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.

OIL CONTRACTS HONOURED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY

http://logisticsweek.com/news/2011/02/kurdistan-government-honors-oil-contracts/#

kerrrrrchinnnngggggggggggggggggggggggggggggg!!!! :-))

Kurdistan Government Honors Oil Contracts
By NewsDesk

News 1 hour ago

Share Iraq has promised to honor the oil agreements signed between the Kurdistan Regional Government and oil companies operating in the region. According to Iraqi Prime Minister Nuri al-Maliki, the production sharing agreements (PSAs) will be respected by the government and Kurdistans oil companies will be credited in full recognition of their profit margin entitlements. The declaration ends ongoing arguments between numerous oil companies and the Kurdistan Regional Government.



President Al Malikis support of Kurdistans oil contracts will undoubtedly be a source of great optimism for international oil companies active in the region. One of these organizations is Norwegian DNO, which has already developed production capacity on the local Tawke field, whilst Sterling Energy has made its mark in Sangaw North Block, and Gulf Keystone Petroleum in Shaken block, Akri-Bijeel, Sheikh Adi and Ber Bahr.

This agreement has acted as a green light to smaller companies that are already positioned in Kurdistan, whilst bigger oil companies are now considering options and strategies to establish major facilities in the resource-rich region.

Move One has more than eight years of experience providing logistics support for both commercial and military clients in Iraq. With seven strategically located offices in the country, Move One is capable of handling any logistical task in the region.

well north we go - this is excellent news - not only done for the revenues obviously but politics - all good - kerrrchinnnnnnnnnnnnnnnnnnngggggggggggg!

i would really not want to be outta gkp this weekend and next week et cetera!!! LOL

ABBBBsodidleydoooly.,.

baler - ditto-a-rooooooooooly-dooooooly that!

good end to the week - roll on monday - rns to confirm todays news would be the icing on the cake to this latest chapter of being a gkp investor!!

I would not touch this stock with a barge pole at moment,oil pipe line just been blown up,11 people killed yesterday in clashers........good luck all i must be missing some thing.

Wonder when the militants will start attacking oil rigs and wells as well ? Could be on their agenda.

http://www.bbc.co.uk/news/world-middle-east-12586852

.


Also, more protests in Kurdistan it seems

http://www.presstv.ir/detail/167154.html

.

cheers mm & prose
yep aware of this - which is why i was averaging down in preparation further for a swift exit if needed as i mentioned before yesterday - but caught this rise just right - i must admit it may be short lived and reverse on monday - and i reckon the only reason gkp did not really fly to around 200p was because of the civil / tribal unrest iraq & elsewhere - the situation is changing not daily but by the hour

baler - i am sure you are aware of the situation - worth keeping an eye here - i turned a nice profit friday still have a holding but if situation / unrest gets worse may make a 100% swift exit all be it i hope only temporary exit - be interesting to see how libya turns out - obviously i hope for the best to anyone caught up in that in libya & glad sas/sbs now in charge of the britons exiting ... but if it spreads to saudi also which may happen (& already started imo) then.....

wonder how much higher oil will go - another opportunity!

gla

hmmmmmmmmmm

http://www.bbc.co.uk/news/world-middle-east-12586852

right off out now!

Thanks gibby, think we'll have to act quick monday.

price will be marked down before opening if this refinery attack is deemed to have much or even any effect on GKP

Note just out from Fox Davis

A time to buy


Introduction
Over the last couple of weeks GKP has fallen from circa 2/share to 1.35, below the Placing Price from the October 2010 109M financing. We feel that at the current levels the stock provides good upside potential. The political upheaval in the MENA region has knocked numerous companies operating in the region however, GKP remains well funded with an active program underway and is our preferred company in Kurdistan. The size of the resources discovered to date and upside potential within the portfolio, coupled with the absence of an existing strategic investor, make us believe GKP will prove a very attractive take out target once a settlement is reached between Baghdad and Erbil. Given the active programme outlined below, it is clear that GKP will look to add considerable resources over the coming months to make it of even greater interest.

