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.

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.

chuckle chuckle ..... odd one out was jim slater who probably just got unlucky

Hehe not aware of Jon Bloom,before my time.sorry.
Polly peck, well that's a blast from the past.

john bloom was rolls washing machines that was a real rocket and stick company .... he was such a wide boy that he made M25 look like a country lane, though i'm not sure he was actually crooked - probably just not quite straight! .... that he is apparently a friend of "ugly bernie" says plenty

Friend of ugly Bernie...yes indeed, that does say it all.

Wednesday, 24 July 2013 10:53

altShafaq News / The Office of the Deputy Prime Minister for Energy Affairs, Hussain al-Shahristani confirmed on Wednesday that the latter will remain in office, denying reports that talked about his resignation from his post.

Prime Minister, Nuri al-Maliki said yesterday that those responsible for energy in the country, including his deputy, Hussein al-Shahristani, provided him with "false figures" for electric power capacity in the country, at the same time revealing there is “stupidity” on contracts.

While a local report revealed on Wednesday, that Shahristani has submitted his resignation to al-Maliki due to “failure” in resolving the energy file and that the latter accepted it.

Faisal Abdullah, director of the media Office of the Deputy Prime Minister for Energy Affairs told “Shafaq News” that “news about the resignation of Shahristani is not true”.

He added that al-Shahristani is continuing in his work as Deputy Prime Minister.

It is worth mentioning that Shahristani has said that Iraq will export electricity in the current year.

However, the Ministry of Electricity began to give justification for the deterioration of processing power along with the high temperatures, and announced the loss of 2,200 megawatts of energy due to the lack of fuel and low gas pressure.

Iraq needs about 14 thousand megawatts of electricity to meet the growing local need as the country produces less than the desired by Thousands despite spending tens of billions of dollars since 2003

http://www.shafaaq.com/en/politics/6737-breaking-news-shahristanis-office-talks-about-the-latters-resignation-.html

25 July 2013







Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")



Results of 2013 Annual General Meeting and Directorate Change





The Board of Gulf Keystone, a leading independent E&P operator in the Kurdistan Region of Iraq, is pleased to announce that all the resolutions proposed at the Company's Annual General Meeting ("AGM") held today at 12pm in Bermuda, were duly passed by shareholders.



Resolutions 2.2 and 2.3, relating to the re-appointment of Messrs Mehdi Varzi and Ali Al-Qabandi as Directors of the Company, were withdrawn by the Chairman as they had advised the Company on 20 July 2013 that they had withdrawn their consent to be considered for re-election as directors of the Company. Accordingly, Mr Mehdi Varzi retired by rotation, in accordance with the Company's Bye-laws, with effect from the close of the AGM, after having served as a Non-Executive Director for over five years and Mr Ali al-Qabandi retired by rotation, in accordance with the Company's Bye-laws, with effect from the close of the AGM, after having served as a Director for six years.



Further to the passing of Resolutions 2.4, 2.5, 2.6 and 2.7, Messrs Jeremy Benjamin Gerald Asher, Thomas Counter Shull, John Bell and Philip Anthony Dimmock have been elected to the Board and will take up their positions as Non-Executive Directors of the Company once the AIM mandated due diligence process is complete within the next few weeks. A further announcement will be made at that time.



Further to the passing of Resolution 3, Mr Simon Murray has been re-appointed as Independent Non-Executive Chairman of the Company.



Commenting on today's announcement, Simon Murray, Independent Non-Executive Chairman, said:



"I am pleased to welcome our four new Non-Executive Directors to the Board, and look forward to their contribution as we progress our move to the Standard Segment of the Official List of the London Stock Exchange.



"The Company would like to thank Ali Al-Qabandi, the co-founder and, most recently, Business Development Director of Gulf Keystone, and Mehdi Varzi, a long-standing Non-Executive Director, for their invaluable guidance and significant contribution to finding, establishing and steering what is today a major oil & gas development in the Kurdistan Region of Iraq.



"The Company remains focused on creating further value for shareholders by continuing to develop our world class acreage in the Kurdistan Region of Iraq as we transition to becoming a significant oil producer in the region."