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.

Great thanks I forgot the DOW was open today.

By my calculations that makes 84p ....

It closed in NY at $1.32, up 9.09%

About 81p, but oil is dropping the last time I looked...

78p this morning.

Pulling back now...ouch...this is one short EK looks he has got right but he does have the stock as well....the drop is in line with the rest of the market...

Estimated bottom out anyone? think I will buy some more at the right time.

Yes good idea : a good stock does not become a bad one just like that for no reason...there should be a very strong rebound soon.

Don't get so prickly RF, it was a simple question requiring a simple answer to pass the time of day.

bb ---$64k question, when is the right time?
2517

The stock looks incredibly promising...I can see this going well over the 100p mark sooner or later...if not when they finish this drilling ....then when they start the next well.

DECCAN HERALD
Wednesday 2 September 2009

IOC-OIL JV eyes Gulf Keystone acquisition
London, PTI:

In a first overseas acquisition, Indian Oil Corp (IOC) and Oil India Ltd are jointly eying acquisition of London Stock Exchange-listed Gulf Keystone Petroleum Ltd for about US$2.23 billion.



The 50:50 joint venture of IOC and OIL, are in talks to acquire Gulf Keystone Petroleum that has operations in Kurdistan, Iraq and Algeria, investment banking sources said here. They are talking to a set of promoters of Gulf Keystone and have valued the entire buyout at US$2.23 billion, a source said. Another investment banker said IOC-OIL joint venture was in talks with the two promoters groups based out of Kuwait.

The promoters are keen to sell but are asking for more, the banker said without putting a value to what the promoters were demanding. Gulf Keystone is a Bermudian incorporated company that has six exploration blocks and two producing fields in Algeria. In November 2007, the company acquired interests in two production sharing contracts in the Kurdish region of Northern Iraq.

Now we know why they've issued today's RNS. Must have been as the result of an approach!

Tried to buy this am @59p but impossible on-line.

Oil India in talks for overseas assets - exec
Wed Sep 2, 2009 3:11pm IST
KOLKATA (Reuters) - State energy explorer Oil India Ltd, which is launching an IPO next week to raise up to $570 million, is in talks with about four companies overseas to buy stakes in producing assets, a company official said.
Oil India, whose main operations are in India's north-east region, already has projects in Libya, Gabon, Iran, Nigeria and Sudan.

"We are in talks with 3-4 companies to buy assets abroad," Narendra Bhalla, executive director of corporate affairs, told reporters on the sidelines of a conference, adding the company had cash reserves of 65 billion rupees ($1.3 billion).

He said the assets were producing blocks, but gave no details.

Chairman N.M. Borah had told Reuters in June the company was racing to acquire producing properties overseas, shifting focus from new fields, to capitalise on cheaper assets during the downturn and limit investment risks.

The company will start drilling its first well in its Libyan block by October, with a budgeted investment of $11 million, Bhalla said. Oil India and state-run refiner Indian Oil Corp each own 50 percent operating interest in the block.

"We would drill four wells in Libya by 2010/11," he said.

Oil India plans to raise as much as 27.8 billion rupees through an IPO, which opens on Sept. 7, making it the second state firm after hydropower generator NHPC Ltd to offer new shares to the public this year.

The company, which deferred an IPO last year amid the global financial crisis, has set a price band of 950 rupees to 1,050 rupees a share

Going great this am back to 75p.

September 2009 - News in brief

Iraq

Gulf Keystone Petroleum has made a "significant" discovery at the Shaikan-1 exploration well in the Kurdistan region. The well, which lies in the Shaikan Block, near Duhok, hit oil in the Sargelu formation. Preliminary test rates signalled a flow of 5,000-8,000 b/d. It said the oil properties for this section are comparable to the oil now being produced at the Tawke field, to the northwest of the block

Yes, nice to see it back in the blue, i topped up at 68p will have to wait for more funds to become available now

From another BB:

The key points regarding flow to me are "extensive fracture system" and "single resevoir" also "oil saturated throughout" the top section of the well is if I recall correctly lime stone and original RNS stated 8,000 bopd also no water, from my limited knowledge this combination will greatly increase flow and recovery(more pressure from depth and volume), My guess 25,000 bopd and 40+% recovery THUS FAR.

From the RNS

Drilling has now reached a depth of 1,710 meters and has encountered an oil column in excess of 170 meters within the Sargelu, Alan and Mus formations. At this stage, the Company believes this to be a single reservoir and hence an extension of the same discovery announced on 6 Aug 2009.

As previously announced, the Alan and Mus formations were identified as the primary oil bearing zones of interest for Shaikan-1, with total potential volumes of oil-in-place in excess of 1.5 billion barrels. The open hole log data, together with an extracted core from the new interval, confirm the presence of a extensive fracture system, which appears to be oil saturated throughout. Furthermore, no water has been encountered. This new data provides Gulf Keystone with grounds for a revised range of oil-in-place volumes of between 1.5 and 3.0 billion barrels for the oil encountered, thus far

On the move north again, we must be nearing some news shortly, the final drilling stage reached and then an RNS........