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.

Why the drop of 7 p today,any views.

profit taking after a strong run but has much further to go imo

Its good to see we are back on course.

Its looking good today, up over 4% at the mo.

Nice to see some more upward movement!

No surprises for me, an interesting read anyway.http://edition.cnn.com/2005/BUSINESS/08/28/oil.pricemonday.reut/

We could see a tick up tomorrow, three late 250.000 buys. love it.

Looks like another tick up for tomorrow morning.

ReleasesAlgerian Licence Ratification
19 September 2005

Gulf Keystone Petroleum, Ltd. (AIM-GKP), an independent oil exploration company operating in the Republic of Algeria, announces that it has received notifications that two Production Sharing Contracts ("PSC's") have now been ratified, having both been approved by Presidential Decrees. These two PSC's cover the blocks that Gulf Keystone was awarded in the sixth Algerian international licensing round which was concluded in Algiers on 23 April 2005. They are the Hassi Ba Hamou contract perimeter comprising blocks 317b, 322b3, 347b, 348 and 349b in the Bechar Oused Namous basin, and one block on the Bottena perimeter in the South East Constantine Basin, block 129.

The contracts are for the research, appraisal, development and exploration of hydrocarbons within the contract areas.

Hassi Ba Hamou Perimeter

The Hassi Ba Hamou perimeter covers an area of 18,380 square kilometres and contains one existing gas field, HBH, which SONATRACH's engineers estimate contains over 1 trillion cubic feet of gas in place. The HBH Field was discovered in 1965 before the existence of the gas pipeline that now crosses the block, and, thus, has never been developed and put into production. The HBH-1 discovery well flowed at an initial rate of approximately 3 million cubic feet per day from porous sands above 3,200 feet depth. SONATRACH's interpretation of the previously acquired 4,069 kilometres of 2D seismic has identified eight additional prospects and leads with combined exploratory potential of an additional 4.4 trillion cubic feet of gas in place.

Gulf Keystone plans to appraise the existing discovery, HBH-1, drill two exploration wells, acquire 100 square kilometres of 3D seismic and 400 kilometres of 2D seismic during the first three year phase of the contract.

Bottena Perimeter

The Bottena perimeter covers an area of 4,368 square kilometres and is situated next to the eastern border of Gulf Keystone's Block 126a extending eastward to the Tunisian border. The license area contains the Djebel Onk Field, which is excluded from the license, and the Hassi El Kerma (HEK) Field which was discovered in 2001 and which SONATRACH identifies as containing 178 million barrels of oil in place (27 million barrels defined as proven and probable). This is more than 2.5 times larger than the resources they attribute to Djebel Onk which to date has produced nine million barrels of oil. SONATRACH recently drilled two additional structures on the permit area, DDN (2000) and HCZ (2002). SONATRACH have estimated that these structures contain a combined 182 million barrels of oil in place. Using its 5,300 kilometres of 2D seismic, SONATRACH has mapped an additional two prospects and 21 leads that they assign estimated oil in place resources to of more than 750 million barrels.

Finally, SONATRACH has drilled four wells on what was the first hydrocarbon discovery in the basin (1954), the Djebel Foua Field. SONATRACH has previously tested gas at rates greater than eight million cubic feet per day from depths above than 3,000 feet. This field is only 20 kilometres from the Trans-Mediterranean Pipeline. Gulf Keystone intends to appraise the discoveries Hassi El Kerma and Djebel Foua, drill one exploration well and acquire additional 2D and 3D seismic on the Bottena Perimeter.

Todd Kozel, Chief Executive Officer of Gulf Keystone said:
"We are delighted at the speed with which the Algerian Government has moved to issue these licence ratifications. Since being awarded the PSC's in April, we have been preparing a comprehensive seismic and drill programme which we can now seek to implement."

Enquiries

Evolution Securities: 020 7071 4300
Robert Collins

Citigate Dewe Rogerson: 020 7638 9571

Read before they have adrilling rig on site for ayear contract,if so any drilling resultsyet,goal, any views.

mbugger, I get most of my infomation from GKP website which is above on this page, the last news on drilling was on 17 August:
Gulf Keystone is planning to test this exploration play with a new exploration well structurally higher to the RTBW-1 well location. The Company is currently processing and interpreting existing 3-D seismic data to select another well location.

Following abandonment, the Company is moving the drilling rig to spud GRJ-2 for appraisal of Gulf Keystones GRJ-1 discovery well.

Looking to test highs, a break here and we could be swiftly moving over 1. Incidently Evolutions "fair value" price target is 1.25.

Perhaps we're also due an update.

Yep, thats how i see it too.

Up nealy 10% at the mo... wow what a good week so far.

5ok just bought at 85p, breaking the resistance - up we go!

It's dropped back a bit from todays high but today is not over yet. I don't think that the last peak counts as a resistance, to be a resistance it has to hit that point two or three times before going past which then becomes the support line.

Yes, I should have said testing the year high and heading off into uncharted waters.

Well update this morning, great result.
cyril

I know it's a bit late with this news but i have been out all day & want to keep this thread up to date. LONDON (AFX) - Gulf Keystone Petroleum Ltd said it has completed the workover of well GKS-2 and that flow rates at the well were much improved.

The workover was necessary to re-complete the well because it was temporarily abandoned. GKS-2 was discovered by SONATRACH in 1994 prior to the company entering into the production-sharing contract for Block 126 in 2001.

Chief executive Todd Kozel said: 'We are delighted with the results from GKS-2. The flow rates are much improved on those previously experienced and are an encouraging start to our workover programme. This is a successful step towards moving the GKS structure into commercial production.'

Production testing at GKS-2 revealed a measured flow rate of 4,586 barrels of oil per day and 4.61 mln cubic feet of gas per day.

vjt/ma

excellent news.

Interim results for the six months ended 30 June 2005
30 September 2005

Gulf Keystone Petroleum Limited ("Gulf Keystone" or the "Company"), the independent oil & gas exploration company operating in the Republic of Algeria, today announced its interim results for the period ending 30 June 2005.

Highlights
Award of 8 new exploration and appraisal blocks in Algeria
Presidential Decrees approving contracts on 6 of the new blocks
Much improved test results on GKS-2 after a successful workover
Successful completion of contractual commitments on Block 126a
Cash balance of $79m as at 30 June 2005
Loss per share down to 1.15c from 2.5c
First time adoption of IFRS in line with best practice
Todd Kozel, CEO of Gulf Keystone said:

"Gulf Keystone has made significant operational progress. We were successful in being awarded new acreage in Algeria and have already had the majority of the new contracts ratified. Our excellent test results on block 126a are a major step towards moving the GKS structure into commercial production."

Enquiries
Gulf Keystone Petroleum: 020 7514 1400
Todd Kozel, CEO
Caroline Brown, CFO

Evolution Securities: 020 7071 4300
Rob Collins

Citigate Dewe Rogerson: 020 7638 9571
Media: Martin Jackson / Rachel Lankester
Analysts