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.

That is good news.

On 10 September 2013 the English Commercial Court (the "Court") provided a summary of its decision to dismiss all of the claims asserted by Excalibur Ventures LLC ("Excalibur") against the Company, its two subsidiaries and Texas Keystone Inc. (together the "Defendants") and decided all issues in favour of the Defendants.



Further to its announcement of 11 November 2013, the Company today is pleased to announce that Excalibur has confirmed that it does not propose to appeal the judgment of the Court (the "Judgment") either during the hearing at the Court on 13 December 2013 or otherwise.



Gulf Keystone is also pleased to announce that Excalibur has agreed to an interim payment on account of the Defendants' costs in the full sum of £17,500,000, which had been paid by Excalibur into the Court as security for the Defendants' costs of these legal proceedings.



On 13 December the Defendants will apply at the consequentials hearing for various orders as to the full costs of the litigation and other related matters.



As previously announced, on 13 December the full Judgment will be handed down. The Judgment is expected to be made public at http://www.judiciary.gov.uk/media/judgments/2013/index.

The previos RNS on the litigation,so main listing next stop?



Update on Excalibur litigation and proposed move to the Main Market



On 10 September 2013 the English Commercial Court provided a summary of its decision to dismiss all of the claims asserted by Excalibur Ventures LLC ("Excalibur") against the Company, its two subsidiaries and Texas Keystone Inc. (together the "Defendants") and decided all issues in favour of the Defendants.



The Company today confirms that the English Commercial Court has set 10.30am on 13 December 2013 as the date for both the handing down of its full judgment (the "Judgment") and the hearing of consequential matters, including the costs of the litigation and any application that may be made by Excalibur for permission to appeal the Judgment.



The Company believes that clarity in the Excalibur litigation process is important for the move-up to the Main Market of the LSE. In view of the date for the handing down of the Judgment and Excalibur's right to apply for permission to appeal at the Hearing, (or to the Court of Appeal if the English Commercial Court refuse permission to appeal), the board of Gulf Keystone expects conclusion of the proposed admission to trading on the Main Market to be as soon as practicable in 2014.

http://news.sky.com/story/1179926/gulf-keystone-oil-firm-plots-board-shake-up



By Mark Kleinman, City Editor

The London-listed oil explorer Gulf Keystone Petroleum is plotting a fresh boardroom shake-up that could jeopardise a fragile truce between the company and leading investors.

Oil industry and headhunting sources told Sky News on Monday that Gulf Keystone was in talks about appointing two new non-executive directors which would take the size of the board to 13 members.

Two of the new candidates are understood to be: Joseph Stanislaw, the founder of an energy sector consultancy and a member of the advisory boards of Climate Change Capital and Dana Gas; and Maria Richter, a non-executive at National Grid and former Morgan Stanley investment banker.

The appointments would be sensitive because of a deal struck between Gulf Keystone and unhappy investors earlier this year which restricts the board's membership to a dozen people.

"The Board has agreed with M&G that the size of the Board should be limited to a maximum of twelve Directors in the future," Gulf Keystone said in July.

The company could still conform to the agreement with shareholders led by M&G Investments and Capital Research Global Investors by appointing only one of the candidates to its board, or by asking one of the existing non-executives to step down.

The company is in the process of arranging a transfer from the junior AIM exchange to the main London stock market, although it will miss a self-imposed deadline announced in September of doing so by the end of this year.

Investors have long been unhappy with standards of corporate governance and executive pay at Gulf Keystone, which specialises in exploring for oil in Kurdistan but which has seen its share price slump from its peak level.

Todd Kozel, the chief executive, has been a divisive figure although investors had hoped that the appointment of Simon Murray, former Glencore chairman, as Gulf Keystone's new chair, would pave the way for a more constructive relationship.

Mr Kozel's £8.8m award for 2012 represented a decline on his pay in the previous year, which topped $22.2m (£14.4m). He has sought to defend his remuneration by arguing that Gulf Keystone has delivered more than £1bn of value to shareholders and a return of more than 4,000% since the company's listing.

An ally of Mr Kozel said earlier this year that the chief executive's pay reflected an "overall balanced mix of remuneration and reflects exceptional performance for the year and confidence in future cash flows".

However, Gulf Keystone's shares have fallen sharply from highs triggered by takeover speculation, while it has also been embroiled in legal action brought by a former adviser which has claimed it is owed roughly £1bn in compensation.

The company saw its shares jump by around 8% on Monday after announcing that Excalibur had decided not to appeal against a court judgement in Gulf Keystone's favour.

