Category: Cash

Gulf Keystone: Payment and Operational Update

Gulf Keystone Petroleum (GKP) has confirmed that a gross payment of $15.0 million ($12.0 million net to GKP) has been received from the Kurdistan Regional Government (KRG) for Shaikan crude oil export sales for April 2017. Company’s current cash position is $140.3 million.

On August 8th, cumulative production from the Shaikan field reached 40 million barrels; another important milestone for the Company.

The Shaikan Field continues to perform in line with expectations with an average daily production of 36,671 barrels of oil per day during the first half of 2017. Gulf Keystone remains on course to achieve its previous gross production guidance of between 32,000 – 38,000 bopd for the full year.

Commenting on today’s announcement, CEO, Jón Ferrier (pictured), said:

“Safe and reliable operations remains a strategic priority and we continue to be strongly encouraged by the stable performance of the Shaikan Field during 2017. I am also pleased to report that GKP recently achieved two years with no Lost-time-incidents (“LTI”), a testament to the quality of our field operations.”

(Source: GKP)

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Over 1,000 Stabilization Projects in Newly Liberated Areas

By the end of the second quarter of 2017, the Funding Facility for Stabilization (FFS) expanded its work with over 1,000 projects underway that support the Government of Iraq’s efforts to stabilize 23 newly liberated areas.

This report outlines the progress made from 1 April to 30 June 2017 by FFS in the governorates of Ninewah, Salah al-Din, Anbar, Diyala and Kirkuk.

The quarterly report focuses on Mosul, where significant progress was made in upscaling activities in the biggest stabilization effort to date. Almost 300 projects are underway in the city, including rehabilitating critical water and health infrastructure, delivering and installing key electrical supplies, supporting the revival of Mosul University, and providing work opportunities to thousands of residents.

A special feature of this report focuses on women’s participation in stabilization, where important gains have been made throughout FFS project areas. The report also updates the Government of Iraq and the 23 FFS donors on ongoing progress in liberated areas of Anbar, Salah al-Din, Diyala, and Kirkuk. Continued support to these areas ensures that stabilization gains are maintained and returnees feel they can remain in their homes.

The work of FFS has helped create the conditions for the return of almost 2 million Iraqis to their homes. At present, over 3 million Iraqis are internally displaced and the continuance of FFS activities remains an essential component to stabilization in Iraq.

Highlights

  • Over 1,000 stabilization projects are underway across newly liberated areas of Iraq
  • FFS is implementing almost 300 projects in Mosul
  • Thousands of residents of Mosul are working to revive their city through cash-for-work projects
  • Rehabilitation of critical water infrastructure serving hundreds of thousands of people in Mosul is underway
  • More than 40 projects are underway to support Mosul’s health sector
  • FFS is supporting the revival of Mosul University
  • FFS is supporting vulnerable minority communities
  • FFS is scaling up successful housing and cash-grant programmes in Anbar

Click here to download the full 76-page report.

(Source: UNDP)

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Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 10th Aug 2017).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD790 (+1.5%) / $807 (+1.1%) (weekly change) (-17.7% and -14.8% YTD change, respectively). The number of week traded shares was 59.7bn and the weekly trading volume was IQD59.0bn ($46.6mn).

ISX Company Announcements

  • Iraqi Agricultural Products (AIRP) will hold AGM* on Aug. 21, 2017 to discuss and approve 2016 annual financial results and decide distributing 10% cash dividend (IQD0.10 dividend per share). ISX will suspend trading of AIRP starting Aug. 16, 2017.
  • Al-Ameen Insurance (NAME) will hold AGM* on Aug. 16, 2017 to discuss and approve 2016 annual financial results and increasing the capital from IQD3.41bn to IQD3.75bn through 10% bonus issue. ISX will suspend trading of NAME starting Aug. 13, 2017.
  • Iraqi for Tufted Carpets (IITC) will hold AGM* on Aug. 14, 2017 to discuss and approve 2016 annual financial results and decide to distribute 30% cash dividend (IQD0.30 dividend per share, 3.9% dividend yield). ISX suspended trading of IITC starting on Aug. 9, 2017.
  • Three cross transactions occurred on 35.25bn shares of Al-Arabiya Islamic Bank (BAAI) on Aug. 6, Aug. 7 and Aug. 8, 2017, which represent 14.1% of BAAI capital.
  • A cross transaction occurred on 20.6bn shares of Zain Al-Iraq Islamic Bank for Investment (BZII) on Aug. 7, 2017, which represents 8.24% of BZII capital.
  • Al-Nukhba for General Trading (SNUC) will hold AGM* on Aug. 13, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of SNUC starting on Aug. 8, 2017.
  • Iraqi Islamic Bank (BIIB) will hold AGM* on Aug. 12, 2017 to discuss and approve 2016 annual financial results and rehabilitating the branches in dangerous areas by using IQD44.2mn from its expansion reserves. ISX suspended trading of BIIB starting on Aug. 8, 2017.
  • Ashur International Bank (BASH) held a GA on Aug. 9, 2017 to elect a BoD. The bank was suspended from trading starting on Aug. 6, 2017 for not publishing 2016 annual financial results.

