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.

It's RenCap
PM
i think!
PM
Anyway, will jsut get this up and then check
PM
Iraq: Gulf Keystone Petroleum Ltd - The race is on: M& or capital raise?


* Operational update - negative market reaction. Gulf Keystone Petroleum (GKP)
provided an operational update on its operations in Kurdistan yesterday (12
March). A positive update from the Shiakan-4 flow test was not enough to
compensate for what we see as an unclear upgrade of resources at Akri Bijeel,
lower-than-expected production volumes at the Shaikan test facilities and no
news on the Ber-Bahr exploration well.
PM
* Was Exxon adding to negative sentiment yesterday? A Reuters article (seemingly
unrelated to GKP) suggested that Exxon negotiated with the Iraqi government to
get its cost recovery from the West Qurna-1 field paid in oil in lieu of cash.
Although we would not try to read too much into this news, it seems to us some
investors have taken this article as a clear sign that Exxon is not going to
give up the West Qurna-1 field that easily (i.e. it may still be willing to hold
off on Kurdistan). While still early days, this appears to be in line with our
expectation that Exxon will try to please both sides as long as it can; hence
additional M& activity from Exxon in Kurdistan may not happen as soon as some
might have expected.
PM
* A rather unusual update on the Akri Bijeel discovery. GKP is currently trying
to sell its interest from this block. The company provided an independent
evaluator's mean estimate of 3.9bn bl of oil-in-place for its Bekhame-1
discovery. However the update seemed unusual to us for two reasons: 1) the 3.9bn
bl estimate is significantly higher than the operator's estimate of 2.4bn bl,
and we have not yet been able to confirm with management whether this is due to
additional information or just a different evaluator; and 2) the wording of the
resource update included the following text: "no hydrocarbons had been produced
to surface", "considerable portion of the oil resource is likely to comprise
heavy oil", and "evaluation would be required as to whether the oil is
commercially recoverable". Given that the company is in the process of selling
this block, it appears to us as if GKP may be trying to manage investor
expectations on the sale. This block currently accounts for $162mn in our GKP
valuation
PM
* M& or capital raise? With Shaikan-5 being sidetracked, Ber-Bahr seemingly
going deeper than originally planned, low Shaikan production and the pipeline
going ahead, capex this year may be higher than we had expected. If the company
is not able to sell its Akri Bijeel interest, we are almost certain that GKP
will need to raise money by year-end. We also note that should a partial or full
M& not happen by year-end, it would likely encourage institutional investors
that want exposure to the name to wait for the inevitable capital raise rather
than buying on the open market. Given the current share price, we think it will
be interesting to see what kind of M& premium (if any) institutional investors
will be willing to pay in a potential capital raise.
If you have any questions or comments regarding this report, please contact

Cyril, you are starting to become a victim of your own hype!

Harry,just trying to create some interest by sharing info, little coming from others?

there isn't much factual to report ..... however, it's of modest interest that sp is stalling at +/-266 which is a "magical" rise of 16.67% from the true trading low of this morning, just as yesterday's fall was a similar % down

And all credit to you cyril, but much of it is regurgitated number crunching, which is open to interpretation. There must be millions of pages written by 'experts', but the fact is the sp is stuck below where most private investors want it to be. The one negative piece recently published was the HSBC broker note, which seems to have been pretty accurate in it's prediction, much to the dismay of all. There seems to be little connection between reality and sentiment with this stock, imo.

tell us who is investing in the middle east at the moment?

many of the major oilfield service companies are already working their socks off in southern IRAQ ...... IRAN is currently a no-go area, but won't be indefinitely ..... SAUDI is a terrific market both for chemicals and oilfield development ..... SYRIA is not of much interest ..... EGYPT is an interesting market and we have worked there in a modest but successful way for many years ..... am currently working on a project for LIBYA .... ISRAEL has a successful chemical industry which we cater for in a modest way

where have i missed?

Turkey?

The SP volitilty could be down to the Seymour Pierce: report,which has caused much anger elsrwhere and looks like getting nasty?

cynic you missed the vital word "investing".

not really hali ..... though we lease our kit, the companies who take it are investing a lot of money in their assorted projects

turkey
am now working hard to open up that market as we think it has a very interesting future, not least as a gateway to several of the M/E countries and also to the caspian and the bordering countries such as khaz and turkmenistan

cynic local companies may be investing but how many foreign companies are investing in Iraq .... hence the problem with the idea foreigners are going to buy GKP.

So can we say we are past the estimated Oil water contact @ 2230m TVDSS?
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

he Shaikan-6 appraisal well, 9 km to the east of the Shaikan-2 appraisal well, is currently drilling a 12.25" hole at the depth of 2,058 metres in the Jurassic.

Just 172mtrs from estimated OWC,which should be reached easily next week?

http://thesharehub.com/

very big US oilies like exxon and total, and their associated service companies like halliburton and schlumberger

cynic how much have they actually invested in Iraq?

how the f would i know???? ..... more than i have in my petty cash tin for sure, and judging by the sabre rattling between baghdad and exxon, seemingly some pretty chunky caboodle

cynic as you well know selling goods and services is not the same thing as investing.

http://precogz.com/home/

Total In Discussions To Enter Iraqi Kurdistan - CEO

Total SA (TOT) is in talks to enter Iraqi Kurdistan, the head of the French oil giant said Tuesday, the latest major to disclose concrete steps to enter the autonomous region.

The news come after the U.S.'s Exxon Mobil Corp (XOM) recently signed a deal to enter the region, rebuffing opposition from Iraq's central government which states the Kurdish deals are illegal.

Speaking to reporters on the side of an International Energy Forum summit conference in Kuwait, Total's Chief Executive Christophe de Margerie said "we are discussing" an entry. "There is nothing done yet."

"Definitely we will hold those discussions with owners of existing blocks," he said, adding any move would have to be vetted by the autonomous region's government.

-By Benoit Faucon, Dow Jones Newswires, +44 77 601 777 36; benoit.faucon@dowjones.com

Latest news on TOTAL
11:43a DJ Total In Discussions To Enter Iraqi Kurdistan - CEO
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09:45a Kuwait Petroleum Corporation (KPC) and Total Sign a Memorandum of Understanding ..
09:45a DJ Total, Kuwait Petroleum Sign MOU For Refining Project In China
09:38a Kuwait Petroleum Corporation (KPC) and Total sign a Memorandum of Understanding ..
03/12 DJ Novatek To Boost Capex To RUB50 Billion This Year
03/12 DJ Novatek Sees 2012 Production Up 6-7% On-Year
03/12 DJ Uganda Set To Demarcate Land For Oil Refinery-Report
03/09 S.A. : Statement in compliance with the article 223-16 of the General Regulation..

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From iii. Oilman63 will be going along tomorrow to keep us posted.


broadford bay
Just spoken to the Listings Office.

The case is down as "Security for Costs Application", and is reserved as a whole-day hearing - 1030 til 1600.

Well, well, well Rex - bit short of the readies are we?

Should be interesting!