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.

Another version of yesterdays CC.



Don't think these notes posted here. From A4tlo on 3.
Author a4tlo View Profile Add to favourites Ignore
Date posted Wednesday 22:23
Subject More court notes

Message
Hi all just like to say going into today's X examinations I have felt a little uneasy, but now as I've stated on many occasions I'm more than happy with the way this is going.

10,30 discussion on allowing TK to attend. Ebril / plus charity event regarding The new hospital TK sponsored in his. Charity.
SP objected due to the case been behind, hang on who's fault is that. Eric & RW.
TK will give evidence on Monday.
There was also a discussion regarding getting through all the factual evidence by Xmas.

Calling Robert Francis Kozell,

Mr Krane started with a amendment to two dates in RK Statement.

SP, stated TK became president in autumn 2001, TKI didn't change the title till 2003, then TK became CEO in 2004.
SP started on RK witness statement stating TKI is a USA company
RK, yes
SP, TKI operates in Algeria NY,West Virginia ,(kurdistan with a exception? )
RK, no.
SP, Stating TKI didn't work in Kurdistan did they.
RK, We were not the operator, etc just held the licence.
SP, YOU visited Kurdistan didn't you only once.
RK, No I visited several times, 08/09/10.
SP,what. For the signing ceremony. For 3/4days in Ebril.
RK, No that took place in London.
SP, Have you ever met Mr W.
RK,no.
SP, has your. Dad Frank or Brother David?
RK. No.
SP, I put it to you. Your brother dad and you helped Todd by entering into EXC agreement.
RK, what do you mean it was a TKI deal.
SP, what you are saying is simply nonsense.
RK, No not at all.
SP, I suggest all the instructions were given by Todd.
RK, No I had the doc's offered to me ,I got my attorney to go over them.
SP, mentioned attorney Mcreggor?
RK, says it could have been Jones day. May have looked at them.
SP. 2007 RAK made a offer proposed TO. Remember that.
RK, No. I was not a member of Gulf.
SP, So TK didn't discuss RAK TO offer with you in 2007.
RK, No.
RK, we included gulf in the original document.
SP, talking about the high risk in kurdistan. You knew nothing about kurdistan at the time did you.
RK, Correct.
SP, extract from RK/ With Statement , we knew that Kurdistan was more stable than Iraq.
RK, I knew that.
SP, how did you know that.
RK,the Times. News. It's common sense that Kurdistan is more stable.
SP, you ended up with 5% you didn't ask Gulf to pay any money for 95%. The KRG wanted a US company to be on the PSCs.
RK, I can't read the mind of Dr. Harami.
SP,but you do speak to TK though.
RK, yes answering all questions direct. Really confident under the X examination of SP, I Also feel Simon Pickens has taken this job on that has really changed stances from the outset, in gkps favour.

SP. Hunting for documented evidence, and mentioned that he's puzzled why there is only. 4 emails from Texas to Gulf.

RK.at one stage stated he doesn't document his telephone conversations, or his thoughts.
Robert also stated they held a trust for GKP.
RK also then went on to tie SP up in a lesson in terrain, layers, ground, drilling, costs, contracts,
I actually felt sorry for the red faced. Pickens.
SP, stated gulf now have massive riches , Texas have nothing.
RK, It would be wonderful to have a crystal ball.
SP, went on to talk about tax/expenses/benefits. Lots went over my head but not RK this man. Is
clever. Infact several times RK corrected SP.

SP, at times looking a little lost, no way as sharp as JG. But it appears at the moment he has very little documents to go off. FACT
SP, you say this was a Tex EX deal.
RK,yes from the start.
SP kept coming back with several emails from RW toTK, but Robert had never seen them,really frustrating for SP,another dead end.
Reference from RK that Todd was wearing his Texas Hat several times.
SP,asking how many files went to Jones day.
RK,replied maybe a box,I don't know I didn't pack it.
SP have you ever read Todds statement
RK no
SP talked about Taq Taq field, really going round in circles
Judge said we have covered this ground SP sorry and moved on.
SP again chatting about. Where is the documents from calls contracts emails,
RK stated he doesn't document his thoughts.
SP says I think you know this was a TKI project, don't you. You want helping your brother.
RK,only up to signing. Todd took the reigns then.
SP I have see no email, docs from Jones day. No copies of the CA,
RK,I would have shredded it.
SP the Collaboration agreement. You normally shred important documents.
RK,it was a draft I don't keep drafts.
We want also shown a doc where TKI Had paid a 7k bill for gulf, although the invoice was addressed to TEXAS, it was posted to Gulfs office in London. SP asked why this was and do you usually pay Gulfs bills.

RK stated it was a worker who could have. Filed it wrong etc. I'd say this one is a point. To SP.(imop)
SP asked why David Kozell and his dad is not giving evidence.

