Category: Finance

Petrel Resources Shares Slump following Iraq Settlement

By John Lee.

Shares in Irish-based Petrel Resources were trading 20 percent down on Friday after the company said it had reached a settlement in respect of the disposal of 2.2 million Petrel shares by Amira Petroleum‘s advisers notwithstanding a lock-in agreement entered into on 19 August 2013.

According to the company:

 On 14 August 2013, the Company announced that it had agreed to acquire from Amira Petroleum N.V. (“Amira Petroleum”) a 20 per cent shareholding in Amira Hydrocarbons Wasit B.V. (“Amira”), the holder of a 25 per cent carried interest in certain oil and gas exploration and production licences in the Wasit Province of Iraq.

The consideration for the acquisition included the issue of 18,947,368 shares in Petrel (representing 19.82 per cent of the enlarged issued share capital of Petrel (“the Initial Consideration Shares”). The Initial Consideration Shares were agreed to be locked-in until the date of spudding the first conventional oil well in respect of Amira’s interest in the Wasit province (the “Spudding Date”) but that, if the Spudding Date had not occurred by 19 August 2018, Petrel could, amongst other things, elect to re-acquire the Initial Consideration Shares for a nominal amount.

As part of the agreement with Amira Petroleum, 2.8 million of the Initial Consideration Shares were, at the direction of Amira Petroleum, issued to its advisers in satisfaction of fees payable by Amira Petroleum (“the Adviser Shares”) and were subject to a lock in agreement as detailed above.

As of the date of this announcement, the Spudding Date has not occurred.

During December 2017, Petrel learnt that 2.2 million of the Adviser Shares had been sold between March and July 2017, notwithstanding the lock-in agreement.

The parties have reached a settlement and agreed that the vendors of the 2.2 million Adviser Shares shall make a payment of £100,000 to the Company (representing approximately 4.5p per Adviser Share sold).  The remaining Adviser Shares shall remain subject to the lock-in agreed in 2013.

This announcement contains inside information for the purposes of Article 7 of EU Market Abuse Regulation 596/2014.

(Sources: Petrel Resources, Google Finance)

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12th Forum of the Iraqi-French Business Council

By John Lee.

The 12th Economic Forum of the Iraqi-French Council of Businessmen [Iraqi-French Business Council] was held recently in Baghdad.

Dr. Sami Al Araji, Chairman of the National Investment Commission (NIC) opened the forum with a welcoming speech to the attendees including the Iraqi Minister of Trade, French State Minister for the Foreign Trade Affaires, the Iraqi Governor of the Central Bank and a number of governors, Vice Ministers, Consultants, Director Generals, Heads of Provinces’ Councils, Chairmen of Commercial Chambers and Unions, company owners and businessmen.

Mr. Jack Batist Lomowan, French State Minister for the Foreign Trade Affaires concentrated in his speech on the deep relation between the two countries and the serious wish of both governments to enhance this relation in various fields disregarding the big challenges Iraq is facing now.

He considered this meeting as a step towards the next donors’ conference in Kuwait. He also mentioned the most important French companies which are interested in working in Iraq in addition to the new ones that are eager to start business here. Oil & Gas, energy, water, and infrastructure are main sectors in Iraq in addition to agro industries and medication plus having the French TALS Co. for fund Insurance and protection for the French companies working in Iraq as France has landed Iraq $450-billion aiming at supporting the Iraqi-French relations specially after the Iraqi Prime Minister visit to Paris last October.

He ended his speech by referring to the importance of mutual trust bursting from real political desire of the two leaders to move ahead with the two countries relation and find mutual responsibility and in common interests.

Mr. Raghib R. Blaibil, head of The Iraqi- French Council of Businessmen, considered this forum is a precious opportunity for Iraqi and French businessmen to meet and discuss the fruitful business potential for both sides. He also mentioned the improvement in the economic situation after defeating ISIS in Iraq and the victory our security forces achieved on the ground.

The will be for reconstructing, bringing the displaced back to their homes and the elevated oil price are strong factors encouraging us to invite the French companies to work and invest all over Iraq strongly and freely with no hesitation or fear.

Mr. Blaibil addressed the French airlines companies to start a direct line between Baghdad and Paris after the Iraq opened its airs to the international civil aviation.

The Iraqi-French Council of Businessmen representative Mr. Arnold Brolack inquired about sectors Iraq is willing to invest with the French side and what Iraqi aid is available to achieve tangible results after unifying the two parties’ views.

