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.

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Sorry.....decided to leave that out...

Spudding of Bakrman-1 Exploration Well

Gulf Keystone is pleased to announce that the Bakrman-1 exploration well spudded on the Akri-Bijeel block in the Kurdistan Region of Iraq on 7 May 2012.

Bakrman-1, the third exploration well to be drilled on the Akri-Bijeel block, is located 32 km to the north-west of the Bijell-1 discovery well and 25 km to the north-west of the Aqra-1 appraisal well, which is currently being drilled to appraise the Bijell discovery.

http://www.cwciraqpetroleum.com/conferences/programmes/

Considering the amout of oil overall...way,..way..undervalued here...

i'm not certain, but i have a strange feeling that the reserves are not actually proved - i can't remember what phrase one has to look for, as very often, what you think a statement says, is far from actuality

There has been a lot of reserves upgrades over the last two years...I think that we are now in excess of 12 billion barrels.

i am fairly certain that these so-called "reserves upgrades" are no better than P50 = little more than possible ...... the important announcement would concern "proven reserves" = P90 or not less than 90% chance of Xmmb being recoverable

unless i have missed something, i do not think gkp have been brave enough for that - yet

There have been some important flow tests...and more to come......in my view we should be way over 300p.....but the market is so depressed ......

They also only ever quote Oil In Place figures and not recoverable barrels figures. One wonders if the recovery rate is going to be very low........... making all those billions of OIP actually end up being very much smaller recoverable barrels figures.

After so much testing why do they never quote recovery rate expectations but keep on talking only of OIP ?

Not with the serious flow rates we have had.....sp has to go higher....(I hope)...

MrP - i can think of several valid reasons for that, not least because they are still trying to determine the extent of the field ...... tempted to draw a parallel with elsewhere, but though that too unkind for your sensitive soul

From PCI presentation,page 16. note "TOTAL"

http://www.petroceltic.ie/~/media/Files/P/Petroceltic/presentation/2012/Merrill%20Lynch%20%20Conference%20April%20%202012.pdf

•First Phase Financial Commitment of appx. $72 million net to PCI, inclusive of all Signature and Capacity building Bonuses

•Recent material entrants and fundings include Hess, Maersk, Repsol, Afren, Vallares, Gulf Keystone, Exxon Mobil and Total
Dinarta and Shakrok Blocks - Transaction Overview
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http://iraqidinarchat.net/?p=3287

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the core of the argument will be whether it is deemed malicious and/or a deliberate and serious campaign to lower the share price - or something along those lines i guess

cynic does it not beg the question why their directors are so sensitive if they are doing so well?

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yes results to be announced on 28th May should confirm their success in 2011.

Getting in ahead of STEAM.

http://www.steam.com.tr/arena/AEPRO3400Eng.pdf