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.

http://www.reuters.com/article/2013/09/19/gulfkeystone-idUSL5N0HF0SU20130919?rpc=401&feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=401


Somehow i can't see no contact with majors,with AB sale in the offering?

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/director-s-dealing/201309200700094829O/


Gulf Keystone announces that it received notification on 19 September 2013 that on 19 September 2013 Mr John Bell, a Non-Executive Director of the Company, purchased 72,200 common shares at a price of 201 pence per share.

The following is very much how i see it?

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Malcolm Graham Wood

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Gulf Keystone Petroleum

In what was meant to be a dull set of results, GKP managed to deliver everything as expected, however one or two things have left the market feeling that for the very short term at least, pressures are likely to be downwards.

A temporary shut-in of production was an initial worry although the company did go to some lengths to say that flow would resume ‘very shortly’. Another worry from some maybe shorter-sighted analysts is how the CPR is going to look when it is published alongside the documentation for the full listing. With the geology of Shaikan as it is there is a feeling from those more bearish that there will be more possible than probable or even proven in the report.

Finally the CFO was not going to be drawn on a 2014 capex budget, merely saying that expenditure would not exceed revenues and that although he might raise debt, equity is not an option.

Taking a look at the chart, the fall today is probably also reflecting the extent of the bull-run that the shares have been in since May and including the court case victory recently. I can’t see that this set of figures is going to shake out any devout followers and whilst traders may desert the ship short-term my feel is that they will return. With a target price of 480p our long term buy recommendation remains intact despite interim concerns and with production picking up and the full listing on the horizon the future is still very much intact.

Some info on SH-7 which i posed a question pre-results.


Shaikan-7, the first deep exploration well on the Shaikan block, spudded in June 2013 to evaluate the previously undrilled mid to lower Triassic and Permian horizons. The well is being drilled with the Weatherford Rig 319 (3,000HP) close to the crest of the Shaikan structure, approximately 1km east of the Shaikan-1 discovery well.

Following a number of side-tracks, casing is currently being set at the bottom of the Cretaceous at a depth of 1,250 metres. This vertical well is planned to reach a total depth below 4,500m in the Permian and is expected to take about nine months. Exploring this additional exploration potential may lead to discovering as much as between 1 and 5 billion barrels of additional oil in place resources.

http://www.telegraph.co.uk/finance/markets/questor/10321596/Questor-share-tip-Shares-in-Aim-listed-oil-explorer-Gulf-Keystone-look-oversold.html

http://legalfinancejournal.com/in-setback-to-new-york-funders-uk-court-tosses-claims-against-oilfield-developers/

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/exercise-of-options/201309230700076054O/

Canaccord note today:
"Financials: With no production, the interesting points are the cash position of $141m (by mid-September this had shrunk to $101m), and G&A of $19.3m for H1 (more sensible than the $82m for FY'12).
Operations: Focus on the Shaikan development. First oil through PF-1 started in mid-July, and production averaged c.4,800 bopd until early September. At the moment, production has been (temporarily) halted due to non-GKP marketing related issues, but the company is confident that well and facility production capacity of 20,000 bopd will be available from October. All production so far has been sold into the domestic market at c.$43/bbl. From early 2014 production capacity should increase to 40,000 bopd once PF-2 is fully commissioned and we expect a mixture of trucked exports and domestic sales in 2014.
Financing outlook: Over the next two years or so, there is considerable, though not yet well defined, capex requirement (est. gross c.$700m, c.15 wells, 2 production facilities) to increase production to the 150,000 bopd target by mid-2016. The company is looking at a variety of funding sources but not currently at additional equity.
After the excitement of the successful court case, the spotlight returns to the operational progress and the company's financial muscle to achieve the planned Shaikan production growth. By GKP's own admission, additional financing will be required - beyond the current cash, potential previously-flagged asset sales, and anticipated operational cashflow - to fund the production facilities expansion and to deliver the next leg up in production. Debt or potential offtaker financing seem the most likely, and we expect the market to react positively to the conclusion of this process (which could still take some time as demonstration of satisfactory revenue generation may be required), and to the consequent allaying of any lingering market thoughts of equity issue.
We raise our target price to our NPV12.5 central value (excluding exploration and early appraisal projects) of 216p/share (previously 210p); we maintain a HOLD."

http://www.youtube.com/watch?v=D4pdj7iXlx4

Another 500k exercised?