Operations
GKP Net Interest: Shaikan = 50.6%, Bijeel = 12%, Sheikh Adi = 80%, Ber Bahr = 40%

Shaikan 2
Operations commenced in December 2010 with the well looking to appraise the deeper horizons and will also look to drill through the Triassic (high pressures forced drilling at Shaikan 1 to be ceased). The well is 9km to the East of Shaikan 1 and should help pin down OIP estimates from the initial Shaikan-1 well (4.2Bbbl). Drilling & testing was anticipated to take 6 months from time of spud and we would expect newsflow in Q2.

Shaikan 3
Results were released in January which highlighted the shallower potential of the Cretaceous. 2 open hole & 2 cased hole flow tests (9,800bopd) have led to Company estimates of OIP estimates of 220MMbbl (P50) to 2,200MMbbl (P10). This is in addition to the numbers from Shaikan-1. Should the Cretaceous prove oil bearing near the flanks of the Shaikan structure then the P10 number becomes more likely although as a heavy oil would need to be developed separately.

Shaikan 4
GKP are looking to get a rig out of Tunisia ahead of spudding in early April. The well will again appraise the Shaikan discovery, this time circa 4km to the West and as with the other well is estimated to take 6months to drill and test.

Sheikh Adi-1
Oil shows were encountered in the core in the top of the Cretaceous and log evaluation indicated high hydrocarbon saturation over a minimum gross interval of 50m. Hole stability issues meant a test of the Cretaceous might jeopardise the ability to reach the primary targets of the Jurassic and Triassic. As a result the company will test at a later date. Updates towards the end of last year suggested the well was behind schedule and as such we would assume the TD of 3,850m to be reached in early Q3 this year. We anticipate 2.4Bbbl in place giving 600MMbb recoverable (480MMbbl net, 240MMbbl risked).

Behkme-1 (Bijeel)
We understand MOL is still planning to spud this well in mid-March. Estimated gross recoverable resources are 900MMbbl, or 108MMbbl net.

Ber Bahr-1
Genel is looking to finalise a drilling location and secure a rig ahead of spudding in April. Estimated gross recoverable resources are 1,00MMbbl, or 400MMbbl net.

Summary
In short we believe GKPs current portfolio has the potential to hold gross recoverable oil of 5Bbl. Net to GKP this equates to 1.67Bbl or 899MMbl on a risked basis. With current market cap of $1.7bn this equates to circa $1.9/risked recoverable barrel. We feel there is a strong possibility that the political situation will reach an acceptable conclusion with regards to profit oil later this year along with ratification of licenses issued by the KRG. At that time all companies operating in the region should benefit. As operational newsflow continues to be released by the company, as well as early stage production from Shaikan we believe the stock will rally from these levels. Our target price remains at 2/share.



Oliver Stansfield
Director, Equity Sales

Thanks cyril. Nice time line of events to come, glad i'm inand will watch closely. sold 50% at 186p back a bit so what i have left cost nearly nothing so it might be a top up oppertunity at 135 again.,.

would seem sp holding up at 150p this a.m ok

not selling today anyhow! should break 160 today! :-))

generally, the news in m/e is encouraging after the recent turmoil, and there are reasonable hopes that libya will settle down shortly .... whether or not the current quasi-interim gov't with its promises of speedy democratic elections and religious tolerance within an islamic country will be able to deliver, is a bit wishful, but at least its an apparent move in the right direction

indeed - buys now outnumbering sells -should start ticking up - keeping an eye on l2!

From Iraq report, can't access full story:

Beiji back up, repair will take months
Details of the attack are slowly coming out. The damage assessment looks grim, but the government is beefing up efforts amidst an investigation.

i don't think this has much if any impact on GKP other than perhaps sentiment ..... their interest is in exporting the stuff by pipeline, not refining for domestic consumption

seems to be holding up ok.