niceonecyril
- 30 Aug 2011 09:35
- 1727 of 5505
From the article states not in talks for sale of the company,but left out remarks concering JV's or indiviual fields? Also from the RNS is the refer to SP,
"significantly above any figures quoted in recent press articles."
"
with the latest developments (oil&gas law etc)the risk lessens, hence rumours/interest in GKP?
aimho
Proselenes
- 30 Aug 2011 11:21
- 1728 of 5505
Gulf Keystone stokes rumour mill
By Michael Millar
Tue 30 Aug 2011
GKP - Gulf Keystone Petroleum.
LONDON (SHARECAST) - Iraq-focused oil firm, Gulf Keystone Petroleum, has denied reports that it is putting itself up for sale.
However, in a statement that read more like an advert, Keystone said it noted "increasing interest in the region in which Gulf Keystone operates".
It said it was "committed to creating value for shareholders, via the continuing 2011/2012 drilling programme on its world-class assets in the Kurdistan Region of Iraq".
The Sunday Times had reported that chief executive, Todd Kozel, was looking to set up a deal that could value the firm at up to 1.4bn.
The paper said he had told investment banks he would launch a "beauty parade" for advisers next month to help evaluated the company's options.
In today's statment Kozel said Gulf Keystone had built an "enviable asset base in Kurdistan, with significant further upside potential".
"We consider the true value of the company to be significantly above any figures quoted in recent press articles," he said.
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=4472477
niceonecyril
- 30 Aug 2011 12:40
- 1729 of 5505
Here's a well reasoned postby the respected Zengas,which makes sense as to why they may be looking to sell some of their assets,not Berbahr though,as they are extremely excited about(remarks from presentation feed back)
How else can a company like GKP deal with so many assets all at once (one of them at a magnitude dwarfing anything that the other explorers have found - Tawke is a 1.75 b boip field yet Shaikan is perhaps 5-8 times that) relative to time scales/dilution etc.
1) Shaikan significantly appraised - moving to next stage/development.
2) Bijeel discovery 2.4 b boip field (potentially 50% larger than 1.75b Tawke field at moment) - now into appraisal and surface facilities stage.
3) Sheik-Adi 1-3 b boip discovery - what next here ?.
4) Bechme now going down to 4,000m - potential for a second sizeable Akri-Bijeel block field.
5) BerBahr to spud soon.
6) Barkman anticline next quarter spud on Akri-Bijeel block.
7) 2nd Sheikh Adi prospect similar to the first one drilled.
Financially impossible imo to deal with them all to full appraisal devevelopment stage unless a part asset sale or strategic deal emerges and which i would expect is seriously underway/consideration.
tyketto
- 30 Aug 2011 14:10
- 1730 of 5505
And their SP is less than RKH.
niceonecyril
- 30 Aug 2011 18:11
- 1731 of 5505
but not the M/Cap gkp 1036k
rkh 557k
niceonecyril
- 31 Aug 2011 11:28
- 1732 of 5505
Kurdistan-focused explorer Gulf Keystone Petroleum has denied merger speculation, as interest in the oil-rich region of Northern Iraq heats up.
Getty Images
Tawke oil field near the town of Zacho in Dohuk province about 250 miles north of Baghdad, Iraq.
--------------------------------------------------------------------------------
"Those were rumors in the press over the weekend. There are no deals in the offing, we are not looking to sell ourselves," Todd Kozel, CEO of the AIM-listed company, told CNBC on Wednesday.
The company has discovered 12 billion barrels of oil across three license blocks, and Kozel said that the company is sitting on potential reserves of upwards of 20 billion barrels.
"Recently. Kurdistan is a headline in the oil industry. We were one of the early movers into Kurdistan, and we have early mover advantage," Kozel said.
"We are not drilling in the arctic; we are not deep drilling in the Gulf of Mexico. It is one of the last places onshore where you can access reserves of this size," he explained.
