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.

http://www.thetimes.co.uk/tto/business/markets/article3202750.ece

"Gulf Keystone Petroleum, an oil explorer in the Kurdish region of Iraq and a firm favourite among racier private investors, was chased 1p higher to 137p on whispers of an impending bid pitched at 180p-200p a share."

http://www.advfn.com/p.php?pid=nmona&article=49637212

why are these not higher?

There's a bit in one of the lunchtime updates. http://www.iii.co.uk/articles/20117/gulf-keystone-eyes-further-shaikan-upgrade

On edit - sorry, I didn't see Cyril's post !

it looks like going nowhere till 2012.

that was not my 1 million buy

going to finish blue

http://www.investegate.co.uk/Article.aspx?id=201110310700221067R

Anything in these rumours of Exxon buying the 20% interest in Akri-Bijeel from GKP ?

http://www.sotaliraq.com/mobile-news.php?id=30318#ixzz1caPYvvDI


Daily confirmation now that the Iraq Fed gov have agreed with krg to adopt 2007 draft. BUT, parliament is saying it will not pass it as is. It is still working on a draft that have the spirit of 2007 at the core but with lots of mods. But parliament respects that article 112 of the constitution that Fed Gov AND regional authorities have the right to manage the resources and fair distribution according to population. ALSO, regions that suffered due to lack of investment WILL recieve ADDITIONAL share until a balance is achieved between all parts of iraq. (this means that krg will be recieving more share of resources to develop its infrastructure, utilities, education, homes etc.)

all moving in the right direction, imo

Some refer to Exxon,

http://www.ft.com/cms/s/2/69789d60-9da0-11e0-9a70-00144feabdc0.html#axzz1cki0oiak


Exxon and Shell, both heavily involved in central Iraq, declined to comment on speculation and rumour of their potential interest in Kurdistan although Russia focused TNK-BP said it is assessing possibilities in the Middle East.

Of interest from the 3i's board.

MrA has posted on iii now too



Hello all,

I spoke with Baillie Gifford on Wednesday at their Edinburgh H.Q. Bailey Gifford currently hold a total of 28.5 MM GKP shares, they topped up recently with 15 MM around the same time that M&G topped up too. I have attempted to speak to Baillie G previously on a number of occaisions but they are brutally abrupt and refuse to discuss anything when the GKP words crop up - even partially related topics are not entertained. I got slightly luckier this week speaking to Stuart Dunbar there, the only information I gleamed however from Stuart is that Baillie Gifford are holding GKP on behalf of their Client (not clients plural) just...their Client he added.

Hmmm, sometimes a low sp is representative value to an acquiring purchaser and I wonder if this could be history repeating itself again when around 2 years ago Baillie Gifford undertook stake building in Dana Petroleum prior to KNOC's Takeover. During 2009 & 2010 Baillie Gifford bought heavilly into Dana Petroleum exceeding the holding disclosure threshold level, they continued to buy and add Dana's shares to their portfolio up untill February 2010 even when Dana's share price touched 11 per share.

Baillie G continued to add Dana whils't many other's steered away at that time and questioned both Dana's growth potential AND the improbability of a potential company Takeover.

Please note the doubter's comments below:

November 17th 2009 - FT.Com: ....."Traders have questioned the likelihood of a buyer emerging for Dana, given its North Sea assets are unlikely to appeal to a sovereign buyer and its African exploration prospects would be a poor match for a utility".

Less than 10 months later - this was announced:
September 2010: Dana Petroleum finally agree to an offer of 1.8bn (18 per share) from KNOC, for their 223 million barrels of oil reserves. This represented a 59% Premium to it's pre bid value.

KNOC who at the time held over a 30% shareholding in Dana - they finally persuaded 64% of Dana's shareholders to opt for the certainty of cash in the hand rather than the Management's promise of growth in the future. They really didnt have much choice after major shareholder's Schroders and BlackRock sold their holdings to KNOC.

The T/O price was eventually agreed over a 4 month period - with Baillie Gifford actively and vocally aiding in the final bid-battle target value of Dana.

As far as GKP and II's are concerned we have M&G, Baillie Gifford, and Capita who have all increased their GKP share holdings of late.

We have witnessed the M&G and the Kuok holdings update, and now that Baillie Gifford have breached the 3% holdings threshold level coupled with the amended bye-laws it would be good to see GKP issue a few new and up-to-speed disclosure holdings RNS's.
In all the excitement of Sh4 maybe GKP have forgotten to inform us.

Maybe Baillie G or to be more specific (their 28.5 MM Client) have found a loophole and have GKP split within 2 totally seperate divisions / holdings thus coming in under the radar and negating the need for notification. .....Either way from the many resulting phonecalls - they are certainly a protective and tight lipped lot !


Anyways back on earth or Kurdistan to be more precise:
On the Discovery side, .....oil shows on Ber Bahr hopefully due anytime soon. Fire up the news quattro Tony H and team, we'll gladly grab on to your coattails for the ride.

