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.ekurd.net/mismas/articles/misc2013/10/state7370.htm?

Oil export pipeline near completion, KRG minister tells meeting at Conservative Party conference

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.

Hawrami told an audience of Conservative Party members, diplomats, journalists, business representatives and analysts that Kurdistan Region's energy riches had been ignored or used against the Kurdish people under previous Iraqi governments. 'With the liberation of Iraq, a new era, an opportunity for sharing power and wealth, opened up in Iraq. The Iraqi constitution facilitates that but so far it hasn't been implemented,' he said.

The minister also noted that the KRG sees Turkey not just as a conduit for Kurdistan's oil and gas to Western markets, but also as a consumer and partner. Hawrami highlighted the role of British companies in the energy sector as well as in Kurdistan's growing economy generally. He encouraged British companies to continue to look at Kurdistan as a destination for their investment. 'We have a good relationship with Britain and there are lots of opportunities for British companies. It's a win-win situation.'

Bayan Sami Abdul Rahman spoke about the KRG's strategy of prioritising tourism, agriculture and industry in order to avoid over-reliance on the energy sector. She said that the Kurds were now a factor in the shaping of the Middle East, both in terms of energy security and political settlements.

Nadhim Zahawi, the first British member of parliament to be of Kurdish origin, told the meeting that groups like the Kurds could no longer be ignored by those wishing to establish peace in the Middle East. Jane Kinninmont said that the KRG would need to diversify its economy. 'I visited Kurdistan this year and spoke to young students who were keen that oil and gas is not wasted and that the economy doesn't over-rely on it. Economic diversification will be a very important aspect of Kurdistan's future,' she said.

Shwan Zulal described the Kurdistan Region as a viable source of energy to Europe and pointed out that the KRG hoped to have a minerals law in place in the near future, opening a new sector of the Kurdish economy.

While at the conference, which was held in Manchester, Minister Hawrami and Ms Abdul Rahman met several British ministers and MPs, including Alistair Burt, the Minister for the Middle East,www.ekurd.net Energy Minister Michael Fallon, Sajid Javid, Minister at the Treasury, and Lord Marland, the British Prime Minister's Trade Envoy who recently led a trade delegation to Kurdistan. They also met the Turkish ambassador in Britain, Ünal Çeviköz, who welcomed them to the Conservative Friends of Turkey reception at the party conference.

The KRG UK Representation also attended the annual conferences of the Labour and Liberal Democrat parties in September. The Representation hosted a discussion on Kurdistan at the Labour Party conference with Ian Lucas, Shadow Middle East Minister, the Labour peer Lord Glasman, Faik Nerwayi, the Iraqi Ambassador to the UK, and Gary Kent, director of the APPG on Kurdistan.

(SIX) The Kurdistan Regional Government, KRG has agreed to connect its pipeline to the existing between Iraq and Turkey, reports Bloomberg. The oil company ShaMaran Petroleum assets in Iraq Kurdistan. Andreas Johansson, tel 031-350 6483 andreas.johansson @ six-group.se SIX News

http://www.iii.co.uk/tv/episode/whats-next-gulf-keystone

Look for 15 15,TK speaking.

http://www.cwckiog.com/conference/day-2/

http://iraqidinarchat.net/?p=24010

The next few days we will decide the approval of oil and gas law or not
Energy parliamentary committee: the next few days we will decide the approval of oil and gas law, whether or not

06/10/2013 16:55

the next few days we will decide the approval of oil and gas law or notEnergy parliamentary committee: the next few days we will decide the law of oil and gas, you will leave or be approved
{Baghdad: Euphrates News} vice chairman of the Commission on oil and energy parliamentary Ali Fayad, his belief that “the next few days to determine the approval of the oil and gas law or not.
He said Fayad told {Euphrates News} on Sunday that “the law of oil and gas from the important laws that serve the oil sector in the country and now there is a delay in the legislation,” adding that “few days المقلبة will be determined by this law, you will leave to the next session or be approved in This current session of Omar House of Representatives. ”
It is noteworthy that oil and gas law postpones approval in the House from time to time because of political differences, one of the laws stage of the previous session.
The oil and gas law one of the most important laws in the country, being organized wealth of oil and gas and distributes powers between the federal government and local governments in the provinces and the region, where the central government insists that the operations are contracted and oil extraction and exploration in her hand, while calling for local governments to grant these powers. ended

alforatnews.com

from iii-cheers

chantry chanters View Profile Add to favourites Ignore
Date posted today 11:27
Subject Update
Votes for this Posting Voted UP 21 times.
Message
I have just spoken to Anistasia, she is obviously very busy with calls from private investors.