Mr. Ali Al Alaq, Governor of the Central Bank, long speech emphasized on the successful financial policies of the Central Bank of Iraq during the past years. These policies, in cooperation with the Ministry of Finance, saved Iraq from the sudden oil price drop shock and unstable economic situation.

Dr. Mahir Hamad, Vice Minister of Finance, and Mr. Faisal Al Haimis, Director General of the Trade Bank of Iraq gave their speeches too.

Dr. Sami R. Al Araji ended the first session works with a detailed presentation of strategic opportunities available for investment in Iraq.

The second session started later where bilateral discussions between the Iraqi and the French parties in different economic sectors took place.

French Alstom Transport Co. signed two memoranda of understanding with local governments in Baghdad and Basra provinces to build modern metro with international specifications.

(Source: National Investment Commission)

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Parliamentary Finance: Iraq loses $ 263 per second

Parliamentary Finance: Iraq loses $ 263 per second

12/13/2017

A member of the parliamentary finance committee, Haitham al-Jubouri, said Wednesday that "Iraq loses 263 dollars per second because of corruption in the country," explaining that "the parties interfere in the work of anti-corruption committees.

"Jubouri said in a statement, "Trend Press," that since the application of the law on customs tariffs in Iraq by 2013 so far was expected to be the state revenues estimated at 8 to 9 billion dollars a year, because the size of what is sold from the window of the currency in the Central Bank Iraq is more than 40 billion dollars,

if we take the lowest percentage of customs and 10% added to the ratio of 3% of the customs duty is the total 13% of this amount will be the value of customs 5.2 billion dollars.

He added that "Iraq is losing 263 dollars per second because of the corruption of customs officials," noting that "the large and rampant corruption is located at the border crossings.

"He pointed out that "we in parliament formed a committee, but because of the interference of political parties in its work has been terminated.

"He explained that "the only step to combat corruption is to strengthen the main regulatory tools, namely the Integrity Commission and the Bureau of Financial Supervision and the security services and reform of the judiciary because there are many problems in the judiciary where some files are transferred to the judiciary, but because of corruption, these files are settled by some corrupt" .

He pointed out that "can not combat corruption by raising slogans and the House of Representatives to leave the courtesies that are at the expense of the Iraqi citizen.

"The House intends to complete the questioning of ministers as former finance minister and former defense minister in the past period, while confirming his quest to complete the questioning of new ministers in the next legislative session.

http://aletejahtv.org/permalink/196162.html

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Rupee falls by 4 paise to end at 64.44 vs US dollar

Rupee falls by 4 paise to end at 64.44 vs US dollar

Moneycontrol.com9 hours ago

PTI @moneycontrolcom. Representative image. The rupee on Wednesday declined by 4 paise to end at Rs 64.44/45 per dollar against the previous close of 64.40/41.

Indian Rupee down 16 paise at 64.56 against US dollar on weak macro-dataBusiness Standard
Rupee recovers most losses within 1 hour after falling 16 paise against US …Financial Express

Serbia’s Jan-Oct budget surplus expands

BELGRADE (Serbia), December 13 (SeeNews) – Serbia's budget balance showed a surplus of 79.8 billion dinars ($785 million/668 million euro) in the ten months through October, compared to a surplus of 34.3 billion dinars in the prior-year period, according to finance ministry data. Primary budget …

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New Career Opportunities in Iraqi Kurdistan

By John Lee.

The United Nations has advertised new positions in Iraqi Kurdistan:

(Source: UN)

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Pound v US dollar: Exchange rate subdued as UK inflation strikes new near six …

Pound v US dollar: Exchange rate subdued as UK inflation strikes new near six …

Express.co.uk45 minutes ago

"That means that further interest rate rises are definitely not off the table." However, the majority of investors fear that another jump in inflation will place even more pressure on household finances, prompting Sterling to slide.

Pound v US dollar: Exchange rate subdued as UK inflation strikes new near six …

Pound v US dollar: Exchange rate subdued as UK inflation strikes new near six …

Express.co.uk3 hours ago

"That means that further interest rate rises are definitely not off the table." However, the majority of investors fear that another jump in inflation will place even more pressure on household finances, prompting Sterling to slide.

Pound US Dollar Exchange Rate Slips Lower Ahead Of FOMC Decision TomorrowExchange Rates UK