Welcome Friday Afternoon Roundtable With Millionday! Part 2
[millionday] this is good news
[millionday] DNO International ASA (“DNO”), the Norwegian oil and gas operator, today announced that production from the Tawke field in the Kurdistan region of Iraq reached 120,021 barrels of oil per day in May, the first time average monthly production has exceeded 100,000 barrel per day.
May production was split 60-40 between local sales and deliveries to the export pipeline at Fish Khabur. Ahead of its Annual General Meeting to be held at 10:00 CET in Oslo, the Company also announced that production from the Tawke field passed the 75 million barrels cumulative mark on 31 May.
Plans to increase Tawke deliverability to 200,000 barrels per day by yearend 2014 continue on schedule. As part of that expansion program, production testing has commenced on Tawke-26, the first of two recently completed Tawke horizontal wells, with Tawke-24 to follow. A third horizontal well, Tawke-25, is drilling ahead at 1,873 metres.
millionday] kimberly1 i agree
[millionday] Elsewhere in Kurdistan, sales of natural gas from the Summail field to the Dohuk power plant commenced in late May and currently average 60 million cubic feet per day from the first well, some 20 percent ahead of plan.
Sales will climb as a second well is put on production in June, followed by a third well later this summer. “We are focused like a laser on scale and speed of delivery, notwithstanding stretch targets, across our portfolio of assets,” said Bijan Mossavar-Rahmani, DNO International’s Executive Chairman.
[millionday] so as we see they are producing over the 100,000 nice brb
millionday] isnt this annoying that they said this in feb
[millionday] Head of the Iraqi Central Bank Governor Abdel Basset Turki convened a meeting of the Directors-General of a number of private banks at the Bank , as well as members of the Association of non-governmental banks in Iraq.
Source for (o) on (the meeting discussed instructions forbuying and selling foreign currencies that have been working out since last Sunday the (banks ‘ willingness to applyinstructions to enhance the value of the Iraqi dinar against foreign currencies had started procedures to implement those instructions to support the national economy and the development process).
[millionday] i would venture to say it is not just a button smile wake up
[kimberly1] LOL ..... excited yet MD?
[jtank] been excited 6 months now--
[ramses24d] Yes eyes open wide poised to scream
[pinklady] I'm listening!!!! lol
[faith1] I'm awake now !
[jtank] cant imagine the things to go thru to get this to RV--
[elliscole2002] i was only dozing a little
[millionday] smile thought i would remind us what we are doing here smile
[Red Skyy] Was that last article current or from Feb?
[ramses24d] So I take it that the banks were NOT willing in feb NOW they have started procedures for implementation? I like that!!!!
[millionday] now i know you werent reading what i was saying -- busted
[jtank] cbi and gov and everyone involved--thousands of items to do
[millionday] they started in feb -- so how long does it take ?
[jtank] hall pass
[millionday] hmm that is the question
millionday] the meeting coming up with the kurds and iraqi federal gov is very important
[elliscole2002] so we're looking for a button but it's a process
[ramses24d] So according to the article they were discussing their unwillingness, however now they have STARTED procedures for implementation
[millionday] here we go with some isx news
[millionday] Announced Mobile Telecommunications Co (Zain) that, further to its previous declaration concerning the financial penalty imposed by the Iraqi government on the mobile phone companies in Iraq and special level of service performance, including Zain Iraq, owned by 76% of Zain Group, please be advised that the company may have to deposit an amount of U.S. $ 18.6 million have Communications and Media Commission of Iraq pending the completion of legal procedures with the competent authorities, knowing that this fine will not have a financial impact on the consolidated financial results of the company
millionday] He revealed the latest financial report issued by Bank of America for a positive outlook for the financial indicators for the Zain Group for the current financial year 2014, where the report showed an optimistic outlook for the Group’s operations are deployed in the Middle East and Africa.
Devoted report a wide area for Zain operations in Iraq, where he was the bank that the growth opportunities large before the company’s operations in Iraq during the current year of 2014, based on his expectations this to the preparations undertaken by the company now is to launch third generation services, which agreed to give the Iraqi cabinet Finally.
[millionday] so this is showing us that the isx is expected to grow massively and the regulations are being upheld mudder] Yahoooooo
[millionday] i agree does anyone have anything to add
[ramses24d] If we look at these articles like using a metal detector looking for metal the closer you get to what you're looking for the more beeps you get and the louder they are. sounds like a lot of beeps or articles in this case
[ajay214] millionday have you had a chance to look at the analysis brought in by wmawhite and stryker - would like your thoughts on it
[millionday] ramses24d good point -- beep beep
[ramses24d] HEY beep beep
[millionday] ajay214 no i have not --
[ajay214] it's at the bottom of the blog http://www.dinarupdates. ··· om/blog/
[ajay214] as poppy would say - if that don't get you excited, then your wood is wet lol
[ramses24d] Thats good beeps now, good beeps
[ramses24d] Ajay214 lol
[millionday] you know i have complete respect for anyone that is doing research and they are great ones that have spent alot of time in what they do
[ajay214] ramses24d lol
[millionday] that is very interesting and full of great links -- great job
[millionday] i did see that the order was not going to be applied on july 1st -- brb
[millionday] which is great news
[ajay214] millionday what order
[millionday] oh this is great i stumbled across
[jtank] an opinion
[millionday] the presidential order -- US taxation for international accounts
[millionday] look at this
[millionday] Ratified by the Ministry of Planning to allocate 8 trillion and 743 billion dinars for the oil-producing provinces within the petro-dollar project in the 2014 budget through the allocation of $ 5 per barrel product.
