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://iraqidinarnews.net/blog/2011/12/13/nujaifi-promises-vote-on-oil-law-next-week/

Think it may change on new page cyril.,.

niceonecyril, go back to post 2024 and edit it and delete everything in the post, replace with a single .

Proselenes,thanks.

Mirabaud go on to spell out that GENL, the operator, "constrained" GKP from saying anymore. Then the big news that you would not expect - "but we understand from GKP that the initial results are similar to those observed in early Shaikan wells. This suggests that Ber Bahr could be the group's fourth discovery although test data will be crucial to determining reservoir quality and hydrocarbon phase"

I;m looking at taking a position in GENL,my reasoning being that i feel a result at Ber Bahir will have a bigger impact for them and it's "ISABLE".

My previous post was taken from this post,thought it worth pasting in whole.


part of a post by Dotbear (yesterday on iii)

BB will have nothing of note until the wireline logs are done, and obvious why GENL would not bother releasing anything as there's nothing really material to release yet. Wireline logging is uderway right now.

So why now?

Well, Mirabaud helped to fill in the blanks with their note. As they put it "The real excitement in this morning's announcement is from Ber Bahr"

This made me sit up and pay attention.

Mirabaud go on to spell out that GENL, the operator, "constrained" GKP from saying anymore. Then the big news that you would not expect - "but we understand from GKP that the initial results are similar to those observed in early Shaikan wells. This suggests that Ber Bahr could be the group's fourth discovery although test data will be crucial to determining reservoir quality and hydrocarbon phase"

I just thought 'HELLO !!' followed by 'that's going to p*ss off GENL'.

The information that GKP were not allowed to release by GENL is released by GKP's broker the same morning!!??

Possibly company changing news, that could be confirmed within weeks at the most, given that the well is approaching TD - something else the BB update told us.

Why would they do that?? What's the hurry suddenly?

No news for weeks and then a sudden rush to push out anything and everything, and in particular the biggest possible news.

There was no operational need to squeeze out the BB news in that way. It is only weeks away from being released by GENL in one go, complete with flow rates and TD (or news of drilling deeper perhaps).

It is my belief that GKP needed to release this information to make certain all shareholders were aware of the potential major increase in known assets that could occur within a short period of only weeks.

BB with oil horizons equivalent to SH-1 would be a major step forward for GKP and if GENL continued with an aggressive drilling campaign, then it could be proved up fairly quickly, adding hugely to GKP OIP.

Any potential buyer of GKP would also realise that the company would be more expensive and it would be much harder to persuade shareholders to part with their shares cheaply.

GKP may have wanted to release this information to retain major shareholders and persuade them not to sell out to a predator cheaply. Equally, once in the public domain, the information could provide them a great deal of negotiating power in the event of any unofficial talks that might be ongoing.

GKP are certainly playing the game with all the pieces available to them.

Will it be enough to allow some more assets to prove up before a sale of the company?

A universally agreed draft oil law may well be all that will be needed now to spark off the sale.

Will the KRG/ICG still take up the 2007 law if they can't agree anything else?

Who needs to ask for books as gifts over the holidays, just keep reading these boards and lots of stuff about Kurd politics. Better than the latest bestseller for intrigue, twists and double crosses!

All the best

Dot

BARCLAYS OIL AND GAS FOCUS

December 14th 2011

By Andrew Stannard

"CHRISTMAS CRACKERS"

The AIM market has suffered like its FTSE big brother an uncertain year
but there are many gems on offer for brave investors looking for
excellent returns this christmas and new year.The aim resources sector
looks seriously oversold and now looks poised for a good recovery.
I have identified four stocks that could show impressive near term
growth to help your xmas go with a bang !


Gulf Keystone Petroleum * ( GKP )

SacOil Holdings Plc * ( SAC )

Victoria Oil and Gas * ( VOG )

Desire Petroleum * ( DES )

http://abcnews.go.com/International/wireStory/iraq-bomb-attacks-force-drop-oil-production-15151554#.Tuiy4GOgmWR

Dont know if you guys seen this today,was on advfn earlier.

bob


BARCLAYS OIL AND GAS FOCUS

December 14th 2011

By Andrew Stannard

"CHRISTMAS CRACKERS"

The AIM market has suffered like its FTSE big brother an uncertain year
but there are many gems on offer for brave investors looking for
excellent returns this christmas and new year.The aim resources sector
looks seriously oversold and now looks poised for a good recovery.
I have identified four stocks that could show impressive near term
growth to help your xmas go with a bang !


