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.

if they rejected first offer at 3x current value.
hope bidders come ack with improved offer.
going by rumor.

there ain't no bloody offer on the table - pure unsubstantiated gossip and hype

i hope you are wrong. if ou are correct there is still huge upside to gkp

so do i. Hope your wrong cynic that is..

only 6.5m traded today so perhaps the major flurry a few days ago was just one of those nonsense things that happens occasionally

I've ignored this bid talk the last few sessions but what about the HOIL situation now they have cleared funds? Is it somebody putting 2 and 2 together or does this story have substance? I note no comment thus far from B.O.D at GKP? Thoughts/comments gladly received.

Well come Tuesday (AGM)all should be revealed,rest is guess work?
cyril

kate - i think the t/o talk (pure gossip) is best ignored even if such an eventuality is far from impossible .... whether or not the stock is worth X is very much a personal view .... however, for sure there are lots of large long derivative holdings, from which one can rationalise all sorts of things

It's the rumour that's pushing this up......could go up to 100p at any moment.

With just one full days trading prior to the AGM,could be very interesting?
cyril

No takeover from Heritage as special divi announced but up this morning still the same.

AGM due to start at 11am in Zuruchmso 10am for us?
Will we get an RNS prior to the meening?
cyril

What's so special about this agm ?....at the end you will probably have a rns saying "all resolutions have been passed"....the usual stuff...

sometimes they give guidance and trading update, but other than that, i concur

The sp seems to want to go up, perhaps in the next few minutes something big (dream on rf) might come out of the agm....

Big, big buys going through....

Gulf Keystone Petroleum Limited is pleased to announce that all resolutions proposed at its Annual General Meeting held this morning were duly passed by the shareholders.
Spot on RF.

Report of the AGM
cyril

From paul on iii who went to the AGM

Today 14:44


"Just back from the AGM. Never been so positive about this company and the opportunity.

I have no idea where the share price will be tomorrow or a week next Thursday, but I am VERY confident that it will be significanly higher than it is today in 12 months time when contracts are approved, GKP is producing, upgraded to the main LSE listing, confirmed full to spil on Sk1 via Sk2 proving out the water table, SA finds oil, MOL finally get their snail like process in gear and annouce the massive find there....etc etc. And a big NOC/OilCo just has to buy one of the biggest oil finds in recent times.

"VERY" confident. But thats just me"

From Jack Diamonds 3i



The AGM galloped though the resolutions & all were passed as per the RNS. I took a few notes on what was said as follows:

FF commented on whether the SA1 rig was progressing (Last update 10% rig up complete).

TK stated that they would spud on satisfactory sign off of the rig (sign off also trigger payments to rig contractor).

Etamic payments had not been made to date & TK stated that payments would follow contract signing (RNS to follow on contracts being signed)

TPO commented on the current SP not reflecting value & what were the issues of a low ball TO

TK stated that the Company was not managed on SP. They took a "long term outlook & long term strategy". Current work program was designed to move SP to where Management thought it should be.

TK commented on current SP pressure due to PIs & not Institutions. IIs have been briefed & would defend a hostile TO ("They know the value")

MOL are slow. Genel are looking at well location on BB. Both would be funded by "Oil sales next month to domestic market"

TK no plans to divest from AB (Why should they?). Plan is to drill other wells & prove up value. Not concerned on Iraq politics & no preference for whoever gets in.

Ewen stated no existing well at SA. Estimated OIP as per genel estimate of 1.9BB.

Shaikan production is for 18K bpd. Could "react swiftly to 40k bpd" if SA produced the goods.

Regarding 165M raised 25 May, not all funds received by 01 June hence 156M cash balance. Dollar exchange rate a benefit

Genel has a 3 year agreement on BB not 2 years. Expires March 2012. Plenty of time .

Gram stated that he was unhappy with recovery factor of 30-35%.

TK stated that this was the current assumption & they were being conservative based on current data. "If we thought it was 20% we would not tell you 30%"

Shaikan was stated as being the "Crown Jewel of Kurdistan" & an economic investable project.

Algeria still in limbo. No payment from BG yet. Still waiting Govt sign off.

On a question of block boundaries TK stated East West boundaries may grow but North South unlikely to be affected. SA, BB & AB are therefore on trend.

They are looking for the "water", which could suggest a step change in value. MOL had drilled deeper than Shakian therfore RNS released regarding no water found.

Hunt data of no real interest. "Perhaps your data is more valuable than theirs"

TK stated remove the word "Perhaps"

Could the drilling rates be increased?

TK No we are in exploration. "Its not how fast you drill the wells or whether you bring them in on budget, its finding significant OIP that matters"

Summed up by stating that the Company was in "Great shape", "An interesting 12 - 18 months ahead" & "passionate about my baby"

All IMHO

Great day & good to meet the team. Many conspiracy theories just fell away

IMHO good mid to long term prospect

Jack


Above another account of the AGM.
cyril

"Gulf Keystone announces the commencement of drilling operations on its Sheikh Adi-1 exploration well effective August 4, 2010. This is the first exploration well to be drilled on the Sheikh Adi Block immediately to the west of the Company's Shaikan Block, site of last year's discovery of the giant Shaikan oil field. The Company has an 80 percent working interest in the Block and is carrying the Kurdistan Regional Government's 20 percent working interest.

The well design for Sheikh Adi-1 has been modified to drill through the geopressured sections of the Triassic. This high pressure interval forced the cessation of drilling on Shaikan-1, at the point when the well experienced the inflow of significant volumes of oil and gas from this section of the Triassic. The Sheikh Adi-1 is designed to drill through the Cretaceous, Jurassic and the Triassic age rocks, to a planned total depth, depending on well results, of 3,850 meters. Drilling is expected to take 6 months. The Company's estimated oil-in-place resource potential for the Sheikh Adi structure is in excess of one billion barrels."