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.

im hearing very good news soon. http://www.minesite.com/nc/minews/singlenews/article/eurasia-minings-new-russian-partner-gives-it-the-flexibility-to-get-involved-in-gold.html

Why the f**k are you posting at all tescoma???? this news is nothing to do with GKP and is old January completely out of date news. what are you trying to prove.....that your a complete pratt??

"Gulf Keystone Petroleum Ltd. (AIM: GKP) is pleased to announce that it has today completed a placing (the 'Placing') of 75,600,000 new common shares of $0.01 (the 'Placing Shares') at a placing price of 9p per share (the 'Placing Price') raising gross proceeds of approximately 6.8 million ($11.30 million). These shares were placed by the Company and brokers Equest Partners Limited with existing and new shareholders.

Use of Proceeds
Together with the Company's existing cash balances the Placing proceeds will be used to fund the ongoing exploration and drilling activities in the Kurdistan region of Iraq. Specifically, the Shaikan-1 well (75% Gulf Keystone Petroleum International Limited) which is currently drilling and which will then be followed by the Bijeel-1 well on the MOL operated Akri-bijeel block (20% Gulf Keystone Petroleum International Limited)."

HC- Interesting times for GKP.


o/t Do you still hold GOO ? HARRYCAT, there is an email from T Tidow (on other thread) confirming testing of the Burdine wells taking place now, so hopefully get news soon.

'significant discovery' rns

Yippee
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Significant Oil Discovery in the Kurdistan Region of Iraq
"Gulf Keystone Petroleum International (50% GKP, 50% ETAMIC) has made a significant discovery at the Shaikan-1 exploration well. The well is located in the Shaikan Block, situated near the city of Dihok, approximately 85 kilometres North-West of Erbil in the Kurdistan region of Northern Iraq.

The well has encountered oil in the Sargelu formation at a depth of 1,450 to 1,510 meters. Shallow zone live oil shows within the formation were announced on 24 June 2009 on initial drilling. Preliminary test rates indicate 5,000 to 8,000 barrels of 21 to 22 degree API oil per day with wellhead pressures of 380 to 295 pounds per square inch. The measured oil properties for this section are comparable to the oil now being produced at the Tawke Field, located to the north west of the Shaikan Block.

Gulf Keystone will use this new data along with existing seismic and geological data to evaluate the potential resources discovered in this formation. GKP is currently using 300 to 500 million barrels of oil in place as a preliminary estimate for the tested interval.

In addition to these well test results, it should be noted that the primary zones of interest for the Shaikan-1 exploration well are the underlying Alan and Mus formations, in which we are targeting potential further oil bearing zones with possible oil in place values in excess of 1.5 billion barrels. Indications are that these formations will yield additional oil-bearing zones as we drill ahead to our next casing point at approximately 2,500 metres, following the current well test, before subsequently reaching final target depth at 3,200 to 3,500 metres, depending on well results."

Still another +1500 M to drill, so would expect the sp to drift back a little once the euphoria has settled, but a good sign for further drilling & worth adding, imo.

thanks chaps ..... got in, got out with nice little profit within the hour ...... must go visit clients in a mo or might have stayed put

This is tremendous news !, I can see this going at least to 40p with the other blocks to drill in the same formation,...now if there is another discovery at the 3200m level : 60p or even more.....once again fantastic for this company...good work guys...!....Cynic buy back in and hold for more news...even if there is nothing at the bottom of this well..they already have made a great discovery...possibly company making !.

Cynic you muppet, should have stayed in. you even backed these not long ago as one to watch......... 25p at mo!!!

cynic is a trader i think

perhaps earlier rumours of a takeover were not too far from the truth.

what is the sp upside with say a minimum of 300m barrels of oil already discovered, GKP has a market cap presently of 80m?

If they keep on discovering oil ....this will turn into a mini Heritage oil with predators ready to pounce on this...

Halifax : it is a job to work out anything at the moment....but the potential now is massive.....probability turning into reality !.

i guess if i had my brain in gear at the time, i would have just put in a stop, but needed to leave ...... never mind; a profit's a profit


marni ..... a trader is no different from an investor other than he is or may be a lot more active ..... in this instance, i thought to myself that there was a profit to be made, which indeed there was, and i took it ..... that's what investing is all about surely? ..... or would you rather rack up paper losses?

Cynic..apart from the cfd's you need to buy these and hold....unless you trade these in a sipp up and down...they look pretty good to me.

It would be interesting to get Niceonecyril on this...he's always good at the maths...

A sentence from the 24/06/09 GKP rns

'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.'

So this appears to be a bonus find at the shallow zone.
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