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.

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."

A post from a pi who attended the AGM.


Hi, just got back from the AGM. I will write an email to my contributors shortly... In the meantime I will just tell you the scores, not sure if anyone has already posted it but they were 71-72% FOR all the M&G 4 and 84.6% FOR Simon Murray. I got to chat to most of the "key" people, it was a good experience, thanks again to those who helped get me here!

Something for the weekend sIR?





With great power comes great responsibility. No, this is not the return of Voltaire - it's the return of BBBS. Never been away actually, but I know what the great man meant. Not bragging, I am simply aware of the fact that I am a poster who gets a few blueticks now and then. There is a huge amount that I want to say - but given what I am about to say - I simply could not carry the burden of being responsible for swaying the opinion of fellow 'small' PIs at this critical juncture. Please forgive me if you feel that I have let you down when guidance was most required - but the 'big-hitters' who are planning to attend the AGM have not yet voted ... have they? We'll see.

You may be confused by the thread I have used for this post - all will become clear (hopefully). This is a fairly long post. I will do my utmost to maintain civility, but I will not be pulling any punches. You may want to save a copy right now in case the delicate egos become offended and start crying / threatening legal action against ii if this post is not removed. I'd best get started!

1. THE BIG PICTURE / PERSPECTIVE

Whilst I absolutely do not condone the excessive awards, this year's compensation package of $13.6m to Todd Kozel comes in the 'insignificant' category with regard to dilution of my shareholding. $13.6m represents less than 1% dilution to the market cap of GKP. This is friggin peanuts compared to the 25% dilution that hit me on 3rd August 2009 (the 9p placing). The infamous ETAMIC arrangement also occurred in 2009, and there are people out there who try brainwashing (waterboarding?) ad nausem about an alleged 40% destruction of shareholder value due to the AISP tax. So where were today's 'saviours of GKP Corporate Governance' in 2009? Where was Mr Jeremy Asher then? Where was Capital then? Where was M&G then?

Why now? Why in such an amateur fashion? It's almost as if Asher has mobilised a group of disgruntled PIs to twist arms in the house of the least tainted II. Why is Capital so quiet in the background? Why did M&G not provide shareholders with direct guidance with regard to (a) the 4 NEDs proposed, and (b) their reasons for seeking a change at this moment in time? "Corporate Governance" - don't insult my intelligence. There have been issues surrounding CG since at least 2009. Indeed, the biggest CG travesty in GKP's history occurred in August 2009 (the 9p placing), and an even bigger travesty (if you believe Renardargente) occurred in July 2009 (ETAMIC). And who was one of the guardians of GKP's CG at that time? One Jeremy Asher. Mr Asher did not resign in July 2009 when ETAMIC was announced. Mr Asher did not resign in disgust in August 2009 when the 9p placing was informed. He was forced out from the BOD in April 2010. The reasons for Mr Asher's departure have NEVER been clearly explained by ANYONE, ANYWHERE in the public domain (just supposition, innuendo, smoke and mirrors). And what was Capital's position on GKP's record of CG during 2009? No problem for Capital then - they bought into GKP's Corporate Governance big-time - LITERALLY!

And how about II issues with Corporate Governance in 2010? Oh yeah, that was when M&G joined Capital and bought in to the 75p placing in May 2010. No concerns from either with regard to the ETAMIC deal that had been 'sorted' by then ($40m for SA and BB licences, $12m ETAMIC departure payment, 40% AISP on all four licences). Yeah, M&G and Capital were so concerned about CG at that time that they never even bothered to show up at the AGM (refer Gramacho's AGM post dated 6th August 2010). And there should not have been any 'difficulties' in the event that the IIs were strapped for cash - the AGM was held in Zurich LOL!.

And 2011? Same story (II bums firmly attached to seats). Only in 2012 did they finally come out and make a token gesture of objection (removal of Lord Trustnot).

So why now? The IIs did farkall to protect MY interests when lack of CG resulted in massive dilution (around 25%) of MY shareholding interest on 3rd August 2009. And where were Asher's Army of vocal PIs at that time - oh yeah, they're predominantly a bunch of johnny-come-lately's who were nowhere to be seen before the discovery RNS on 6th August 2009. Putty in the hand. Patsies. IMO. You seriously expect me to believe that M&G have any concerns whatsoever related to Corporate Governance - corrupt is as corrupt does. Concerns about "Corporate Governance" - don't make me laugh. The game played by M&G (and indeed probably all the City Institutions) is not (and never has been) remotely related to CG - the only game in town is GREED:
http://www.thisismoney.co.uk/money/markets/article-2304630/Prudential-boss-Thiams-pay-soars-days-FSA-reprimand.html
hxxp://www.whatinvestment.co.uk/financial-news/shares-and-trading/2283248/prudential-shares-take-a-tumble-after-30-million-fsa-fine.thtml

A question on 'reflection': do City spivs (and ex-City spivs) spend too much time on the golfcourse? Because that could explain the true colour of the glint in their eyes. This question is only directed at those for whom the cap fits.

One last thing on future perspective: I am concerned about something else that Mr Dobell and Mr Asher have in common - they both need cash / conversion of assets to cash *SOON*. Mr Dobell needs a 'result' to rescue his abysmally performing 'recovery fund'. And Mr Asher's duster-afflicted company Tower Resources needs a serious cash injection to 'try again'. Why should GKP's BOD be compromised by parties who might be desperate to cash-out quickly?

2. GRAMACHO'S CREEPING PROMOTION OF M&G

Creeping? Yes - it is self-evident from the posts (and highly devious IMO as many PIs may have been fooled into voting after the first few posts which 'appeared' to be from a good guy who was just trying to 'help' people by sharing his 'independent' research):

• 10th July, 'Strengthening the BOD'
[...]

- The only way that your post can be classified as 'balanced' Gramacho, is if your commentary is an exercise in eulogy.

- No mention of Jeremy Asher's abysmal track record in the oil industry (Tower Resources).

- No mention of the reg-flag conflict of interest due to John Bell's association with the Kurdistan venture Babylon Petroleum. No mention of the nuclear-scale-warning that needs to be attached to John Bell's role of Executive Vice President with Kepis & Pobe, a PRIVATE $multi-billion hedge fund.

- No mention of the association, if any, between John Bell, Philip Dimmock and Tony Haywood of Genel Energy (I'm not saying there is, I just haven't had enough time myself to confirm whether there is - or is not - an association here. A fairly important aspect to evaluate n'est-ce pas?).

• 10th July, 'Re: Touting for business'
[...]

- "Jeremy is aware of my technical background in the industry and as an interested shareholder has read some of my posts leading to contact with him." Oh ....

- "As usual there are lots of spurious comments and arguments being posted about the candidates and this leaves me in a difficult position. If I answer them all I have in effect become their spokesperson which is not my intent." Oh, really ...

