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.

Court Report from iii (imitch37)

Hi all,
As usual, please check with other posters to verify.
Firstly, the two men from yesterday were back again. One of them was on his blackberry all the time.
1. EXC. Claimed that a LETTER OF ACKNOWLEDGEMENT from GKP was not given to them and therefore obstructed EXC. From obtaining finance from investors.
GKP lawyer stated that there was no obligation on GKP’s part to give one. For EXC. To have any remote chance of having or raising finance, they had to be a signatory to the PSC, they were not. As for indirect interest of EXC. In the PSC, this was not viable. According to acceptable expert opinion in matters of raising funds, a direct shareholding by EXC. In the PSC was needed.
2. GKP lawyer said that The normal course of action for raising finance is direct investment>>NDA>>Letter of acknowledgment>> raising finance. EXC. Did not do that
3. In any case, there was no documented proof that any investor asking for this letter, it was said in an email exchange by the brothers that they wanted the letter for future to boost their track record in being involved in a big deal
4. The fact that EXC. Asked for an indirect interest with a lack of clear definition of specific performance and no clear proposal showed that the did not know what they wanted
5. They were implying at least six types of indirect interest which was impossible to deal with in practice. None of the six proposed was asked for specifically
6. Correspondence shoed that EXC. refused to pay signature fees, wanted postponement and wanted GKP to carry them. Even if GKP offered negotiations, time and other obvious factors were not on their side
7. EXC. Chose to exit from the SHK PSC some 90 days after PSC was signed and fees paid by GKP
8. EXC. Could not even produce a credible TEASER (business plan summary) to prove their ability to any of their alleged funders
9. In one of their correspondence to an investor, EXC. Claimed that they had a unique opportunity alongside 3 international companies (MOL, GKP and TKI) for an ownership of 10% for $40M. This shows that EXC. Did not understand their own position at best
10. It is obvious that indirect investment is less enticing to investors than direct interest. Lack of indirect interest was not the main reason for the inability of EXC. To raise finance
11. EXC. Expert advisor who advised them on raising finance was later shown that he was not an expert on raising private equity finance issues and was later replaced by a more experienced advisor
12. GKP provided an old fashioned document summarising the chronological order of events and correspondence to the surprise of EXC’s QC, he said he might produce something
13. GKP and TKI have received recent letters at their request that have relevant information which they intend to use
14. Cross examination might start as early as next Monday if the Judge is ready
We were asked to behave in court when the cross examination starts, anyone who is coming in the next 2-3 weeks, please take note of that advice. We need to be at our best behaviour

Sorry for any grammar, punctuation or spelling mistakes made.

Regards

#12 causes me some amusement .... i always thought that was a basic to provide to one's lawyers to spare them a lot of time and effort in sifting through every document

Why is everyone so excited over the court case ? Means not a lot, nothing is in the price for a poor outcome, so why are the rampers saying the price will rise on a good outcome.

The problems of Kurdistan is that the recovery rate is very low, tax is super high, additional KRG tax is high and GKP have a small percentage of the OIP (which is much less when you put the recovery rate in).

Now Iraqis are getting planes and weapons its looking even more high risk............ no surprise people are selling really.

P - at times you really do post like haystack on the gaza thread thus seriously devaluing any valid point you may be trying to raise or discuss

the court case is important insofar as it is unsettling and markets do not like uncertainty ..... if the court finds in favour of GKP - looks the more likely result to me - then assuredly sp will rise and take some reflection from the performance of GENL

so tell us all as a corollary to your logic, why are people not piling into fogl, which is static at best - now 60.75 mid?

Why should anyone pile into FOGL now ?

They are roughly just under 4 weeks to getting to TD, so why buy today ? I have, just snatched a load on this mornings recent drop, but why should anyone else ?

similar argument surrounds GKP's court case then; rather as i said

I've fust twigged why P's post was not sqelched,seems it only happens whan logged on? He has been warned on another board about his posts,changed his track,agenda stillthe same.
CC has been suspende until next week,to allow judge to study the witnesses statements?

On iii from leithlyj

For some explicable reason the people who went to court (to the best of my knowledge) have not told you something fairly important.

Mr Singer the backer of Excalibur has flown in from America, is now present in court and has been since Monday.

Why this is not public knowledge is beyond my understanding but there you go, its out there.

Now why might he be there? Well either he has something he can add to the pot or the case is going so against him he is trying to save himself money and possibly even his reputation.

Anyway that's all for now.

Their are those who disagree with the above post?

Cyril, you need to see the big picture. In my opinion you are getting bogged down in all the peripheral rubbish and the hypothetical reasons as to why,,,etc etc. Next you will be questioning why the water bottles on the court tables carry a Ukranian label.

It's the beginning of a slide now.

Hlyeo...you're doing your diva act again !...

quite so ..... shortie and mj at least support their view with some reasoning

8 weeks of court case to go............

Why not sell some, hold some cash and be ready to buy other stocks which have potential "mammoth" news in the pipeline.

If the news comes good, you can ride it, if the news does not come you simply buy GKP back cheaper in six weeks time or something like that.

Plenty of reasons people are selling GKP now with very little news in the coming 2 months.

Say it as you see it hlyeo! Don't let the others grind you down!!!

and what about FOGL? ....... for all that, though i shall not, if one is sitting on a respectable profit (i am not), then lightening would do no harm - that is assuming this punch and judy show will indeed not be reach judgment for a further 8 weeks ..... i did not expect to it to be anything like that long, but no doubt someone else will corroborate one way or another

Yes, you carry on hyleo...........

Its quite funny that people who post pathetic one liners and silly "going down" etc.. on other stocks they do not hold get agitated when someone does it on a stock they do own.

What goes around, comes around................

cynic, the trouble is whilst the court case might seem silly a this moment, there is bound to be some "smoking guns" out there, and when they are "shown" everything changes, if that is what happens.

With court cases its all about timing, and there could be some juicy revelations much later on which might shock people.........who knows............

P - at least even you post your reasoning even if others (inc me) think it's rubbish - as is one's right ..... imo, and i could easily be wrong, excalibur are merely carpetbaggers

It is never good for a company to have an ongoing court case....that's the reason for the slip...now whether one wants to avoid, hold or buy more is up to the individual.....If I sold I would make a loss as bought higher so have decided to sit this out...not good perhaps but Shaikan is a massive discovery and I like the way this excalibur lot have waited for the discovery to be appraised and such before making a claim.....I wonder if they would have done so if GKP had come up with diddlysquat ?...

I find it interesting that The Times keeps reporting rumours of GKP are trying to settle this case and put an end to the court case.

If those reports are true it may suggest that Exc. do have at least one smoking gun up their sleeve and are letting things run and run in the knowledge they can bring it out anytime they like.

Else why would GKP allegedly be trying to settle quickly, as reported in The Times rumours twice