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.

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

.

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?..

http://www.ft.com/cms/s/0/a95ad81a-16eb-11e2-8989-00144feabdc0.html#axzz29XkdsNWq

LOL

Unreliable witness ?

GKP themselves say Shaikan and AB are worth "little" ???

LOL


..............Mr Picken told the court that Mr Kozel had opted to withdraw claims that he had dispatched and personally handed letters to Ashti Hawrami, KRG’s minister of natural resources, which made the point in late 2007 that Excalibur should be allowed to participate in its oilfield deals.
In previous proceedings Mr Kozel had highlighted this letter to argue that Gulf Keystone had made efforts to include Excalibur in its dealings.
However, Mr Picken said: “Todd Kozel’s evidence had been that Dr Hawrami required a copy of the letter and that it could not be found.” This led Gulf Keystone to “create” a version of the letter in 2009.
Mr Kozel now accepted that the letter might never have been sent or handed to the minister in support of Excalibur’s participation in the PSC consortium, Mr Picken told the court. He added that Mr Kozel last week amended his witness statement, in that his recollections of writing and delivering a letter to the KRG minister in December 2007 on behalf of Excalibur’s interests were now incorrect.

Mr Picken added that valuations conducted by Excalibur’s own advisers suggested that Gulf Keystone’s main asset, its share in the Shaikhan block in Iraqi Kurdistan, was worth $5.2bn while its share in another block, Akri-Bijeel, was worth $395m more.
However, Mr Picken added that Gulf Keystone had placed a substantially lower value on the blocks but that it had been agreed between both sides that Excalibur would not reveal this alternative estimate at present.......

A couple of snippets from todays hearing?

Courtesy of poster B19400 on iii:

"Afternoon session better attended. Todd and others from GKP here (only JBG here this morning).

SP finishes his opening. Not surprisingly Exc is asking for 30% of everything. The bottom line valuation from their expert is quite a healthy figure!! It did not include the deeper assets of Sh. SP was obliging to requests to be careful, and so I won't reveal the figure - sorry.

MC opened for TKI. Showing that Exc were a one man band, with neither financial or technical abilities to be a party to a PSC. He is showing that some of conclusions that SP arrived at are misconceived.

Might be 10am or 10:30 tomorrow. No sitting on Friday."

and


Judge to Pickens

"seems like you want to have your cake and eat it "

How odd, Proseleneses and grannyboy appear on the same thread on the same day within hours of each other. No secret proseleneses is not a supporter of this company.

http://www.upi.com/Business_News/Energy-Resources/2012/10/17/Maliki-mulls-ditching-Exxon-for-Russians/UPI-23581350488674/

Exxon getting kicked out of West Qurna soon ?

Russians coming in and Iraq buying lots of Russian military hardware....... all to be used on Kurdistan before too long ?? We shall see.

Certainly this will really piss the USA off, as if the Russians come in and with Iranian support then Kurdistan is pretty powerless and will be "sorted" out by the Iraqi's with nothing the USA can do about it if Russia get involved now.

from imitch37 on iii who attended court today:

Evening all. Was there today with at least 20 others. Don't know how many where BB members. Spoke to few investors, but didn't know who they were. Please make an effort to go if you can.
Yes, TK new Rex well, had exchanges mainly through e-mails. Name of EXC. was on draft contract initially. However, the KRG didn't want them a party to the contract because Rex didn't have the financial or the technichal ability. Contracts were changed to exclude Exc. and by his own admission to TK, Rex was not bothered at the time.
When the lawyer for Texas started, he cut straight to the chace, he was very direct and confident. He even asked the Judge to dismiss the case (Anyone that was there, please correct me if I misheard).
Honestly speaking, I think GKP has a very very strong case as there was no wrong doing. KRG didn't want Exc. Period.
The figure that was mentioned apart from the 5.2 is lets say double figures. How and why they arrived at that, I have no idea.
Exc. no cake and no eating am afraid.


Proselenes Sqelched for being pathetic.