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 think we might see an early firework display?
cyril

Gulf Keystone today announces the following update for the current exploration and testing activities in the Kurdistan region of Iraq:



Shaikan-3



The well is currently in the Cretaceous Garagu Formation at 1,229 metres, measured depth. Oil shows have been observed both while drilling and also in a core. The wellbore is being conditioned prior to logging the well. Subsequently, the well will be drilled to TD and a 7-inch casing string will be run, finally, the pay interval will be tested.



Extended Well Test Facilities at Shaikan-1



A total of 10 truck loads of crude from the Shaikan-1 discovery well have now been sent to different refineries and oil processing plants in Kurdistan. The results of refined product yields from these product test runs continue to be analysed, after which a domestic price will be set for the Shaikan, Sargelu crude oil.



Sheikh Adi-1



The well is currently drilling in the Cretaceous at 899 metres, measured depth. Oil shows have been encountered in a core taken in the top Cretaceous. In addition, oil shows have been seen in the surface returns whenever there have been full or even partial returns. Log evaluation also indicates high hydrocarbon saturations over a minimum gross interval of 50 metres in the first Cretaceous zone encountered. However, hole stability issues (swelling, unstable shales) preclude the possibility of a production test at this time, doing so would involve running an unplanned casing string thus jeopardising our ability to reach the primary Jurassic and Triassic targets. Plans are to drill ahead to the primary targets and leave the Cretaceous intervals for later testing.



Bijeel-1



Kalegran, a 100% subsidiary of MOL, and the operator of the Akri-Bijeel block is continuing well test operations on the Bijeel-1 discovery well. Release of the Weatherford 842 drilling rig is scheduled for mid-November at which point the rig will move to the Shaikan-2 location and begin drilling the first deep appraisal well on the Shaikan structure.



Drilling Rig Tender



The GKP bid evaluation team is currently reviewing the eleven technical and commercial bid proposals that were received in response to the Company's tender. GKP expects to award a contract to the successful bidder during November. The selected rig will be used to drill the Shaikan-4 appraisal well.



Shaikan and Sheikh Adi 3D Seismic



Acquisition of approximately 525 square kilometres of 3D seismic data for the Shaikan block is 98% complete and data processing and evaluation have commenced. On Sheikh Adi, approximately 300 square kilometres of seismic data acquisition is 10% complete.



Commenting on today's announcement, John Gerstenlauer, Chief Operating Officer said "We are very encouraged by the log results and oil shows seen thus far in the Sheikh Adi-1 exploration well. The well logs and oil shows in this well not only point towards significant potential in the Cretaceous but also serve to further de-risk the oil potential of at least the Jurassic age targets deeper in this well. In addition we have made significant progress in establishing a fair price for the Shaikan Sargelu crude oil in the Kurdistan market in preparation for routine domestic oil sales."

Looking good for 200p soon.

chugging away nicely. Doing me very nicely...:))

176P NOW to buy.
cyril

Rumour is doing the rounds of a 250p per share takeover bid.

Hence the price is getting excited.

But, its only rumours..............

250p with new oil shows looks cheap

Roughly 10k's worth gone through at 183.75p. Seems the rumour is from the FT?
cyril

This does look like takeover stuff...my question is why has it not happened before...?....I would have made a move upon Shaikan being discovered...GKP was 50p then....

I see Prosels is back.....not knocking GKP are we now..?...

Just flying.....fantastic....

Uncle Cinners will swallow his golf balls when he sees this !.

No sign of denial by the company so it might be true....

Sold out at 189p, thats enough for a day trade.

More than likely its a false rumour created so the big boys can dump stock into PI buying and T-traders.

Just like DES before the first Rachel failure where it went to 170p and then crashed in the days following.

Is it a real rumour ? or a false one to allow "friends" to dump stock before bad news comes along ?

No failures for GKP,no concern of SP short term tis not an issuefor me, as i rather be in than out.
cyril

At a guess ...more to come tomorrow morning.....

.....Pros /DES lost a larger percentile in the three days prior tothe Rachel drilling result being made known than in the actual announcement via RNS itself .........via the old pals act ect ect ... ....

This is not a rumour... 220p tomorrow.

my chaps in the market had already kept me informed .... at cost i was only running a 75% stake, but am certainly a happy bunny both here and on the day in general

Perhaps it will break the 200p tomorrow morning...should do...fantastic share...

It seems that they had another visit ,the last couple of days from a bunch of ANALYISTS,now have they got word back???
cyril