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.

pi's stampeding for the lifeboats

I'm not playing this right....not sure what to do...

saying put myself, must admit pro did the right thing at 450p but i would have been back in at £3 something.,.

RF - if you are not over-exposed, then logic is stay put ..... if otherwise, then indeed something of a conundrum, but prob best call would be to reduce

? I think the pont made of the political risks will have made many more cautious,but todays RNS is just part of an ongoing picture being played out?Some dumpong on news and with the end of tax year in sight,i expect many are exercising their allowence,back in 30 days?

Disappointing that this is not above 300p at least....

After the initial negative reaction,SP recovering to 276p. Off out now.

Think that ends takeover rumours and hype then :


Seymour Pierce:

Gulf Keystone Petroleum 1 (BUY) - Operational update
GKP (287p, Target price 524p) Market cap: £2.5bn
The company has provided a comprehensive update on its operations in Kurdistan, primarily on its core assets Shaikan. GKP has now completed six of the seven planned tests at the Shaikan-4 appraisal well which have flowed at an aggregate rate of 14,000bopd. The current test is ongoing and producing at a rate of c.4,000bopd.

At Shaikan-5, due to a section of the drill string becoming stuck in the hole a sidetrack was required. This was successfully completed and the well is drilling ahead to 3,000m. No timing for completion was stated, but is subject to technical conditions. The Shaikan-6 well is also drilling ahead and is currently at 2,058m with a target total depth of 3,800m planned.

GKP has started the tendering process for the Shaikan-7 exploration well. No estimates for initiation of drilling were stated.

Finally at Shaikan, the extended well test has averaged 5,641bopd since 25th February 2012, this is in line with our expectations. Production prior to this date was 2,077bopd due to cold weather conditions as well as the requirement to connect a new 20,000 barrel storage tank into existing infrastructure. GKP has received bids as part of the tendering process for the Shaikan export pipeline and these are being evaluated.

Due to the rig being hit by lightening, the Aqra-1 appraisal well has ceased operations whilst repairs are made. No timing was stated for the restart of this well.

Finally, the Ber Bahr-1 well continues to drill ahead. We forecast that this well will be completed later this month.

Overall these are a mixed set of operational results for the company today. The company is clearly making progress at Shaikan, but we had been expecting more of an update at Ber Bahr-1 which may result in the market being slightly disappointed this morning.

We also note that CEO Todd Kozel was interviewed on CNN this weekend where he discussed the independence of the company. He stated that in the short to medium term GKP would remain independent, but also stated that in the longer term that this may not continue to be the case.

Dr. Dougie Youngson | Oil & Gas Research | 020 7107 8068 | dougieyoungson@seymourpierce.com

That might also explain the sell off this morning, if there is no chance of a takeover short to medium a lot of people will be selling and moving on.

No position in GKP myself.

my holding is now fairly modest having been punished of late for my stupidity and greed (pretty much the same thing) and shall prob hold that until the eventual t/o or end of time, whichever is the sooner

No takeover on the cards

currently no selling pressure but clearly no buying interest either ..... would not be at all surprised to see sp slip away to say 250 by close of biz

200p on the cards? Canaccord may be rubbish, but their 210p target is looking possible.

cor! ... have been watching the trading on L2 .... there was a block of about 115k between a number pis bidding at 240 ..... sp hit that level, and they got the lot in a flash

heading for 200 dma.

that did cross my mind, though there'll prob be a significant bounce before that though not sure where - 200?

How can anybody say that there won't be a bid short term , an unexpected bid could come from a host of company's , American , Chinese , Indian et.

that there won't be is always a good bet, for obvious reasons :-)

http://www.guardian.co.uk/business/marketforceslive/2012/mar/12/gulf-keystone-drilling-update

A day away from the screen,not a pretty sight. Tempted to add at these prices,as i'm
looking lomg term and a lot higher SP?

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