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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Make of this what you like?


From Mansooreo on iii

Bean a while since I shared an update from my end( contact in.ebril). Met with my friend in ny a few nights ago as he was busy visitng family.

Talked about keystone and he mentioned that they are cutting back on their operations and support staff before at year end. He said they are scaling back, that they will be finishing their drilling program and are in new rush to do so. He is still adament that a deal is alrewady on the table but they are waiting for things to die down in the courts.

He mentioned that excalibars backers are big guys and that they are going to push this through as they believe that they have a solid case. He also thinks that they have a very string case as this OS kurdistan and people don't exactly play by the rules in this town and a lot of those factors and points will come out in the next few weeks.

He also mentioned that excalubar is not there to settle. They beleuve they are entitled to thirty share of shaikan and are going to open up the doors to tks dirty past and underhand dealings.

Saying this, he believes that keystone have already tied up a deal with a big American oilly, bot the Chinese as first thought.

He also says that everyone in ebril wants what GKP has in shaikan, especially excalibar.

Just an update!

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Back at 200p again and breaking down.

Wonder if cynic has sold and forget to tell everyone ?

I'm sure he says he sold last week at 210p... all the talking he does.

No, cynic brought MORE at 201.75p and no further posts of sales since then.

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exactly so, and position remains the same

Should have sold at 210p or 215p cynic.

Take the profit.

You have lost the profit now and at a loss. Why did you not sell when you had a paper profit ? Like you tell everyone else to do ?

because i didn't have a paper profit at 215 on my whole holding!
further, unlike the stocks you keep raving about, GKP actually has oil and assuming this court case with excalibur is just a nuisance opportunist endeavour, as it would appear, the upside in the short term is looking healthier by the week

mnamreh Thanks for earlier,must admit focused on the threshold through bleary eyes.
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Cynic ,....you can never say with the courts.....cases that seem done and dusted can be overturned on appeal....and it happens many a time in dramatic way !..

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rf - absolutely so, but a reasonable guess nevertheless

12:37


Taken from GKPFB


pathai


Just left court after opening hour and am no more/less confident of a win! The Excalibur lawyer had the floor for whole time I was there and I'm sure he is an astute legal mind but did not hold the floor with great authority and seemed to waffle on quite a bit. The main crux of his opening was that Ex have been left with nothing despite being the sole reason for GKP being in Kurdistan in first place. No real meat there and just rambled on about Rex finding his way in to K'stan with Turkish smugglers in 03 then via Baghdad going back to start looking for deals and business opps. Supposedly he met the Kurdish PM who encouraged him to look for an independent E&P company to work with to exploit his first mover advantage in 05.

I was sitting directly behind Rex and Eric with the defence team in front of them and Todd to right of the room. First time in a commercial court but still surprised by the amount of lawyers there. I can definitely see where the £10m court costs will go!

Numbers wise there was a reference to the valuation of Shaikan being $5.2bn and AB being $395m and the 30% claim but not much else other than the judge pointing out the obvious about if they wanted 30% of the profit were they prepared to stump the equivalent in costs? To
Me that's the crux of the whole thing.

I found it quite boring after the initial excitement and tension but hopefully the other PIs in attendance will provide more juicy details as the case progresses. I was sitting next to a nice gent Ed who was with B1... from iii so looking forward to reading their account later.

From another board.


'In addition, the Company has granted to BNP Paribas an overallotment option of up to USD$ 25 million exercisable up to the close of business on 16 October 2012 (the "Overallotment Option"). The Offering is being made by way of a Reg. S. Institutional Private Placement.'

Deadline today.

http://www.petroleum-economist.com/Article/3103864/News-and-Analysis-Archive/EXCLUSIVE-ExxonMobil-to-quit-West-Qurna-1.html

http://oilprice.com/Geopolitics/Middle-East/Baghdad-is-Losing-Iraqi-Kurdistan-Empowered-by-Oil-and-Gas.html

With an estimated 45 billion barrels of oil and perhaps as much as 6 trillion of cubic meters of gas, Iraqi Kurdistan is using smaller companies to develop its resources... while gradually luring in the big oil majors, despite threats from Baghdad.

For the Kurdistan Regional Government (KRG) of Northern Iraq, it’s all about control:

1. vis-à-vis the central Iraqi government,
2. over the oil and gas resources on its territory, and thus,
3. setting the stage for independence.

And so far, the KRG has the advantage.

How do we know this? Oil majors like ExxonMobil, Chevron and Total are willing to sign deals with the KRG at risk of losing big contracts with Baghdad.

Another indicator is—Baghdad has finally released its first tranche of payments for oil arrears owed to foreign companies operating in Iraqi Kurdistan. The situation was untenable for both sides, with Baghdad not paying for past exports and the KRG halting exports to Iraq in April in response. That means less Iraqi oil exports, and less foreign currency coming in.

It is important to keep in mind that when Iraq announced in August that production had reached its highest levels in 30 years, this was in no small part because the KRG had resumed exports from its fields, temporarily.

Map of Kurdistan

In September, the KRG and the Iraqi central government ratified an agreement to this end, prompting the KRG to resume exports, tentatively. On 8 October, Baghdad paid the KRG US$558.9 million, and the KRG pledged to keep the crude flowing.

Whether exports continue to flow will depend on whether Baghdad pays its second tranche—which is about half the first amount—on time.

For now, exports from Kurdistan are at about 170,000bpd, with Turkey’s Genel Energy, the lead producer in the region, contributing 110,000bpd of that output. If the deal remains in place and Baghdad pays the outstanding $857 million owed for foreign companies, the KRG plans to boost production to 200,000bdp for the rest of 2012.

Sorry to say that more downside on the cards, imo.

Whats the bottom going to be here looks to be heading for the 150p mark?..