• 14th July, 'Strengthening the BOD Part II'
[...]

- "Capital stressed the Trojan horse concerns are unwarranted. They just want good governance, better judgement, they did not like the outcome of the Etamic deal that resulted in a higher tax rate". Gramacho, the outcome of the Etamic deal was announced over 3 years ago. Capital KNEW about that outcome when they gorged on more shares in the 75p placing of May 2010. We are now in 2013, and only now do they come out with "did not like the outcome of the Etamic deal that resulted in a higher tax rate" - unfrigginbelievable to be making unsubstantiated allegations about this more than three years after the event. IMO.

- "Capital was extremely embarrassed by the timing of the “friends and family” 9p placing which it took part in. This event really riled BBBS. It will request Simon Murray to look into this." Hahahaha, I guess you must be British Gramacho, "This event really riled BBBS" is the biggest understatement I have heard since .... the Pmean OIP value from the DGA Report in 2009? Oh dear, "extremely embarassed" are we, I will demonstrate below how this remark may come a close second in the understatement department. But then, "will request Simon Murray to look into this" .... hahahahahaha, sorry, this has just taken pole position - of course it would have never have occurred to Mark Denning to ask GKP's NED to 'look into this' - AT THE TIME. Any idea Gramacho who was the NED, the gate-keeper, the janitor, the guardian who was supposed to be looking after shareholders interests AT THE TIME? One Jeremy Asher. Why does Mark Denning continue this farce, why did he not ask his mate to 'look into this' AT THE TIME?

• 15th July, 'Strengthening the BOD Final Part'
[...]

- Gramacho, with respect, there are no circumstances that can justify shareholders (no matter how self-important they may feel) making direct contact with the KRG outwith the knowledge of, and approval from, the current management of GKP. NO CIRCUMSTANCES. End of.

- Concerning your section "Connections Between JA and the Other 3 Candidates" I think the situation is obvious for all to see.

- Regarding your section on "Jeremy Asher’s Track Record" his RELEVANT oilfield track record relates to Tower and GKP. From my own experience, TRP is one of the most pumped and dumped shares on AIM - at least since I started investing in 2009 (and I've got the scars to prove it having been devalued in GBP in mid-2009). But I fully agree with you when you state "JAs Corporate Governance credential were established by his earlier stint at GKP IMO. That is what counts". It is precisely because of JA's abysmal performance record in Corporate Govenance at GKP that I object so strongly. Why is there a desire to re-instal a failed janitor? I will of course be substantiating these strongly stated opinions (refer separate section below).

- Concerning John Bell, his true relationship with Kepis & Pobe - a PRIVATE Hedge Fund with $multi-billion at it's disposal - should be of CRUCIAL importance to all GKP shareholders. I think you have been very un-wise to entangle yourself with the on-the-fly 'distancing' of that relationship - including even going to the extent of changing the K&P website to remove the previous indication that John Bell's role is 'Executive Vice President'. It all looks a bit contrived to me. IMO. And in the opinion of some of my most reliable sources. DYOR.

• 18th July, 'Re: Gramacho = Philip Aiken / Andrew Sim...'
[...]

- Gramacho, have you no shame? Have you no self-respect? You have been promoting an extremely biased pro-M&G spin for over a week and only now do you disclose your agenda. This says a lot more about you than the hundreds - perhaps thousands - of fellow PIs who you have wilfully attempted to deceive into voting 'your way'. You are a disgrace to the geo-technical profession - of which I am also a member. Gramacho, as you know, I am an INDEPENDENT CONSULTANT PETROPHYSICIST, each one of those three words is important. I am INDEPENDENT, I answer to no one bar myself; you my friend are clearly NOT independent, you are compromised. I am a CONSULTANT (still active on occasion, at my discretion) and know full well that my *CREDIBILITY* is the most important item in my toolbox; you have just destroyed yours completely by yourself. I am a Petrophysicist whereas you are a Reservoir Engineer; in normal times we would be exchanging friendly jibes related to our respective disciplines. These are not normal times - so I'll leave it there if you don't mind.

- You make the allegation "GKP paid 10% tax too much on the ETAMIC deal" but provide no substantiation whatsoever. I will discuss this further in a separate section below.

- You make the assertion that in 2010, GKP demanded an allocation of 50 million shares for company stock option rewards (around 10% of shares in issue at that time) and that the IIs had managed to get this reduced to 30 million shares (i.e. around 6% of the shares in issue). I will discuss this further in a separate section below.

• 19th July, 'Re: JD = Philip Aiken / Andrew Sim... '
[...]

- "I would also pick Asher because he should never have been voted off the BOD in the first place. “He was disruptive”, load of boll*cks. He fought against the proposed 50MM share award and was voted off for his trouble. If the GKP BOD had treated him honourably he would still be on the BOD so for that reason alone he should be back on" Oh, .... says who?

- "I also voted for Asher because I believe he will ask the right questions of the BOD to ensure we examine all the options to increase value. He is an economist with a brilliant academic record (in top 5% at Harvard Business School i.e. brain the size of a planet) and spent the first four years of his career in strategic planning. I don’t think we will miss a trick to maximise shareholder value if he is on board especially given his shareholding, although I know this could be considered an issue. I think he will introduce the necessary challenge in the system required for the BOD to operate at the highest level." Oh dear, the word 'panties' springs to mind.

3. WHO KNEW WHAT WHEN - PART III: THE 9P PLACING

Gramacho, whilst you say "This event really riled BBBS", you should consider that there is a big difference between me - and the parties directly involved in this event (Jeremy Asher, Mark Denning et al) inasmuch that I said something about it AT THE TIME. I posted the following on 3rd August 2009 - the day that the placing was announced:

'This is where I go out on a limb. Pure speculation, and all IMHO:

E: Ewen (Ainsworth), Finance Director
T: Todd (Kozel), Executive Chairman, CEO and co-founder of GKP
A: Ali (Al Qabandi), Business Development Director and co-founder of GKP
M: Mehdi (Varzi), Non-Exective Director
I: Ibrahim (Al Khaldi), Vice President - MENA Region and co-founder of GKP
C: Chris (Garrett), Vice President Operations

Who have I missed from the senior management? Jeremy Asher (Non-Executive Director, Lord Peter Trustnot (Non-Executive Director), and John B Gerstenlauer (recently joined as COO). Just guessing of course, but maybe these three fine fellows received a good chunk of the 75,600,000 shares issued at 9p today'
[...]