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Omantel Buys 10% of Zain Group

Oman Telecommunications (Omantel) has announced that it will purchase 425.7 million of Zain‘s treasury shares in a cash transaction at an offer price of KWD 0.60 per share – subject to regulatory approval.

Once complete, Omantel will own a minority stake in Zain Group of approximately 9.84% in outstanding common shares.

The total consideration of the transaction is valued at USD 846.1 million (OMR 325.6 million).

Martial Caratti (pictured), Chief Financial Officer, Omantel, said:

“Acquiring a minority stake in Zain is a deliberate investment for Omantel as we position ourselves as a leading digital service provider.

“This is in line with our Corporate Strategy 3.0, launched in 2015. We have always emphasised that growth will come from continued diversification, and this acquisition positions Omantel for the future.”

(Source: Omantel)

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IS Plundered $800m in Cash From Iraq

By John Lee.

The Islamic State group (IS, ISIS, ISIL, Daesh) has reportedly plundered more than $800 million from Iraqi bank facilities and reserves.

According to a new report from the Central Bank of Iraq (CBI), the group has taken $101 million and 856.5 billion Iraqi dinars ($727.6 million) from banks in the territory it controlled over the past three years.

Although significant, the figure is less than the billions of dollars first estimated.

(Source: Newsweek)

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Iraq Stock Market Report

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd Aug 2017).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD778 (+1.8%) / $798 (+1.8%) (weekly change) (-18.9% and -15.7% YTD change, respectively). The number of week traded shares was 30.9bn and the weekly trading volume was IQD29.6bn ($23.4mn).

ISX Company Announcements

  • Al-Ameen Insurance (NAME) will hold AGM* on Aug. 16, 2017 to discuss and approve 2016 annual financial results and increasing the capital from IQD3.41bn to IQD3.75bn through 10% bonus issue. ISX will suspend trading of NAME starting Aug. 13, 2017.
  • Iraqi for Tufted Carpets (IITC) will hold AGM* on Aug. 14, 2017 to discuss and approve 2016 annual financial results and decide to distribute 30% cash dividend (IQD0.30 dividend per share). ISX will suspend trading of IITC starting Aug. 9, 2017.
  • Iraqi Islamic Bank (BIIB) will hold AGM* on Aug. 12, 2017 to discuss and approve 2016 annual financial results and rehabilitating the branches in dangerous areas by using IQD44.2mn from its expansion reserves. ISX will suspend trading of BIIB starting Aug. 8, 2017.
  • Two cross transactions occurred on 24.15bn shares of Al-Arabiya Islamic Bank (BAAI) Aug. 1 and Aug. 2, 2017, which represent 9.7% of BAAI capital.
  • Commercial Bank of Iraq (BCOI) will hold AGM* on Aug. 8, 2017 to discuss and approve 2015 annual financial results and distribute 2.6% cash dividend (IQD0.026 dividend per share, 5.9% dividend yield). ISX suspended trading of BCOI starting Aug. 3, 2017.
  • Bain Al-Nahrain Investment (VMES) resumed trading on Aug. 3, 2017 after fulfilling ISC disclosure requirements and publishing 1Q17 financial results.
  • ISX will suspend trading of the following companies starting Aug. 6, 2017 for not fulfilling ISC disclosure requirements and publishing 2016 annual financial results: BIME, BMFI, BNOR, BUOI, BASH, BINT, HMAN, HBAG, HPAL, IICM, IELI, IKLV, SKTA, SILT, SIGT, MTNN and IKHC. (IMCM, IHFI, IFCM, SMOF and IKHC, which are located in dangerous zones, must make a disclosure of the general conditions of the company to resume trading.)
  • Asiacell (TASC) announced that it started paying 25% cash dividend (IQD0.25 dividend per share, 3.7% dividend yield) from 2015 profit starting  Aug. 1, 2017. TASC requested an authorization letter from clients for brokerage firms to receive the cash dividend.
  • National Islamic Bank (BNAI) held AGM* on Aug. 3, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of BNAI starting Jul. 31, 2017.

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Mobile Tech helps to Transfer Cash to Rural Families

Many vulnerable rural families in Iraq can now benefit from a safer, more secure means of receiving income thanks to mobile money transfer technology adopted for the first time by the UN’s Food and Agriculture Organization (FAO) as part of a cash-for-work programme aimed at rehabilitating agricultural infrastructure and land.

