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.

you think he's under light sheets or heavy duvet.....

cum cum Balerboy no need for that!!!

Hey, I'm not being sarcastic....just doiung some late night rezearch and checking like vhere the damn is zhat bottle of whisky ?......

StockMarketWire.com
"Gulf Keystone Petroleum posts a pre-tax loss of $96,274,000 for the year to the end of December - up from $59,269,000 in 2008.

Operating losses rose to $95,123,000 - up from $61,096,000 - and the firm had cash and cash equivalents of $19,156,000 compared with $33,606,000 last time.

Oil production in Algeria ceased in June 2008 and has not recommenced, and there was no revenue (2008: $1m) or cost of sales (2008: $2m) from the sale of oil in Algeria during 2009.

An impairment charge to non-current assets of $69.6m (2008: $37.2m) was incurred in relation to the Hassi Ba Hamou Permit and the GKN and GKS oil fields in Algeria.

The impairment charge reflects the company's strategic decision to cease further investment in Algeria and because the sale of the assets was deemed unlikely.

The company retains $10m in non-current assets on its balance sheet in relation to the Hassi Ba Hamou Permit being proceeds due from British Gas under a settlement agreement announced on 18 February 2010.

The firm says that following the successful equity fundraising of $165m in May, it is well placed to deliver its stated exploration and appraisal programme through to the second quarter of 2011. "

Down today, but so is the rest of the market except for just about Desire Petroleum, but my ! GKP have discovered a heck of a lot of oil....

very quiet here, despite the upturn in the sp.

is the oil company hunt about to make a bid .

why on earth should they?

I have purchased some of these at 75p, a small amount simply as a cover just in case someone hypes things up and it flies up through 100p.

Problems with license and everything, but its got potential to fly on pure PI hype and spin and so its worth holding some just in case :)

Should they ever sort out their problems with the license then it will fly for sure.

at least the amis are now throwing huge resources into developing and rebuilding southern iraq, though there are immense x-border admin problems getting kit both into and out of basra

Might get exciting on GKP soon.

http://www.businessweek.com/ap/financialnews/D9GBP2P84.htm

THE ASSOCIATED PRESS June 15, 2010, 10:42AM ET

Iraqi Kurdistan braces for oil exports

PARIS

The president of Iraq's semiautonomous Kurdish region says that it could resume oil exports as soon as a new federal government is formed in Iraq.

Massoud Barzani says his Kurdish Democratic Party is in talks with Baghdad to form a new government that "doesn't exclude any party."

He says that oil-rich Kurdistan has resolved most of its oil revenue disputes with the central government. Barzani says Baghdad also agrees to deals the Kurds signed directly with international oil firms.

Barzani said Tuesday during a visit to Paris that "We're ready, everything is ready" for oil shipments to resume.

He says there is no precise deadline "but it's possible that we'll begin right after the formation of the new government."

sp rising nicely.

More drilling delays due to mechanical fault

Operational Update - Bijeel-1 Exploration Well

Well Results Yield Drilling Delays but also Resource Improvements at Shaikan



Gulf Keystone today reports an update on the Bijeel-1 exploration well operated by MOL subsidiary, Kalegran Limited.



The Bijeel-1 exploration well has encountered more than 400 meters of potential hydrocarbon bearing interval between 3646m and TD at 4383m. Kalegran evaluated and tested the top 30 meters of the zone at rates up to 3200 bopd, as reported on March 9, 2010, however mechanical problems were encountered when testing and evaluating the remaining 370 meters. This has necessitated a sidetrack and re-drill of the lower portion of the well to fully evaluate and test the remaining intervals, which is expected to take up to eight weeks to complete.



Consequently, drilling of the Shaikan-2 appraisal/exploration well, which is to use the Weatherford 842 rig currently on location at the Bijeel-1 well, will be delayed. The Shaikan-2 well is now expected to spud during the third quarter of 2010.



The Bijeel-1 exploration well has provided water pressure data which, when taken with data from other wells in the area, has favourable implications for the Shaikan structure. The data would appear to support the concept of a regional aquifer which underlies the Shaikan structure and that the hydrocarbon-water contacts in each reservoir are substantially deeper than the lowest known hydrocarbon depths, as determined from log data.



Gulf Keystone CEO, Todd Kozel, said:



"While the sidetrack of Bijeel-1 delays our drilling of the Shaikan-2 appraisal well, we are delighted by the first successful test of 3200 bopd and we look forward to the test results from the additional prospective intervals. The implications of the water pressure data from Bijeel-1 provides further support for movement toward the upside volume range for the Shaikan structure."



Resource Range for Shaikan (billion bbls oil-in-place)

P90
Mean
P10
P1

1.9
4.2
7.4
13.0


cyril

Hopeless chart. Can't see any support anywhere.

I brought some of this shite around 75p levels - I really wish I did not now.

Hopefully that will change.

Patience.....this used to be 120p.....so bargain levels now......screaming sell at 67p ?....hardly.....

Trend is not healthy looking though...

Sell....sell....selll....screaming....sell....oh ! giggly giggles all round....

StockMarketWire.com
"Gulf Keystone Petroleum is to carry out additional testing on the Shaikan-1 discovery well in the Kurdistan region of northern Iraq.

Gulf Keystone says it will carry out the following work programme:

Zone three: Re-test the Butmah (lower Jurassic) formation, from 1,783 metres to 1,814 metres depth in the well.

Zone two: Re-test the Mus (upper Jurassic) formation, from 1,627 metres to 1,667 metres.

Zone one: Complete the well for long term production testing (18 to 24 months) in the original discovery zone, the Sargelu (upper Jurassic, 1,450 metres to 1,510 metres).

Drill an appraisal well through the Cretaceous intervals, 50 metres to the east of the existing Shaikan-1 well. "