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.

RPT-UPDATE 2-Iraq says will export oil from Kurdish fields

(Repeats to detach from text of earlier story)
* Iraqi Oil Ministry says Kurdish exports to begin
* Kurdish minister says received ministry permission
(Rewrites with oil ministry confirmation)
By Ahmed Rasheed and Sherko Raouf
BAGHDAD/SULAIMANIYA, Iraq, May 10 (Reuters) - The Iraqi Oil Ministry will begin exporting oil from fields in semi-autonomous Kurdistan, an official said on Sunday, heralding a breakthrough in a bitter feud over control of Iraq's oil wealth.
Oil Ministry spokesman Asim Jihad told Reuters that once fields in the northern Kurdish region had been connected to the national export pipelines, "the Iraqi Oil Ministry will start exporting crude extracted from some oil fields in Kurdistan."
"These quantities will increase Iraqi export capacity, and all revenues will go to state coffers. The Ministry supports any steps to increase Iraqi output and export levels," he said, but declined to comment on when the exports would begin.
Jihad's comments came after the Kurdish natural resources minister said he had received a green light from Baghdad to begin the first official exports from Kurdish fields.
"Today I received an email message from the Iraqi Oil Ministry sending us their approval for the Kurdish government to export oil through the Iraqi pipelines to Ceyhan (in Turkey)," Ashti Hawrami told Reuters by telephone from outside Iraq.
On Friday the Kurdish government had announced that oil exports from its Tawke field would begin on June 1, saying they would start at an initial rate of 60,000 barrels per day (bpd).
It also said that 40,000 bpd of exports from another field, Taq Taq, would begin, travelling by truck and through an Iraq-Turkey export pipeline.
But there was no immediate confirmation from the Shi'ite-Arab led government in Baghdad, which has long called contracts Kurds have signed with foreign oil firms illegal and on Friday Jihad denied that permission had been granted for the Kurdish exports.
The oil feud is part of a larger dispute between minority Kurds and majority Arabs over resources, land and power that has held up national energy legislation and cast a shadow over a country struggling to emerge from six years of bloodshed.
Oil Minister Hussain al-Shahristani is facing increasing pressure to increase sluggish oil output, now around 2.3-2.4 million bpd, and turn around an industry in dire need of major investment after decades of sanctions, neglect and war.
On Sunday Jihad said there was a joint technical team, including Kurdish and Arab officials, that would conclude preparations for the launch of Kurdish oil exports.
Until now Baghdad's refusal to open the national pipeline to Kurdish oil exports has meant oil from Kurdistan, largely independent since 1991, has gone only to supply a small Kurdish market. Small amounts have been smuggled abroad.
Kurdish officials, who estimate reserves of at least 40-45 billion barrels in the area now recognised as Kurdistan, have meanwhile struck deals with firms including Toronto-listed Addax Petroleum (AXC.TO) and Norway's DNO International (DNO.OL), which is developing Tawke. (Writing by Missy Ryan; Editing by Greg Mahlich)
Thomson Reuters 2009 All rights reserved

http://uk.reuters.com/article/oilRpt/idUKLA34479620090510?sp=true

Up through the 200 DMA fairly well.

Draw Down of Funds and Issue of Equity
"Gulf Keystone Petroleum Ltd. (AIM: GKP), an independent oil and gas exploration and production company with assets in Algeria and Kurdistan, announces that it has today drawn down 800,000 of its 30 million Standby Equity Distribution Agreement ('SEDA') with YA Global Master SPV Ltd ('YA'), the signing of which was announced by Gulf Keystone on the 7th May 2009.

This draw down of funds is the first under the SEDA and brings to 800,000 the amount of funds drawn down to date.

Under the terms of the SEDA, the Company has allotted, conditional on admission, 5,199,239 new common shares of $0.01 each to YA. These shares will rank pari passu in all respects with existing issued common shares in the Company. The new common shares have been issued at approximately 15.39 pence per share representing a five per cent discount to the lowest daily volume weighted average price during the eight trading days prior to this announcement.

In addition the Company has also placed with an existing investor 1,000,000 new common shares of $0.01 each at 15.39 pence per share raising gross proceeds of 153,900.

The funds will be used to advance the development of Gulf Keystone's projects in Kurdistan and Algeria.

Application will be made to the London Stock Exchange for 6,199,239 new common shares of $0.01 each to be admitted to trading on AIM. It is expected that the admission will become effective and that trading will commence on 27 May 2009."

GKP are presenting in London next Thursday evening!

