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.

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.

yet more tosh i'm afraid ..... it's as intelligent a prediction as saying that al qaeda will give maasive support to argentina to invade FI once more

LOL.

Russia already sold over 4 billion worth of arms to Iraq from early October - FACT.

Another big deal very soon for much much more military hardware - FACT


Some people really do not like facts.


Next you will be saying the invasion of Iraq was all about WMD and not about oil.......... ;)

Get with it...........

USA companies invade Kurdistan to grab the oil after USA leaves Iraq with no military hardware.

Makes sense therefore to slam the USA plan and get in bed with the Russians and Iranians and kick the USA companies out by force........ a la take Kurdistan by force....... its part of Iraq and therefore an "internal issue".

The Russian arms deals is all over the news........ perhaps just ignored by the Kurdy rampers........ ???

http://www.aljazeera.com/programmes/insidestory/2012/10/201210105153985484.html


.

It will go below 200p... around 150p.

get a life P! ...... the russians and chinese and americans for that matter have been supporting various factions in the region for at least the last two decades .... before that, uk and france did similarly ...... now al qaeda does its bit too, though they will assuredly be strongly supported by other outside nations

hyleo - you continue to gob off as usual, without even a sentence to support your prognostication .... for sure if GKP lose the current court case, their shares will tank, but i doubt if you have any clue at all, other than pure guesswork, which way the judgment will go ...... while accepting that the law is rarely just let alone logical, the bits and pieces i have read + the history of the action, indicate to me that excalibur is nothing but a bunch of carpetbaggers who look much more likely to lose than to win

http://www.iraqoilreport.com/oil/production-exports/exxon-to-start-drilling-in-disputed-kurdish-blocks-9062/

Exxon to start drilling in disputed Kurdish blocks
Contrary to Baghdad's claims that Exxon's KRG contracts are "frozen," the company is spending a quarter-billion dollars and will spud its first well this year.


The view from the drilling platform at Shaikan 5 exploration well, operated by Gulf Keystone Petroleum. (SEBASTIAN MEYER/Metrography/Iraq Oil Report)
By Ben Lando of Iraq Oil Report
Published October 18, 2012 ExxonMobil has signed contracts to drill in Iraq's semi-autonomous Kurdistan region by the end of this year, despite claims by Baghdad officials that the company has vowed to "freeze" its controversial contracts.

Exxon has spent or allocated a quarter-billion dollars for exploration, drilling and other work and supplies in Iraq's Kurdistan region, according to an official with knowledge of Exxon and the Kurdistan Regional Government (KRG).

The company "will start moving dirt in December,"...

A couple of posts about this mornings CC.



Re: Court 15 - IV

B19400
21UP
MC spent the morning going over that various clauses of the CA, moving on to post PSC conduct. By not having funds, any funds, Excalibur are in material breach of the contract.

As an observation, the judge questioned a number of SP's arguments in the previous days. Conversely he has agreed with points that MC has made.

Todd Kozel, John B. Gerstenlauer and Tony Peart together with Strand Hanson’s Simon Raggett in attendance this morning. Both Wempen brothers here too. NB RW was not present to hear MC open yesterday.

Lunch break now. Back in at 14:05.

-----------------------------------------------------------------------------



from iii....came out just before the lunch break at court (2 different posters).

______

...Rex, when confronted with the timeline for raising his 30%, ended up trying to negotiate with Todd, a buyout of his 30% share in the following terms- todd/gkp pay 5million for 85% of the 30%,leaving Rex with 15% of 30%. Then his brother asked him how they would manage to fund this remainder. Apparently, the discussion continued with Rex lowering the 5million. Struggling to raise even a relatively small amount it seems?

At the same time, Rex was also trying to get MOL to buy them out of their supposed share... For 5million...at which point Todd was hastily summoned for a meeting with MOL.

_____


It has also come out just before the break for lunch that they tried to sell their interest knowing that they could not raise the necessary funds in time, evidence contained within emails between the wempens states, to gkp for 5 million but unknown to todd, they got their lawyers to contract mol re: same sale, this peed off mol as they had had doubts re exc. Which todd had tried to address.