"The cost is minimal. Our finding cost is 25 cents per barrel. Our lifting cost, processing cost, transportation cost is $2.90 a barrel. At $100 a barrel, the project economics work, and they work in a big way."
niceonecyril
- 31 Aug 2011 23:57
- 1733 of 5505
Proselenes
- 05 Sep 2011 04:00
- 1734 of 5505
This weeks Oil and Gas price monitor from Merchant Securities :
http://www.mediafire.com/?ddmh1qawrnb9w3e
.
niceonecyril
- 05 Sep 2011 07:12
- 1735 of 5505
5 September 2011
Gulf Keystone Petroleum Ltd. (AIM: GKP)
("Gulf Keystone" or "the Company")
Kurdistan Operational Update
Gulf Keystone today provides an update on its ongoing exploration and appraisal programme for the Shaikan block in the Kurdistan Region of Iraq. Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels to 10.8 billion barrels calculated on the P90 to P10 basis with a mean value of 7.5 billion barrels.
Shaikan-2 Well Test Update
Further to the announcement of 18 August on the new Triassic discovery with the Shaikan-2 Appraisal Well, the Company has completed a flow test in the lower section of the Kurre Chine B zone in the Upper Triassic zone of the Shaikan-2 Appraisal Well drilled approximately nine km to the south-east of the Shaikan-1 discovery well.
The Kurre Chine B flow test in Shaikan-2 achieved flow rates of 2,600 barrels of 40 degree API oil per day with associated gas of 5.4 MMcf per day through a 48/64"choke.
So far, the Company has conducted three wells tests on Shaikan-2 with the maximum aggregate flow rate in excess of 15,000 barrels of oil per day ("bopd") with up to five additional tests still to be performed as part of the ongoing Shaikan-2 testing programme in the Triassic and Jurassic. The next test will be conducted on the upper section of the Kurre Chine B.
Shaikan-4 Drilling Update
The Shaikan-4 Appraisal Well, drilled six km to the west of the Shaikan-1 discovery well, is currently drilling ahead at a measured depth (MD) of 2,580 meters. Preliminary well logs through the upper Jurassic (down to the top of the Butmah formation) indicate that the net pay count on this well for the upper Jurassic reservoirs is significantly better than those achieved with either Shaikan-1 or Shaikan-2.
John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented:
"This latest in a series of successful Shaikan-2 well tests follows the announcement of the new Triassic discovery made with this well earlier this month. Together with the progress in the Shaikan-4 drilling operations and the oncoming spudding of Shaikan-5, it is a confirmation of Gulf Keystone's success in both drilling and proving the value of the giant Shaikan field, which is our immediate focus".
Proselenes
- 05 Sep 2011 14:57
- 1736 of 5505
niceonecyril
- 07 Sep 2011 07:36
- 1737 of 5505
Significant yo GKP.
http://www.investegate.co.uk/Article.aspx?id=201109070700557689N
And a quick assessment by Zengas.
Vallares already raised $2b.
Vallares will issue new shares to Genel owners worth a further $2.1b.
Genel and Vallares will merge and valuation = $4.1b.
P2 Kurdistan reserves = 356 mmboe.
Resources = 1.4 billion boe.
Atrractive entry point = $1.50/b = so this is the price per barrel of resource ie 1.4 billion x $1.50/b = $2.1b.
Acquisition cost of $2.1b on 356 mmboe P2 = $5.89/b.
I presume the $2b cash will be left in the coffers of the combined company for now - so likely more acquistions/fund development ?.
That's how i see it. I'm out for the rest of the day. This looks an excellent deal and imo proves how ridiculously GKP is undervalued !