The programme, which is funded by the Belgium Government, will support 12,000 conflict-affected people in 30 villages in Kirkuk, Anbar, Salah al-Din and Ninewa governorates. It will benefit local farmers, by enabling them to restart or expand farming activities with rehabilitated infrastructure, and provides agricultural livelihoods opportunities for displaced people returning home.

Participants, who are from households with no other income source, include women who often the sole breadwinners for their families, and people with a disability. The workers and their families are people who either remained in their villages during conflict or returned home after being displaced by the fighting.

Fadel El-Zubi, FAO Representative in Iraq, said:

The use of mobile technology will streamline the safe delivery of cash transfers to participants, who are some of the most vulnerable people in the country.

“Providing income opportunities is critical in rural areas affected by conflict, where competition for employment is high, jobs are scarce and people are struggling to support their families.

International partnership

To facilitate the payments, FAO has partnered with Zain a mobile and data services operator with a commercial footprint in eight Middle Eastern and African countries. Participant names and identity numbers are pre-registered with the company, and they receive a free SIM card.

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With the dollar diving, these stocks are set to cash in, Goldman predicts

With the dollar diving, these stocks are set to cash in, Goldman predicts

CNBC2 hours ago

Goldman Sachs' basket of stocks with a higher percentage of international sales has outperformed the S&P 500 this year due to U.S. dollar weakness. Chief U.S. Equity Strategist David Kostin and his team added 10 stocks to that basket Tuesday. Kostin …

With the dollar diving, these stocks are set to cash in, Goldman predicts

With the dollar diving, these stocks are set to cash in, Goldman predicts

CNBC2 hours ago

Goldman Sachs' basket of stocks with a higher percentage of international sales has outperformed the S&P 500 this year due to U.S. dollar weakness. Chief U.S. Equity Strategist David Kostin and his team added 10 stocks to that basket Tuesday. Kostin …

The post With the dollar diving, these stocks are set to cash in, Goldman predicts appeared first on Dinar Guru RV.

Genel Energy Half-Year Report

Shares in Genel Energy rose slightly on Tuesday after the company announced its unaudited results for the six months ended 30 June 2017:

Highlights

  • Tawke and Taq Taq generated cash proceeds of $139 million in H1 2017, leading to free cash flow of $78 million in the period
  • Successful bond repurchase in April 2017, with $253 million of nominal bonds acquired at a 14% discount to par. Annual interest charge reduced from $51 million to $32 million
  • Unrestricted cash balances at 30 June 2017 of $246 million (31 December 2016: $407 million). IFRS net debt at the end of the period was $158 million, a 34% reduction on the end 2016 figure of $241 million 
  • Net working interest production averaged 37,100 bopd in H1 2017. Tawke field gross production is currently averaging c.109,000 bopd, with a further c.4,500 bopd gross added from the Peshkabir-2 production testing
  • Successful production test of Cretaceous horizons in the Peshkabir-2 well on the Tawke PSC. The well’s Cretaceous Shiranish interval was placed on long-term test in late May, with the well producing consistently around 4,500 bopd to date and production trucked to Fishkhabur prior to export by the KRG through the KRI-Turkey pipeline
  • Onshore Somaliland, the acquisition of 2D seismic data commenced in March 2017, with over 1,000 km obtained to date 

Outlook

  • Negotiations with potential partners for the Kurdistan Region of Iraq (‘KRI’) gas project are ongoing, with the Company expecting to be in a position to update the market on these discussions by the end of 2017
  • The Company continues to work collaboratively with the KRG on a definitive mechanism to recover the receivable for unpaid oil sales
  • Peshkabir-3 well spudded on 8 July 2017 and is expected to take three months to drill. Peshkabir early production facility to be installed by year-end 2017
  • 2017 guidance:
    • Capex:
      • Tawke and Taq Taq net to Genel $60-75 million (from $50-75 million)
      • KRI gas business capex of $10-15 million
      • Somaliland 2D seismic capex budget expected at c.$15 million (from $10-15 million)
    • Opex: $30-35 million (unchanged)
    • G&A: income statement $20-25 million (from $30 million) and cash cost $15-20 million (from $20 million)

Murat Özgül (pictured), Chief Executive of Genel, said:

I am pleased to report a strong financial performance in the first half of 2017. Regular payments from the KRG, the conversion of part of the booked receivable into cash, and our ongoing focus on costs, has allowed us to generate significant free cash flow. This in turn gave us the confidence to increase investment at Tawke and undertake a large scale bond repurchase, with net debt reducing by around a third since the end of 2016.

Negotiations with potential upstream partners for the gas business continue, and we expect to give an update on these in the second half of 2017 in line with our previously stated timetable. We are also encouraged by the preliminary results of the Peshkabir-2 testing programme, and look forward to drilling the Peshkabir-3 well.

(Source: Genel Energy)

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