My 'guessing' may have fallen slightly wide of the mark that day (yes, I was well riled AT THE TIME and my knee was jerking big-time) - so I hereby offer my unreserved apology to John B Gerstenlauer. Furthermore, whilst I do accept that the NEDs may not have directly participated in the placing, I still hold all three of them - Jeremy Asher, Lord Peter Trustnot and Mehdi Varzi - fully responsible for failing in their duties that day. NEDs have a duty of care to ALL shareholders, they did not take care of MY interest - and the interests of all other 'small' PIs - on 3rd August 2009, we were diluted to the tune of 25% at the stroke of an RNS. The NEDs failed in their duty - they should have made sure that the placing was pulled that day.

So who were the pigs in the 9p placing trough? The direct allocations were never announced, in those days GKP only issued statements of the TOTAL holdings of significant shareholders. Consequently, it is a two-stage process to determine who received how many. The first-stage is the RNS of 25th August 2009 which declared the following significant holdings as at 14th August 2009 (btw, I did observe that this holdings statement was delayed by nearly two weeks, and was sneaked-in just behind the 'Reserves and Drilling Update' RNS of the same date - did they think that some would not notice LOL!):

Blakeney Management 42,634,254 8.91%
Gulf Keystone Petroleum LLC 40,000,000 8.36%
Capital Research & Management Co 38,100,000 7.96%
Gokana Trust (formerly referred to as Emerald Trust) 30,750,000 6.43%
Gibca 20,000,000 4.18%
http://hsprod.investis.com/ir/gkp/ir.jsp?page=news-item&item=208621594007704

The second-stage relates to what were their holdings prior to 3rd August, the closest I can find is within the 2008 Results that were announced on 17th June 2009. Holdings are summarised on page 18 (for GKP LLC and Emerald Trust) and page 19 (other substantial shareholdings) as at 12th June 2009:

Blakeney Management 32,561,898 8.08%
Gulf Keystone Petroleum LLC 40,000,000
Capital Research & Management Co 23,700,000 5.88%
Gokana Trust 20,000,000
Gibca 20,000,000 4.96%
Gartmore Investment Managers 14,418,696 3.58%
RAB Capital 14,339,383 3.56%
http://www.gulfkeystone.com/uploads/gulf_keystone_ar08.pdf

Subtraction of the holdings at 12th June 2009 from the holdings at 14th August 2009 reveals the significant participants in the 9p placing as follows:

Blakeney Management 10,072,356
Capital Research & Management 14,400,000
Gokana Trust / Emerald Trust 10,750,000

• The largest porker prize goes to ... Mr Mark "extremely embarrassed" Denning of Capital.
• No change in holdings between 12th June and 14th August for GIBCA and Gulf Keystone Petroleum LLC.
• Gartmore Investment Managers and RAB Capital sold out completely between 12th June and 14th August?
• Numbers may not be 100% accurate (there may have been other transactions during this 2 month period).

- Hub, what is that stuff dribbling down the side of your face? Do you wear a shell suit bottom and a Brazil football shirt top when you're out on the greens with your mehts? It's just that I have this image of you - a dashing colour combination of yellow and green, egg-yolk on face complementing that green reflected glint in your eyes. Do you comprehend why I am slagging you off? Let me help. For the past several weeks (probably longer) you have been making outrageous allegations against Mr Ali Al-Qabandi, one of them being that GIBCA is a trust fund associated with AAQ in a similar fashion to the Gokana Trust that is associated with TK. You really should do some proper research, try reading the files associated with the failed RAK takeover of GKP in 2007 (I can't be bothered to give you the links) and you will find that GIBCA is a significant MENA entity in it's own right - and that GKP was fortunate enough to be able to access funds from GIBCA in 2006 at a very reasonable interest rate. Let me tell you Hub, I have never had the pleasure to meet this gentleman, but I have sources that have. Let me spell it out in a way that you might understand: if I was to make an evaluation of integrity on a scale from 1 (low integrity) to 100 (high integrity), my sources would score around 110. IMO. Your score would be 0. No IMO required here - your posting history presents the factual record. You are perhaps fortunate that this gentleman would probably find legal action against you beneath his contempt. IMO. However, I have no idea how he may feel about sharia law - I suggest you may want do some research in this area as well. Up to you and your conscience how you deal with this Hub - offer an unreserved apology - or get your mate Tim Huckle to remove your offensive posts. Good luck with it.

- Moving now to Blakeney Management, there is a lesson in how much alignment there is between IIs and PIs. This outfit made a killing - at our expence - on 3rd August 2009. And they were already banking their 10+bagger profit before Shaikan-2 even reached TD, (Nlper please correct me if wrong). IIs are a necessary evil - but that does not mean that it's a good idea to get in bed with them. They will dump you any time they choose, it will be when they reach THEIR profit-point and nothing whatsoever to do with 'CG'.

- Todd Kozel / Emerald /Gokana is last year's news (or was it the year before) - Leftley (Kozel vs Kozel), not much mileage in raking over those cold coals again is there.

- No, today's news is about Mr Mark "extremely embarrassed" Denning of Capital Research, and the failed NED Jeremy Asher. I can hear Gramacho now, "that's a bit harsh BBBS, nobody knew that Shaikan-1 was a Discovery until 6th August - 3 days after the 9p placing". Nope. Whilst it is correct that the RNS announcement of the discovery was not made until 6th August 2009, Mr Chris Garrett is on record as follows:

"We opened the well for DST#1 at a depth of 1,450 meters to 1,510 meters on Aug.2, 2009. After 45 minutes we had oil on surface. The surface DST equipment was inadequate to fully test and evaluate the subsequent flow, but it was obviously significant. Preliminary test rates indicated 5,000 to 8,000 barrels of 21 to 22 degree API oil per day, with flowing wellhead pressures of 290 to 350 pounds per square inch (psi)."
hxxp://www.aapg.org/explorer/2012/09sep/historical0912.cfm

and Mr John Gerstenlaur is on record in the 2009 Results with the following extract from page 5:

"On 3 August 2009, the Sargelu formation was tested at an initial rate of just over 5,000 barrels of oil per day ("bopd") and ultimate rates of almost 7,500 bopd with a gas oil ratio ("GOR") of 120 cubic feet of gas per barrel of oil and an oil gravity of 21 to 22 degrees, API. At this point, the Shaikan-1 exploration well and indeed the Shaikan block itself, based on the robust nature of the initial test, became a success story."
http://www.gulfkeystone.com/uploads/gulfkeystonear2009.pdf

It is inconceivable that GKP management were unaware about the SH-1 discovery test results on 2nd August (Chris Garrett - at the wellsite) or 3rd August (JG - at the office?). IMO. Why did the NED's fail in their shareholder protection roles? Why did they not pull the placing to prevent the pigs from troughing? The NEDs responsible were JA, LT and MV. JA was removed in 2010. LT was cleaned away last year. MV has recently resigned. GKP is close to a clean house of NEDs. Except that one of the failures wants to return.

