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.

"Gulf Keystone Petroleum Ltd. announces that it has today completed a fully subscribed placing of 152,300,000 new common shares of $0.01 at a placing price of 75p per share, raising gross proceeds of approximately $165 million (114.2 million). These shares were placed by Mirabaud Securities, Renaissance Capital, Fox-Davies Capital Limited and Madison Williams and Company with existing and new institutional shareholders. The net proceeds will be used to progress the remainder of its 2010 and early 2011 work programmes after receiving positive results from the early stages of its drilling campaigns in Kurdistan.

The proceeds raised will be used primarily to progress the three Shaikan appraisal wells, the Shaikan-1 extended well test and production facilities, Sheikh Adi exploration well and the acquisition of further 3D seismic data over Shaikan and Sheikh Adi licences. The funds raised will also be used for any future increase in GKP's interests in Kurdistan assets.

Application has been made for the Placing Shares to be admitted to trading on AIM with dealing expected to commence on 28 May 2010.

Following the Placing there will be 672,185,122 common shares of $0.01 in issue."

rf, 165m dollars, not pounds.

75p discount placing and a 30% dilution, it says a lot about what people value the assets.

Will be plenty of people taking a 5% to 10% profit and doing a runner, as can be seen already by the strong selling so far.

Easy money for the people involved in the placing.

High political risk, license issues and other things all stack up, which is why the big discount and why people selling now whilst it remains above 75p and they can lock some easy profits in.

I call it an excellent fund raising exercise....risky area it is...but the amounts of oil in the ground are simply staggering !...

I bet many people are glad they sold this and got RKH instead.........

bet they wish they'ld sold BP instead!

BP could easily go bankrupt with all the legal claims arriving soon.

can't see it ..... for starters, most of this will be covered by BP's insurers, and also the rig owners (Transocean?) will also be held significantly if not entirely responsible

There could be 20bill of claims cynic.

be thankful you don't hold the insurers shares then

BP self insure. Sub-contractors are the ones who can't afford not to insure.

wow!

cynic BP shareholders are sueing the directors for not protecting them from all the oil disaster claims having not taken out any insurance protection.

cynic too big to fail, where have we heard that before!

that sounds like a fun scenario then!
are you short BP?

"BP shareholders are sueing the directors" - That's absurd. If you bought the shares without doing the necessary research.......Most institutional investors would have known that fact.

Harry american investors are sueing directors, presumably for some sort of negligence, no doubt details of their case will be revealed in due course.

Ah, american investors! They would litigate if the CEO spilt his tea. That should keep the U.S. lawyers in clover for a while then!

we really ought to transfer this to the BP thread, but apart from the fact that amis are singularly litigious - never any self-blame! - they might have a point if they could PROVE that the directors of BP were wilfully negligent in not placing the risk with insurers ..... common sense tells me that is not the case, but the law does not always work that way

I had a weak moment today of total madness, I purchased GKP.

Its near the placing price so some limited downside protection, if they ever sort out the license issue it might go up a fair bit, so I though well, lets have some then.

I can now join the GKP ramping crew, where is the application form ?

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