Gulf Keystone Petroleum * ( GKP )

SacOil Holdings Plc * ( SAC )

Victoria Oil and Gas * ( VOG )

Desire Petroleum * ( DES )



Click for more details and Pdf *

cheers from iii

Re: Bekhme-1


Hairy Palmer

10


Hello,

I sent this to MOL to see when the results would be announed...pretty decent guy, replied within the hour :-)

From: Horvh
To:
Cc: Benke Richd
Date: 12/14/2011 02:22 PM
Subject: RE: Kurdistan Operations Bekhme-1

Dear XXXX,

Drilling of Bekhme-1 well already finished.
(Drilling was started end of March, as it was announced http://ir.mol.hu/en/spud-bekhme-1-exploration-well-%E2%80%93-akri-bijeel-block-kurdistan-region-iraq/ )
The test is ongoing and final result is expected to be announced later this month.

Best regards,
Horvh

http://www.france24.com/en/20111213-barham-salih-prime-minister-iraq-kurdistan-regional-government

Thu, 15 Dec 2011
Commercial Court List

ROLLS BUILDING
COURT 27..
Before MR JUSTICE BURTON
Thursday 15 December 2011
At 10:30
Part Heard
2011-95 Nomihold Securities Inc v Mobile Telesystems Finance SA
At 14:00
2010-1517 Excalibur -v- Texas Keystone
2010-1525 Same v Same

http://bit.ly/upj3aq

Just came across this post and thought it worth pasteing.



Aye have a good un FB

BBBS iii
-------------------------------------------------------------------------------





Re: JG Interview


Bah Bah Black Sheep


It's nice to be reading the same book as the COO; even nicer to be on the same page. The page in question being:

"Drilling is also under way at the Saikan 5 well, which. if proved, could add another two billion barrels to Gulf Keystone's resources, according to Gerstenlaur"

and

".. take its rig to Shaikan 6, to measure how deep the resource goes, an exercise that the optimistic COO surmises could add 'another two blocks' to the total."

My pages were written last sunday on KOEP where I was having a 'difference of opinion' with one of my good friends concerning "how much longer" to prove up resources:

========================================================

"Because the biggest flaw in your ASSUMPTION is how much more time is required to firm-up resources - it is NOT 20-30 months!! Six more months is enough - why do you think that GKP's drilling schedule only runs to mid-2012? Let me tell you:

1. In terms of areal coverage, SH-5 will be sufficient to complete their knowledge about the potential further resources in the northern part of Shaikan (north of the northern main W-E fault).

2. I have stated many times that Shaikan's Jurassic OWC can be proven based on data that has been made public since nearly two years. But you don't need to believe me or even wait for 'that' post - as some people will want absolute confirmation from the drill bit in any case - you just have to wait for SH-6. And we probably won't even need to wait for a single well test - just drill it and run a wireline formation tester to evaluate formation pressures and fluids.

3. It was a shame that the SA-1 gamble did not pay off. It was drilled into the down-thrown block as geometry dicatated that they had to go there to have a chance of getting close to the OWC in the Jurassic. Regrettably, the down-thrown block, being far less stressed, had limited fracturing to the extent that nothing flowed. So no pressures to confirm connection with Shaikan. But they did find only oil - no water, so the next step is SA-2 in the up-thrown block, which will also have only oil of course - and will hopefully be sufficiently fractured to PROVE connection with Shaikan from a flow test. And, very likely, say even more about Sheikh Adi's connection with Ber Bahr - where results will probably be known before SA-2 is even spudded.

4. Do not forget about the 3D seismic. This will already tell them about the likely connectivity between Shaikan, Sheikh Adi and Ber Bahr. Flow tests in BB-1 and SA-2 are merely needed to PROVE the 3D connectivity. With connectivity proven, the Shaikan Jurassic OWC will be applicable to the entire SH-SA-BB mega-structure - the volume of which is ALREADY known from the 3D seismic evaluation. That volume is MASSIVE. Do not talk about 10 - press the BBBS Potential button - because most of that 'potential' will be close to proven by mid-2012. IMO. (Keep in mind that MOL will also have answers on all the main AB structures by then.)

