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.

omce - it is certainly an issue of significance whatever you may think - or not, as the case may be

It's irrelevant to why the share price is so low. And is merely a smokescreen for the real reason M&G made it's move. You recall they said it was all about Corporate Governance right?

It's all about the Court Case - without clear title there'll be no bid premium for starters as no major will contemplate a bid until ownership is determined. It's really that simple.

i can't work out whether you're total lack of logical process and sequence is a result of over-indulgence or innate

If you don't think the question of ownership is by far the most important concern then you're the one who's reasoning is in question.

As to the rest of your diatribe, not worth replying to particularly as it doesn't make sense other than you're attempting to be rude without obviously being so.

Ask any CFO which is going to have a more significant impact on the share price - his CEO's $20m bonus or potentially losing a large chunk of his company (decline in asset value!!!) and you'll get the same answer every time.

quite so, but M&G's move is/was no smokescreen or a disguise of their "real reason" as you stated through some nonsense reasoning(??)

If you think M&G's move was motivated by Corporate Governance issues then please explain why -

They were threatening to vote against Simon Murray - the "Independently selected" chairman if they didn't get their way.

They want better Corporate Governance by railroading "Corporate Governance" best practices

Clearly CG was a smokescreen for the real reason.....Rather logical and well reasoned. If you know anything about Corporate governance!!!!

the "real reason" being?

Replacement of Todd - wait for next years AGM when TK is up for re-election.

If we are still around by then that is - which I'd rather we weren't as I don't want to experience the dirty tricks we have seen over the last 10 days for the next 12 months. Certainly don't want a low ball takeover either - I suspect M&G want out, at a decent profit, to cushion their otherwise very poor performing fund. Lower decile over last three years. Gkp stake 1% compared to its Glaxo one of 5%, and witness all the problems there where Dobell's time would be better focused.

You have to ask why all this energy for a company that represents a lousy 1% and why did they link up with Asher, a man with a grudge that has been festering for the last three years.

i'ld certainly not be averse to a t/o at a decent price, but current ownership problems apart, no one is going to take the plunge, or even the city to take the company seriously, while TK has his arm in the till up to the armpit and without a board in place to control him henceforth

btw, surely M&G hold a lot more than 1% of GKP? ..... if it was that low, they could have no influence

But that's the whole point - the current issue of ownership is the SOLE reason no major will take the plunge :) Their own Corporate Governance and legal teams would simply not sign it off as its too risky. It's got bugger all to do with TK taking $30m in options(which vested from hitting performance targets over 3 years(2009-2011)

The City parachuted in its 4 NED's but threatened to vote against an independently selected Chairman. How is this good practice? How will other institutions in the City view M&G's move?

GKP makes up 1% of their fund / Glaxo 5.6% of fund.

Apols if I wasn't absolutely clear I was talking about GKP/Glaxo as percentage of " the under performing low decile Recovery Fund"..

primarily indeed, but nevertheless any predator who is prepapred to pay a "proper" price will be very keen to see a properly run company and not just some cowboy outfit, which it patently is at the moment, notwithstanding that it now sits on some very juicy assets

Could be worthwhile?

http://www.hl.co.uk/shares/bed--and--isa-sipp

I don't think any predator will be concerned at CG issues sucha s board pay myself. They'll probably only keep on the key operational personnel(eg John Gertsenlauer) with management replaced by their own men. TK is clearly a "driving force and strong personality" - once he's proved up the Oil, and banked the reserves why keep him on when you start taking the stuff out of the ground....

It certainly isn't a cowboy outfit which you claim it is at the moment. For 4 years and Capex of $780m they have drilled 19 wells. not a SINGLE DUSTER. Unheard of. COS of 90% on nearly each well. Incredible. 19billion OIP booked.

Compare that to Kashagan, of slightly larger size. $15bn spend, over 10 years plus, all the Major Oil companies involved.No sign of production despite massive overruns.

Compare and contrast that to the 4 astonishing years of this small minnow!

How is it a cowboy outfit? Operational it is far more successful than most majors. Lets of a geographical spread to manage I agree, but still.

i'll rephrase it then ..... it's run by a bunch of cowboys!

I don't think John Gerstenlauer is a cowboy. Do you?
Would agree TK is a bit of an extrovert, but then so are other CEO's - eg Buckingham at Heritage Oil. You need these type of people for the regions they're operating in.The swashbuckling mentality, nothing wrong with that in my book.

Oooh look, another well P&A'd today..

PMO - exploration well in East Vietnam

This come hot on heels of:

NOP and Tullow earlier this morning.

GKP - 19 wells drilled. 100% success rate. An organisation run by cowboys, like NOP, wouldn't have such a high success rate.

JR was a cowboy too! :-)

Haha indeed.
I hope that TK wears a similar JR Ewing cowboy hat to next years AGM, if there turns out to be one.

It seems I'm a bit more tolerant of the "Corporate excesses" than yourself. Personally have no issue for rewards for success - which is what we've had. Over 4 years a minnow into a billion dollar company. $30m is chump change.Never had a bonus quite as high myself, $500,000 was my best many years ago. On a basic of $100,000 :)

no one minds fair reward for success, but GKP's success has yet to translate into "money in the bank", so the alleged success is somewhat intangible would you not agree?

KP's success has yet to translate into "money in the bank", so the alleged success is somewhat intangible would you not agree?

Depends how you calculate success in this instance. If you'd have invested 4 years ago when this was a penny share you'd be exceedingly well rewarded - would you be equally grateful however and of the view TJ deserved his reward?

Taking a minnow worth nowt and building it into a billion dollar company is an achievement in itself. But one also worth so much more than the market places on it for a variety of reasons and its even more incredible. The considerable political risk is over compensated for as well. I'll take the intangible success and buy undervalued stock all day, every day, when the cash flow allows. Just because alot of shareholders haven't made their "entitled capital gains" and the explorer a profit is beside the point. The performance criteria was quite stringent for the 2009-2011 period.And TK and JG surpassed them by a country mile.

p.s I wasn't one of the fortunate early investors either :)

John Bloom Asil Nadir, Jim Slater, all very successful in their own way.