One last thing. Did no one else pick-up on the following revelation that appeared in the Independent last week:

"Mr Asher also went to the London School of Economics at the same time as Mark Denning, a senior figure at Capital."
hxxp://www.independent.co.uk/news/business/analysis-and-features/battle-in-bermuda-oil-exploration-company-gulf-keystone-petroleum-at-the-centre-of-spectacular-power-struggle-8718776.html

Oh ... dear ... did I hear a pin drop?

4. ETAMIC - THE PHOENIX ARISING FROM THE ASHERS - AGAIN?

Gramacho, during the past two weeks you have made the assertions "Capital did not like the outcome of the Etamic deal that resulted in a higher tax rate" and "GKP paid 10% tax too much on the ETAMIC deal". Without a shred of substantiation. Is this really you? The Gram I admired so much for his rigourous justification of every step in his technical theses? Well all I can say, as one technical poster to another, is - nul points matey.

And another thing, there was a resounding silence from Renardargente in response to your assertion. You know, that guy who has been spamming the board for the past six months and more with his mantra "GKP paid 40% too much tax". Speak up Mr Fox. Or how about the pair of you go rent a room and then come back when you've agreed on a number? But please don't come back - either one of you - until you are prepared to offer substantiation in a rationale debate. And if you are wondering about where to begin - how about this friggin thread? Please refer to item C6 'Infrastructure Capacity Charge'of my original post on this thread. I'm ready whenever you are to take this important debate further - but only if you enter my debate with the mindset of a scientist - not that of a politician. Capiche?

5. STOCK ALLOCATION FOR COMPANY EMPLOYEE STOCK OPTION REWARDS

Gramacho, you made the following assertion on this topic during the past two weeks: "that in 2010, GKP demanded an allocation of 50 million shares for company stock option rewards (around 10% of shares in issue at that time) and that the IIs had managed to get this reduced to 30 million shares (i.e. around 6% of the shares in issue)". My apologies if the wording here is not IDENTICAL to yours but I am no longer able to verify this because it would seem that your post has been removed by ii. Any ideas why?

You and Jeremy Asher are just playing to the gallery on this one Gramacho. IMO. You must be aware that it is STANDARD PRACTISE in most small-cap oil companies that the people who started the business and achieve success have a significant reward of the order 10%. The principle being that the creators of wealth get a just reward for their efforts. Else, why would they bother - if the only winners are parasites from the City? Do you and your cohorts also have issues with Africa Oil?:

"Approved an ordinary resolution ratifying and confirming the Corporation's existing 10% Rolling Stock Option Plan"
hxxp://africaoilcorp.mwnewsroom.com/press-releases/africa-oil-agm-results-tsx-venture-aoi-201306030878206001

Have you independently verified your assertion that "He (Jeremy Asher) fought against the proposed 50MM share award and was voted off for his trouble"?

6. KOEP, KOAG & THE OFF-BOARD GROUPS

Maybe now is a good time for me to make a few observations about the private KOEP and KOAG boards. I suspect that there may be quite a few plebs on here who never received an invite LOL! I use that word in the best possible taste - you have been so lucky to avoid that experience during the past 18 months! Look, KOEP was originally set-up by Fundfemale in September 2009 and there were two main objectives: (i) it was a sanctuary for moderate posters to continue 'normal' discussions away from the mayhem of the then manic GKP BB (and some things don't change!), and (ii) it was a place for discussion of all other Kurdy shares which did not have boards on ii (basically because these other companies were predominantly listed on the Canadian Exchange). These other companies included WZR, SNM, VST, LFD, GSA etc. Apart from the first mentioned company on that list, I believe that most of us would have preferred if we had never heard about those other outfits at all! Many good discussions were had by all, there was mutual respect and sharing of information and views. There was never a conspiracy to 'hide' anything from the GKP bb, indeed, just about every post of significance would get posted on the GKP bb by the author in any case. Until around late 2011 / early 2012. The sharing stopped. The off-board groups kicked-in big time. The sp and KOEP imploded on the same 'Dump' event. What was the in-fighting about? My observation is this: KOEP was controlled by the PUK (Pantythrowing Uber Kozelists) whereas KOAG is now run by the KDP (Kozel Diatribe Peddlers). I seriously cherish my independence - so clearly I am from GORRAN LOL! My bone of contention has remained the same with both camps - I abhor the existence of off-board groups who do not share their information with ANY of the boards - whether that be KOEP, KOAG or GKP bb. These off-board groups make all boards redundant. Due to the lack of sharing from these people, I offed in a huff and declared that all future significant posts from myself would only be made in the public domain (GKP bb). So here I am. But I have had to endure certain 'tiresome conversations' on KOAG due to the actions of cetain KDP members. One member in particular has been stalking me and demanding to know 'who I am' - you guessed, OM63. For a long time I never 'got' what his mission was. But I understand now. Let's leave it at that shall we Tony?

My original post on this thread took an enormous amount of time to crystallise and compose. I felt very comfortable with my final analysis because I was able to rationalise - to myself - *WHY* ETAMIC happened. It was definitely not a whitewash of TK and his methods, and I did not go into the details of 'how things work' in frontier countries where corruption is a way of life. FWIW, I am quite well qualified in this area - I live in Indonesia LOL! They are 'world-class' here, you must have heard about how Nat Rothschild is getting his BUMI wupped by the Bakries! I digress. The point is that I went from being one of the most vociferous critics on ETAMIC - to feeling that TK had in fact done well in a very challenging environment. So I decided to share my thoughts on here - and offer TK a cyber vote of support for his first day in court. Especially since ETAMIC was expected to be one of the questions in the 'difficult box'. Having said all that, I was shocked to the core by the vitriolic responses from some to that post. Especially from some of the KDP on KOAG. Many posters that I had previously respected, and indeed many that I had helped with rapid answers to numerous technical questions on KOEP and KOAG - displayed their black hearts. Whilst my post was based on technical arguments linked to the financial ability of GKP at various points in time, the detractors were not seeking to discuss these points - they were just playing the man (me). It was clear as day to me that there was an organised anti-TK force already established. And this was before the CC had hardly got started! The only dissenting responses that did not reek of hypocricy came from, of all people, BlueChipFatLovesHorseShoet and his BUM chum - at least they recognised that my post was NOT a whitewash of Todd Kozel's actions with regard to the way that things *should* work. However, people should be under no illusions about the different business environment in a frontier area such as Kurdistan. Let's just say - it is not the same as the business environment in the North Sea. I will leave it at that.