========================================================

Spooky? Not even, just rather obvious. IMO And the COO's!

GLA,

BBBS

MR JUSTICE BURTON - a very talented chap he is too

Lets hope all goes well?
On the operation side,we seem to have 2 results pending?

Ber Bahir where operator Genal is controlling news,but can't be long now and could be massive??

Bekhime-1 where testing is ongoing and expected to release results later this month?

So 2 weeks max,or 10 trading days should give us the answer?

Court room update by WHTFUTURE on the uva bb:


went to the court: Boring and nothing to worry about. Please don't read too much into the following. This is from my memory, and from rough notes, so I disclaim liability for any innaccuracies. Also, I am sure Oilman's man will report back, and fill in any gaps/clarify what I may have missed or got wrong. Other PIs attended, and I hope my notes below provide a basis of discussion, open to correction if I am wrong with the details...

Memry Crystal were not present at this hearing. The judge and CC were surprised they didn't turn up. I am not sure who were representing TKI, but it might have been Jones Day (the London branch of the Pittsburgh company). This was to do with TKI and not the other Gulf defendants.

The hearing was purely about disclosure which was scheduled for tomorrow. Excalibur said they are ready to give total disclosure tomorrow, whereas TKI were not in a position to. TKI had material available so far only from 2001 until 2007. but none available after that as yet.

It was noted that a lot of work has surely already been done in relation to disclosure back in the offices at Pittsburg, during the Florida court proceedings (re. TK's divorce), so CC made the point of 'why the delay?'. Judge said the Jones Day lawyers should have been in a position to disclose documents by 16th Dec.

Clifford Chance said to the judge that they wanted to do a 'hatchet' job highlighting on the failure of MC to attend, and against Jones Day for not giving a convincing reason not to be able to provide full disclosure documents in time for the 16th December deadline.

TKI want to provide full disclosure by 6th -13th january, because they had originally had 1500 documents, but were then presented with about 10000 so they argued that they couldn't provide the full disclosure by tomorrow, except in part. Even in part the lawyer argued, it would be hard to get them in on time for the 16th.

CC argued that these 1500documents have been available since the middle of the year, and in the electronic age it should be easy to provide electronic copies very quickly. Even the judge agreed, 24 hours. Whereas in the past hard copies would have to be provided and only that scenario would justify delaying the provision of documents until Jan 13th. Worst case there should be partial disclosure on a rolling basis, while they wait for the rest of the 10000.

So rather than put anyone in contempt, the judge suggested that they agree a rolling disclosure, which they agreed a schedule during a recess to discuss. The judge knew TKI lawyer was under pressure, but she said she was just acting in accordance with client instruction, but it was fair to say; although he agreed with CC, he coaxed her into organising a rolling disclosure schedule so that they were not in contempt at all.

The judge made a ruling that the defendant should indemnify Exc for costs for this hearing and disclosure. TKI lawyer miffed. The judge made this on the basis (my memory is sketchy here that MC had not applied for a delay ,had not made an appearance, and that it was not reasonable to delay for the above reasons with no explanation.

CC made a comment that the security of costs issue applied for by MC is still "bubbling away" but that nothing had yet come of it.

AFP
Thursday, Dec 15, 2011
http://news.asiaone.com/News/AsiaOne%2BNews/World/Story/A1Story20111215-316455.html

BAGHDAD - Iraqi Prime Minister Nuri al-Maliki told AFP on Thursday that oil giant ExxonMobil has promised to reconsider an exploration deal with Iraqi Kurdistan that Baghdad has strongly opposed.

"We had a meeting with (Exxon) in Washington and we discussed the contracts, some of which are located in disputed areas," Maliki told AFP in an exclusive interview as he flew back to Iraq from Washington.

"They promised to reconsider their decision," Maliki said.

Kurdistan on October 18 inked a deal with ExxonMobil for it to explore six areas, but Baghdad regards any contracts not signed with the central government as invalid.

