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.

Martin Waller The Times

Published at 12:01AM, September 13 2013

The Gulf Keystone share price tells you all you need to know about the events of this summer. The price is normally volatile, but it has remained within a reasonably narrow bound as the company failed to fight off an attempt by institutions to put four of their people on the board and then, this week, won a three-year court case over the ownership of its Shaikan field in Iraqi Kurdistan.

This tells us two things. One, that no one really thought, as I have intimated, that the court case had much chance. Second, that the long-term view of Gulf Keystone has more to do with when, and not if, it is bought by one of the oil majors.

The company is on target to reach production of 40,000 barrels of oil a day by the end of the year from Shaikan, which may contain as much as a third of the province’s reserves. By that stage the pipeline will be complete to allow exports to begin.

Yesterday the company announced the appointment of Deutsche Bank to handle the move from AIM to the main market, a process delayed by the court action and other factors.

There are two views on Gulf Keystone. The shares are up by 12.5 per cent this week, after yesterday’s 6p fall to 206½p. You can take profits, as advised by a note from Westhouse Securities this week. Or you can stick around to await that expected takeover; though investors have been disappointed before. I am not convinced that Deutsche will see much in the way of fees from this one.

End

MGW @ VSA comment..

"Gulf Keystone

Time to round-up a busy and highly successful week for GKP, total victory in the court case has not just cleared the way for substantial progress but opened up the vista of being a genuine bid candidate. Following the win, GKP moved quickly to appoint a bank to assist with arduous task of moving to the main market, another action that will put upward on the share price as institutions who had previously considered the company to be not of investible quality.

All in all I tend to feel that although the price of the shares has risen from 128p only four months ago to 206p now there is a lot more to go for, on a shorter and longer term timeframe. Our target of 480p still stands and longer term, with more work on Shaikan completed, I feel that the company is going to be a target but holders need not expect that to necessarily be the driver, it should and could go that far under its own steam."

http://www.cdr-news.co.uk/categories/litigation/featured/sword-in-the-stone-for-clifford-chance
The full judgement is with the lawyers involved in the case and is expected to be made public in early October. The cost hearing and any application for permission to appeal have been adjourned.

Is it now time for Excalibur to leave the sword in the stone?

Despite a devastating court defeat, CDR understands that the company is considering all legal options, including an attempt to return the case to arbitration. “There is the possibility of appeals and spin-off actions,” says a source close to the case.

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I'm hoping it's a lot of noise,something i thought might happen?

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where's that fat lady?

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Danny Fortson Published: 15 September 2013

Gulf Keystone

THE clock is ticking for investors in Gulf Keystone Petroleum. The £1.8bn oil explorer enjoyed the second biggest moment in its history last week when a judge threw out a claim by Rex Wempen, a former US Green Beret, that he was owed 30% of its prized reservoir in Kurdistan, northern Iraq.

The verdict sent the share price soaring by as much as a quarter before ending the week at 210p — a 12% jump. That victory was surpassed only by the company’s discovery of the field in question, called Shaikan, in 2009.

The find made Gulf Keystone. Now there is no question over who it belongs to, the company is in an interesting position.

To fully develop Shaikan will cost billions. It’s the type of project an Exxon Mobil would develop. For a tiny operator such as Gulf Keystone, it’s a much bigger ask.

The company has long been seen as a takeover target, but there have been two very large obstacles. One was the court case. The other was Todd Kozel, the chief executive who angered investors for years with his outlandish pay packages. An investor rebellion this year led to five new directors being appointed to rein him in, including Simon Murray, recently of Glencore, as chairman.

Gulf Keystone is more attractive than ever. But it won’t be easy for a suitor to waltz away with the company. Kozel is known to have very high — some would say un- realistic — price expectations.

End

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As well as production and OIP figures expected on Thursday and for those who are wondering what progress report of Sh-7(spudded 3 months ago) might be,here are some SH-1 updates to compare.

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/well-update/200904280919582712R/



http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/significant-oil-discovery-in/200908060700179678W/

ps we are now using a more powerful rig

A small piece in The Observer on the Businee pages.

People
"A good week for Todd Kozel, chief executive of Gulf Keystone Petroleum. After a three-year court battle, the company saw off a claim for 30% of its oilfield assets in Kurdistan by Excalibur Ventures, a US business run by an ex-special- forces' soldier. Gulf, worth nearly £2bn, is preparing to move from Aim to the main market, but could now be snapped up by an oil major."

Wrong of course on the amount of the assets at stake but telling more people about a possible takeover will do no harm to long term holders like myself. Have held through thick and thin since 2009 and added along the way.

http://www.moneyam.com/action/news/showArticle?id=4668541

Just 2 days trading to go before the 1/2 yearly results,looking for production figures,OIP,drilling progress and possibly news on how the sale of AB is going for starters? It'll be interesting to see how the SP fares,could very well climb pre results,with last minute traders looking for a quick profit?

From the LSE board.

08.45Today 06:05Todd kozel is on CNBC at quarter to nine. Must be good news!

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/half-yearly-report/201309190700093684O/

Production now at 12400bopd,will certainly help the bank balence,no indication what they got for it though?

CEO
"As a result of having the Shaikan FDP approved, and in line with the Kurdistan Regional Government's stated production targets for the Shaikan discovery, we are delighted to have entered the first phase of commercial production, which was eagerly awaited by the Company's shareholders. It is an important milestone and another highlight of the four years of hard work since striking oil in August 2009. With the protracted Excalibur litigation behind us and the key uncertainty about the Company's future removed, we are working hard to deliver on all of our stated objectives and are very pleased to have appointed Deutsche Bank to advise the Company on achieving our goal to move to the Main Market by the end of 2013."

ion of 183,000 barrels as at 1 September 2013, at which point production had increased to 12,400 bopd.

Production from the Shaikan PF-1 was temporarily suspended on 4 September 2013 at the request of the competent authority for reasons not connected with the Company. The Company, following dialogue with the competent authority, believes that production is to resume shortly. Once the work on the flowlines to the Shaikan-4 well has been completed, the Company will reach the stated production target of 20,000 bopd. Shaikan-4 is the third producing well, which will be tied to the Shaikan PF-1 and the work on 8km of the connecting flowlines is expected to be completed in October 2013.

The presentation to analysts will be available on the Company's website at www.gulfkeystone.com from 10.00 a.m. (UK time) today 19 September 2013.

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Westhouse Securities comment today:
"“For GKP we are mainly concerned with cash G&A costs, interest payments and the net debt position.

“GKP reported:
Loss after tax of $26.4mm (vs WH estimate of $25mm)
G&A costs of $19.3 mm, of which cash costs amount to c. $14mm (vs WH estimate of $15mm)
Interest payment of $11.2mm (vs WH estimate of $8.9mm
Cash & cash equivalents of $141.2mm; net debt of c.$77 mm (vs WH estimate of $130mm cash and $113mm net debt)

Operations:
“PF1 and 2 update:
Production achieved from PF1 of 12,400 b/d by early September
Construction of PF-2, capable of producing 20,000 b/d, is ongoing; its mechanical completion expected in October 2013, followed by production operations by the end of 2013. Drilling on Shaikan-10 and Shaikan-7 is ongoing. Sale process of Akri Bijeel interest continues

“OUR VIEW: Results are in line with our estimates. The fact that PF1 is at 12,400 b/d is a slight positive but with PF2 completed in Oct/13 we think it is unlikely that the promised 40kb/d by year end will be reached in time. Drilling on Shaikan-10 and Shaikan-7 is still ongoing and no news on the sale of Akri-Bijeel. We maintain our view on GKP with a 170p/share target price and a Sell rating.”