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.

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 ?

First Name : .............Surname...........
Blogging Name.........
Do you believe in this ?.........(answer yes)
Will you support the stock if it drops?...........(answer yes)
Welcome to GKP Proselenes !.

I am just here for the ride, if it ever happens, so I have to answer no to those two questions..... but can I still join ? ;)

You're in !.

As I am a member of the club, here is the Hoodless update from earlier this week ;


Gulf Keystone (GKP, 77.75p, 404.2m)

The company has today conducted a placing of 152.3m new shares amounting to a total of $165m to fund appraisal drilling and seismic studies in its Kurdistan fields. An interim placing was conduced at March at which time the company flagged the larger raise to come. The successful completion of that raise provides the funds to advance the exciting exploration and development programme comprising 3 appraisal wells & an extended well test and production facilities at the Shaikan discovery (which could produce 8,000 -1000 bopd), 1 exploration well at Sheikh Adi & acquisition of further 3D seismic over both licenses. There may also be the potential to increase its % in key concessions with $25m assigned for this purpose. The placing is marginally below the last round at 76.5p but given that this was largely foreshadowed, its successful completion can be welcomed as underpinning the next stage of development & removing a material uncertainty. SPECULATIVE BUY with a price target of 148.5p.

Recommendation: SPECULATIVE BUY