Gulf Keystone, which has a market value of nearly £1.5bn, declined to comment.

:: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602 and Freeview channel 82.

Related Stories

Better get in now than out

mpenell post HTTP://novosti.az/oilgas/20131210/299769686.html


HTTP://novosti.az/oilgas/20131210/299769686.html

Erbil and Baghdad agree on oil export projects together - Turkish Energy Minister


10.12.2013 [15:39]
BAKU, December 10 - Novosti-Azerbaijan. Guidelines Iraqi Kurdistan and Iraq's central government agreed to resolve issues with the Turkish-Iraqi projects among themselves, Minister of Energy and Natural Resources Taner Yildiz said in an interview with Turkish TV channel TRT Haber on Tuesday. "We have agreed with Baghdad and Erbil on the trilateral mechanism on Iraqi oil exports via Turkey. However, they said that they will decide the issue between themselves. For us it does not matter, decide among themselves. ball is on their side, "- he said, RIA Novosti reported. During in mid-November visit to Turkey, Prime Minister of Iraqi Kurdistan Nechirvan Barzani had reached an agreement on oil and gas projects. Baghdad opposes autonomy independent decisions regarding petroleum resources located in its territory, and states that the supply of oil to Turkey from all areas of Iraq, including the Iraqi Kurdistan will be made ​​only with the approval of the central government in Baghdad. In early December, the parties failed to agree on the establishment of a tripartite committee on Iraqi oil exports via Turkey. Guidelines Iraqi Kurdistan in the near future is going to start operation of the pipeline, which will pass through Turkey to Europe. Turkish Foreign Minister expressed his wish that this topic was discussed in the trilateral format (Turkey, Iraqi Kurdistan and Iraq).

http://www.edisoninvestmentresearch.com/serve_pdf.php?d=researchreports&f=GulfKeystoneOutlook121213.pdf&first_name=&last_name=&company=&email=

1st post the court today,due to in 10mins.

Post by pathai on 27 minutes ago
Simon Fisher ‏@simonfishybits 1m


Nice to see Anastasia has turned up to court today lol! pic.twitter.com/yW8uBDM5Zr

t.co/yW8uBDM5Zr

http://www.bailii.org/cgi-bin/markup.cgi?doc=/ew/cases/EWHC/Comm/2013/2767.html&query=title+%28+excalibur+%29&method=boolean

Http://gkpinvestor.proboards.com/thread/2730/selected-quotes-full-judgement

urdistan
Kurdistan Region Begins Oil Export to Turkey
By RUDAW 10 minutes ago
Kurdistan Region Begins Oil Export to Turkey
Kurdish officials expect around 400,000 barrels of oil per day to go through the new pipeline by the end of 2014.
ERBIL, Kurdistan Region— A government official told Rudaw that on Friday, the Kurdistan Region started exporting oil and gas to Turkey based on an agreement signed between Erbil and Ankara last month.

According to the government official, 50 percent of the export is purchased by Turkey and the remaining 50 percent will be sent to the world market.

During an official visit to Turkey last month, Kurdistan Region Prime Minister Nechirvan Barzani signed an agreement with Ankara that would allow Kurdistan’s oil to reach the world market via Ceyhan port on the Mediterranean Sea.

Kurdish officials expect around 400,000 barrels of oil per day to go through the new pipeline by the end of 2014.

Baghdad had initially voiced concerns about Kurdistan’s oil agreement with Ankara, saying that only the central government has the authority to export the country’s oil.

However, at an Oil and Gas conference in Erbil earlier this month, Prime Minister Barzani said, “Our deal is a great victory for Iraq and the Kurdistan Region. This process is bringing both sides together and we should reach a mechanism with our Iraqi partners to share the revenue according to the constitution.”

“The Kurds will not backtrack and our agreement with Turkey isn’t a threat to anyone,” Barzani said.
- See more at:
hxxp://rudaw.net/english/kurdistan/131220131#sthash.CTRSaiVV.dpuf

From another BB,chaps seems agenuine poster(from past posts?),so make of it what you will.

-------------------------------------------------------------------------------
Chap from Eddison wanted to know if I would sell for £3.50 in January - said he was trying to gauge the mood of people.

Crude test flows begin on Iraqi Kurdistan-Turkey pipeline-sources
ISTANBUL Sat Dec 14, 2013 10:23am EST
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Dec 14 (Reuters) - Test flows in Iraqi Kurdistan's new crude oil pipeline via Turkey started on Friday, but no exports have yet been scheduled, energy sources close to the matter said on Saturday.

