PSC Amended: Royalty terms 10% OnlyHello Everyone:
The governing contract stipulating the terms between Genel, Petroil, Longford and Kurds is the PSC contract that was amended in October 2011.
The PSC contract clearly states the terms of a 10% royalty. It also states that Longford is entitled to a 40% share.
The PSC contract was amended to give more favorable terms to LFD and consortium. No point having a property with 40% royalty if no one is interested in drilling it. The Kurds got the message. Longford associated themselves with billionaires and people of tremendous wealth and influence, the likes of Vallares, Sinopec, Soros.
I know that there are those in denial, especially the bashers pointing to a previous press release. The document or contract which counts in court is the PSC contract, amended and filed on Sedar as a MATERIAL DOCUMENT.
Understand that material changes have been made both to PSC contract and, PSC consortium parties. LFD is in bed with giants and they are sitting on a gold mine. Vallares in interested in controlling big oil fields in Kurds, while Sinopec has shown it is will to pay big money for buyouts to ensure China survival.
And here we sit on a possible 1 billion barrels of oil, while these bigs guys sort this through.
Once rally begins, even 50 cents will look like a tremendous bargain.
LOAD UP, I can`t repeat myself enough, LOAD UP.
JMHO