http://www.gulfkeystone.com/ The firms exploration programme in Algeria is going well and "the shares look good value", say the Investors Chronicle. Your comments please. goal.

indeed....

Iraq Offers Indian Refiners More Crude on Planned Output Gain


By Gaurav Singh and Rakteem Katakey



Feb. 10 (Bloomberg) -- Iraq is offering to supply more crude oil to Indian refiners on long-term contracts as the Middle Eastern country boosts output.

Iraq is offering to increase crude sales to India by as much as 60 percent, said an oil ministry official who was at the meeting between Indias Oil Minister Murli Deora and Iraqs Industry and Minerals Minister Fawzi Hariri in New Delhi today. Indian Oil Corp., the nations second-biggest refiner, currently buys about 11 metric million tons, or about 220,000 barrels a day, of Iraqi crude, Chairman Sarthak Behuria said.

They have the reserves and they have plans to raise output significantly, said Behuria, who was present at the meeting between the two ministers today. They told us they would be ready to offer us longer contracts after five years.

http://www.bloomberg.com/apps/news?pid=20601207&sid=aY81m6Beg1WQ

That's Algeria out of the way...very positive that....

Business Financial Newswire
Gulf Keystone has concluded a settlement agreement with BG on the Hassi Ba Hamou project in Algeria.

GKP said the agreement settles, on confidential terms, the claims and counterclaims between the parties.

The agreement provides for the immediate stay of the arbitration and the proposed transfer of Gulf Keystone's interests in the Hassi Ba Hamou permit for a net cash payment from BG of $9.9m.

The agreement is subject to the conclusion of separate transfer documentation which will require the approval of Sonatrach and any necessary Algerian governmental authorities.

Gulf Keystone said that while it was confident that the necessary approvals would be forthcoming, there was no guarantee this would be the case.

Executive chairman Todd Kozel said: "We welcome the agreement with BG which is a significant step in the strategic refocusing of the Company's activities in Kurdistan.

"Following this transaction, we hope that further announcements will be made with respect to the orderly disposal of the Company's other interests in Algeria."

I think that most people have forgotten that Gulfkeystone are drilling as we speak (this time 25% owned) and there could be a tremendous update in the pipeline...we are a long way from the 120p of a few months ago and that's without crude being $10 more than before and their latest well is getting closer and closer near target depth, remember, last time they had a strike on the way down....so a sharp upward surge might be on the cards again with good support around this level...

by the end of april we might see some production

A little, probably with lorries.....at the moment they are still exploring.....enormous work to be done with pumping facilities for main production etc...but if and when they do : the revenue will be fantastic....

Need the contracts to be sorted for this to be placed where it should be imo.

Badly need an update here....from 120p down to 78p, ouch !....with a massive oil discovery...heading into undervalued territory again.

as has been said before, should it drop that far, around 70p would be a good place to buy

agreed with you cynic.
at or near the 200 dma. however that daily top formation, and that is what it is,suggests a fall to 60sh, and from there who knows what? just my own observations and opinions as always.
please all dyor and make up your own minds. dont let me influence anyone.
regards
jkd

"Gulf Keystone Petroleum Ltd. (AIM: GKP, ADR: GFKSY), announces that it has today drawn down 900,000 of its 30 million Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ('YA'), the signing of which was announced by Gulf Keystone on the 7th May 2009.

This draw down of funds is the seventh under the SEDA and brings to 17,960,000 the amount of funds drawn down to date. The remaining undrawn funds under the SEDA facility are 12,040,000.

Under the terms of the SEDA, the Company has allotted, conditional on admission, 1,181,009 new common shares of $0.01 each to YA. These shares will rank pari passu in all respects with existing issued common shares in the Company. The new common shares have been issued at approximately 76.21 pence per share

The funds will be used to advance the development of Gulf Keystone's projects in Kurdistan.

Application will be made to the London Stock Exchange for 1,181,009 new common shares of $0.01 each to be admitted to trading on AIM. It is expected that the admission will become effective and that trading will commence on 12th March 2010."

10% rise all of a sudden!????

Harry - maybe this :-

Gulf Keystone reveals Kurdistan oil find

Midas touch again for this company !......another great oi find : 3200 barrels of oil per day.....and more drilling to come....Kurdistan is the place to be !.

Have to say : 16.13....quarter of an hour before close,...funny time to update the market.

i know for sure there are some very big projects scheduled for both kurdistan and algeria over the next few months, but don't know the locations

This should go further tomorrow morning Cynic....haven't reached the bottom of the well yet.....Heritage oil should be updating the market soon and there is also Sterling Energy...

PS : check out vastexploration.com : kurdistan oil maps.

Only 20% interest in this one, guys. Let's not get too carried away!

No, but 2 wells out of two....it gives confidence.