally, the removal of the book equity ratio put option illustrates the commitment of the bondholders to the asset base. The current share price reflects uncertainty over receipt of ...
Update: Payments show first step
On 7 November, the Kurdistan Regional Government (KRG) released a statement that it would be making an initial payment to oil producers, with further exports to follow on a regular basis. Gulf Keystone (GKP), more than most in the region, is reliant on cash flows from Shaikan, its key producing asset to fund ongoing development and exploration. As a result, this announcement is a very positive development. For the moment, we leave core NAV unchanged at 97p/share, pending a fuller update and conf...
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