Turkey and Iraqi Kurdistan signed a multi-billion-dollar energy package in late November, infuriating Baghdad which claims sole authority over oil exports and is wary of any move that could extend political autonomy in the region.

Turkey has lobbied hard to have Baghdad, which claims any oil deals the Kurdistan Regional Government (KRG) has signed are illegal, on board but so far the central government has not shown any signs of stepping back.

"These are the test flows in limited amounts," an industry source told Reuters. "The volumes are not high enough yet to say exports have started," he said.

He added that it showed both Turkey and the KRG were on track to implement the multi-billion dollar oil and gas deals they signed last month.

"Turkey has repeatedly showed that it wants a comprehensive agreement that includes Baghdad as well, but it has also said it will stand by its agreement with the Kurds," the source said.

The Turkish-KRG deal has enormous significance for major oil companies as well as for the Kurds and Turkey, which can benefit in domestic supply and onward westward export through the mediterranean port of Ceyhan.

Baghdad says it has sole authority over Iraqi oil exports, while the KRG says it has the right to sell the oil independently and has recently built its own pipeline to export crude to Turkey.

Turkey, which is heavily dependent on imports to satisfy its growing appetite for energy, wants Iraqi Kurdistan's oil to help diversify its energy supplies. (Reporting by Humeyra Pamuk, Orhan Coskun and Evrim Ergin; Writing by Daren Butler; editing by Patrick Graham)
http://www.reuters.com/article/2013/12/14/turkey-iraq-oil-idUSL6N0JT0B420131214

Baghdad/ NINA/--A leading member for Kurdistan Alliance former MP, Abdul Bari Zebari said there are gripping prove the consent of the federal government on oil exports from Kurdistan region to Turkey.

The source said to NINA : "The export of oil from Kurdistan region to Turkey and European countries being conduct under the approval of three parties , the federal government, the provincial government and the Turkish government.

The Kurdish TV channel / Rudaw / in Erbil announced today that Kurdistan region began exporting oil to Trkiyah and attributed the information to an official Kurdish source./End

http://www.moneyam.com/action/news/showArticle?id=4725164

">

HTTP://www.upi.com/Business_News/Energy-Resources/2013/12/16/Iraq-government-official-welcomes-Kurdish-Turkey-energy-deal/UPI-21451387199486/#ixzz2ndymZTIi

Iraq government official welcomes Kurdish, Turkey energy deal

Dec. 16, 2013 at 8:11 AM | 0 comments

BAGHDAD, Dec. 16 (UPI) -- Iraqi Deputy Energy Minister Hussain al-Shahristani said the central government welcomed an energy agreement reached with Kurdish and Turkish officials.
Shahristani said the deal, in which the Kurdish government in northern Iraq will supply oil to Turkey through a cross-border pipeline, is an opportunity to diversify the Iraqi energy sector.

"We support [the deal] and seek to increase our oil and future natural gas exports to Turkey," he said in an interview published Sunday by Turkey's official Anadolu news agency.

The Kurdish government said in a Dec. 3 statement the terms of the deal with Turkey called for a pipeline from the Taq Taq oil field in the Kurdish north to the Turkish port of Ceyhan. It would be able to export 1 million barrels of oil per day by 2015.

The central government had objected to other deals reached with the semiofficial Kurdistan Regional Government. Both sides are at odds over who controls what aspects of the Iraqi energy sector.

The minister said any oil sales to Turkey must be disclosed to the central government and all revenues generated from them must be deposited into a national fund in New York established under the terms of U.N. Security Council mandates on the country's energy sector.

Topics: Hussain al-Shahristani

Iraqi Kurds Pump Oil to Turkey Amid Fears of New Clash
Posted 2013-12-20 01:39 GMT
ERBIL, Iraq (UPI) -- Iraq's semiautonomous Kurdish enclave has reportedly started pumping oil direct to neighboring Turkey via a new pipeline even though Baghdad has not approved the landmark deal between the Kurds and Ankara, raising concerns of a new clash with Baghdad.

But the Financial Times said Baghdad is expected to endorse the pipeline deal in negotiations now under way with the Kurdistan Regional Government in Erbil and the Turkish government, a project that will have important geopolitical consequences for the region.

The Iraq Oil Report, a website that monitors Iraq's energy industry, reported the oil flow which began a week ago is primarily to test the pipeline. But it stressed this is "a significant step toward Kurdistan's first independent pipeline exports."

