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.

i also bought some back at 302, but may just use those to trade

Of DOW JONES NEWSWIRES


U.S. energy giant Exxon Mobil Corp. (XOM) has asked the Iraqi central government to give it "few more days" to decide whether or not it will cancel an exploration deal with Iraqi Kurdistan, a deal which Baghdad strongly opposes, a spokesman for Iraq's Deputy Prime Minister for Energy Hussein al-Shahristani said Tuesday.

"The firm has asked the Deputy Prime Minister to give it some more days in order to decide its stance on the contract it signed with Kurdistan," Faisal Abdullah, a spokesman for the Iraqi Oil Ministry, told Dow Jones Newswires.

Abdullah said Exxon's request was submitted last week by a company representative who met with Shahristani in Baghdad.

The Iraqi government has sent Exxon Mobil three letters asking it to choose between its deal to explore six areas in Kurdistan, and its central government contract to develop the 370,000 barrels a day West Qurna Phase 1, one of Iraq's largest oil fields with proven reserves of 8.7 billion barrels.

Exxon hasn't so far responded to these letters.

"The central government is waiting for Exxon to respond to our letters and on the light of Exxon's response, Baghdad would take a decision," Abdullah said.


-By Hassan Hafidh; Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com


(END) Dow Jones Newswires

March 06, 2012 03:02 ET (08:02 GMT)

I'm thinking more like 240 before considering this for a upswing punt.

That's killed the recovery!

http://iraqidinarnews.net/blog/2012/03/06/ministry-of-oil-have-not-received-a-response-from-exxon-mobil-about-besvqatha-contin/

Ministry of Oil: have not received a response from Exxon Mobil about Besvqatha contin
MARCH 6, 2012 LEAVE A COMMENT
Source: Neno’s Place – A Community of Reality

Ministry of Oil: have not received a response from Exxon Mobil about Besvqatha continue with Iraqi Kurdistan
Monday, 05 March / March 2012 16:34
Baghdad {: News} Euphrates said spokesman Assem Jihad, the Ministry of Electricity and the Ministry of Oil company Exxon Mobil approached about the position of the latter to continue with Besvqatha Kurdistan Iraq, but until now not up to our ministry in response to them.
The Exxon deal with the Kurdistan of Iraq has provoked threats from Baghdad to cancel the company’s contract to develop the West Qurna field.
Jihad said in a statement to the Euphrates News Agency {} today that “the rebuttal will remain subject to respond to Exxon Mobil to resolve the matter with it.”
The Iraqi Deputy Prime Minister Ruz Nuri Shaways had said earlier that Exxon Mobil will retain a deal large profitable with Baghdad, easing a severe reaction to a former Iraqi officials, an agreement for exploration between the company and the Kurdish autonomous region in northern Iraq, saying that “I do not think the central government in Iraq will cancel any contracts signed or contracts already in place and in particular the contract with Exxon Mobil. “
He added, “we do not want to pre-empt it now and we call judgments and decisions without the knowledge of the company’s response and position on the subject of continuing work in the province of Kurdistan.”
And concluded Exxon contracts worth billions of dollars with the Ministry of Oil of Iraq to develop the first phase of West Qurna oil in the south, with estimated reserves of 8.7 billion barrels in one of several huge contracts Iraq hopes to help rebuild the oil sector, which suffered from the war.

that article would have been good in english! ..... however, there is probably a lot of sabre rattling involved as is and has been so often the case ..... for sure what you see on the surface often has little relationship to the inter-governmental wheeling and dealing behind the scenes

http://www.thetimes.co.uk/tto/business/industries/naturalresources/article3341350.ece

specifically - Vallares, the investment vehicle run by the former BP chief exec-utive Tony Hayward, bought Genel Energy, the Kurdish-focused explorer, in September, while the AIMlisted Gulf Keystone’s exploration success in the region is set to catapult it into the FTSE 100. But the HSBC analysts warned that political pitfalls lay ahead, as politicians in Baghdad have declared oil explorers’ contracts in Kurdish Iraq illegal, because they were signed in the absence of a formal oil law.

Since when has England had a small 'e'?

Sub 280p looking likely in the short term, imo. Would expect it to settle somewhere around that level though. As usual, the hype has outstripped the reality.

Fortuately my entry back in at 300p was short with no great damage,needs to establish support level betore taking up a new position.Still feel their's a deal in the future,so holding on to some.

LONDON (MarketWatch) -- Shares in independent oil explorer Gulf Keystone Petroleum Ltd. , which is developing several major oil fields in Iraqi Kurdistan, fell by more than 10% Tuesday after an Iraqi government spokesman cast doubt on whether oil giant Exxon Mobil Corp. XOM -0.01% would complete a controversial deal to enter the region.

Equity traders said Tuesday's price drop was a sign that some of the speculative takeover premium in Gulf Keystone's share price, prompted by Exxon Mobil's entry into Kurdistan, was leaking away.

The U.K.-listed oil explorer and many of its peers operating in Kurdistan have been seen as potential takeover targets following an oil exploration agreement in November between Exxon Mobil and the Kurdistan Regional Government. Many industry observers believe that other major oil companies could follow Exxon Mobil into Kurdistan by acquiring smaller companies already operating in the region.

"[Gulf Keystone] has rallied massively on bid rumors for weeks," said a London-based equity trader who did not wish to be named. "The stock is trading about GBP1 higher than most analysts valuation of the company."

Shares in Gulf Keystone closed at 339.0 pence Monday, an increase of 88% since the Exxon Mobil deal was revealed in November. At 1013 GMT, Gulf Keystone shares were down 11.7%, or 39.75p, from Monday's closing price to 299.25p.

Gulf Keystone officials were not immediately available for comment.

A spokesman for Iraq's Deputy Prime Minister for Energy Hussein al-Shahristani told Dow Jones Newswires that Exxon Mobil has asked the Iraqi central government to give it "few more days" to decide whether or not it will cancel an exploration deal with Iraqi Kurdistan.

The government in Baghdad strongly opposes the deal, because it says the Kurdish regional government has no authority to offer oil exploration rights.

The Iraqi government has sent Exxon Mobil three letters asking it to choose between its deal to explore six areas in Kurdistan, and its central government contract to develop the 370,000 barrels a day West Qurna Phase 1, one of Iraq's largest oil fields with proven reserves of 8.7 billion barrels.

The Iraqi government said in February it would exclude Exxon Mobil from an auction for sought-after exploration licenses in southern Iraq because of the Kurdistan deal.

Gulf Keystone's main asset in Iraq is the Shaikan oil field, which could contain as much as 10 billion barrels of oil in place, but will be costly to develop.

heading for 200dma at around 180p, if it breaks that all bets are off.

Looks like a breather at least,perhaps their happy now?

Selftrade stopped trading on web,back on at 253p+.

You never know what to expect with this one....bought back in but not a good decision by the look of things....damn....

http://www.kurdishglobe.net/display-article.html?id=C1F203F9EF56C5BC22F8DA5DDD0E3793

So whats what?

Taken from the above.

The public announcement that it signed production sharing contracts (PSCs) with the KRG, allowing the company to explore and produce oil in six fields throughout the Region came on February 24.

bloody hell; see this traded as low as 218 during the day ..... glad i was on the golf course

Dont worry it will most probably rise 20p tomorrow.