TD iminent if not already on Sh4.

OIP figs for Bekhme assisting our working interest sale there - come on MOL 12.8% of a lot is STILL A LOT !

Lastly, and hence the heading North x2 - the spudding of Sh5 earlier this week is into new and defining territory. As well as being a colossal step out Sh5 is situated approx 16 km north / north east of SH-1.

Back in June an alert and receptive analyst on the Kurdistan field-trip jollies picked up on a important and pertinent factor highlighting the "more pronounced extent" to both Shaikan & Sheikh Adi on each of the block's Northern formations.
The northern aspect of each anticline is more pronounced than it's current drills - which so far have only targetted the southern aspect's on each block's anticline. This indicates the carbonate would have been submitted to greater stress during its formation - with the high likelihood of increased levels of natural fracturing, and by implication yielding a higher Recovery Factor / higher oil-flow rates.


Good luck all,

MrAverage1

I was half expecting news this am,so maybe sometime this week?

http://www.proactiveinvestors.co.uk/companies/news/35208/citi-runs-the-rule-over-kurdistan-the-last-great-frontier-for-oil-explorers-35208.html

GKP shares look good value to me.

An e-petition that has been raised by private investor champion David O'Hara to try and get AIM investments eligible for ISAs. If they get enough votes, the government is forced to review the situation.

I urge everyone to take 2 seconds to add your name to this government petition.

http://epetitions.direct.gov.uk/petitions/16111

.

nonsense; the gov't will not be forced to do anything of the sort

A nice big OIP upgrade for Shaikan :) !!

http://www.investegate.co.uk/Article.aspx?id=201111080700316560R

.

Brillient and here's a brokers note.

ulf Keystone Petroleum unveils second significant resource upgrade of the year
7:25 am by Ian Lyall
http://www.proactiveinvestors.co.uk/companies/news/35293/gulf-keystone-petroleum-unveils-second-significant-resource-upgrade-of-the-year-35293.html


Gulf Keystone Petroleum (LON:GKP) this morning unveiled a significant upgrade to the oil in place volumes for the Shaikan field in the Kurdistan region of Northern Iraq.
An independent review by Dynamic Global Advisors estimates that Shaikan contains 8 billion barrels of crude calculated on P90 basis meaning the oil has a 90 per cent certainty of being produced. The figure rises from 4.9 billion barrels previously.
Following the analysis carried out by Houston-based DGA the P10 value increases to 13.4 billion barrels and mean value to 10.5 billion barrels.
This is the second very significant upgrade to the Shaikan resource estimate this year and the third since 2009.
It is based on preliminary data acquired from Shaikan-4 and 3D seismic taken from Shaikan and Sheikh Adi blocks. DGA also included the new Triassic discovery made with the Shaikan-2 appraisal well.
Chief operating officer John Gerstenlauer said: Once again, the companys management and board of directors are delighted to validate our world-class discovery at Shaikan in the Kurdistan Region of Iraq.
This third successive upgrade of the Shaikan gross oil-in-place range by Dynamic Global Advisors is a new step towards completing our understanding of this exceptional asset.
The process of assessing Shaikan started on 6 August 2009, when we announced our first significant discovery in Kurdistan.
This assessment is far from being concluded as we have just spudded Shaikan-5 and prepare to drill Shaikan-6 in early 2012.
These additional appraisal wells will provide us with valuable information about the flanks of the massive Shaikan structure, while the Shaikan-7 well will target the Permian, the deepest undrilled horizon of the structure. The Shaikan appraisal programme is being completed in parallel with the ongoing work on the Shaikan field development plan.

=================================================
Oil & Gas Corporate News

Gulf Keystone PLC (BUY, 275p) (GKP LN,133.25p, ▲ 0.76%) today announced a major upgrade of the gross oil-in-place volumes for the Shaikan discovery in the Kurdistan Region of Iraq. The revised gross oil-in-place volumes for the Shaikan discovery, as calculated by Dynamic Global Advisors (DGA), are a P90 value of 8 billion barrels to a P10 value of 13.4 billion barrels of oil-in-place with a mean value of 10.5 billion barrels. This is the second very significant upgrade of the Shaikan resources estimates in 2011 and it revises the previously announced range of 4.9 to 10.8 billion barrels of gross oil-in-place with a mean value of 7.5 billion barrels. This upgrade is based on the data acquired since the last resource evaluation of the Shaikan discovery by DGA issued in April 2011 and is a third successive upward revision by DGA since the Shaikan discovery was announced in August 2009. DGA's latest estimates are an evidence of the progressive evolution of the understanding of the Shaikan field and of the increased certainty in the continuously improving resource estimates. DGA's conclusions are based on the new data acquired as a result of preliminary results from the Shaikan-4 appraisal well, results of the processing and interpretation of the 3D seismic data acquired, a new Triassic discovery made with the Shaikan-2 appraisal well in the Kurre Chine C zone, and an extended well test production from Shaikan-1 and Shaikan-3. Gulf Keystone is the Operator of the Shaikan block with a working interest of 75 per cent and is partnered with Kalegran Ltd. (a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc.) and Texas Keystone Inc., which have working interests of 20 per cent and 5 per cent respectively.
http://www.stockopedia.co.uk/content/fox-davies-capital-update-featuring-specialist-energy-eastern-platinum-hambledon-mining-cairn-energy-petroceltic-oracle-coalfields-aureus-mining-61684/