Proselenes
- 07 Sep 2011 08:25
- 1738 of 5505
DJ MARKET TALK: Vallares-Genel Energy Deal Seen Positive - Trader
0713 GMT [Dow Jones] Vallares' (VLRS.LN) plans to merge with Turkey's Genel Energy International Ltd, should be positive for Vallares and will help to lower specific country risk associated with Kurdistan, according to a trader. Genel would own 50% of the combined entity, valuing the group at $4 billion, and suggesting FTSE 100 entry. It would become the third-largest UK E&P, with a resource base of 1.4 billion barrels of oil equivalent. The trader adds that the deal should have positive read-across for Gulf Keystone Petroleum (GKP.LN). Vallares shares flat at 995p.(michele.maatouk@dowjones.com)
Proselenes
- 08 Sep 2011 01:13
- 1739 of 5505
http://www.independent.co.uk/news/business/news/hayward-nets-16314m-in-first-middle-east-adventure-2350908.html
.............Tony Hayward has outlined plans to dominate the vast reserves of newly accessible oil in the semi-autonomous Kurdistan region of northern Iraq. The former BP chief executive said his $2.1bn (1.3bn) acquisition of Genel Enerji was just the beginning of his activities in the region.
Potential targets are understood to include Gulf Keystone, the Aim-listed oil explorer focused on Kurdistan, which is rumoured to be preparing for a sale, as well as other operators in the region. The group, which has enough cash to finance an estimated $4bn of further acquisitions, has also identified Libya as a potentially rich source of business, putting operators in the country on its list of possible targets..............
niceonecyril
- 08 Sep 2011 09:09
- 1740 of 5505
A very valid point,concerning Vlllares deal.
I also noted that in the Vallares presentation, they emphasised the fact that the contracts for their two main blocks were signed pre-2007 which is significant as they were legal under the then law.
niceonecyril
- 08 Sep 2011 09:22
- 1741 of 5505
cynic
- 08 Sep 2011 09:36
- 1742 of 5505
legal then and legal now are not necessarily synonymous, especially in that theatre
niceonecyril
- 08 Sep 2011 10:02
- 1743 of 5505
Well they feel it matters?
niceonecyril
- 08 Sep 2011 10:02
- 1744 of 5505
hubbert's peak?....reading this month's Bike mag,we have a spread on the end of cheap petrol.bob wine,bp press officer...'there's an awful lot of oil known about,some politically,some technically difficult to extract at the moment. (bp doesn't subscribe to H's peak oil theory)
....'personally i rate chris skrebowski's view very highly. he puts the peak at 2014-15. the elephant in the room is the $450bn flowing out of the U.S and EU to buy oil..dr richard pearson,Lotus engineering.
..this is the end of 'easy oil' we are going into a world where finding the oil and gas is more complex and needs more investment.that means higher oil and gas prices. we have invested $100bn in new projects in the past 7,8 years and expect to invest the same in the next 4....peter voser,CEO,shell.
chris skrebowski,founder,Peak Oil Consulting....'even if you include all the new production it goes tight by middle of next year,and remains tight through 2013,14.....by about 2015 there will be no spare capacity left.this is the point where production can't be expanded above that level. (we could add Libya type curves here)....'then if demands run higher,you get to the really brutal question; Do the Chinese get the oil or do we get the oil,because there isn't enough for both of us'....food for thought eh.
niceonecyril
- 08 Sep 2011 11:51
- 1745 of 5505
RNS Number : 8674N
Gulf Keystone Petroleum Ltd.
08 September 2011
Not for release, publication or distribution in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.
8 September 2011
Gulf Keystone Petroleum Ltd. (AIM: GKP)
("Gulf Keystone" or "the Company")
Notice of Half Year Results
Gulf Keystone will announce half year results for the period ended 30 June 2011 on 14 September 2011.
A presentation for analysts will be held at 2pm at Pelham Bell Pottinger, 6th Floor, Holborn Gate, 330 High Holborn WC1V 7QD. The presentation slides will be available on the Company's website at www.gulfkeystone.com from 2pm UK time.
Proselenes
- 08 Sep 2011 12:52
- 1746 of 5505