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.

More down to earth.
cyril


Gulf Keystone improves oil discovery test rate in Iraq
11-08-10 Gulf Keystone Petroleum reported a stable test rate of 1,250 bpd of 19.7 degrees gravity oil at the Shaikan-1 discovery in Iraq's Kurdistan, up from 128 bpd on a test in 2009.
The natural flow, which the company said resulted from a much-improved test setup, came from the Jurassic Mus formation at 1,627-67 m at 50 psi flowing wellhead pressure with a gas-oil ratio of 10 cf/bbl.

Furthermore, tests using a low-capacity electric submersible pump resulted in rates up to 2,250 bpd of oil.
The workover rig will now test Jurassic Sargelu at 1,450-1,510 m and then configure the well for long-term production testing. The 283 sq km Shaikan block is 90 km northwest of Erbil.

John Gerstenlauer, chief operating officer of Gulf Keystone, said, "This retest of the Mus formation demonstrates that even this very low GOR zone is capable of substantial natural flow production rates when properly configured".
"In addition, it gives us further encouragement for future development, having demonstrated significantly increased production values even with a low capacity ESP."



Source: http://www.ogj.com

IF a bid does materialise at 220 and there is no counter-offer or likelihood of same, then 200/210 is about the upper limit, bearing in mind that there is always a "time discount" of 5/10%

From davy,interesting read.
cyri

lREAD THIS



Mornin all, sorry been a bit quiet of late but have been 'under the weather'.

But cannot resist highlighting some new stuff as follows:

- page 8: the 3D seismic footprint encompasses Hunt's Simrit-1 well, goes west into Komet's area, has a healthy overlap with Atrush to the north, and of course goes north-west to give full Sheik Adi coverage. Now I can understand the Atrush overlap (don't want those guys claiming more than their share), and likewise the Komet coverage of the Shaikan western extension. But the extension covering Hunt speaks much louder than that MEES report a couple of months ago saying that Simrit-1 was dry. This 3D confirms (to me) that Simrit-1 really was the FIRST Shaikan appraisal well. It would seem that Shamaran also agree:
http://www.shamaranpetroleum.com/i/pdf/Kurdistan_Oil_Gas_Activity.pdf
Note that Hunt was "Testing" as of September 2010! Given that the Simrit-1 rig was already at SA, Hunt must have either found themselves a WO rig or already have an EWT running?? Doesn't sound like a duster to me!

- page 11, good of them to finally give the Bijeel-1 pressure data point (and the Butmah-15 well data point) to us after all this time; a shame that they saw fit to give heads-up to Mirabaud (and clients) first. The case for Jurassic filled to spill is evidently extremely likely (as Mirabaud concurred). I can in fact independently PROVE that Jurassic is filled to spill but that post is still saved for a special occasion (I also hate shorters).

- pages 14 & 15: as before SH-4 is still at the 'D' location, west of SH-1. But we now see the relevance of the tender at the 'G' location, this is the location for SH-5. Interesting that GKP see a need to 'protect' the Shaikan interest at the northern end (keeping a close eye on Atrush development?)

- page 17: in case people need more spelling out about the importance of Headless Horseman, note that the BB structure (circled in white) spans all three blocks (HH, BB and SA). Say no more. Just get that Block Todd.

- page 19: Akri Bijeel seismic section, hold this thought for now, it speaks volumes to me about why GKP told us that Bijeel is an EXTENSION of Bekhme. No time to expand right now - I will, soon, I promise. Maybe MOL were not so dumb after all when they drilled the smallest structure ... When we finally get Bijeel-1 OIP it may surprise some ...

- page 20: great to see both BB-1 and Bekhme-1 firmly on the programme.

- page 6: GKP still saying that Akri Bijeel is 80% MOL, 20% GKP undiluted. Check out the September 2010 Shamaran map (link above), who indicate that the current interest is:
MOL: 64%
GKP: 16%
KEPCO: 20%
So has third party interest been awarded to KEPCO? Or does KEPCO's 20% signify that Akri Bijeel has been declared commercial? I wish good luck to all fellow investors who may try to get a clearer answer than I got from GKP on this matter!

All looking good to me, good luck all,

BBBS

We all know that the amount of oil in the ground is simply staggering it seems...but how far is this sp going to go ?.....not a clue myself.....200p plus..now...phew !....

We just need that goverment formed,which looks to be near,but then it's IRAQ?
cyril

the only thing near in Iraq, as in Pakistan, is the outstretched hand for your wallet

Ahhhh... this rumour is all false... nobody has made any bid at all.

such rumours often are, though just because there has been no announceent of same does not mean there is not one in the wings either

cynic just another ramp,but at least they have produced 4 truckloads of oil!

probably, but it's actually not a bad stock to have in the portfolio

btw, what miners do you rate ..... i have CEY and KAH (and POG - oh dear!)

Might have got this wrong but decided to bank a very good profit because this could slip tomorrow morning as news feeds through...market cap of 1.5 billion pounds....pretty hefty that....

it can never be wrong to bank a good profit

cynic medium term like CEY but not happy about their lower production estimates, lot of speculation about uranium price which may turn out to be premature, gold price may plateau short term depending on strength of US$, like oil.

Could have done better...but also sold some more earlier on, above 190p....so not bad but I fear this could drop 20p on opening tomorrow....

hali - CEY lower production was flagged in september, so already in the price .... actually doubled up earlier today at 161.7, but may use those to trade

CEY does look a good at that price...in myself as well.....

At the moment :..I'm making profits but I seem to be mistiming my buying and selling all the time......too quick on the trigger perhaps.....like Balerboy says...

Looks like it was a pump and dump with the takeover rumour.

Made a nice profit yesterday on the rise yesterday, so cannot complain but these pump and dumps are getting all too frequent - is it related to II's wanting to get their money out after a placing so they create some PI interest and a spike and then sell heavily into it ?? ;)

Same thing happened on DES, placing 140p and spike to 170p followed by dumping.

It's also the time of year for rises....and there have been some big ones....

more garbage from the usual source ..... let's take DES .... DES spiked because the lemmings convinced themselves that DES was going to hit it rich .... it didn't, so why the surprise when sp tanked?

here (GKP), it was just a loose and vague rumour in the market which may or may not ultimately have substance ..... but again, it's always bad strategy to buy on ANY t/o rumour or likelihood .... even when a t/o offer is actually tabled, it often falls through

so the usual crap about conspiracy and manipulated pump and dump is codswallop .... it's more like greed reaping its natural harvest