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.

http://www.nasdaq.com/article/iraq-pm-warns-of-wars-over-exxon-deal-with-kurds-20120619-00231

Iraq PM Warns of 'Wars' over Exxon Deal with Kurds


BAGHDAD -- Prime Minister Nuri al-Maliki believes a contract between U.S. oil giant ExxonMobil and Iraq's autonomous Kurdistan region is dangerous and could lead to "wars," his spokesman told AFP Tuesday.

ExxonMobil signed an oil exploration deal with the Kurdistan region in northern Iraq covering six areas, including two that are said to be outside the region and claimed by both Baghdad and Kurdistan.

The central government says all oil contracts must go through Baghdad and regards any that do not as illegal.

"Maliki views these de.......................

http://www.dianomioffers.co.uk/uploads/product_2987_pdf_link.pdf

sp continues to sink?

http://uk.advfn.com/news/UKREG/2012/article/52859199

100p I imagine before a bounce.

http://www.investegate.co.uk/Article.aspx?id=201206260700211161G

Nice bounce today.

Try a sport's bra

lol.

sod bothering about a bra! ..... heavy volume today, and though there are clearly still massive political problems in the region, at least GKP look to have found an awful lot of the black stuff

Still, a pretty grim chart and I see no reason to buy at the moment.

chart-wise you're absolutely right, but i hold already, though at a rather higher price

I remember reading about a month ago that the ICG only disputed 3 contract areass,just came across this.


Refers to contracts long winded, don't know if this has been mentioned here.

Barney71255 View Profile Add to favourites Ignore
Date posted today 07:19
Subject Shahristani Accepts KRG PSC's
Votes for this Posting Voted 41 times.
Message


Last night at 23:16 I posted: The below is an interesting article from Nineveh's governor. It's the first time I've seen a non Kurd government official stating the Central government accepts the existing Kurdish contracts except Exxon's in the disputed region. The reference is Hunt's block just to the south of Shaikan's. While the KRG may argue on payment mechanism's with the ICG at least the central government accepts that that there are contracts with the oil companies. Shouldn't this be a major de risking aspect?

Now the below from Shahristani's speech in Indonesia seems to say the same thing. He is no longer saying all KRG PSC's are illegal only 3 Exxon Blocks in the disputed region. It appears an endorsement that the Kurds have establashed the 43 oil company contracts but they need to endorse final development plans. This seems very positive provided agreement is sorted on oil export payments

From the Times

Take Gulf Keystone Petroleum. This was one of my bid prospects, and the shares duly soared. I advised readers of the column to take profits in mid-February, which would have given an 80 per cent gain on the investment. Had the portfolio been able to take this advice and lock in that profit, the average rise would have been 9.4 per cent Stiil, we play by the rules of the game. In fact, no bid emerged and the shares plunged. Bid activity is hotting up again among oil and gas explorers; Gulf Keystone could again be a prospect.

www.oilbarrel.com

July 02, 2012

A New Update On GuIf Keystone’s Ground Breaking Shaikan Discovery In Iraqi Kurdistan Brings Further Good News
Iraqi Kurdistan has become one of the hottest hydrocarbon provinces in the world. Small cap and mid -tier companies like Gulf Keystone and Afren have piled in in recent years and they have been joined latterly by “ Big Oil” such as ExxonMobil which late last year signed up for six exploration contracts. It is not the first super major with contracts in the semi- autonomous region in the north of Iraq – Marathon Oil arrived in late 2010 –but it is the first super major with contracts elsewhere in Iraq to do this.

Gulf Keystone in particular has been a pioneer in Kurdistan. It has interests in four production sharing contracts (PSCs) including the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel . All the blocks seem highly prospective. The MOL operated Akri-Bijeel block has a P50 resource estimate for the Bijell discovery put at 2.4 billion barrels of oil-in place with further targets still to be drilled on the acreage. Gulf Keystone has a 20 per cent interest here. The Sheikh Adi block, which is operated by Gulf Keystone is home to the Sheikh Adi-1 discovery, where the P90 and P10 numbers stand at 1 billion and 3 billion barrels of gross oil-in-place.

Gulf Keystone’s real flagship though is the world class Shaikan discovery. After three appraisal wells independently audited gross oil-in- place volumes are put at between 8 billion barrels (P90) and 13.4 billion barrels (P10) with a mean value of 10.5 billion barrels. This was a major upgrade on the previous P90 and P10 numbers of 4.9 billion barrels and 10.8 billion barrels respectively. Gulf Keystone has a 75 per cent interest alongside MOL with 20 per cent and Texas Keystone with five per cent.