7. RENARDARGENTE - YOU HAVE TWO OPTIONS - DEADLINE IS 31 JULY 2013

Renardargente, in your post on this thread timed at 17:48 on 3rd December 2012, you made FALSE allegations against myself. The offensive paragraph is repeated here:
======
I have been an 'actual entrepreneur' and a technical E&P one to boot. You really should be more careful about generalisations that place people like myself ( there will be others here ) in the same category as Mr Kozel as an example and others you also do not know as 'wannabes'. Are you an entrepreneur? No, for certain. What gives you the right then to claim recognition rights? The evidence TODAY is that the E-deal was a very bad one for shareholders no matter its possible benefits. I said that on day one and repeat it now. There is no actual evidence TODAY that the E-deal will ever be a good one for TODAY's shareholders. There is no evidence it was a loan. If so, why was it called an 'entity' as if it had 'function'. That is an entrepreneur's analysis. I no longer care about the 'might-be' with this company. It has proved that it sucks as a business when run by this BofD and led by our 'entrepreneur'. That is; the person currently in the witness stand in the Wempen-Kozel soap opera for which we are bearing the cost. When GKP actually increases its SP to reflect its asset worth I'll stop being appalled by it all.
======

And I do mean false allegations against myself - the actual person - as opposed to BBBS. You are fully aware of my name, address etc, because as you know, OM63's stalking eventually succeeded. This was of course just a lucky fluke on his part as we were both scheduled to attend WZR's IR Tour #4 last October, and Lisa Harriman sent details of all participants to all participants. I had to cancel at the last minute as you know (and I still do not wish to discuss the reasons why). Be that as it may, you were fully aware of my real identity when you aimed your false and offensive remarks in my direction. Let me give you a clue, the FALSEHOOD emanates from your phrase "No, for certain". And thus impacts on just about everything else that you assert.

I had expected that we would meet in person one day. I had planned to go eye-ball to eye-ball (I can bend my knees if so required - vice versa might equally apply) with you and ram your toly back down your throat where it belongs. Figuratively speaking of course. However, based on recent events, this friendly option is no longer open to you.

As the title states, you have two options. The police is not one of them LOL! And your favourite choice - lawyers - is out of the question. Just a guess here, but you have probably not experienced an acrimonious divorce? Your options are either (a) an unreserved apology to myself on the GKP bb, or (b) I will dissect your toly on the GKP bb. Your choice. Good luck with it.

8. WAS TODD KOZEL's PERFORMANCE AT THE 2012 AGM OUTRAGEOUS?

Absolutely not. IMO. Sometimes, you have to put yourself in the other person's shoes. GKP was under attack for a 30% slice of the business. Do you not think that TK and the BOD of GKP would have been highly sensitive to the likelyhood that Excalibur's representatives would have been present that day? Furthermore, you should also consider the possibility that TK and the BOD were also aware about the intentions of Jeremy Asher. Nlper, I am a fan of yours, your integrity is self-evident in your posts. I understand that you are not in the best of health for which I empathise. But have you considered that you might just be a pawn in a larger game? I fully appreciate your personal angst that TK has not apologised to you for the MC episode related to Trustnot. But is it not possible that this is down to the company you keep? I honestly don't have a definitive view on this, but I think it is something you might want to think about yourself. Could the situation be viewed in this way:
hxxp://homepage.tinet.ie/~nobyrne/happy.html
Btw, I am clearly unhappy too.

9. WHO KNEW WHAT WHEN - PART I: EXCALIBUR

For obvious reasons I need to be very careful what I say here. Unlike CarlosAlberto70 who expressed the same sentiment but then immediately followed that with various details and questions about the Dabin Contract. Not impressed CarlosAlberto, as far as I know, JC has yet to issue his judgement... Why can you not hold your horses?

I think the armchair CEOs need to either wise-up or STFU. I am sick to death of hearing the mantra that 'if I was the CEO' the CA would have been simply closed-out a long time ago, blah, blah, blah. You are NOT the CEO, you do NOT have the knowledge required to make judgements in this area.

I was going to post up some links that might help to inform the armchair CEOs. But I've changed my mind. Whilst I have a lot that I would *like* to share, I will not take part in any debate on this subject until after JC has issued his judgement.

10. WHO KNEW WHAT WHEN - PART II: AGILE ENERGY, EMERALD TRUST

The activity that first drew my attention to GKP was the large share purchases by Jeremy Asher in March 2009, and TK setting-up his tax-planning vehicle Emerald Trust in April 2009. When Directors 'buy big' and/or construct tax-efficient vehicles, there just *might* be something *good* that they know - this is straight out of Investing-101 . I am not levelling any accusations here, it's just 'common sense'. The transactions were reported by RNS as follows:

• 12th March 2009, Agile Energy purchased 2,150,000 shares at an average price of 6.6873p per share
http://hsprod.investis.com/ir/gkp/ir.jsp?page=news-item&item=96078418439326

• 13th March 2009, Agile Energy purchased 2,929,718 common shares at an average price of 6.3914p per share
http://hsprod.investis.com/ir/gkp/ir.jsp?page=news-item&item=96078418441257

• 13th March 2009, Agile Energy purchased 245,282 shares at an average price of 6.4p per share
http://hsprod.investis.com/ir/gkp/ir.jsp?page=news-item&item=96078418441359

• 17th April 2009, Mr Todd Kozel, as part of advised estate planning, transferred by way of gift 20,000,000 common shares in the Company, equivalent to 5.4% of the Company's issued share capital, to Emerald Trust Limited.
http://hsprod.investis.com/ir/gkp/ir.jsp?page=news-item&item=131698729685032

- The three Agile Energy purchases total 5,325,000 shares at an average price of 6.5p per share.

- Concerning TK's initial transfer of 20,000,000 shares into Emerald Trust (which was subsequently renamed to Gokana Trust), there's been some disinformation spread around by KKO during the past week or so. I'm a big fan of your detective skills KKO, the BUM revelations were first class! But I believe you have made a mistake when you counted the above 20,000,000 shares as being part of TK's share award 'excesses' since Shaikan was discovered. The 20,000,000 shares that TK transferred to Emerald were shares that he had held in his own name since some considerable time before 17th April 2009. It's not reasonable to count these shares in the 'excessive awards' category - remember he was a founder member of GKP so had quite a few shares in his account from Algeria times. The point I wish to make here, is that the initial set-up of Emerald for tax planning purpose is totally above board - many of us seek out similar ways to reduce tax burden, e.g. ISA, being resident outside the UK to avoid CGT (ahem, that's me - dodgy BBBS). This does not of course in any way excuse the 9p top-up into Gokana, or the belated reporting of Gokana sales four months after the 'Dump'.