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/exercise-of-warrants/201309250700068009O/


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Not the RNS one would be looking for.

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/response-to-security-incident-in-e8Prbil/20130930070050188/

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/response-to-security-incident-in-erbil/201309300700501888P/

Nothing there cyril apart from a login prompt.

Harry try the added link,if it happens again,put in GKP,should help.

Bought another Dec Future...

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/director-s-dealing/201309301418122722P/



Gulf Keystone announces that it has today received notification that on 27 September 2013 Mr Simon Murray, Non-Executive Chairman of the Company, purchased 160,000 common shares at an average price of 196.01 pence per share.

This is the first purchase of shares by Mr Murray and following this Mr Murray is interested in 160,000 common shares, representing 0.018 per cent. of the common shares in issue.

I make that over £313,00,now that's confidence.Of course they can only buy in a closed period, so sometime before we receive any price sensitive news?
Seems the STEAM meeting are back on,dates expected in 14 days?

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I do not think I have ever seen a company with so many assets continue to perform so poorly even after the court case settlement just heading in reverse - amazing

Wednesday, October 02, 2013 by Ian Lyall

Citi paints a rosy picture of Kurdistan oil and gas as the export pipeline out via Turkey heads towards completion by the end of the year.

It reckons the traditional 20-25% discount applied to the value of companies operating in the semi-autonomous region of Iraq should unwind as this provides a means to monetise discoveries.

It also points out that gas agreements between Turkey and the Kurdistan Regional Government provides a further catalyst, particularly for companies such as Genel (LON:GENL), which is sitting on huge discoveries such as Miran and Bina Bawi.

Meanwhile, farm-ins and buy-outs will become a theme as majors (Exxon, Total et al) and the large independents (Hess and Marathon) start to become the dominant players in an oil province with a high success rate and which is very firmly low-cost.

“We continue to believe that the discount rate that the market ascribes to Kurdistan-focused names is too high,” said analyst Michael Alsford in a note to clients.

“While regional tensions (such as Syria) remain challenging, the strengthening relationship between Kurdistan and Turkey could see sustainable oil exports and the completion of long-term gas supply agreements over the next three to six months.

“We think this should lead to the discount rate ascribed to Kurdistan-focused names narrowing further.

“We also expect larger oil and gas companies will move to gain a greater exposure to the significant resource potential in Kurdistan, which sits in the first quartile of our global cost curve.”

Citi has Genel, Norway’s DNO International and Afren (LON:AFR) on its ‘buy’ list.

October 3, 2013

MANCHESTER, UK,— A pipeline to export oil from the Kurdistan Region will be operational within a few months, Ashti Hawrami, the Kurdistan Regional Government Minister of Natural Resources, told a meeting at the Conservative Party conference on Wednesday.

'The new oil export pipeline from the Kurdistan Region is almost complete and is expected to be operational by the end of the year,' Dr Hawrami said. He added that he expects exports to reach 1m barrels per day by 2015 and 2m by 2019. ' We are helping the security and continuity of energy supply to the world,' he said.

He added, 'Sharing all oil revenues according to the federal constitution, and the economic independence of Kurdistan are the recipe for the unity of Iraq.'

The minister was speaking at a meeting addressing energy security, hosted by the KRG UK Representation. Other speakers were Nadhim Zahawi MP, Jane Kinninmont of the think tank Chatham House, analyst and consultant Shwan Zulal, and Bayan Sami Abdul Rahman, the KRG's High Representative to the UK. The meeting was chaired by Robert Halfon MP, vice-chairman of the All-Party Parliamentary Group on the Kurdistan Region.

http://www.proactiveinvestors.co.uk/companies/news/61518/gulf-keystone-petroleum-macquarie-warns-of-over-exuberance-and-false-dawns-61518.html