For FREE registration, click HERE

Free to attend, and you can chat to management over drinks and canapes afterwards, in a friendly, informal, and very social atmosphere.

as these have gone to sleep, i took my modest profit a couple of days back, but shall continue to monitor in case Prince Charming appears on the scene

Drilling results at the end of Aug at the earliest, imo.
Am happy to hold with a modest stake.

Starting to wake up again

A well update should be due, they must have hit the 600m level by now and we might get an RNS along the lines of "oil has been encountered at the first horizon and drilling is progressing well", now if we get that : back to 20p within an instant !.

Seems to be a lot of interest in Kurdistan, GKP are drilling in a country in demand for oil exploration.
Notice Sey Kurdish partner Addax has been approached with up to $8bn takeover offer.

required- that would be good

Some decent buying near close?

Business Financial Newswire
"Independent oil and gas explorer Gulf Keystone Petroleum posts an after tax loss of $59m for the year to the end of December - up from $29.9m last time.

Net cash outflow from oil and gas production operations after general and administrative expenses was $12.5m (2007: $15.9m).

And it says that despite the lower interest income of $1.6m (2007: $4.6m) this was more than offset by lower cash costs of operations.

Cash and cash equivalents at the end of the year were $33.6m - down from $88.3m in 2007.

Chairman and chief executive Todd Kozel said: "We are a much stronger company operationally and strategically than a year ago.

"Realising the funding to deliver the opportunities within the company's portfolio remains a priority and a range of realistic funding solutions are being pursued."

Some bullish comments from Kozel re the current Kurdistan drill

thought the numbers were very unexciting to say the least, so cut and took a smallish loss

"Gulf Keystone Petroleum Ltd (AIM: GKP), today (24.06.09) announces the following progress update on the Shaikan-1 exploration well, Shaikan block, the Kurdistan region of northern Iraq.

The Shaikan-1 well was spudded on 27 April with a planned TD, pending actual drilling results, of 3000 to 3500 metres. The range of TD depths reflects the under explored nature of the area and the lack of nearby correlation wells.

Following the setting of 20' surface casing at about 100 metres, the well plan called for the drilling of an 8-1/2' pilot hole down to the 13-3/8' intermediate casing point. This decision was based on a number of operational considerations. Primarily, the fractured nature of many of the shallow geological formations and the resulting high likelihood that mud returns would be lost and thus much of the interval would have to be drilled without the information normally gained from drilling mud returns. Under these conditions it is more prudent to drill a smaller, easier to control pilot hole as a first step.

Much of this section was, indeed, drilled with little or no drilling mud returns. In addition, consistent with the active oil seeps in the area, much of the pore space in these shallow sections was filled with tar and very heavy, dead oil. At depths below 1350 metres the well began to encounter lighter, live oil shows.

Subsequently, it was decided to log the entire open hole from 100m down to 1510 metres. However, swelling shales prevented the logging tools from getting below 1000 metres. Reverting to the planned well program, it was decided to open the pilot hole to the full 17-1/2' diameter necessary for the running of the intermediate casing.

Currently the well is drilling 17-1/2' hole at about 1100 metres towards the planned intermediate casing point at 1350 metres. Oil shows have increased significantly as the larger hole approaches the deeper portions of the pilot hole. After setting the 13-3/8' casing at 1350 metres, GKP plans to log the remaining portion of the open hole down to 1510 metres. It is this lower portion of open hole that has shown indications of porosity and from which we believe the oil inflow originates. Pending log results, a limited flow test may be warranted.

After evaluation of this unexpected shallow zone, the well will be drilled to the next casing point as planned. The primary zones of interest for this well are still below the depth of current activities. Plans are to reach the final TD of 3000 to 3500 metres, pending actual well results and any future testing, during September."

Very promising so far with some oil discovered in a shallow zone,...that's the thing with Iraq : there is oil there and loads of it !.

Just imagine what the sp will do if they hit something like Heritage oil...dream on required field....must say I have a shed load of these !....but so far so good with multiple horizons to be targeted !.

Sp up 20% this morning, but would expect that to drift back a little & that may be time to buy in/top up. Initial drilling results look very promising, imo, but a long way to go & nothing certain 'til late aug. GKP are still loss making & a strike would certainly help the balance sheet.

looks good for 20p by the end of the week.

Well they have discovered some oil so at the least we could have a smallish producing well.....it does look promising but like you say Harrycat there is a long way to go but at the moment : this summer, this company looks like having the most interesting drilling campaign going, and in the event of failure to find deep oil they will probably drill again somewhere on their license......perhaps I'm too optimistic but we could have a gem like HOIL here !.