Addition: Forgot to add the wempens did not look happy as they came out for lunch, and they went straight into the consultation room with Simon picken (goodness that man has an unusual voice)

http://www.reuters.com/article/2012/10/18/gulf-keystone-court-idUSL5E8LIO4O20121018

And NO they're not being throw out.


UPDATE 1-Exxon seeks to quit Iraq's W.Qurna oilfield project -diplomats
18 Oct 2012 - 15:38

LONDON, Oct 18 (Reuters) - Exxon Mobil wants to leave its flagship Iraqi oil project after upsetting Baghdad by signing a deal last year with the autonomous northern Kurdish region, which the central government deemed illegal. It wants to leave its contract to develop the giant West Qurna-1 oilfield in southern Iraq , diplomatic sources said on Thursday, because of concerns over the profitability of the project. Exxon has informed Iraq's Deputy Prime Minister for Energy Hussain al-Shahristani and the U.S. State Department of its intentions, said two U.S. officials. "Exxon is telling Baghdad: 'We are letting you know we're looking to leave,'" one of the diplomats said. "They are shopping around and looking at all the options. Shahristani declined to say whether Exxon was pulling out, but told Reuters in an email that Baghdad was sticking to its line that all contract signed with the Kurdistan Regional Government (KRG) without the approval of Baghdad were illegal. "All companies that entered in such contracts were asked to cancel them or pull out," Shahristani said. "Exxon Mobil can be contacted about their decision." Exxon declined to comment. Royal Dutch Shell is the minority partner in the oilfield project. (Reporting by Peg Mackey and Timothy Gardner in Washington; editing by William Hardy) ((peg.mackey@thomsonreuters.com)(+44 207 542 7714)) Keywords: EXXON IRAQ/ URGENT

Exxon kicked out :

http://www.dailystar.com.lb/Business/Middle-East/2012/Oct-11/191031-iraq-wants-russians-to-replace-exxon-at-west-qurna-report.ashx#axzz29hTHHms1

Iraq wants Russians to replace Exxon at West Qurna: report

October 11, 2012 03:46 PM..................

Obviously the "PR" departments are trying to obliterate the 10th / 11th October breaking news of Exxon being kicked out - with 16/17/18 October news leads saying Exxon leaving, but in fact no, it seems the Iraq's are kicking them out and replacing with the Russians.............. as well as buying billions of Russian weapons, ready for use on internal breakaway provinces in a year or two.

exxon will already have worked out the %s on whether they prefer to work in kurdistan or southern iraq

are you really so stupid to think that the russians - and almost certainly the chinese too - do not already have a presence in iraq?

you really are like david ike's twin at times

You are missing the point cynic.

The USA does not want want to sell weapons to Iraq, as they fear they will be used against Kurdistan - where their oil companies are moving to.

Iraq has now circumvented this by getting billions of dollars of weapons from Russia, at the same time allowing the Russians to come in and run their southern oil fields.


The most likely next "negotiation" will be for the sale of multiple billions of dollars of more weapons, on the "covert" agreement that the Russians can move into Kurdistan and take control of all the oil licenses once the "province" has been liberated with the help of the newly supplied Russian weapons.

Looks to me like Iraq is gearing up to sort out the "rebels" in Kurdistan and kick them out and take control of the oil fields there again. The more you see them buying Russian weapons, the more likely it is that force will be used against Kurdistan.

they fear they will be used against Kurdistan .... who told you that? .... your twin? .... the arms trade has no morals as history should have taught you

it's iran that should really be worrying your little head in that region, and if you think no one trades there, then you really have not progressed beyond the beano

http://www.investegate.co.uk/Article.aspx?id=201210190700080561P


"> ">

Iran is short term, the missiles will be flying over Kurdistan soon - but Iraq intervention against "renegade province" of Kurdistan - will happen but more mid term. Once they get the weapons and planes and have the power to do so.

