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.

Kurdistan & Northern Iraq
Operator Activity Map
April 2013


Bijeel Field (Kalegran)
Discovery well: Bijeel-1 (2010)
Reservoirs: Jurassic (13 API)
Resources: 2.4 billion barrels (STOIIP)
Production: 10,000 bopd EPF planned for Q2 2013
Bijeel-1. workover completed Feb 2013. Commence EWT May 2013
Bijeel-7 spud Dec 2012.
Bakrman-1 spud May 2012. TD 3930m Sept 2012.
Kurra Chine tested 2616 bopd + 5.86 mmcfd. Testing ongoing
Gulak-1 spud July 2012. TD 3641m.
Minor inflow from Jurassic. Suspended

Shaikan Field (Gulf Keystone)
Discovery well: Shaikan-1 (2009)
Reservoirs: Jurassic/Triassic (~17 API)
Resources: 2,660 mmbbls recoverable*
Production Capacity : 40,000 bopd by mid 2013. Constructing 2 EPFs.
Completed 5 well appraisal program.
Shaikan-7 expected spud Q1 2013 to target Permian prospects.
Shaikan-10 1st development well expected spud Q1 2013

http://www.westernzagros.com/wp-content/uploads/2013/04/130401_operator_activity_EXTERNAL.pdf
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Ref to SH-7(long awaited deep drill(permian) has been delayed due to bad weather(snow and heavy rain).

Not sure how much further to drop,hope the following helps?

http://www.shafaaq.com/sh2/index.php/news/iraq-news/56877-2013-04-30-09-49-41.html

.

I'm still lookung to top up as the OIP has not gone away,(in fact Exxon have recently spudded a well very close to Shaikan in the next block),just trying to gauge the bottom?.

Yes, I think somewhere between 120 -130p would be about right. Don't see any point in buying over 130p though atm.

Agreed Harry,some feel fund raising may be on the cards,which if so then perhaps lower?
Or the sale of AB would solve any cash issues?
The following gives hope on the political front,but i'll believe it when it happens.


Posted Today, 12:34 AM
Political sources in Baghdad: The central government has agreed to all the demands conveyed by the delegation of the Kurdistan Regional Government fully and without exception
- April 30, 2013
BAGHDAD - Eastern April 30: Political sources in Baghdad said the central government has agreed to all the demands conveyed by the delegation of the Kurdistan Regional Government fully and without exception, according to Almassadran Government Center agreed to pass a law Extension Act approved the financial budget for the current year covers the amounts due to the oil companies operating in the region, which he refused Center allocated earlier in addition to the salaries of Kurdish Peshmerga forces, the sources said the central government also responded to the demands of the Kurdish invest oil in the Kurdistan region and exported context currently in place in addition to the agreement on the enactment of the oil and investment, the sources said the two sides agreed on security coordination in Kirkuk and other disputed territories and the return of Kurdish ministers to cabinet meetings, and noted that the meeting of the Council of Ministers, which had been scheduled for today has been postponed until after tomorrow, Thursday, in the hope of participation of Minister Kurds.


Read more:
http://dinarvets.com/forums/index.php?/topic/147602-full-agreement-without-exceptions-me

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/gulf-keystone-set-for-production-growth/201305020700118143D/



Highlights



Production & Development

· Significant operational progress made in the last 3.5 years between the Shaikan-1 discovery in 2009 and the submission of the Shaikan Field Development Plan ("FDP") in early 2013, which is currently being reviewed by regulatory authorities

· Two new production facilities at Shaikan (PF-1 & PF-2) nearing completion

· 2013 production capacity of 40,000 bopd, expected to increase to 150,000 bopd in 2015



Infrastructure

· Gulf Keystone's ramp up in production fully aligned with the region's ongoing infrastructure development

· Alternative transport options exist for Gulf Keystone's crude whilst the Shaikan pipeline is constructed, including the ability to truck and accessing growing pipeline infrastructure, including a planned oil pipeline with initial capacity of 300,000 bopd to the Fishkabur pump station on the border with Turkey expected to complete in 2013



Exploration & Appraisal

· Extensive drilling campaign continues with the Company's 18th and 19th wells: Shaikan-7 deep exploration well & Shaikan-10 development well to spud in Q2 2013

· Following recent success of the Sheikh Adi-2 well, appraisal drilling is planned for the 1.9 billion barrel Sheikh Adi field (independently audited P50 gross oil-in place estimate), as well as further exploration work on the block

· Extensive exploration and appraisal programme is ongoing on the Akri-Bijeel block with two discoveries, Bijell-1 and Bakrman-1, made to date



Financial

· Fully funded for the 2013 work programme and aiming to achieve additional revenues through significant production growth

he Company's Annual General Meeting is to be held on Thursday, 25 July 2013 in Bermuda.

Seems to me a tatic to exclude many irate pi's?

probably just an excuse for a nice break in the sunshine in a tax haven with adequate golf!

No great enthusiasm looking at the early trdes,thing is very little info not already out there?At least in a closed period,no placings etc.

cynic,your being kind for once.

i see no real reason for pis to be pissed(!!) .... the company looks to have performed as promised
the political situation is out of their control, but of course that has significant impact on sp, as does the unresolved court action

So the 10m shares just transferred (probaolly for tax reasons?)is ok,action which has thrashed the SP.
>

missed that .... tell me more .... transferred from whom to whom and for what alleged reason? .... if just moving domicile to avoid tax, then so what?

cynic see RNS dated 22nd april

It maybe to do with his devorce settlement??

ww.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/director-pdmr-shareholding/201304220700108463C/

catch up cynic.,.

3m trade so far and holding at 135p,theirs a tendence to drop this near end of day,will be interesting to see how it pans out?

curious that the transfer was "to an unnamed 3rd party" ..... 20th april i was prob having more fun playing golf in jersey!

Sheikh Adi Appraisal Programme

After making a Jurassic discovery with the Sheikh Adi-2 exploration well in November 2012, the Company and the Kurdistan Regional Government, its partner in the block unanimously agreed to move to an appraisal programme to appraise Jurassic targets and evaluate the Triassic upside at the 3,500 metres projected depth with the Sheikh Adi-3 appraisal well. Furthermore, we plan to target two additional exploration leads, comprising potential extensions of the Atrush and Swara Tika discoveries, following acquisition of 70 km of additional 2D seismic data. The Company is enthusiastic about the forthcoming appraisal and additional exploration work as it is the Company's belief that the Shaikan field shows signs of a significant extension into the Sheikh Adi block.

It should be remembered that we have a 80% interest in SA,against 51% at SH?