CoolClownFish’s Blog – DNO Makes $300m Bid for Gulf Keystone

<p>DNO ASA, the Norwegian oil and gas operator, this morning unveiled a proposal to acquire for USD 300 million all of the enlarged share capital in <strong>Gulf Keystone Petroleum Ltd</strong> following the latter’s contemplated financial restructuring announced earlier this month.</p>
<p class=”hugin” align=”justify”>The terms of the DNO proposal, which would comprise cash and shares, reflect a 20 percent premium to the share price of USD 0.0109 at which, on 14 July 2016, Gulf Keystone issued shares representing 5.6 percent of its share capital, and also reflect a 20 percent premium to the price at which Gulf Keystone intends to issue further shares in its restructuring.</p>
<p class=”hugin” align=”justify”>In addition, for the Gulf Keystone guaranteed noteholders the DNO terms reflect 111 percent of par value compared to 99 percent under the contemplated restructuring, and for the convertible bondholders the DNO terms reflect 18 percent of par value compared to 15 percent under the contemplated restructuring.</p>
<p class=”hugin” align=”justify”>By offering USD 120 million in cash (approximately 40 percent of the consideration), DNO would provide an early exit for those noteholders and bondholders who may be unable or unwilling to hold equity for an extended period. The additional offer of 170 million DNO shares (approximately 13.6 percent of the post transaction DNO share capital) would provide Gulf Keystone investors with continued exposure to the Shaikan field in addition to DNO’s wider portfolio of assets, significantly larger market capitalization, more robust cash flow, stronger balance sheet and proven operating and management capabilities.</p>
<p class=”hugin” align=”justify”>DNO has been active in the Kurdistan region of Iraq since 2004 and ranks number one among the international oil companies in oil production (50 percent), oil exports (60 percent) and proven oil reserves (50 percent). DNO holds a 55 percent stake in and operates the Tawke oil field at a current production level of around 120,000 barrels of oil per day (bopd) of 27 degree API crude.</p>
<p class=”hugin” align=”justify”>Gulf Keystone holds a 58 percent stake in and operates the Shaikan oil field at a current level of around 40,000 bopd of 17 degree API crude. Production from Shaikan is transported daily by road tanker to DNO’s unloading and storage hub at Fish Khabur for onward pipeline transport to export markets.</p>
<p class=”hugin” align=”justify”>“<em>Combining these two companies will create further scale and unlock operational synergies that will reinforce DNO’s already formidable presence in Kurdistan,</em>” said Bijan Mossavar-Rahmani (pictured), DNO’s Executive Chairman.</p>
<p class=”hugin” align=”justify”>“<em>We understand Shaikan’s challenges and opportunities and we are well positioned to focus financial, technical, commercial and logistical support to maintain and then grow production at this field to the benefit of both Kurdistan and our investors,</em>” he added.</p>
<p class=”hugin” align=”justify”>Gulf Keystone, a Bermuda incorporated and London listed company, has called a special general meeting for 5 August 2016 to consider its contemplated financial restructuring. DNO has written to the board of directors of Gulf Keystone to present its proposal and to facilitate immediate engagement with Gulf Keystone’s investors ahead of the meeting to ensure sufficient time for these investors to carefully consider the enhanced terms proposed by DNO.</p>
<p class=”hugin” align=”justify”>DNO has retained <strong>Pareto Securities AS</strong> as financial adviser and <strong>Freshfields Bruckhaus Deringer LLP</strong>, <strong>Advokatfirmaet Thommessen AS</strong> and <strong>Conyers Dill & Pearman Limited</strong> as legal counsel in connection with the transaction.</p>
<p class=”a”><span class=”cu”>The Board of Gulf Keystone is currently reviewing this proposal and has said it will update the market on its response in due course.</span></p>
<p class=”hugin” align=”justify”><em>(Sources: DNO, GKP)</em></p>

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DNO Makes $300m Bid for Gulf Keystone

DNO ASA, the Norwegian oil and gas operator, this morning unveiled a proposal to acquire for USD 300 million all of the enlarged share capital in Gulf Keystone Petroleum Ltd following the latter’s contemplated financial restructuring announced earlier this month. The terms of the DNO proposal, which would comprise cash and shares, reflect a 20 […]