The Russian arms deal and kicking of Exxon out of the south is a real sign that the US is now being kicked out of Iraq - and its only a matter of time before they get kicked out of Kurdistan too............

oh i see .... so suddenly your doom perspective is several years away, perhaps even after iran have proved and used its own atomic weapons and blown the whole region to hell and back

of more immediate interest to most members here is the outcome of the current court case .... if, as i think is the more likely scenario, excalibur get kicked into touch, then assuredly gkp's shares will rocket(!) away .... where those shares will be in even 1 year's time is pure guesswork, though arguably more predictable than for your blue-sky nonsenses

http://www.thetimes.co.uk/tto/business/markets/article3572896.ece


There were rumours that Gulf Keystone Petroleum, unchanged at 200p, may soon settle a claim for 30 per cent of its oilfields in the Kurdistan region of Iraq. The court case started on Monday.
Genel Energy, the biggest oil and gas company in Kurdistan, was 38p better at 845p after Rodney Chase, its chairman, bought nearly £3.2 million of shares.

Summary of the CC,not sitting today.


October 19, 2012 12:44 am

By Michael Kavanagh

Disputes over alleged verbal assurances given in a Iraqi car park and claims that a former adviser to Gulf Keystone misled the company over his ability to raise funds needed to win lucrative oilfield licences in Kurdistan have been raised in London’s High Court.

Excalibur Ventures, the vehicle of Rex Wempen and his brother Eric, is claiming up to $1.62bn in compensation and damages in a case against Gulf Keystone, the Aim-traded company.

Excalibur claims it was cheated out of 30 per cent interest in Gulf Keystone’s assets in the Kurdistan region of northern Iraq that should apply under the terms of a collaboration agreement struck with Texas Keystone, Gulf’s sister company, in 2006.

But in opening addresses made by counsel for Texas Keystone and Gulf Keystone, Mr Wempen was accused of attempting to secure a fortune without putting his own capital at risk. Specifically, counsel said he was unprepared to commit the millions of dollars necessary to win part of a controlling stake in Shaikhan block in Iraqi Kurdistan, along with a share in another block, Akri-Bijeel.

Mr Wempen played an early role in introducing Todd Kozel, Gulf Keystone’s executive chairman, to opportunities in Kurdistan. But the defendants argue that Mr Wempen antagonised Ashti Hawrami, oil minister for the Kurdistan regional government, at a meeting in 2006 and that Mr Wempen was then excluded from subsequent meetings with the minister. Mr Wempen denies this.

Michael Crane QC, representing Texas Keystone, told the court that Excalibur had voluntarily agreed not to be included in attempts to be made part of consortiums applying for production sharing contracts because of the Kurdistan government’s apparent reluctance to approve its inclusion at that stage.

He also cast doubt on remarks Mr Wempen claimed were made by Mr Kozel in a car park in the Kurdistan capital of Erbil after the conclusion of talks with Mr Hawrami. These appeared to clear the ground for an application led by Gulf Keystone rather than Texas Keystone.

Though Excalibur’s collaboration agreement was formally with Texas Keystone, Mr Kozel is alleged to have assured Mr Wempen: “Don’t worry, I won’t screw you over.” Mr Kozel has disputed the exchange said to have taken place during the taking of celebratory photos.

Presenting opening arguments for Gulf Keystone, Jonathan Gaisman QC said that it was Excalibur’s inability to fund its share of signature fees and other investments that prevented it from profiting from the award of the licences.

The defence argued that Mr Kozel had attempted to include Excalibur as an investing partner in the months before the granting of the production sharing contract and then in the immediate aftermath through a “farm-in agreement”. But Excalibur was “not within a country mile” of securing funds that it initially signalled it might secure through UBS, the Swiss bank.

The defendants also claim that Mr Wempen proposed “some sort of finder’s fee in the region of $5m” at a meeting in December 2007 in return to settle its dispute before the breakdown of negotiations.

The case continues.

part of Iraq report:

Published October 19, 2012 BAGHDAD - At a recent meeting of American government and private sector leaders in Baghdad, a top ExxonMobil official foreshadowed his company's impending exit from southern Iraq.

The Iraqi government had no regard for "the time value of money," the official said, according to multiple people who attended the meeting. Exxon had poured billions into the super-giant West Qurna 1 field, but Baghdad's red tape was delaying payments and urgent imports; meanwhile, financing costs were consuming the project's...

also this bit, maybe someone has full story.
Contrary to Baghdad's claims that Exxon's KRG contracts are "frozen," the company is spending a quarter-billion dollars and will spud its first well this year.