I reminded her that we had spoken a few weeks ago regarding the "temporary suspension" and that this temporary situation is having a serious affect on the share price. I asked did the company know when the suspension would be lifted. She said no. I asked that did the company expect the situation to be resolved this month. Her reply was "absolutely"

I went on to ask did she know of any others who have had to stop and she replied " quite a number of companies"

She could not speak about the share price but did assure me that the company are in talks with MNR regarding the suspension and working very hard in all other areas.

I asked if I could get Ewan's number so I could discuss loss of earnings and knock on effect to moving from AIM. She apologised but could not give me his number or put me through but assured me that she could answer the question and that the move was progressing and that the temporary suspension had not put that in jeopardy.

A very big thank you to Anastasia for taking my call.

Like everyone else I'm really amazed to see the share price below the CC result but I'm not leaving as i believe in the fundamentals.

All the best everyone.

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/shaikan-production-update/201310100700081617Q/


10 October 2013

Gulf Keystone Petroleum Ltd. (AIM: GKP)
("Gulf Keystone" or "the Company")

Shaikan Production Update

Gulf Keystone is pleased to confirm that, further to a communication received from the Ministry of Natural Resources of the Kurdistan Regional Government, commercial production from its Shaikan field in the Kurdistan Region of Iraq has recommenced.

As previously announced, the Company plans to ramp-up production from the first Shaikan production facility ("Shaikan PF-1") to 20,000 barrels of oil per day ("bopd"), while completing the construction and commissioning of the second Shaikan production facility ("Shaikan PF-2"), which will add a further 20,000 bopd of production capacity.

http://www.investorschronicle.co.uk/2013/10/10/shares/news-and-analysis/news-tips-wh-smith-gulf-keystone-45K4dRplQbwIVNxqKe5u8J/article.html

From this mornings Telegraph.



http://www.telegraph.co.uk/finance/markets/questor/10368072/Questor-share-tip-Gulf-Keystone-a-sell-on-production-issues.html

Not accepting the above, so.


http://www.telegraph.co.uk/finance/markets/questor/10368072/Questor-share-tip-Gulf-Keystone-a-sell-on-production-issues.html

Questor share tip: Gulf Keystone a sell on production issues
As production issues drag on, broker targets are looking more and more stretched, time to look elsewhere, says Questor.

By John Ficenec, Questor editor

6:00AM BST 10 Oct 2013

CommentsComment

Gulf Keystone Petroleum
171¾p+4½
Questor says SELL

GULF Keystone Petroleum, the Kurdistan-focused oil explorer, still has unresolved production issues from its Shaikan oilfield. Questor now thinks production targets announced only weeks ago are looking stretched and downgrades the shares.

The Aim-listed oil explorer sold its first commercial oil into the local market this year. However, the Shaikan discovery halted production on the instruction of the local government on September 4.

On September 19 the company said they expected to resume operations in the next few days. There has been no further information.

The problems in the Kurdistan market look more structural than one-off. Questor understands there is limited refining capacity in the Kurdistan region. That capacity cannot handle oil from two different fields at once.

There are currently two major oil fields in Kurdistan vying for refining capacity. Genel owns the Tak Tak field and Gulf Keystone owns Shaikan.

The problem for Gulf Keystone is down to the type of oil in the fields; Tak Tak produces a higher quality oil, known as light sweet crude, that sells for higher prices, whereas Shaikan produces a heavier oil that sells for lower prices.

There is an additional issue at play here. The Kurdistan Regional Government (KRG) subsidises infrastructure development by handing back some revenue made on oil sales. The more developed an oilfield the less money the KRG has to hand back. The Tak Tak field is more developed than Shaikan. The KRG not only achieves higher prices by selling Tak Tak oil, it also gets to keep more of the profits.

Gulf Keystone expects Shaikan to reach 20,000 barrels of oil per day (bopd) by the end of the year, with a second facility capable of another 20,000 bopd to be completed within six weeks.

The lack of access to refining capacity is not disastrous as the company can truck its oil to other facilities further away, but this is costly and reduces profits.

Brokers expected pre-tax losses to improve to $53m (£33.4m) from an $80m loss last year as production increased.

Questor thinks that, with only two-and-a-half months left and production still on hold, those targets will now be missed. There is a longer-term iss

Http://www.cityam.com/article/1381452806/gulf-keystone-restarts-halted-production-field-kurdistan

"Questor thinks that, with only two-and-a-half months left and production still on hold,"


DOH!!!

