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.

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."

All looking positive.

wow great news
(NICEONECYRIL in 1227 blue sky thinking)
looks like sky in the limit for gkp

5th Aug 2010
Jurassic Zone Testing on the Shaikan-1 Discovery Well

Gulf Keystone announces the results of further testing of the Butmah (1783m to 1814m) section of the Jurassic on its Shaikan-1 discovery well. Final production rates during this week's re-test were measured at 4650 bopd with an API gravity of 17.68 degrees and a gas oil ratio of 34 standard cubic feet per barrel of oil at a flowing wellhead pressure of 295 psi. This is in line with the previously estimated rate.

The Mus (1627m to 1667m) section of the Jurassic will be re-tested next, followed by the Sargelu (1450m to 1510m), which will then also be configured for long term production testing.

John Gerstenlauer, Chief Operating Officer for Gulf Keystone said "I am encouraged by this verification of the flow capacity of the Butmah formation. This test represents another step in our efforts to confirm and define the magnitude of the Shaikan discovery. The well has now demonstrated an aggregate flow capacity of over 20,000 bopd from just a fraction of the total prospective interval. I look forward to further testing and also to commercial oil sales from the long term test of the Sargelu, commencing later this year."

It's like the good old days again......a takeover bid would have to be above 1.50 to succeed with these production figures coming up....

Above a pound again....and rising......wish I did not close my spread yesterday now...still have the shares .....

I said to be patient and here we are....102p.....this was 67p just a few months ago.....

Are we in the foothills of a takeover bid ?....I'm starting to wonder as this is flying now....

106p trades going through......

Where is everybody ?.....come on drop the beach towels and leave them to the germans ...back to your desks....

By jove ! ....108p....

Can't get away form the pool ?...invent an excuse : say you're having an affair !...anything.....become a chocoholic...(urgent chocolate bar need..)....

excellent