RK at one point explained he has 150 drills a year, plus at one time. He had 120 wells been drilled.lus managed 1800. What a busy man this is.

All through this the JG and Mr Krane plus counsel team are smiling, I am knackered off. To the flee pit to get. Eaten by bed lice.

Many may think I'm been rather one sided, but really I'm not I took the liberty of shaking Robert Kozells hand this morning. I wished him all the best ,and congratulated him on his evidence already given. He thanked me. This man doesn't waste time answers all questions with a direct related answer. Doesn't get a little hot or bothered with what has been frown at him.

Although I do realise this is a court and I keep expecting a killer. Blow which upto now seems to be no where in sight.

Regards Stef.

SP, Robert had exchanges to why Texas wanted to pull out,reason been Shail drilling in Washington, looked more attractive ,SP challenged that but I'm afraid he failed to gain ground.

SP, I have in my break looked at ranges Web site. IK have a printed document here I will come and pass it to you. It states Range drilled this Shail well in 2004. So you. Couldn't have known it was a better prospect than Kurdistan, like you say in your witness statement. It was 2006.
Pickens face lit up, like a dog on the cent. See that.

Robert Kozell
Yes the well was drilled in 2004 but it was a dry hole, it was not completed till 2005 then testing in 06, you have to be active or you may be left behind, I was very interested in what was happening, so I had to move quickly, the well was Oriismi??well below. Marsell?? They didn't find gas, they then re drilled it in a different formation, the rules of the state say you don't have to tell anyone for a year, or release this information.

SP, Snookered. Answered Really

GKP presenting in the 3 day conterence in Erbil,starts Monday,some expecting(hopeing?)annoucement of sorts.We could see a rise tomorrow on the strength of such a possibilty??

http://gkpinvestor.proboards.com/index.cgi?board=analysis&action=display&thread=1667#ixzz2DgKgkZtD

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Intersting post,from the LSE.

5 0

I am following the court case as a share holder with interest and surprise. This is my first post on this board. As an explorer I can confirm that GKP took huge risk to take Shaikan block with a huge financial commitment including abnormally high signature bonus. I know from my sources that GKP tried to farmout the prospect and approached many companies prior to drilling including my own company. From my knowledge nobody farmed in because of two reasons, firstly enormous technical risk (breach of seal as the oil/tar was present on the surface), secondly huge financial exposure. In other words risk/reward was not balanced. My hat off for GKP's decision, in the absence of any farminee, to take their own money and drill the well anyway.
In my opinion no bank, hedge fund etc would have given them money to pay signature bonus, let alone drilling a risky exploration well. Now that GKP has been rewarded a big time, which they certainly deserve, Excalibur started smelling the baked cake. I am sure GKP would have welcomed Excalibur as a paying partner to share the risk prior to drilling, which is the industry norm. I know of no example in my 35 years oil industry experience that someone pays 30% carried interest for such an expensive and a high risk block. I can understand if a finder's fee was paid to Excalibur when the block was awarded in case they helped in securing the acreage. London being one of the world's oil center, I am sure the judge will consider all these aspects and kick Excalibur's out soon. GKP well done!!!!


by Explorer001

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another very interesting read BUT the fat lady has not even started to warm up yet

Today is quite a day,Erbil Oil& Gas conference(3 days),of which 50 companies are in attendence.As far as the C Case goes,TK takes the stand at 10-30am,so all in all a very interesting day in store?

http://www.gulfkeystone.com/uploads/gulfkeystonepetroleum-kurdistan-iraqog--3december2012.pdf

http://www.iraqoilreport.com/oil/production-exports/turkey-kurdistan-push-toward-massive-deal-9419/

The Turkish ministers plane refused permission to land in Erbil ,had to return home.
He was dure to address the conference.

http://www.hurriyetdailynews.com/baghdad-cancels-flight-permit-for-turkish-minister-.aspx?pageID=238&nID=36086&NewsCatID=338

http://www.bne.eu/story4296/OUTLOOK_2013_Turkey__so_far_so_good


OUTLOOK 2013: Turkey - so far, so good

David O'Byrne in Istanbul

December 4, 2012


'State gas importer Botas is expected to be authorised to import up to 6bn cm/y of spot liquefied natural gas (LNG) and there is talk of new deals to bring gas from the Kurdistan region of Iraq. The region is expected to be producing between 15bn-20bn cm/y by 2017, of which much will be available for export. With no other regional markets, Turkey is expected to benefit both from cheap gas and from the opportunity to transit the gas further afield, and plans are also afoot to allow direct oil export from the region. Such moves will inevitably further worsen relations with Baghdad, but with the Kurdish Regional Government desperate to generate its own hydrocarbon revenues, it may produce an added bonus in helping end the 30-year insurrection inside Turkey by the Kurdistan Workers party (PKK). '

http://www.bne.eu/story4296/OUTLOOK_2013_Turkey__so_far_so_good

I hold this poster in high regard.