- Having lived through the impact of the hanging sword of Damocles for the past nearly three years, I'm done with skeletons. There is a risk (probably very small) due to the Investing-101 principles I mentioned in the first paragraph. The risk attaches to Mr Asher, not Mr Kozel. It would be preferable if Mr Asher were not attached to GKP. IMO

11. WAS TODD KOZEL'S INTEREST-BEARING LOAN OF $7m OUTRAGEOUS?

No. IMO. I imagine that TK will be pretty much strapped for cash following his acrimonious divorce. I can empathise, I ended up with a split of 70:30 (guess who got the 70%) when I got shot of mine. The 70% was due to UK 'attitudes in this area', her false claim that she was going to be responsible for the kids, and my desire for a clean-break (no alimony). Mortgage at maximum, maxed-out on 5 separate credit cards, I hardly had a penny to my name. If house prices had declined I would have been bankrupt. For those baying for blood, he is paying interest on the loan for goodness sake. And do you seriously think that he's gonna do a runner?

However, there does seem to be valid cause for concern with regard to the GKP-GKPI structure which allowed approval without reference to shareholders. To be clear, I think it would be petty to require shareholder approval for Director loans. What does need changing is the GKP-GKPI relationship that allowed ETAMIC to take place without reference to shareholders. I presume Mr Murray will evaluate and rectify the corporate structure in this regard as a matter of first priority.

12. WAS TODD KOZEL'S $2.8m EXPENSE ACCOUNT OUTRAGEOUS?

No. IMO. A lot of people on the boards don't have a clue. These are expenses that the Company is UNABLE to reimburse for goodness sake. Don't jump to the conclusion that these expenses are actually TK's own personal expenses, and related to things such as him buying diamond rings for his new wife (that's just an example). Of course TK would pay for stuff like that directly himself. Having 'been there and done that', my expectation is that these expenses are related to COMPANY-RELATED things that won't pass audit. Let me give a simple example from my previous experiences: back in the day, 'client entertainment' was a single line item on my Expense Report. The attached receipts (for nightclubs or whatever, and yes often quite 'outrageous' to cater for some client's 'tastes') would fall in the shredder on the way to the Accountant's office. Things changed around the mid-1980's when 'don't do as we do, do as we say' was imported to the UK by the 'politically correct' in the good old US of A. Receipts became mandatory for everything. So those receipts associated with 'when we do it, we do it properly' could not be easily processed through the Company's now 'politically correct' accounting procedures. You're never going change entertainment preferences in the oil business - if you don't like that, tough mammaries LOL! This was just an example. Also consider that greasing the wheels is a fact of life in many parts of the world. TK cannot change the world, it just has to be managed. Oh, I haven't finished yet. You need also to consider - how is TK going to be reimbursed for these Company-related expenses that cannot be processed? Perhaps a cash bonus? All IMO only, and I'm sure I am probably wrong m'lud.

Gramacho, you're being churlish if you think that JG signing TK's expenses is an issue. What next, will you be demanding that TK gets shareholder approval before having a carp?

13. WAS TODD KOZEL'S RECENT TRANSFER OF 10 MILLION SHARES OUTRAGEOUS?

Number 13, unlucky for some - that's you Todd Kozel. That is the most outrageous transaction I have witnessed since I started investing just over 4 years ago. To transfer essentially the sum total of your shareholding without any explanation to the market is an immediate red-card offence. If the Chairman pulled this stunt, the CEO should have fired him. If the CEO pulled this stunt, the Chairman should have fired him. Oh, hang on a minute ...

I have no idea what motivated your actions. If it was related to Ashley, as you indicated at the Investor Day, why was that information not provided in the RNS? Perhaps you did it to spite Ashley because you knew that she had plans for the cash? Did Ashley's 10 million shares get passed on to Capital? If she is taking legal action against you due to 'loss of value' does this not imply that she has sold? (You know, the old mantra that gets spouted on share sites all the time, 'you've only made a loss if you sell'.) Or was it to spite Baille Gifford because you knew they were bailing? Whatever the reason, the outrageous aspect of your actions is that the reason was not stated in the RNS.

Let me tell you how strongly I feel about this, there was a poll on the KOAG board on 3rd May 2013 - the results were as follows:

VOTE 1. Split the roles currently held by TK: 54 votes

VOTE 2. Remove TK from both Roles: 1 vote

VOTE 3. Status Quo, happy as we are: 8 votes

I was that lone wolf (in sheep's clothing of course). I did not make my vote until the page had turned because I was unable to face questions at that time. You're screwing with people's lives TK, are you aware that Dreambuilder made his very last post on 8th May when the sp hit rock bottom at 126p? The poor guy was looking for reassurance concerning the prospects of your Company. And I was unable to give any, because I was also at an extreme low point due to your actions. I cannot fake things, I could not reassure him with a positive post when I was feeling so negative myself. So I just .. stayed quiet .. and felt like sheet. Listen up Todd, if you ever do anything remotely like that again you will be outathere faster than you can say EGM. This is not a threat - it's a promise.

Anyway, I presume that this kind of situation will not arise again now that Mr Murray is on board. I don't know if you jumped first or were pushed by M&G to split the two roles. It's a moot point as far as I am concerned, Mr Murray is a first class selection which ever way you look at it - he has the perfect profile for GKP's Chairman. IMO.

AOB
I have a suggestion. I know it is way too late for inclusion at today's AGM LOL! But here it is anyway: how about if GKP implements measures that will help to reduce volatility in the sp? The Pump and Dump last year was not caused by small PIs. The IIs and HNWIs were clearly the culprits (and the small PIs were the victims). We know that BG, M&G, Capital, Gokana et al all 'took profit' on that spike. Is there a way to change the Company's Articles such that it can enforce that any account holding more than say 2? or 3? or 5? million shares has to make a weekly? monthly? report of their holdings to GKP, and that said report is published on GKP's website? Todd, you said that the boards had you all wrong when it came to Gokana selling out, and that you had proof with an audited report. Why don't you start the ball rolling and publish that report? It would be very interesting if this reporting was back-dated to say January 2012, although the ones who are now out completely (e.g. BG) would slip through the net. This would provide some reassurance to your PIs, and quite rightly enforce some transparency on the 'big-hitters'.

How's it hanging Coach? You've said before that you taught me everything I know. You could well be right - because it's just taken me umpteen pages to say what you said in one line: "It's a sad day when someone is forced to vote for an option that is considered : The least damaging". But let's look on the bright side mate, no need for that big extension you planned at the Three Humps for the TO party. It's not that the prospect of TO has changed, just that the band of brothers (and of course not forgetting the soul sister) from 2009 has become seriously depleted of late. Here's hoping that the beer you've got lined-up doesn't get too warm in the meantime.
GLA,
BBBS (Growing Old, Really Riled, And Nackered)

P.S. ILS: That's quite a gob you got on yer meht. I've noted your professional propagandist style (never answering the simplest of points raised - but obfuscating with tangential waffle). That's a back-handed compliment btw. The same theme runs through most of your posts - the content is carp - but the *agility* to respond has to be admired. That was a direct compliment btw. A high intelligence is self-evident in your posts - I imagine you have 'a brain the size of a planet', very high IQ, MENSA etc. Would you care to trade scores? Nah, skip that idea, I couldn't possibly reciprocate. But there is one thing that's been bothering me - in view of your incredible posting rate over the past few weeks, would you care to share what you were up to on the 12th of July? You only managed to squeeze in three posts and all three were only just before midnight. Busy day huh? I am sure you will be able to provide a suitable reply - so based on that, I will say right now, that you couldn't possibly have any connection whatsoever with The Min from the Pru. LOL!