"Shaikan is the companys most advanced prospect and has the potential to be the worlds next super-giant oil find "
===============================================================================
Gulf Keystone Petroleum shares on the march following resource upgrade
11:52 am by Ian LyallShaikan is the companys most advanced prospect and has the potential to be the worlds next super-giant oil find. The company currently holds a 75 per cent interest.

Shares in Gulf Keystone Petroleum (LON:GKP) were up as much as 15 per cent in early trade after the explorer unveiled a significant upgrade to the oil in place volumes for the Shaikan block in Northern Iraq.

An independent review by Dynamic Global Advisors estimates the Kurdistan field contains 8 billion barrels of crude calculated on a P90 basis meaning the oil has a 90 per cent certainty of being produced. The figure rises from 4.9 billion barrels previously.

Following the analysis carried out by Houston-based DGA the P10 value increases to 13.4 billion barrels and mean value to 10.5 billion barrels.

This is the second very significant upgrade to the Shaikan resource estimate this year and the third since 2009.

It is based on preliminary data acquired from Shaikan-4 and 3D seismic taken from the Shaikan and Sheikh Adi blocks. DGA also included the new Triassic discovery made with the Shaikan-2 appraisal well.

Chief operating officer John Gerstenlauer said: Once again, the companys management and board of directors are delighted to validate our world-class discovery at Shaikan in the Kurdistan region of Iraq.

This third successive upgrade of the Shaikan gross oil-in-place range by Dynamic Global Advisors is a new step towards completing our understanding of this exceptional asset.

The process of assessing Shaikan started on 6 August 2009, when we announced our first significant discovery in Kurdistan.

This assessment is far from being concluded as we have just spudded Shaikan-5 and prepare to drill Shaikan-6 in early 2012.

These additional appraisal wells will provide us with valuable information about the flanks of the massive Shaikan structure, while the Shaikan-7 well will target the Permian, the deepest undrilled horizon of the structure. The Shaikan appraisal programme is being completed in parallel with the ongoing work on the Shaikan field development plan.

After an initial spike to 153 pence, the stock settled at 141.60 pence by 11.45 am to record a gain of 8.35 pence.

City broker Evolution tweaked its valuation up by 10 pence a share to 210 pence following todays update.

However it has also taken a more conservative view on potential recoveries at Shaikan.

Analyst Richard Griffith added: We would expect further upgrades in 2012 with de-risking events such as FDP approval, export route clarification and development funding.

Shaikan is the companys most advanced prospect and has the potential to be the worlds next super-giant oil find. The company currently holds a 75 per cent interest.

According to analysts the nearby Ber Bahr field could be even bigger. Here the first exploration well was spudded last month.

It is operated by Turkish outfit Genel Energy, which has a 40 per cent interest, as has Gulf Keystone. The remainder is owned by the Kurdistan Regional Government.

At the same time Bekhme-1, the second exploration well on the Akri-Bijeel block, drilled 20 kilometres to the north-east from the Bijell 1 discovery well, is currently testing in the Triassic.

Gulf Keystone has a 20 percent working interest in the Akri-Bijeel, which is operated by of MOL Group, which holds an 80 percent working interest in the block.

The company recently announced plans to sell its interest in this field to concentrate on other prospects.

Gulf Keystone has made remarkable progress in the last 18 months with a high impact drilling programme that wouldnt look out of place at one of the larger independents.

A recent US$200 million share placing underlined the shareholder support the company enjoys and has allowed the explorer to move full throttle into the next phase of development.

In a research note published last week, American investment bank Citi said Kurdistan is set for a major period of news flow as independent exploration companies embark on ambitious drilling campaigns in the semi-autonomous region.

Based on data from the US Geological Society, Kurdistan could hold over 50 billion barrels of oil which means it is comparable in scale to Libya.

Counterbalancing this excitement is uncertainty over the production sharing contracts being issued by Kurdistan, which are still being disputed by the authorities in Baghdad.

These concerns are further exacerbated by the news that some oil companies arent receiving full payment for their oil exports.

Both issues are unlikely to be resolved until an Iraqi oil and gas law is ratified, in our view, Citi said in the recent note penned by Michael Alsford and Mukhtar Garadagh.
http://www.proactiveinvestors.co.uk/companies/news/35319/