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Monday, December 16, 2013

From Dinardaily but sounds informative......

12-15-2013 Newshound Guru Tlar Article: "Kurdistan Region starts pumping oil to Turkey" they are pumping oil through the bagdad pipeline with permission from the oil ministry. It is being metered on both ends in Kurdistan when it enters, and Turkey when it is removed, through an agreement between Bagdad, Turkey and Kurdistan that was negotiated by the US/UN. This came about as a result of the meeting Turkey had with the US. The UN will handle the money and split it based on the agreement. The funds will first be paid to the DFI fund and then be distributed by the UN based on the % agreed to in the contract. Kurdistan and Bagdad will each receive their share directly from the UN. And yes this should be a basic foundation to the HCL based on those percentages. About a week ago the oil ministry paid the companies producing in Kurdistan back bills removing another stumbling block to the HCL. I believe Kurdistan will finally agree to the 13% overall and we will shortly see the HC passed. My question, paying according to the agreement means what? Are the U.N. paying according to the PSC contracts first and then according to the Kurd/Baghdad agreement (87/13) or are did the Kurds blink and agreed to pay the contractors out of their share? Of course, first priority is that the explorers get paid but I would strongly prefer that we get paid according to our contract. Do you see Baghdad agreeing and the U.N. administering a disputed contract in which the KRG get the first slice of revenue in the form of a 10 % royalty? The devil in these details are what I am interested in. What the capital markets are interested in is acknowledgment from Genel or DNO that they are being paid from current production in accordance with their PSC, that is when we are most likely to see the step change, final confirmation. True Blue Dunc Sorry being dim but who would he be seeing in Henley? ---------------------------------------------------------------------------------------------------------------------------- He has a very very nice place in the village of Fawley near Henley. Spends quite a lot of time in thre UK Been seen before in Waitrose on Bell Street. Nearest H0f F is in Reading Dr Hawrami used to work for Britoil up in Scotland pre BP days. Then ran his own Oil Consultancy business. My recollection is that his company undertook the Competenet Persons Report on Gulf Keystones assets in Algeria. Then subsequently was asked to take on the Oil Ministers role in the KRG. Like many Middle Eastern political heavyweights they find England is a very attractive place to have a home, Green & Pleasant lands and all that. But in fairness to Dr Hawrami he was already here before he became a KRG top dog. Very astute fella, but I do wonder how much influence the enigmatic Michael Howard has also. Defendants are at liberty to commence proceedings for recovery of such costs against Excalibur's funders, namely Psari Holdings Limited, Mr Adonis Lemos, BlackRobe Capital Partners LLC, BlackRobe AEO Investors I, LLC, Platinum Partners Value Arbitrage Fund LP, Hamilton Capital LLC. So now we know. ===== where he goes from here is any ones guess: It was later in history that people began to associate fairies with being good and imps with being malicious and evil. However, both creatures were fond of pranks and misleading people. Reuters Friday saw more bad news emerge out of the U.K. for litigation funders who backed a U.S. entity, Excalibur Ventures LLC, in its unsuccessful pursuit of a $1.6 billion claim against two oil-and-gas-exploration companies. Lord Justice Christopher Clarke ruled in favor of the defendants, Gulf Keystone Petroleum Ltd. and Texas Keystone Inc., on their request to have the court award costs on an indemnity basis—adding another $8.9 million to the amount Excalibur must pay them under the U.K.’s loser-pays principal, according to a lawyer for Texas Keystone. Excalibur has already posted more than $27 million in security for court costs in the case. , Rex Wempen as: an impetuous go-getter; who, on many occasions, took positive salesmanship (as he termed it) beyond the point of accuracy. As will become apparent he repeatedly misrepresented Excalibur’s funding position and made misleading statements to a range of people, including Mr Kinnear, his close business associate. He was not a satisfactory witness. A lawyer representing Excalibur in the matter did not respond to a request for comment on Friday. The $27 million in security for court costs in the case already posted by Excalibur was supplied at least in part by a group of litigation funders, according to a transcript of the trial. The funders include a company called Psari Ltd. that is owned by a member of a prominent Greek shipping family, as well as funds administered by the now-defunct BlackRobe Capital Partners LLC and hedge fund manager Platinum Partners. Now, if Excalibur does not post the additional $8.9 million by Dec. 31, “the court indicated that… he would allow the litigation funders to be joined in the lawsuit as defendants,” said Roy Powell, a lawyer at Jones Day who represented Texas Keystone. Such an action would allow Gulf Keystone and Texas Keystone to pursue the funders for those costs. A representative for Psari did not immediately respond to a request for comment on Friday afternoon. BlackRobe co-founder John P. “Sean” Coffey declined to discuss the matter, saying he had not yet seen the full ruling or reviewed the decision on court costs. “We are disappointed in the verdict and reviewing it,” Uri Landesman, president of Platinum Partners, said in an email on Saturday. “This is but one of many investments we have in our litigation finance portfolio.” =========================================== December 21, 2013, 4:45 a.m. ET Iraq Sees Turkey-Iraq-Kurdistan Oil-Export Deal Resolved Soon -Minister Iraqi Oil Minister Abdul Kareem Luaiby said Saturday that he is optimistic Baghdad will soon come to an understanding with Turkey over a contested oil-export agreement with the autonomous Iraqi region of Kurdistan. Kurdistan has said that it had agreed to supply Turkey with oil in a deal that challenges the Iraqi central government's authority and is considered illegal by Baghdad. Mr. Luaiby said Turkey understands that it can't enter any oil deal without Baghdad and that both the central government and Kurdistan could come to an agreement over the subject on Wednesday. "We are optimistic we could reach common ground on Wednesday...a solution is the best option for everyone," he said on the sidelines of an energy meeting in Doha. The minister's comments follow a recent whirlwind tour of the region by Turkey's energy minister, Taner Yildiz, part of an effort to assuage Baghdad's concerns over the deal. Turkey's agreements with the central government and contracts with the Kurdistan Regional Government will help Iraq, Mr. Yildiz said in Ankara after a two-day trip to Baghdad and the autonomous region's capital, Erbil. The marathon meetings with Iraqi and Kurdish officials followed a series of deals signed between Turkey and the Kurdistan government, which drew a sharp rebuke from Baghdad. Mr. Yildiz said Ankara will continue its positive approach to help create a trilateral mechanism that resolves disputes between Erbil and Baghdad, paving the way for Kurds to export oil via Turkey. http://online.wsj.com/article/BT-CO-20131221-700735.html?mod=googlenews_wsj ==============================

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