P.P.S. Renardargente, you have previously asked for my thoughts on the results from the BB-1 sidetrack. I would have preferred to defer until after judgement day; however, in view of the amount of disinformation that has been circulated I will briefly clarify as follows: As you know, over three years ago I proposed a thesis concerning the POTENTIAL volumes of oil that may be trapped within the SH-SA-BB megastructure (I will avoid contentious terminolgy such as 'Greater Shaikan', 'Greater Sheikh Adi', Greater Ber Bahr' as that clearly upsets you). As a scientist, you will know that a thesis remains potentially valid until disproved. My thesis has not yet been disproved; indeed GKP's technical management are on record with their view that Shaikan and Sheikh Adi are most likely connected. The disinformation I mentioned concerns Ber Bahr. At the Investor Day, JG did say that formation pressures showed that BB is quite different to Shaikan BUT THIS WAS IN REGARD TO THE TRIASSIC. He refrained from commenting on the Jurassic. In view of this lack of information, I will now offer up my own OPINION about the likely pressures within the Jurassic oil column at Ber Bahr: I believe it to be highly likely that the oil column pressures at Ber Bahr will be within a gnat's whisker of the extrapolated oil columns pressures in Shaikan. The reason? Ask Gramacho. Or better still, review Gramacho's first-class technical posts related to why the oil could not freely flow at the BB well location. He presented plots of the extrapolated Shaikan oil column pressures and these showed that at the significantly higher surface elevation of the BB-1 well location that there would be essentially zero pressure differential to 'drive the oil' at the projected TVDSS depths of Ber Bahr's Jurassic formations. I am sure that this rationale would have been the kick-up-the-bottle-and-glass that encouraged Genel to sidetrack (purely to get rid of the extensive formation damage that occurred due to the long duration that the Jurasssic interval was open to abuse during the drilling of the original wellbore) and then evaluate whether the oil could be 'lifted' with the assistance of a downhole pump. As you know, the BB-1 sidetrack achieved the objective. Ergo, my OPINION. Does this prove that BB is connected to SA-SH at the Jurassic level? Of course not, but my thesis still remains disproved in the light of all publicly available technical information today. One other thing, whether BB and SA-SH are - or are not - 'connected' starts to become a moot point. The BB-SA-SH megastructure is so massive that it will be subject to a 'phased development' in any case - have you heard those words recently? One thing is clear, the Jurassic at BB contains an oil column of at least 300 metres in height - the Jurassic is stuffed full of oil. Whilst the oil quality at BB was on the low-side, the matrix porosity was phenomenal. BB is not *TINY* IMO.

One other thing that is related. For the bb blaggard who's ideas about oil mixing 'just dont fly' (a jovial josh from a fellow engineer of the Schlumberger variety) and has recently been spouting carp similar to that promoted by 'the steadfast one' around the time of the 'Dump' last year. It is indeed true that the value of the oil in Shaikan has to be assessed with respect to how much can be extracted within the 30 year (current max) PSC term. However, do not lose sight of the FACT that GKP controls THREE separate PSC contracts pertaining to the BB-SA-SH megastructure. Oh, and I always made it crystal clear that 100 billion barrels is the POTENTIAL final OIP for ALL FOUR BLOCKS. The 'BBBS POTENTIAL' button on spidey's NAV calculator was clearly indicated as such - did you never bother to read the small print below the calculation section? The NAV calculation boxes are there to be 'ticked' (updated) on the journey to that POTENTIAL goal as appraisal drilling progresses. You know that life's a journey, not a destination? Rhetorical.

P.P.P.S. I look forward to the time when technical matters are not relegated to a postcript. 'That' would be really nice.
P.P.P.P.S. Good morning Hamilton! It's time to wake up and smell the coffee - use your votes well. Oh, and my apologies to more than one for the rude awakening.

Disclaimer: The contents of this post are entirely IMO only, I am fallible (happens a lot actually LOL!). I have never attended any GKP presentations / meetings and I have never met a single other poster off-board; this has probably been beneficial since all my knowledge/opinions etc have been formed just from published data - including posts on the GKP, KOEP/KOAG boards. So I have been able to form fairly independently derived opinions. IMO, LOL! I have never worked with or for Gulf Keystone or for any other Company in Kurdistan for that matter. The last contact I had with Gulf Keystone was around two years ago when I finally gave up on expecting any kind of meaningful response from the IR department. Most emails are ignored, and answers to specific direct questions get you an ILS-style response LOL! I have never had any kind of line into JG - but I did appreciate your shared feedback in the good old days Gram. 'That' post would never have formed in my head without your shared feedback from JG. Gram, I sincerely thank you. With respect, a parting shot concerning the second highest priority Mr Murray - sort out Investor Relations. Including the provision of concise, clear, complete RNS announcements that will preclude the need for anyone to 'have a direct line' to anyone. Thank you.

cyril - i'll do my best to read "war and peace" but perhaps only if i'm having trouble sleeping ..... surely your post could have been 1/4 or even 1/6 of its length without losing its thrust thus assuredly gaining in impact and effect?

============

having started reading, i'll change the above to 1/10 or less ..... i really shan't bother to read it all as i'm afraid it is clearly little more than a sick-bowl of personal spew

It was a superb post by BBBS - apparently it has been withdrawn/censored over on the 3i board that the aforementioned poster frequents. For some bizarre reason.

Interestingly though only 44% of the eligible vote turned out! Given 56% of the eligible vote abstained or more likely didn't vote for a variety of reasons one has to ask just how many PI's(PI's have 50% of the total equity) didn't get to vote. Cumulatively that's an awful lot of wasted votes.

cynic apparently there is something fundamentally wrong with the situation to warrant such a torrent of bullshit.

too many sennapods!

==========

omce - as a holder via CFDs, i didn't get a chance, but in honesty, i'm not entirely sure in which direction i would have gone

the diatribe above is probably just the venting personal spleen, but i'll never find out ..... my gut feel is that TK and the rest of the "pigs in the trough" need to be controlled if the company is to be taken seriously by the city ...... that said, i accept there was a somewhat hidden agenda related to the choice of the NEDs, but this chap Simon Murray is unlikely to be just a poodle to either camp

It will be interesting to see how it all turns out...

