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.

cynic he who dares wins..... gunga din!

Nothing positive....... LOL

Like Noble Energy have farmed in and made commercialization and future exploration very easy for FOGL now........... yes, of course nothing.

GKP have said that their commercial find at Shaiken is, wow, wait for it....... commercial.......... LOL

prattle on dear boy; it matters not at all

hi hali - does one assume that you and your merry men are heavily invested in fogl and other fi stocks? :-)

cynic not yet too early, we are not convinced with no material finds so far the majors obviously think there are easier and cheaper pickings elsewhere.

Who needs material finds when you can wear the Miss Pro rose tinted specs (with matching handbag) and, lo and behold, billions of barrels of oil appear.

i cannot disagree with you hali ...... indeed, if fogl gets overexcited prior to result, my intent is to bank half

The fact remains that the sp is vastly undervalued....just the uncertainty around Kurdistan that is holding back a dramatic rise in the sp......if only Bagdad and Kurdistan would make their peace...Iraq would be a better place for it....(...and the GKP sp as well).....

in due course that will most assuredly come to pass

part of a 3i well respecrted poster.



5. Mark Leftly and the KRG's 20% entitlement

This is about one of the - as yet undisclosed - 'unknown knowns'. i.e. what else did the KRG give Exxon to get them to 'sign up'? Over to you Mark Leftly, and this extract from article E:

======

"However, it is believed that the Shaikan field, which is estimated to hold an extraordinary 10.5 billion barrels of oil, is actually the subject of one of the six licences that Exxon has taken. The details of the six licences did not emerge on Friday. But, sources suggest that Dr Ashti Hawrami, Kurdistan's Minister for Natural Resources, plans to open today's conference by revealing the specifics of the deal.

It seems likely that Exxon has taken a 20 per cent stake in Shaikan. The Kurdistan government had an option of taking this stake once the field was proven to be commercially viable, and it is this that has been sold on rather than a portion of Gulf Keystone's undiluted 75 per cent holding.

Gulf Keystone owns other interests in Kurdistan, and sources close to the company believe that at least another two of Exxon's six interests relate to these fields. However, this could not be confirmed yesterday."

From MOL Half year report just released:--

End of page6/top of P7

Status of exploration and appraisal wells:
Bijell-3 (Aqra-1)-- under drilling -- Drilling started on 17 January 2012, depth at end of June was 3700m. Its actual depth is 4682 m.
Bakrman-1 -- under drilling -- Bakrman-1 well was spud on 7th of May 2012, depth was 1962m at end of June. Its actual depth is 2892 m.
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Expected TD for Bijell-3 was 4,700m, so 18m to expected TD.

Expected TD for Bakrman was 3,600m so just over 600m to go there.


http://ir.mol.hu/sites/default/files/2012_H1_FlashReport_ENG.pdf

This holds above 2 quid then hmmmmm pile in.

From GENL'S results.



Ber Bahr 1

As previously announced, the Ber Bahr 1 well completed drilling and initial testing during the period under review. The well was drilled to 3933m in the Chia Zairi formation. The well encountered a 300m oil column in the Jurassic with matrix porosity of 17%. Two drill stem tests over the interval failed to flow and yielded inconclusive results, with evidence of perforations plugged with heavy oil. The well has been temporarily suspended while a work over rig is moved to the location to conduct an extended well test. Further evaluation with the right flow test equipment is required to determine the commercial viability of the well. Results are expected in the fourth quarter.

Gulf Keystone will announce half year results for the period ended 30 June 2012 on 12 September 2012.


A presentation for analysts will be held at 10am at Pelham Bell Pottinger, 6th Floor, Holborn Gate, 330 High Holborn WC1V 7QD. The presentation slides will be available on the Company's website at www.gulfkeystone.com from 10am UK time.

http://kurdistantribune.com/2012/krg-pay-1-5-billion-liabilities-oil-companies/?utm_source=rss&utm_medium=rss&utm_campaign=krg-pay-1-5-billion-liabilities-oil-companies

FT.com August 27, 2012 6:24 pm / Kurdistan players pin hopes on new pipelines/By Michael Kavanagh

This month’s move by the Kurdistan region of northern Iraq to resume oil exports through a pipeline network controlled by the country’s federal authorities has done little to placate Baghdad’s anger with western oil companies entering the region.
Deals struck over recent weeks between leading oil companies and Kurdistan’s regional government to acquire oil interests in the semi-autonomous region have faced heated opposition from the Iraqi government.
More

However, some argue that the latest transactions by France’s Total, Chevron of the US and Russia’s Gazprom have helped mitigate fears among investors over political and operational risk in the region.
Stuart Joyner, an analyst at Investec, suggests that the sums garnered by those companies that have recently sold assets to the oil majors in Kurdistan are modest.
“Not much has been disclosed with regards to terms,” he says. “These interests might be selling for modest amounts of money – low single digit dollars per barrel. Compared to East Africa and other hot spots, it’s relatively muted.”
But the deals are still likely to have earned their sellers multiples of several times their investment, and suggest that yet more oil majors might brazen out the anger of Baghdad by taking positions in the region.
The share prices of companies active in the region have reacted positively in recent weeks, albeit in a limited fashion.