Now a new update has brought more good news. In its ongoing appraisal programme the company has completed the drilling operations of the Shaikan-5 appraisal well, drilled 6km to the north-east of the Shaikan-2 appraisal well. Shaikan-5 is the fourth well in the five well appraisal programme. In May 2012, the well reached a total depth of 3,750 metres in the Kurre Chine dolomite formation in the Triassic, which is the deepest horizon drilled by a Shaikan well to date. Results obtained in the Jurassic interval indicated a continuous oil column with approximately 237 metres of net pay, and porosities which are consistent with results obtained elsewhere. Oil shows were also recorded whilst drilling in the Triassic formation.

John Gerstenlauer, Gulf Keystone’s Chief Operating Officer commented: “These solid preliminary results obtained with the Shaikan-5 appraisal well confirm the massively prolific nature of the Jurassic interval.”
There will be further testing of the Jurassic and Triassic intervals with the Shaikan-5 and Shaikan-6 wells and the new results will be incorporated into the independently audited gross oil-in-place estimates. What this means is there could be a further reserves upgrade in the short term. Then in 2013 the deeper potential of Triassic and Permian horizons will be tested with the Shaikan-7 exploration well.

A team of analysts from broker FoxDavies went on a site visit in May and were impressed, overall. They say that production could be ramped up pretty quickly. GKP, as they call Gulf Keystone, is currently producing 6,000 bopd from its facilities which is sold domestically for US$ 50 a barrel. The commissioning of extended well test facility (EWT-1) should step up production to 20,000 bopd by Q3’12 while a further upgrade to 60,000 bopd could be achieved 2Q’13 via EWT-2 which is currently under construction.

When we said above that the update is mostly good news, the Fox Davies guys make a small caveat about prospects that relate to access to exports, or more specifically, export revenues. Currently Kurdistan and Baghdad are locked in a battle for Kurdistan’s share of the export revenues Until such times as Kurdistan achieves access to the export revenues accruing to it from its output GKP’s production will be limited to revenues generated by the domestic market . The FD team reckons that the domestic market amounts to between 175,000 bopd and 200,000 bopd and would not support the full development scenarios of all of the fields currently discovered and appraised.
For all this, however, Fox Davies is upbeat about GKP. They say that security fears have been overdone and that the region is largely trouble free. The issues about exports are mainly about timing, and should be resolved in due course. Following the site visit, FoxDavies have upgraded their target price to 350p a share. This compares to 175p currently

Having a good run and fast approaching the 200 DMA.

Harry i'd perfer this.

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From another board.?
Just a quick update, in the conference room. Just met with Tony Hayward briefly. He's also just spoken and publically stated;

"The oil and gas law certainly looks, at this moment in time, like it will be resolved in the very near future

Final update for the day


Gawain_1977

From ii i



Finally finished, well past 6pm here now, and in much need of beer.

Lots of other top guys here of note including Brian O'Cathain from PetroCeltic and key Arfen people. (PS - off topic, but WZR do sound v tasty, hint hint!)

One final comment (I cant say who made it), that was particulalry exciting, noted that "Statoil, Total, Sinopec and Chevron were all looking very closely at Gulf Keystone". Exxon not even mentioned. Shell are playing a 'long game'.

It really confirmed that whilst so much of the news and speculation on this BB is hit-and-miss - hearing those particular companies mentioned (without prompting) demonstrates that many posters here are much closer to the mark than they realise.

I hate to sound like a ramper, as I am NOT. I just want to report on events that have a relevance to my shareholding, and therefore to others on the board.

Here's to hoping the recent sustained rises are much more than just another 'pump and dump'. For the record, i am convinced otherwise and am more confident than ever about the huge potential of this investment. Good luck everyone...

G1977

Incredible performance.

Make of this what you like?


From Gawain_1977 on iii:-

*Early updates - majors into Kurdistan

I have an update from Istanbul that people will find interesting. It was noted that the KRG will be making announcements very soon about more Majors entering into contracts with them.

I wont mention who said this but he is about as relevant & connected to this statement as you can actually get.

A clear picture has emerged since yesterday's conversations/statements that we WILL see significant & sustained news, soon - but that there must be a degree of patience from investors as there are step-by-step political processes and 'etiquette' that must be adhered to, mostly based around allowing the Americans to enter softly-softly and for Exxon to tread gently and tactfully.

I do believe, speaking this week with the relevant people involved, that the KRG are absolutely itching to shout out to the world about investors coming in and M&A activity - but can't quite just yet as they are being muzzled by the US Govt.

It all makes a lot of sense, because it's a highly sensitive development, and I think the mood is now reflected on the BB where people are almost bursting with anticipation as we wait for the greyhound to be released from its proverbial trap.

Interesting to wait for news on Rex Tillerson in Erbil - interesting and critical three days ahead of us, in my opinion.

Hope this news is useful BUT please just view this as my own reporting rather than proven hard 'fact', of course. We all know just how surprising GKP and the KRG (and others) can be!!

GLA*

PS. USA goverment having second thoughts on the F19's to the ICG.