Ministry spokesman Abdul Zahra al-Hindawi said that these customizations included all provinces with the exception of the province of Karbala being the only one that does not contain oil facility invested, adding that the allocations are not limited to producing provinces of crude oil only, but included the provinces that contain oil refineries also what All customizations include making.
millionday] notice we looked at kurdistan just a sec before this
[millionday] this is from the Iraqi planning minister
[ajay214] millionday wow - that is more than 10% of the total dinar they have printed
[jtank] wowzer md
[millionday] this is great -- oil distribution -- love it
[ajay214] millionday is that not HCL
millionday] or i mean oil production distribution of funds
[millionday] they are not giving out oil lol
[ajay214] millionday lol
[millionday] yes they must be under the understanding that this meeting is going to go very well
[millionday] this is very encouraging
[millionday] let me look for what i was meaning to bring ya brb
ajay214] I should say so - everything the last few days has been beyond encouraging
millionday] see postponed
[millionday] While they have been proud to announce that 77,000 foreign institutional have already signed up before July 1st, they did postpone it until July 2015. Nonetheless, the damage has been done long ago when this was passed.
The huge fines they are imposing on foreign banks is further undermining the European and Swiss banking systems and this is the backlash behind the headlines. The US has set in motion a trend that is turning the globe into 1984 live and unplugged.
[millionday] FATFA (FACTA}
millionday] the problem with this is that -- most countries do not understand what the US wants and how to get it to them -- dual citizenship does not even protect the taxation and information that is required by the US under this order
[millionday] they want bank info from all across the globe so that we can pay taxes on every dollar being made outside of the country as well as what is made here --
amses24d] Thats a long leash
[millionday] the pull of banks due to the confusion and the lack of funds to hire people to even follow through with this is a real issue
[ajay214] How can the US control what goes on in other countries?
[millionday] the USD can just be sent back accounts closed and that be the end of it and alot easier than dealing with this
[millionday] but the truth of it is that some have already signed and then there were extensions given -- very upsetting for many
millionday] that is actually huge -- very huge and will effect companies and our citizens abroad --
[ajay214] We (the US) is making it much easier for other countries to throw our $ away, eventually making it practically worthless. This is what people have been talking about when they say they US $ is going to crash.
[millionday] they demanded the info from the Swiss accounts
[millionday] and what they got was under threat of fines is corp info
[millionday] not individual unless it came a lot later and i stopped watching but what info i have is they got corp info
[millionday] this order could cost the US huge opportunities and my bet is it will
[millionday] but the silver lining is -- it has been extended at this point
millionday] more on it
[millionday] It is irrelevant if FACTA is postponed or not. No bank will deal with any American period! The damage has been done starting in 2011 and this is creating the sharp drop in liquidity. I have reported that this trend is getting really bad.
I have reported that HSBC is one of the worst offenders out there. They have the audacity to harass even British citizens living in Bermuda – prove it is your money or they will freeze it. Dah! And I should have an account with HSBC exactly why?
millionday] this was emailed to me but very interesting
[millionday] The airlines have joined this anti-customer approach turning very nasty and openly practice consumer fraud. Try changing a ticket and it is $200 fee even if the ticket is $200. Once upon a time you flew a particular airline because of service.
It has become line going to a restaurant and the waitress just throws your food down that is burned and tells you shut-up. Then expects a 20% tip and calls you a cheap SOB for refusing to tip her.
This is degenerating into the way unions destroyed America – they come first. Airlines are making it so bad you just about have to book one way tickets in business. That seems to be the agenda to just rip you off for everything possible
[millionday] goodness a little anger
millionday] The best way to deal with the banks is withdraw from the big boys and move to the smaller regional banks. The more dirty they have been, the greater they will turn over customers to please government.
You want to leave the no-service-big-rat-finks because they have been illegally trading with your money and got caught, so somehow it is your fault. For them to survive, they now need to give up the smallest accounts. Move to the regionals and diversify. (custodian banks such as Bank of NY and Brown Brothers may be exceptions from the money center trading banks)
[millionday] that was e-mailed to me -- i did not write that but have to say it is a little funny lol