CoolClownFish’s Blog – Security Council extends UNAMI Mandate

<p>The United Nations Security Council has adopted a resolution extending the mandate of the <strong>UN Assistance Mission for Iraq (UNAMI)</strong> for another year, until 31 July 2017.</p>
<div class=”itemFullText”>
<p>In Resolution 2299 (2016), the Security Council called on all political entities to intensify efforts to overcome divisions and work together in an inclusive and timely political process while stressing the importance of the United Nations, in particular UNAMI, in supporting and assisting the Iraqi people and the Government of Iraq to advance inclusive political dialogue and national reconciliation.</p>
<p>It reiterates the importance of reaching a single vision on reconciliation. It further called for the strengthening of national unity and dialogue by closer cooperation between the Government of Iraq and the Kurdistan Regional Government.</p>
<p>The Resolution also underscored “<em>the need for all segments of the Iraqi population to participate in the political process, in inclusive political dialogue, including through the full and equal participation of women, and in the economic and social life of Iraq.</em>”</p>
<p>It also highlighted the need for the implementation of the women, peace and security agenda in Iraq, and the swift deployment of dedicated expertise such as Women Protection Advisors to accelerate the coordinated implementation of monitoring, analysis and reporting arrangements on sexual violence in conflict situations.</p>
<p>The Security Council also encouraged the Government of Iraq “to continue strengthening governance, pursuing more substantive reforms, particularly economic and institutional reforms to improve the standard of living for all Iraqis, including by countering corruption.”</p>

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Security Council extends UNAMI Mandate

The United Nations Security Council has adopted a resolution extending the mandate of the UN Assistance Mission for Iraq (UNAMI) for another year, until 31 July 2017. In Resolution 2299 (2016), the Security Council called on all political entities to intensify efforts to overcome divisions and work together in an inclusive and timely political process […]

CoolClownFish’s Blog – Red Crescent provides Relief to Displaced Families

<p dir=”ltr”><em>By Mohammed Khuzai, Iraqi Red Crescent Society</em>.</p>
<p>Since early July, heavy fighting in Shirqat city in the Iraqi governorate of Nineveh has led to a great wave of displacement. More than 5,000 families were forced to leave their homes and seek refuge in Tikrit, the administrative centre of Salah Eddine province.</p>
<p>Many displaced families stayed in buildings and schools as temporary accommodation, while others stayed at relatives’ houses. A camp was also established to host displaced families between Mosul and Tikrit.</p>
<p dir=”ltr”>Amid increasing challenges, <strong>Iraqi Red Crescent Society</strong> was quick to mobilize its staff, volunteers and resources to respond to urgent needs. Since the early hours of displacement, the National Society has formed field teams to provide relief aid and health services to internally displaced people.</p>
<p dir=”ltr”>President of Iraqi Red Crescent Society, Dr Yaseen Ahmed Abbass, who oversaw relief operations in Tikrit, said: “The volunteers of the Red Crescent are the most capable to respond to crises across the country. They play a significant role in all regions witnessing human suffering.”</p>
<p dir=”ltr”>“We are keen on carrying on with relief operations on ground, as the first responders in the humanitarian field in Iraq. This requires doubling our efforts in relief operations and in the provision of health services to ease the suffering of families enduring hardship.”</p>
<p dir=”ltr”>The organization’s teams are responding in two ways to the Shirqat displacement wave. Volunteers are providing clean drinking water, ice blocks and ready-to-eat meals to displaced families in camps. So far, more than 4,500 people have received meals, while 23,000 loaves of bread, 26,000 bottles of water and 655 ice blocks have been distributed.</p>

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Red Crescent provides Relief to Displaced Families

By Mohammed Khuzai, Iraqi Red Crescent Society. Since early July, heavy fighting in Shirqat city in the Iraqi governorate of Nineveh has led to a great wave of displacement. More than 5,000 families were forced to leave their homes and seek refuge in Tikrit, the administrative centre of Salah Eddine province. Many displaced families stayed […]

