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.

They should have done so when Iraq was first invaded

There is no chance the KRG will announce independence and lots of rampers on III are going to look silly, just like they did with their "GKP taken over by end Feb 2012" nonsense.

They don't gain anything from being part of Iraq, so why not declare UDI!

Well, war with Iraq and also Turkey, who would both not accept a Kurdish state.

So unless you want to see all Kurdistan oilfields shut down due to war, you better hope that there is no UDI anytime soon.

http://aknews.com/en/aknews/2/296588/

civil war would be a disaster for iraq.

Not really surprise by T Hayward,only repeating info already known on BB,with no additional progress/

The Ber Bahr -1 well spudded in October 2011 and is testing a large surface anticline and major reservoir targets in the Jurassic and Triassic. Pre drill un-risked resources were estimated at 500mmboe and the well is expected to complete around the end of the second quarter of 2012. In the event of success we would conduct a 3D seismic program and drill the first appraisal well to the northwest of BerBahr-1.

http://www.uploadlibrary.com/foxdavies/GKPBUY200312.pdf
Gulf Keystone (GKP LN)

BUY Current Price: £2.53

Target Price: £3.20
Market Cap (M): £2248 Shares in Issue (M): 855



Value enhancement belied by the fall in share price



The shares have had a roller-coaster ride over the last few months, as the froth associated with bid speculation has driven the price. The recent operational update has provided further support for the prospectivity of GKP’s assets. Following review, we believe that the successes on Shaikan continue to derisk and enlarge the asset, and as such we raise our target price to 320p and reiterate our BUY recommendation.


• Shaikan Keeps Improving: With each successive test of the Shaikan structure, reserves have continued to improve. Shaikan – 4’s flow test results indicate that flow rates from individual horizons are in excess of initial expectations, and that comingled flow rates will exceed 14m bopd. With the latest flow test being focused on a previously untested reservoir horizon (in the Sargelu formation) and appraisal wells Shaikan – 5 & 6 and exploration well Shaikan – 7 aiming to test the deepest prospective undrilled horizons of the Shaikan structure all currently in progress, the scope for further upgrades is significant.


• A Successful Appraisal of the Akri-Bijeel Block Adds 8p to Valuations: Following the completion of the Bekhme-1 exploration well testing programme in December 2011, the Company has received results of an independent evaluation of estimated petroleum resources for the Aqra/Bekhme anticline on the block. While recognizing the fact that no hydrocarbons had flowed to the surface, the report has indicated that there could be up to 5.4bn bbl of oil-in-place. Bekhme adds 8p to our current valuation, so a failure would have very little impact, while a success based on 5.4bn bbl would have significant impact, potentially in excess of 150p.


• Ber Bahr Exploration Another Potential Catalyst: Ber Bahr – 1 exploration well is the next in line to provide an opportunity for a game changer given that GKP has a 40% interest in the block and is targeting resources of 1.5bn bbl; the recent lightning strike, while frustrating, is not sufficient cause for alarm.


• Export Route Underway: The Company has continued the migration of its Kurdistan discovery towards completion with the initiation of the tender process for the construction materials; this follows the earlier initiation of the construction and installation tender process. GKP is currently receiving bids with the technical and commercial evaluation to follow.


• Bid Speculation will Continue to Surround the Company: Save for the history of the country and the more recent sabre rattling from Baghdad, Kurdistan would have been developed before GKP, but as such the Company, along with a handful of other players, have been able to secure first mover advantage in the region. Consequently, once the issues between the Kurdistan Regional Government and Baghdad are resolved, we believe that the independent operators, such as GKP, will come in to play.


• The Longer GKP has Before a Bid, the Better: Given the issues in the region, it is unsurprising that this is not likely to be any time soon. However, this is better for the Company’s valuation as the more progress it achieves in the development cycle the more likely the Company is to receive a fuller valuation for its assets, especially if it is able to complete the export pipeline tendering process.


