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.

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

Speculative buy..... and I did, but just a little bit, not too many as the focus is RKH :)

hoodless brennan i have always regarded as a somewhat unfortunate name .... it brings to mind a mistakenly circumcised catholic! ..... they should perhaps change to hoodless bernstein

Right : Shaikan : heavy oil says Chav...I'm all ears : lets have it...

When I have a half hour...I'll check out some of the old rns's and see if this is light, heavy...or what...

"This high energy, light oil discovery is in addition to the 2.0 to 4.0 billion barrels of heavier (22 to 17 degree API gravity) oil previously announced at various levels throughout the shallower Jurassic intervals."







6 October 2009




Gulf Keystone Petroleum Ltd.

("Gulf Keystone" or "the Company")







Shaikan-1 Triassic Discovery






Gulf Keystone Petroleum Ltd. (AIM: GKP) today announces an oil discovery in the upper portions of the Triassic section of the Shaikan - 1 exploration well. A short, limited flow test was conducted to determine reservoir content following multiple drilling breaks, indicative of increased porosity, between 2,402 and 2,483m. This limited test resulted in 40+ degree API oil rates up to 2,000 bopd and associated gas rates of up to 2 mmscf/d, yielding a gas/oil ratio of approximately 1,000 scf/bbl.




This high energy, light oil discovery is in addition to the 2.0 to 4.0 billion barrels of heavier (22 to 17 degree API gravity) oil previously announced at various levels throughout the shallower Jurassic intervals.




The discovery of these high energy, light oil zones within the upper levels of the Triassic significantly improve chances of finding additional light oil targets in the 700 to 1000 meters still to be drilled.




This most recent discovery will be logged when drilling has reached final TD, prior to setting the final, 7", casing string. The Company plans to install a workover rig following completion of drilling operations in order to commence extended testing of the multiple pay zones present in the Shaikan -1 exploration well.




Todd Kozel, Chairman and Chief Executive Officer of Gulf Keystone, commented:




"The discovery of a higher energy reservoir in the upper portions of the Triassic section of the Shaikan - 1, while very significant in its own right, should also prove very beneficial to future development and exploitation of the large reserves of heavier, low GOR oil in the Jurassic portion of the well."



Enquiries




Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Todd Kozel, Chairman and Chief Executive Officer

Ewen Ainsworth, Chief Financial Officer

OK, but this oil is not like heavy oil.....I mean heavy as in heavy crude that hardly flows at all unless slightly warmed as in XEL's bentley prospect or is it ?.....in that case the oil is worth a lot less than normal WTI....will have to do some checking....

Marky...on RKH describes that sort of oil as medium.....this is confusing....

Very complex subject rf.
http://tigger.uic.edu/~mansoori/HOD_html
Something here may help.