Production still on hold....not one of Questor's finest moments.

http://www.iii.co.uk/articles/121379/commodities-terminal-decline-or-recovery-ready

m LSE

When Goldman Sachs talks, the market generally sits up and takes notice.

In taking a Nostradamus-like look at the oil exploration sector it comes to one significant conclusion, makes two upgrades and singles out seven potential takeover targets.

Its substantive point (posed in three parts) is the giant integrated oil and gas firms are spending more than in recent history on exploration (US$25bn last year), yet it is actually cheaper to acquire already-discovered barrels than drilling for them, which puts mergers & acquisition (M&A) activity firmly on the agenda.

“We believe assets that are material, oily, close to sanction and in regions of relatively low political risk screen as potential M&A candidates,” the broker said in a note to clients.

It reckons Afren (LON:AFR), Africa Oil (CVE:AOI), Bankers Petroleum (LON:BNK), Genel (LON:GENL), Gulf Keystone (LON:GKP), Rockhopper (LON:RKH) and Ophir (LON:OPHR) screen well on this basis

">

Hayward Says Completed Pipeline Turning Point for Kurdistan
By Brian Swint - Oct 25, 2013 10:00 AM GMT

Facebook Share
Tweet
LinkedIn
Google +1
COMMENTS
Print
QUEUE

Tony Hayward, the former BP Plc chief executive officer who now heads Kurdistan’s largest oil producer, said an export pipeline to Turkey is built, marking a turning point for the self-governing region of northern Iraq.

“The Kurdistan Regional Government has completed a 36-inch pipeline,” Hayward, CEO of Genel Energy Plc, said in a telephone interview yesterday. “The line has now been tied in and commissioning is taking place. This is a major inflection point for Kurdistan.”

Kurdistan, whose economy has boomed with oil exploration since the fall of Saddam Hussein in 2003, estimates its reserves at 45 billion barrels, enough to meet U.S. needs for almost seven years. The new pipeline provides unhindered access to international markets for the first time after years of disputes with the government in Baghdad over export revenue.

While Hayward said Genel is already sending about 50,000 barrels of oil a day on trucks to Turkey, where it receives higher prices than in the domestic market, the pipeline will have capacity of about 300,000 barrels a day.

Genel shares reversed earlier losses, to gain as much as 0.8 percent. The stock traded at 973 pence as of 9:53 a.m. in London. DNO International ASA, a Norwegian producer in the region, climbed as much as 1.3 percent to 16.18 kroner in Oslo.

The Kurdistan pipeline joins Iraq’s main export pipeline to Turkey after a Baghdad-controlled metering station, Hayward said. That will give the Kurds full control, bypassing the federal government.
Track Record

The pipeline will become operational by the end of the year, Ashti Hawrami, the KRG minister of natural resources, said on Oct. 3. The KRG signed a deal in April to sell oil and gas directly to Turkey. Turkey also set up a state oil company that has taken stakes in Kurdish oilfields, Hayward said.

“There are always risks, but you have to look at the track record of delivery,” Hayward said. “That gives me confidence that the agreement between Turkey and the Kurdistan region is being followed through.”

The KRG halted crude exports through the government-run link in December amid disputes with the Oil Ministry in Baghdad over revenue from crude sales and payments owed to companies such as DNO and Genel. Hawrami said that the region will export 1 million barrels a day by 2015 and 2 million barrels a day by 2019.

mistyhodag
25 Oct'13 - 12:27 - 322209 of 322243 2 0

Fang - not sure what you are suggesting. Of course they were 'pushed'. They weren't going to be re-elected. My comments are in response to posters suggesting that the supporters of the so called M&G4 are responsible, and that, more importantly, the removal of the two middle eastern representatives of a company who's activities are all in the middle east (to paraphrase a certain poster) is somehow a mistake.
My post attempts to differentiate the roles of 'directors' and any other class of servant to the company (if you see what I mean by the term, 'servant').
I only post because of the the misinformation I perceive, from certain posters.
If I may continue along that line, I am surprised at the vitriol towards Anastasia.
The undoubted problems are not, IMO, her fault. She is an intelligent woman who is doing her best. I do not know exactly where she sits in the organisation, but she seems to have a direct line to TK. That is the problem.
I would find it more sensible to have either the Finance Director, Company Secretary, or someone such as Tony Peart ( Legal and Commercial) with principal responsibility. That said, given the experiences to date, I would also expect much closer involvement/supervision of the company's PR and IR by external Advisors.

http://www.bloomberg.com/news/2013-10-25/hayward-says-completed-pipeline-turning-point-for-kurdistan.html

C&Ped,trusted Pi.