CoolClownFish’s Blog – Human Rights Training Course for DFR Staff

<p>From 27 to 28 of July 2016, the <strong>United Nations Assistance Mission for Iraq (UNAMI)</strong> Human Rights Office (HRO) in the Kurdistan Region conducted a specialized training course on the <em>United Nations Human Rights Protection System</em> for the DFR staff members.</p>
<p>Twenty staff members participated in the course. The training course focused on increasing the knowledge of participants on the international human rights mechanisms of protection. The course included practical exercises based on the various experiences of international experts, United Nations international and national human rights staff members.</p>
<p>All participants evaluated the course as successful, stating that the course allowed them to acquire comprehensive knowledge of human rights protection system. At the end of the two-day training course, certificates of completion were distributed to all the participants.</p>
<p>Minister Falah Mustafa, Head of the Department of Foreign Relations, during his closing address, emphasized the necessity of continuing the good cooperation with UNAMI and noted the readiness of the Department to cooperate fully in future endeavors that might be of mutual interest to the Department and UNAMI’s Human Rights Office.</p>
<p>The Minister thanked Francesco Motta, Chief of UNAMI’s Human Rights office for organizing the two day training course and expressed KRG’s full support for UNAMI’s activities in the Kurdistan Region.</p>
<p><em>(Source: UNAMI)</em></p>

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Human Rights Training Course for DFR Staff

From 27 to 28 of July 2016, the United Nations Assistance Mission for Iraq (UNAMI) Human Rights Office (HRO) in the Kurdistan Region conducted a specialized training course on the United Nations Human Rights Protection System for the DFR staff members. Twenty staff members participated in the course. The training course focused on increasing the […]

CoolClownFish’s Blog – UN Condemns Attack on Refugee Camp

<p>An attack occurred at Al Salam camp (also known as Al-Takia camp) for displaced families, south of Baghdad on Wednesday.</p>
<p>Three mortar shells were fired into the camp, one falling in the centre of the camp and two others falling in a market area, injuring four children who have been taken to hospital for treatment.</p>
<p>This is the third such attack on the camp. One incident on July 5 killed four people, including two children.</p>
<p>UNHCR Representative in Iraq, Bruno Geddo (pictured), said:</p>
<p style=”padding-left: 30px;”>“<em>We are appalled to hear of this cowardly attack on a camp for displaced families, which has resulted in several children being injured.“We strongly condemn this attack – the third to occur in the past three months.</em></p>
<p style=”padding-left: 30px;”><em>“Displaced Iraqis who arrived here had already fled conflict and violence. They regarded the camp as a place of safety, where they and their families could feel protected.</em></p>
<p style=”padding-left: 30px;”><em>“We wish those injured a speedy recovery.</em></p>
<p style=”padding-left: 30px;”><em>“We plan to meet with the camp authorities and the Iraqi security forces to discuss ways to secure the camp.</em>”</p>
<p><strong>Background information</strong></p>
<p>UNHCR has been working in Al Salam, the largest IDP camp in Baghdad, with its partners (including ISHO, Muslim Aid, the Al Mortaqa Foundation and CAOFISR) to provide upgraded shelters for families who had fled from Salah al Din and Anbar governorates in 2014 and 2015, as well as opening a small bakery as a livelihood project, organizing clean up campaigns of the camp and other quick impact projects.</p>
<p>Since Eid, 480 families have left the camp to return to their former homes in Ramadi, leaving 720 families (4,320 individuals) still staying at the site.</p>
<p>Large-scale return to Ramadi may still be problematic due to the continuing presence of unexploded devices which will take some time to fully clear.</p>
<p>The latest attack occurred one day before another group of 50 families is due to return to Ramadi.</p>
<p><em>(Source: UN)</em></p>

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UN Condemns Attack on Refugee Camp

An attack occurred at Al Salam camp (also known as Al-Takia camp) for displaced families, south of Baghdad on Wednesday. Three mortar shells were fired into the camp, one falling in the centre of the camp and two others falling in a market area, injuring four children who have been taken to hospital for treatment. […]

CoolClownFish’s Blog – Iraq Negotiates with Exxon, Petrochina

<p><em>By John Lee.</em></p>
<p>Iraq’s Deputy Oil Minister has said that Iraq is negotiating with <strong>Exxon Mobil</strong> and <strong>Petrochina</strong> to develop the Artawi and <a href=”http://www.iraq-businessnews.com/list-of-oil-and-gas-fields-in-iraq/oil-and-gas-fields-nahr-bin-umar/”>NahranOmar</a> [Nahr Bin Umar, Nahr Umr] oil fields in the south of the country.</p>
<p>Fayyad Al-Nima, who has been acting oil minister since Adel Abdel Mahdi [Adil Abd Al-Mahdi] “<a href=”http://www.iraq-businessnews.com/2016/03/29/oil-minister-suspends-participation-in-cabinet-meetings/”><em>suspendedhis participation</em></a>” in the cabinet in March, told <em>Bloomberg</em> that the Oil Ministry hopes hopes to increase combined production at the two fields from around 70,000 barrels per day to 550,000 bpd.</p>
<p>The ministry wants to start the project within six months.</p>
<p><em>(Source: Bloomberg)</em></p>