BBBS is highly respected I gather.

Dimmock for one should never get an NED position every again after the EEl disaster. Plenty of shareholders got royally shafted In hear.(Wasn't one of them, never heard of the company)

The show must go on ......:)

have a good w/e

cynic,yep i agree,but the reason i posted it is that it has been removed from some of the other boards?

Another test,

hxxps://www.avanza.se/aza/press/forum/postsForUser.jsp?signatureId=51203#post_3019307

Translation (Google Translate) from original Swedish follows:

An oil field is basically a trap underground trapped liquid oil, which prevented it from flowing on. A common trap is an anticline. An anticline is like an upside-down-facing bowl that oil floats in and once there, it will not be on. The dish (anticline) will continue to capture floating oil until it is so much oil in it that it overflows (actually under) the two edges. The dish has reached its "spill point". Actually, it often involves several bowls (one for each formation) on top of each filled individually (stacked reservoirs). Atrush and Shaikan oilfield is both antique-liner and they are filled in a similar manner. But since Atrushs "bowls" cracked one speaks of a large reservoir with communication between formations. Shaikan has however several separate reservoirs. It has been through seismic come up with how deep bowl edges lies, then how deep the oil can fill up the bowl before the trap is full, and the oil must walk on.

This post is basically about Shaikan but its implications concerning the whole area, including Atrush.

Shaikan-6 is considered to be "well that disappeared." The well was drilled in 2012 and was drilled to test the southeastern flank of the Shaikan and also find the expected OWC (Oil Water Contact) in the Jurassic which was calculated to -2,230 meters in Butmah formation, which in addition to seismic and pressure curves supported by the fact that this also was the "spill point" Butmah formation has the structure. If the "dish" is filled with oil to its bottom so it's reasonable to have water below as the oil should have walked on at that depth.

The well was drilled in April 2012 and got a nice note from Gulf Keystone:
"Shaikan-6 Appraisal Well
The Shaikan-6 appraisal well, 9 km to the east of the Shaikan-2 appraisal well, has drilled to the depth of 3,455 meters in the Kurre Chine B formation in the Triassic where casing has been set. A preliminary evaluation of the comprehensive logging suite indicates a continuous oil column in the Jurassic Barsarin, Sargelu, Alan and Mus formations and Extending into the Butmah formation. Well logs from the Triassic Indicate the hydrocarbon presence in both the Kurre Chine A and Kurre Chine B formations.
Shaikan-6 has recorded the deepest oil shows so far as indicated by both logs and core samples obtained by the Company. These oil shows havebeen recorded below the Company's originally prognosed Jurassic oil / water contact level for the Shaikan structure. A testing program is planned to Verify the deeper oil potential.
The well will continue drilling to an Estimated TD of 3,800 meters, subject to technical conditions. "
http://hsprod.investis.com/ir/gkp/ir.jsp?page=news-item&item=971107138095650

Lo and behold, Shaikan-6 had found oil 150 meters below Butmah-bowl bottom.
In June, then a reserve update which mean OIP at Shaikan was increased from 10.5 to 13.7 billion barrels of oil.
Then we hear nothing more from Shaikan-6 until the annual report in June 2013 which says:
"Shaikan-5 and -6 were drilled to appraise the giant structure down the flanks and Their results Indicate a potential dividends in terms of future productivity between the west and the east parts of the field. While solid results obtained with Shaikan-5 confirmed the extremely prolific nature of the Jurassic interval of the structure, We decided to suspend Shaikan-6, Which May Require a re-test, while we evaluate results obtained with this well in more detail. "
www.gulfkeystone.com/uploads/gulf_keystone_ar12.pdf

It sounded not so good

But in a presentation in April 2013 gives COO John Gerstenlauer another description which he says that they got a little weird test results that seemed to give the good news, after some analysis, it did not seem so good anymore, but now they have swung back and interpret the results as much good.
hxxp://www.naturalresourcesforum.com/index.php/john-b-gerstenlauer-gulf-keystone-petroleum/
8:53 into the presentation

Many words, but the bottom line is that the well that disappeared from reporting in the highest degree to be taken seriously. The reason for this is, as I understood it all, that the only reason that oil would be 150 feet below "spill point" is that there is an oil trap with deeper "spill point" with the oil to end up there. To find such a trap we must find a bigger bowl outside of what we know as Shaikan.

The large bowl, we have seen once.
http://www.gulfkeystone.com/uploads/gkp-investor-presentation-may-2010.pdf
Figure 14, 18

Anything that is not blue, fits in the bowl.

Well actually it is not the whole truth because Shaikan-6 found Jurassic oil 150 meters DEEPER than this scenario shows. Some of the blue also teach themselves inside edge of the bowl.

As you can see almost the entire surface of the blocks Ber Bahr, Sheikh Adi and Shaikan inside the OWC as Shaikan-6 showing.

Since then, we have Atrush, Swara Tika, Ain Sifri (Simrit), Summail and Al-Qush that are off screen ... but not outside of the bowl ...

No wonder the Shaikan-6 results are not published and made official. They would put unitiseringsbollen rolling away. It had not been possible to avoid negotiations on the oil field interconnections with each other.

Shaikans little Butmah bowl HAVE However ruptured and the hypothesis of the big bowl to be taken seriously.

But is not it time to lift the blanket. All mumbles a while.

cyril - for goodness sake - and everyone else's - please learn how to precis and/or to write a synopsis! .... surely even you are old enough to have had a proper education wherein you would taught such basics in your english class?

if you can't be bothered to do that, i wonder if it's time you gave up posting and taking up so much space

I presume the Swedish article , in a nuttshell, says...

Shaikan, Atrush, Sheik Adi etc are all linked and form one massive reservoir..
Ergo Unitisation comes into play when ascertaining the value of each PSC for takeover purposes or any other valuation reason.

so more regurgitation and nothing new then :-)

Cynic,i have no intention of wet nursing you, nobody says you have to read it,i will continue to post info that could be thought useful in decision making.As far as education is concerned"clearly GOOD MANNERS were left out in your case.Perhaps YOU could post something worthwhile for a change,instead of criticisum?
Those are my last words,as i no intention of getting into petty type squabble,something that you seem enjoy.

The company’s new board should waste no time in putting aside differences and getting down to business. It needs to redraw its controversial executive pay scheme. It should also arm itself for next month’s finale of the court battle with Excalibur Ventures, a one-time partner in Kurdistan headed by Rex Wempen, the former US Green Beret who is claiming $1.6bn in compensation and damages. That case should decide Gulf Keystone’s future more than any lingering boardroom tensions.


http://www.ft.com/cms/s/0/b2ae254a-f546-11e2-b4f8-00144feabdc0.html#axzz2aN6jni6c