The Financial Times said Iraqi Prime Minister Nouri al-Maliki's government will likely secure 83 percent of revenues generated by KRG exports with the Kurds getting 17 percent, a split Baghdad has apparently endorsed.

The Kurds' share may seem risible but the KRG can expect to earn billions of dollars in revenue from the oil and gas exports to Turkey that are likely to follow, along with significant investment that will provide a strong economic base for a future independent state.

Maliki fears once Kurdistan establishes a firm economic base, the Kurds will declare independence, which would in turn encourage other restive regions to break away from Baghdad's control.

Baghdad's worst nightmare is that south Iraq, where more than 60 percent of Iraq's oil reserves of 144 billion barrels is located, would seek greater autonomy, critically weakening central government

The new pipeline will have the capacity to carry 1 million barrels per day to world markets via Turkey's Mediterranean terminal at Ceyhan. The initial Kurdish target is about 300,000 bpd. A second oil line is planned.

Kurdistan contains oil reserves estimated at 45 billion barrels, about the volume Britain has pumped from the North Sea since the 1970s, plus gas reserves of around 110 trillion cubic feet. Iraq's overall oil reserves, including those in Kurdistan, total 144 billion barrels.

Erbil, despite Baghdad's protestations, has signed exploration and production deals with several major oil companies, including U.S. oil companies Exxon Mobil and Chevron Corp., Gazprom Neft of Russia and Total of France.

But the new pipeline will be used to carry oil from fields operated Anglo-Turkish Genel Energy, based in Ankara and headed by former BP chief Tony Hayward, and Norway's DNO, which pioneered drilling in Kurdistan.

Genel recently listed its gas reserves in the Miran and Bina Bawi fields at 8 trillion to 18 trillion cubic feet, double earlier estimates.

Eventually, Kurdistan could be exporting 353 billion cubic feet of gas a year to Turkey through the emerging pipeline network.

There's been a lot of confusion of late regarding the $500 million pipeline operation, the first component of a network envisioned by Turkey and the KRG, and whether it would ever get under way because of Baghdad's insistence it has sole authority on energy issues.

Turkey and Erbil reportedly signed a multi-billion-dollar pipeline agreement in November, but few details have yet emerged.

The Financial Times said that the Turks have sought to downplay the significance of the new oil flow, with Energy Minister Taner Yildiz, a key figure in the pipeline plan, describing the pumping as "a test flow ... the testing will continue for a while."

"Ankara, the KRG and energy groups active in Northern Iraq have long argued that the emerging infrastructure will ultimately lead Baghdad to accede to the network of deals concerning the oil and gas that will flow into the new pipelines," said analyst Daniel Dombey, based in Istanbul.

Baghdad and the KRG have feuded bitterly for years over the Kurds' plans to independently export their oil and gas to Turkey, which is driving to become the most important energy hub between Europe and the oil and gas riches of Russia, Central Asia and the Middle East.

Turkey has no energy resources of its own, so it is seeking deals that will guarantee it supplies of oil and gas.

Also under discussion is an underwater pipeline across the eastern Mediterranean from Israel's offshore gas fields despite the current strain between the two countries, underlining the centrality of energy in Ankara's strategic policies.

Hope this is not anther false dawn?
----------------------------------------------

Baghdad-Erbil reach agreement over Kurdistan oil export

Sunday, December 29, 2013

Hussein al-Shahristani, the deputy prime minister in charge of energy-related issues, has announced that agreements have been made with the Kurdish delegations regarding the export of Kurdistan Region oil according to the Iraqi oil export regulations.

A press release from the office of al-Shahristani stated “Hussein al-Shahristani has met with Kurdish delegations led by the Kurdish Prime Minister Nechirvan Barzani and discussed the issues of Kurdistan oil export. Both parties have reached agreements over the export of Kurdistan oil through the SOMO Oil Company according to the Iraqi oil export regulations with the terms and income being integrated into the general Iraqi annual income,” according to the statement.

The Kurdish Prime Minister Nechirvan Barzani arrived in Baghdad on December 25 and met with the Iraqi Prime Minister Nuri al-Maliki and fellow Iraqi senior officials.

Both governments have been engaged in a series of prolonged disputes and conflicts over the export of Kurdistan oil to Turkey and the oil contracts carried out by the Kurdistan Regional Government with foreign companies for oil explorations in the Iraqi Kurdistan Region.

Read more:

hxxp://kirkuknow.com/english/index.php/2013/12/baghdad-erbil-reach-agreement-over-kurdistan

http://uk.reuters.com/article/2013/12/31/kurdistan-oil-shaikan-idUKL6N0KA1M720131231