Sorry, I was just really busy doing other stuff...There is no conspiracy.

She says she`s just got back from Erbil and sounded quite upbeat for her. Trouble is i was jumping about going back to missed targets etc especially when talking about the spur and the reserves figure. So I apologise if I cause any confusion or have something totally wrong- it is not my intention.....

*Production rate: She suggested this would be in next weeks IP(investor presentation update) It will increase towards the end of the year and when SH-4 flow-lines connected.

*SH-7 depth, hows it going : `Fine` but update as above next weeks in IP

*Final Judgement: Still waiting to hear from the Courts etc

*Why No Booked reserves: Long rambling answer- Reserves with CPR prior to main listing at end of year. `Why non already?` ...she said they were NOT in possession of a figure-I really pushed her on this and she said they really weren`t hiding anything. I said they really must have an idea, why hadn`t they released a figure/ was it because the figure was so low that the disconnect with OIP would unhinge the market- She said no. But she said GKP would have to fully explain the various figures and how they would likely increase as production and their understanding of the reservoirs improved over time, when they were finally issued. I asked her about the 2.25bn fig in various old presentations but can`t remember what she said...Something along the lines of a guide.

*Question on missed targets...Long rambling answer about it being a high risk investment and how operationally things have been basically very good WRT to where they geopolitically etc blah blah as before. I pointed out that the SP hadn`t reflected this operational `quality`. She took on board the missed targets wrt main listing. I said it was why folk were becoming mistrustful because of the missed targets.

*Question on IR: She wanted the website to have all the answers eventually...They are going to report quarterly and then update the IP on the website. Same answer as others have had about time taken answering queeries from PIs.

* Was the KRG holding any GKP news back, in any way: No, nothing delayed by the KRG.

* Spur and `Woods note` saying complete in 2015. Again a long rambling answer. I am very aware I can cause confusion here as I don`t fully understand- So this is ALL in my opinion (as is all of it ...but you know what I mean)...... Right,. the pipeline spur can be finished `quite quickly`. However, blending and pumping stations will not be operational til 2015-Ie when built. It is being built by a separate contractor organised by the MNR. So basically the Export option by pipeline for GKP will be in 2015.. In the mean time GKP will truck. I am presuming to local refineries as now? She also said other operators would be affected by this as pipeline so couldn`t operate at large amount unless it has a pumping station...So Genel? But presumably can operate at much lower rate.

*PF-2: Physically built and awaiting flow lines to be connected/built. Think she said update in IP.



All in my opinion and DYOR etc.

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/launch-of-convertible-bonds-tap-issue/201310300704187218R/

Cantor note today:
"Gulf Keystone Petroleum (BUY) – $50m bond issue.
GKP has announced it will be issuing a further $50m convertible bonds on the same terms as the $275m October 2012 offering (6.25% coupon, due October 2017) by way of institutional private placement. Whilst the company’s cash position is relatively strong at $72.3m, the funds raised via the offering will enhance its cash position further as it seeks to complete its ongoing transition to the short-term production target of 40,000bopd from Shaikan. Management has confirmed that following completion of the offering, excluding any cash generated from the sale of oil, the company expects to have cash resources to fund its operations at least through to the middle of 2014.

Operationally, GKP is therefore on the verge of moving into a phase of significant production, with the capacity to produce up to 40,000bopd from Shaikan in the medium term and up to 400,000bopd in the coming years. If achieved, the company would therefore be a key contributor in meeting the KRG’s oil production targets of 1mbopd in 2015 and 2mbopd by 2019. Our model assumes that GKP will reach 20,000bopd in 2014 and 40,000bopd in 2016, which if sold into the export market, would represent a transformational milestone for the company, in our view. The share price has seen material gains since (+31%) our last published note (“Political issues weigh heavily on shares”), 18th June 2013 following a positive resolution with M&G and a conclusion to the legal dispute with Excalibur, but the addition of more convertible bonds invariably adds to volatility to the share price. Following the placement in October 2012 the stock fell 17% over the following week. Nevertheless, in our view the underlying fundamentals of the company remain robust and we retain our BUY recommendation and TP of 235p."

http://www.bloomberg.com/news/2013-10-31/iraqi-kurds-may-build-direct-oil-export-pipeline-in-18-months.html