• Target Price Raised to 320p, Maintain BUY Recommendation: The recent test results and the Company’s continued march towards development means that even if no further hydrocarbons are found, GKPs asset value will improve as the effects of discount on valuations is unwound. As a result, we are upgrading our target price to 320p and reiterating our BUY recommendation.

http://www.dailystar.com.lb/News/Middle-East/2012/Mar-20/167363-iraqi-kurd-leader-hints-at-referendum-in-swipe-at-baghdad.ashxhttp://www.krg.org/articles/detail.asp?anr=43432&rnr=&areanr=60&smap=02010000&lngnr=12&utm_source=KRG&utm_medium=KRG.org

http://www.gulfkeystone.com/uploads/investor_presentation_march_2012.pdf

17
Defined path to grow shareholder value
2012
•Delineate Shaikan field
•Appraise Shaikan deep undrilled horizons
•Increase Shaikan EWT output to 30 – 40 kbopd to ramp-up export and domestic sales
•Exploration on Akri-Bijeel, Ber Bahr & Sheikh Adi
•Bijell-1 extended well test on Akri-Bijeel
•Move to the Premium Listing on the London Stock Exchange
•Shaikan pipeline development
•Complete and submit the Shaikan Field Development Plan
•Shaikan pipeline start-up
•Further increase Shaikan EWT output
•Appraisal and early development of exploration successes on Akri-Bijeel, Ber Bahr & Sheikh Adi

rampety, rampety ramp........and so on.

http://www.investegate.co.uk/Article.aspx?id=201203220700198466Z

From Wisdomseaker @ 6.18 on uva BB.

http://www.iii.co.uk/investment/detail?code=cotn:GKP.L&display=discussion&it=le

From the last update RNS:

'As part of the ongoing Extended Well Test ("EWT") on the Shaikan block, the output from the Shaikan-1 & 3 EWT facility reached 137,060 gross barrels of oil between 1 January and 6 March 2012.'

From the presentation published yesterday:

'Shaikan test production of over 225,000 gross
barrels of oil from 1 January 2012'


So 7th March to 21st March, if the figures are to yesterday, 87940 barrels in 15 days, 5862 barrels a day.

A share of at least 16billion barrels of oil.


Since we made one of the largest world class discoveries of the last decade at the Shaikan field in 2009, our independently audited mean resource estimates for Shaikan have increased by 375 per cent. In combination with preliminary resource estimates for the equally massive structures of Akri-Bijeel, Ber Bahr and Sheikh Adi, today Gulf Keystone has a share of gross, P50 oil-in-place resources of at least 16 billion barrels across our four licences in the Kurdistan Region of Iraq, one of the last frontier oil provinces in the world."

No matter what you think hal, it's not one to be out of.,.

BB todays EXIT EVENT award has caused a lot of excitement,it'll be interesting to see
what effect it has over the coming days?

BB this thread reminds us of the days when Toledo Mining was going to £20.

http://twitter.com/#!/mleftly

loomberg News
Gulf Keystone Rises as Oil Directors Set Rewards for Iraq Sale
By Brian Swint on March 22, 2012

Gulf Keystone Petroleum Ltd. (GKP), an oil explorer active in the Kurdistan region of Iraq, rose in London after saying some employees would get shares valued at about 26 million pounds ($41 million) if the producer is sold.

The company climbed as much as 6.5 percent after saying today it would issue 10 million new shares to be awarded to staff in the event of a sale of at least half of the company or its assets. Chief Executive Officer Todd Kozel would get 300,000 shares in a so-called exit event, it said in a statement.

Gulf Keystone rose 3.3 percent to 260 pence by 9:31 a.m. in London trading, giving it a market value of 2.2 billion pounds.

The company discovered as much as 10 billion barrels of oil in the Shaikan field in northern Iraq, a region that has drawn increasing interest from producers. Exxon Mobil Corp. (XOM) last year became the biggest company to join the hunt for oil and gas in Iraq’s semi-autonomous Kurdish region, home to about 40 percent of the country’s estimated 115 billion barrels of reserves.

Gulf Keystone “have a multibillion barrel field which will require a big investment,” said Dougie Youngson, an analyst at Seymour Pierce Ltd. in London. “That means there will likely be some sort of transaction. This year’s all about shoring up the asset base, a sale is more likely next year.”

The company also said as many as 10 million shares would be awarded over the next three years in the form of bonuses.


http://www.businessweek.com/news/2012-03-22/gulf-keystone-rises-as-oi