Toronto-listed WesternZagros, which has signalled its intent to seek a London listing, saw its shares spike from C$1.12 to C$1.35 in the wake of a deal in which Gazprom assumed a 40 percent stake in one of the blocks it controls in Kurdistan.
That deal saw WesternZagros receive $83m from Gazprom and allowed it to raise C$57m at $1.40 a share earlier this month.
Shares in London-listed Genel Energy, a leading oil and gas operator in Kurdistan, have also ticked up this summer.
Genel in August agreed to buy a further 21 per cent stake in the Bina Bawi exploration block for $240m.

It is also spending $450m to buy out the interests of fellow Kurdistan explorer Heritage Oil in the Miran gas field as part of its ambition to be a consolidator in the region - a deal struck at a keen price according to analysts at Deutsche Bank.
Gulf Keystone, another explorer in Kurdistan and Aim’s biggest company by market value, also saw its shares pep up from a low of 139.25p at the end of June to 201.25p at the end of last week, though this is still well below a high of 465p hit in February.

Brian O’Cathain, chief executive of Aim-listed Petroceltic International, which is also present in the region, suggests that though assets are still being traded cheaply, the price of acquiring a foothold in Kurdistan is rising.
Signature bonuses payable to the Kurdistan regional government by companies striking exploration and development deals are also increasing.

He points out that Genel’s agreement in May to pay just $175m for a slightly larger, 23 per cent stake in Bina Bawi as a sign of appreciating prices for Kurdish oil interests, in spite of Baghdad’s stance of freezing companies who do business with the KRG out from the rest of the country.
Petroceltic itself last year took up a 16 per cent stake in fields operated by Hess. “There’s a perceived market risk because people are still unable to confirm when it might be possible to export,” he says.
The real game changer for western-listed oil companies producing and exploring for more oil in Kurdistan will be completion of an independent pipeline capable of supplying Turkey direct with 1m barrels of oil per day that is scheduled to be operational by late 2013 or early 2014.

“I don’t know anywhere in the world where you have 1m barrels a day behind the pipe and it doesn’t find its way to market,” said Genel Energy’s chief executive, Tony Hayward, as he reported results last Thursday.
Backers of the investment case for the region argue completion of direct pipelines will help profitably monetise currently stranded oil and gas assets that have attracted other London-listed companies, including Heritage Oil and Afren, to the Kurdistan area.
Assuming routes to market can be tackled, there is one other key reason why oil companies are overcoming their previous reluctance to deal direct with the KRG at the expense of Baghdad.
“The production sharing contract conditions available in Kurdistan are more generous to the companies than the contracts available from the federal government,” argues Mr Joyner.

Richard Griffith, analyst at Oriel Securities concurs. “Companies are going up to Kurdistan because they believe in the future of Kurdistan in controlling exports. At 1m barrels of oil of a day, Kurdistan will have the ability to monetise its reserves.” He accepts, though, that for some investors the case for investing in Kurdistan remains unattractive. “You either like it or you don’t like it.”

from the analysis's report.


As a reminder, from analyst presentation by joseki:--
"This brings us to our prize among prizes, the jewel of Kurdistan, Shaikan, which has had a great run on appraisal this year. The BoD reinforced that recently they didn't need to test to the good parts that were there, but went for the marginal sections to better understand what we have. We did reach OWC on SH6, 150m below target levels below spill point in the Jurassic and will add significant increments to both the aerial extent and depth of the Shaikan structure. If I take us to the outline of the Jurassic on p13, the current green area on the east of the Shaikan block pretty much extends green all the wall to the remaining blue section of the block and likely into the South too of the neighbouring block. The water contact on SH6 is in the low Kure Chine C or D section, and there it is like what we found in SH4. There is possibly another OWC in the Butmah level but that requires further testing. What we have encountered is extremely high pressure of 19.2 pds/ga in the Triassic, and we need to think how to deal with this. To give some context, the Triassic usually in SH1-3 is more 12 pds/ga, so this has surprised. During SH5 in the Kure Chine D levels there was a significant oil kick with sample gravities in the mid 30s-40s and appears to be sweet. This bodes well the prospectus below. In terms of the Jurassic matrix, the overall fracture or amount of oil retained is higher than expected, where originally it was thought 0.8%, but is now proven to be some 3%. The main takeaway on the back of SH5 SH6 is we can expect an increase again in OIP on Shaikan."

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Unless you are a day trader, this one is more indicative of the trend!

Using the chart as a quick ref,looking at the longer chart,is that a golden cross?

It would be nice to see a less confussing chart in the header,just lots of lines and squiggle,to me. Apart from taking up so much space,not needed,imo.