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.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


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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.

Another take on thursdays CC,investors vertion.


ALL RISE for the CJ
imitch37
127
Where to start?
Firstly, it is an obligation not a favour by those who attend to report back to the genuine GKP shareholders.
Anything of benefit must be always shared if it helps others in life, keeping knowledge to one’s self makes the knowledge non-beneficial.
Back to the meat:
I will be objective and fair (those who were present, please correct me if I post anything that is misunderstood, biased or wrong), Thanks.
Personally speaking, EXC. Has no official contract or agreement with GKP or Texas, by that I mean, nothing legally binding. They were offered the chance many times to participate and they did not rise to the occasion. If your % participation is zero then your working interest or claim is also BIG FAT ZERO.
The KRG did not want EXC. TK did not cut them out or stole anything, he wanted them in in the first place. I also believe that TK would not make anything up about the KRG, he knows better. After all, REX was saying KRG wanted a US based company to get involved, if he thinks the KRG did not say or do this, he could’ve gone back to them to ask since he was the introducer and had the contacts. Bullet points are better for focus: forgive me if it is not in the right order please

• An important point was made by GKP’s lawyer that in English law: a negotiation or draft of agreements (joint ventures) that are changing all the time and not legal contracts do not carry much weight because they are deemed misleading and unhelpful
• Indeed GKP or TK wanted all along to include EXC. But they couldn’t come up with anything when it really mattered, specially at the signature of contracts where fees had to be paid upfront in full. GKP did pay their part at the time, they took the risk.
• Rex was asking TK to carry him and that he would pay later, TK of course couldn’t do that for obvious reasons. But he did offer REX an extra 60 days as a favour
• True that REX helped with the acreage business, but he was not an introducer, he wanted to be a partner, you can’t be both
• Our lawyer said you can’t come later and say you wanted to invest when the clouds have cleared a little
• EXC. Are claiming as their lawyer put it “were cut out” so far I have gathered that they were not, it was their choice and it was repeated again today that REX did not mind
• An exchange of email between the two brothers took place and REX was told take a buy out for $5mn dollar “1 bird in the hand……”, REX said he’d rather sell 85% of 30% of the alleged 80% and keep 15% of the 30% of the 80% to which his brother said even that is hard to pay for. I thought to myself, damn right, you are only a soldier for god sake (this is just a personal thought aloud)
• He even went behind TK’s back and offered his alleged share at the agreement negotiation stage, which is not a contract by any stretch of the imagination, to MOL for $5mn. MOL was furious and had to explain to MOL. Also the lawyer said there was a heated exchange with REX by TK about that and it was said the price went down, i.e. the 5ml was now less than that
• Even TEXAS was not obligated to EXC. After the contracts were officially signed by the GKP with KRG. TEXAS did not have to explain to EXC. About any unilateral agreements with the other parties
I am trying to remember many things from memory, there was a lot more reference to documents which I’m sure other attendees must’ve mentioned.
If I think anything else is relevant, I’ll post it

thank you for the above ..... it would seemingly bear out what i have been saying for a while - excalibur's owners are just carpetbaggers ...... i wonder if they were obligated to put a bundle of cash into court, to give some sort of comfort that this was not just a vexatious action

Russian companies getting out of Kurdistan, Russian companies selling lots of weapons to Iraq.

US companies moving out of Iraq and into Kurdistan.

Says to me mid term the Russians will build up the Iraqi military with lots of planes and weapons and then within 24 months Kurdistan will be "sorted out" as the renegade province of Iraq that it is today with its middle finger attitude that it has to the Iraqi central government.

All the Iraq's have to do is keep disputing the Kurd contracts as illegal, and then when they invade and take over all the contracts issued by the Kurds can be canceled immediately without any worries.

http://www.thedailybeast.com/articles/2012/10/20/russia-angles-for-more-mideast-influence-by-selling-arms-to-iraq-and-buying-its-oil.html

.

so why don't you short the stocks, which clearly you have not, instead of just gibbering?

Is this a case of denial Mr C.? Kurdistan seems to be a high risk area atm and no one really knows what the outcome is going to be. AFR, GENL, GKP, EXXN and others may all have to pack their bags. In which case that may be a very good reason for staying out, rather than shooting the messenger.

Well Mr C. has been seen on here to not lock in a profit, not sell and take profits in cash, but to hold on and lose the profit - something he seems to get very emotional about if others do not sell other stocks to lock in profit - but then he fails to do so here.

And also as you say, not appreciating the high risk here (as he is holding) while openly slagging other stocks due to their "risk".

Looks like Mr C. does in fact suffer from "very rose tinted specs" syndrome.

Any stock he holds its a great stock and no need to sell and have to buy more and more and its low risk.

Any stock he does not hold is high risk, sell and take profit quickly, why buy more and by the way I hold a "few" so I am not deramping........ honest guv..........

i have no problem at all in members various taking a pop at me from time time, as that is inherent with with keeping one's head above the parapet .....

however, P has selective vision re my holdings and profit/loss taking .... indeed kurdistan is a fairly high risk area, but the same can be said of any region within m/e and that definitely includes saudi where there has long been a strong fundamentalist and pro al qaeda faction

for the record, i hold AFR and and GKN but not the other two ..... and i think the former is a stronger bet than than the latter, but am happy to stay with GKP until i feel otherwise

and i raise the almost rhetoric question again as to whether P has had the balls to back his mouth with money by shorting GKP and/or others in the region ..... after all, both he and hyleo reckon it is only a matter of months (that timescale seems to have moved out of late) before the whole region explodes, on their theory, because the russians are ratcheting up the tension in iraq .... in fact, it is syria that should cause far greater concern, where yet again the muslim league shows itself to be lacking even gums

Cynic is getting his knickers in a twist... he can't even differentiate GKP from GKN
(not a keyboard error - N is not even next to P on the keyboard)