dizzylizzy2
4 Dec'12 - 18:26 -

I completely understand those who believe the cc reporting here have been and is one-sided! One should and has to be sceptical of everything written by complete strangers and that's exactly what brouhgt me to go and see for myself and if I didn't I would have felt that the reporting was some kind of conspiracy.
I was in court yesterday and the only point SP kinda scored on was the change in TK WStats about the letter written to the KRG on or around 27 Nov 2007 which in the end was shown to be incorrect. SP drew reference from various press reports and mareva injunction where TK stated that as a matter of fact. I thought that was slightly uncomfortable for TK and SP brought this up first so he could put doubt on credibility.
After that it was downhill for SP. I get the feeling that he's either not prepared for the case to last the distance or he doesn't have much to go on. He asked each question at least 4 times and I wondered why the judge didn't warn him from then. Too much time wasting imo and some of questioning bring out answers that are not favourable to his clients yet he would ask them again! That is why I decided against going today and might pick it up again Thur as I'm sure I will not miss much at this rate! Incredible but true so what is SP strategy one might ask? I think they want a settlement.

Re Mr Pinho's letter: It is my understanding that this letter is submitted into evidence and accepted by both sides. On that development, JG, based on a matter of law, was asking the judge permission to give EW a chance to answer to the contents of the letter. SP agreed but alerted the judge to an ongoing investigation by them as how UBS came to write the statement. The judge agreed to recalling EW subject to SP completing that process. Am I correct in this view? I think that's what I heard.

And for the record...TK did not mention to the court any excuse about having a baby. It was SP that mentioned it and yes TK agreed. Actually, TK's reason for not correcting RW reference to Gulf in the email and draft CA was that it was a day or so before Xmas so he was very surprised to see it when he agreed with Rex that they would both just have a think abt the Kurdistan possibilities discussed after their steakhouse meeting a couple days back. TK thought Esc were 'jumping the gun' (my phrase)as everything was very preliminary at this stage and it was highly unusual to progress this quickly so he basically ignored it as he wasn't about to sign or agree to anything...yet. He said things started to change, however, when they began to pack their bags for Erbil.
Aimho.

7 0


http://www.brokerforecasts.com/news/article/articleId/4496531

Gulf Keystone: Worth a look

The past three months have seen a very odd passage in the history of the Kurdistan explorer Gulf Keystone [LON:GKP], which has made the mother of all discoveries in the supergiant Shaikan field.

The shares have become moribund. More than that they have begun to drift as rumours of a takeover bid (everyone from Exxon down has been mentioned) have faded, along with the usual torrent of news flow.

Valued at £1.7bn, it takes something special to move the dial.

The 22% fall in the stock since late September indicates investors expecting the news to be on the negative side.

Those who track the stock closely will know the group is currently embroiled in a messy High Court spat with Excalibur Ventures, a company that lays claim to a portion of GKP’s new-found Iraqi oil wealth.

If the drift in the stock has been prompted by a bout of the jitters over the long-running case, then this is more than a little odd.

The litigation cloud has been hanging over GKP for almost two years now – which suggests the impact should and probably was factored into the share price long ago.

What we have now is a 60% gap between GKP’s current price and the value ascribe to it by the City of 310p.

Goldman Sachs is just below consensus at 307p, while Seymour Pierce reckon it is worth 520p.

So at these levels it is very much worth a look.

http://en-maktoob.news.yahoo.com/turkeys-energy-investments-iraq-track-minister-092343197--business.html

"Resources cannot be an issue bearing in mind who the Funders are" - Jonathan Gaisman, ten minutes ago.

Even Harvey smiled.

Simon Fisher ‏@simonfishybits
Judge Clarke has told the court the factual evidence is to finish before Xmas & this case is to finish at the end of February

And from another source.


The Judge has just ruled that this case must not drag on. Todd and John G. evidence must be finished this month.

Excalibur to present their closing submission on 11 February 2013

GKP/TKI to then present by 18 February 2013

IMHO DYOR etc.

Another,



A couple of points so far...

Judge: Will only do a present day valuation if the court finds it necessary to do so....!!


Judge basically made judgement on timelines as JG wanted it...finished before Xmas for witnesses and finished by end of Feb for experts closing statements etc.

Judge...courts not an infinite resource.

TK...Goodpersonal friend with CEO, Sept Mehmet, of Genel...very interesting!

Something I didn't realise was how well he knew Ashti...from when he was CEO Of his Co, ECL.

http://www.rudaw.net/english/kurds/5503.html