An official with the Iraqi oil ministry said that two of the areas - Al-Qosh and Bardarash - are actually parts of Nineveh province that Kurdistan wants to annex into its autonomous region, a move Baghdad opposes.

The Kurdistan contract potentially puts an Exxon contract with the Iraqi government in jeopardy.

In January 2010, Iraq's oil ministry completed the deal with ExxonMobil and Anglo-Dutch giant Shell to develop production at West Qurna-1, which with reserves of about 8.5 billion barrels is the country's second-biggest field.

Usual well reasoned post by Zengas,


Bekhme has huge implications going forward for GKP.

While there is a massive 2.4 billion barrel OIP discovery at the Jurrasic level in Bijeel (which was drilled to 4383m), the company said - "it appears that the Bijeel structure could be a southern extension of the much larger Bekhme structure".

The test results are imminent after which we should shortly get an OIP estimate. It's these results which will impact the sale value for the entire block which i beleive will follow quickly.

The company said it expected a sale in the hundreds of millions ($). Two seperate reporters said they felt that the interest could go for $300m - $350m. From my own perspective i want to see a sale at or north of $280m.

Any buyer will also be getting access to the huge drill ready and imminent spudding of the Aqra prospect similar in size to Beckme and production from facilities being installed and readied for Bijeel within 6 months - a very tidy package.

We already have sufficient capital to see out the present drill programme in the most recent presentation - ie Shaikan 5 drilling (targetting a further 2 billion bls), Shaikan-6 spud imminent and Shaikan 7 (possibly might not drill imo and still contingent based).

Imo that will see no more drilling on Shaikan while a development plan/pipeline is submitted. With the number of wells drilled, Shaikan is a project that is production ready and capable for the 40,000 bopd that JG has stated and can kick in shortly when required once the facilities upgrades are finished. JG has also said that when production at Shaikan reaches 100,000 bopd the entire development of Shaikan (up to $7b cost) is entirely self financing.

The 1500 - 2000 bopd domestic production, if continuous (similar to WZR domestic rates) should be giving GKP over $2.5m/month.

The fact is that Shaikan is production ready, capable of 40,000 bopd and to GKP worth over $150m/yr. If the results from Beckme are good and GKP commands up to $300m for its stake, the company is in an entirely enviable position as to what next for that cash.

Though Bechme imo needs a good result, A buyer could strike on the basis of GKP being cash rich and production ready. This really is how enticing GKP could very soon look to both investor and prospective buyer a like.

1)Cash rich to the tune of $300m+ (which would reinvest).
2)Back costs owed at Shaikan - possibly $50m+ (which would re-invest).
3)Shaikan again producing and earning $2.5m/month.
4)Imminently capable of 20,000 bopd and 40,000 bopd over the next 6 months giving $150m+/yr (GKP Share).
5)Shaikan at over 10 billion barrels + OIP but still targetting much more (OVER 51% to GKP and reserves of a super major that BPs former Tony Haywood must drool over and only hope to emulate through Genel).

Imo GKP can't be backed into a corner or held to ransom for a cheap price *if* the strategy of the Akri-Bijeel block sales goes through.

With further Shaikan drilling on hold as the development plan is submitted, BerBahr and Sheik-Adi could be seriously exploited by GKP on its own. We know Sheik-Adi contains up to 3 billion bls in place on the western side and there may be much, much more on the other side of the block. BerBahr is in the Triassic and already near target depth.

These are potentially company changing times in terms of serious underlying value accretion (if successful) in the short days and weeks ahead in terms of Akri-Bijeel and BerBahr alone.

Posted by yellow snow

n the issue of the KRG not being able to afford the Government share (20%) of the licence, it reads to me that the costs up to the point of declaring a commercial discovery are not paid, but once the KRG do take up this share they are then liable for forward costs, so the pro rata share of $7bn of development funds would need to be found. So maybe the KRG plan is to waive the BIRs, up their share to 27.5% and then sell that on. The existing contractors are happy, as they will have gained a bit (an extra 6% to GKP/Keystone), and any buyer of the KRG interest doesn't have to shell out for prior costs. KRG gets pots of money one way or the other I suppose but it might sweeten things all round.