Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
GoshawK woes mount
Hurricanes and other events will force bombed-out GoshawK Insurance Holdings to add another £14.8 million to reserves.
In an unsurprisingly gloomy 'loss provision update', fully listed GoshawK, which faces mounting claims from Hurricanes Katrina, Rita and Wilma, warns of an escalation in feared catastrophe losses as well as losses on other types of business written in previous years. Steered since November by former nuclear power underwriter and ex-Cox Insurance boss William Dawson, Goshawk says it has increased its catastrophe loss provisions by £14.8 million to £76 million — before calculating the extra non-catastrophe provisions now regarded as prudent.
These increases are the result of a review initiated by the post-November regime of chief executive Dawson and chairman Rory Macnamara, anxious to put all the bad news out before deciding what future course is open to the company. One consequence of increased provisions is that the company's Bermuda-based Rosemont Re subsidiary has fallen below the statutory minimum solvency limit imposed by the Bermuda Monetary Authority.
That means that any payment from Rosemont to its UK parent will require the Bermudan Authority's permission. This comes at a time when GoshawK says it itself 'continues to be in breach of various covenants and undertakings to its banks'.
GoshawK says it is continuing to explore with its banks and the Bermudan Monetary Authority possible options concerning the company's working capital position. These options 'include a possible equity issue', though GoshawK warns 'there can be no certainty at this stage that this will lead to a resolution of these matters'.
GoshawK shares are 0.6p off today at 5.5p, down from more than 130p three years ago and valuing the company at a paltry £9.7 million. Attempting to put things right presents the board with an urgent and daunting challenge.
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