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Iraq Negotiates with Exxon, Petrochina

By John Lee. Iraq’s Deputy Oil Minister has said that Iraq is negotiating with Exxon Mobil and Petrochina to develop the Artawi and Nahran Omar [Nahr Bin Umar, Nahr Umr] oil fields in the south of the country. Fayyad Al-Nima, who has been acting oil minister since Adel Abdel Mahdi [Adil Abd Al-Mahdi] “suspended his participation” […]

CoolClownFish’s Blog – Genel Energy Shares Fall on Weaker Outlook

<p class=”adj”><em>By John Lee.</em></p>
<p class=”adj”>Shares in <strong>Genel Energy</strong> fell 11 percent to 91.5p on Thursday after the company cut its revenue projection for the year.</p>
<p class=”adj”>Meanwhile, <strong>Numis Securities</strong> maintained a ‘buy’ recommendation for the shares, with a target of 210p.</p>
<p class=”adj”><span class=”abo”>Murat Özgül (pictured), Chief Executive of Genel, said:</span></p>
<p class=”acx” style=”padding-left: 30px;”><span class=”acs”>“<em>The receipt of nine consecutive monthly payments from the KRG, from the resumption of payments in September 2015 to the end of June 2016, has delivered $193 million in cash proceeds to Genel, and the move to payments based on contractual entitlements has given greater clarity and confidence in ongoing receipts. </em></span></p>
<p class=”acx” style=”padding-left: 30px;”><em><span class=”acs”>“The consistency of payments has allowed us to progress our 2016 work programme, which is already having an impact on production levels following the declines seen earlier in the year. </span></em></p>
<p class=”acx” style=”padding-left: 30px;”><em><span class=”acs”>“Against a difficult backdrop, the Kurdistan Regional Government has moved forward impressively with its economic reforms, which are designed to reduce costs and increase revenues. As the economy moves from stabilisation to budget surplus, the KRG has stated its intention to increase contractor payments and accelerate the recovery of outstanding receivables. </span></em></p>
<p class=”acx” style=”padding-left: 30px;”><span class=”acs”><em>“Contractors have been appointed to fulfil near-term goals regarding the KRI gas project, and we expect further progress in the second half of the year.</em>” </span></p>
<p class=”acx”><em><strong><a href=”http://www.investegate.co.uk/genel-energy-plc/genl/half-yearly-report/201607280700134555F/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Genel%20Energy%20Plc%20Alert”target=”_blank”>The full company report can be found here.</a></strong></em></p>
<p class=”acx”><em>(Sources: Genel Energy, Yahoo!, Fiscal Standard)</em></p>

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Genel Energy Shares Fall on Weaker Outlook

By John Lee. Shares in Genel Energy fell 11 percent to 91.5p on Thursday after the company cut its revenue projection for the year. Meanwhile, Numis Securities maintained a ‘buy’ recommendation for the shares, with a target of 210p. Murat Özgül (pictured), Chief Executive of Genel, said: “The receipt of nine consecutive monthly payments from […]

CoolClownFish’s Blog – Video: 3,000+ Displaced from Shirqat

<p><em>From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of <a href=”http://www.iraq-businessnews.com/”>IraqBusiness News</a>.</em></p>
<p>Aid workers are warning of a desperate humanitarian situation in the Iraqi town of Shirqat.</p>
<p>More than 3000 people have been displaced from there since Sunday.</p>
<p>The Iraqi military has retaken areas near the town, as its offensive towards Mosul continues.</p>
<p><em>Al Jazeera</em>’s Osama Bin Javaid reports:</p>
<p><iframe class=’youtube-player’ type=’text/html’ width=’640′ height=’390′ src=’http://www.youtube.com/embed/h-T4JqAoQoA?version=3&rel=1&fs=1&autohide=2&showsearch=0&showinfo=1&iv_load_policy=1&wmode=transparent’allowfullscreen=’true’ style=’border:0;’></iframe></p>

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