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.

Its quite over here, +18 rise on low volume and no news??

Rising...much better....

panto - capitulation or not - I say not, but it's unimportant - the little chunk I bought back a couple of days ago is now doing very nicely

panto - capitulation or not - I say not, but it's unimportant - the little chunk I bought back a couple of days ago is now doing very nicely

Good rise, more to come...value will show....

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http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/fixed-income-investor-meetings/201403190928546676C/

he above RNS.


"The Company's immediate focus remains on achieving its target of 40,000 bopd of production capacity from PF-1 and PF-2 in 2014, which will allow further expansion of export crude oil sales. The Company estimates that achieving this level of production capacity at Shaikan, as well as continuing planned expenditure at Sheikh Adi, Ber Bahr and Akri-Bijeel, will require capital expenditure of approximately US$210 million in 2014."

BRIEF- Gulf Keystone eyes debt funding of $250 mln
19 Mar 2014 - 09:39
March 19 (Reuters) – Gulf Keystone Petroleum Ltd :
A debt offering of up to US$250 million in accordance with REG S/144A is expected to follow, subject to market conditions
Mandated Deutsche Bank, pareto securities to arrange series of fixed income investor meetings in US, Europe, Asia from 20 March
Immediate focus remains on achieving target of 40,000 bopd of production capacity from PF-1 and PF-2 in 2014
Estimates will require capital expenditure of approximately US$210 million in 2014
Expects to seek additional funding via a debt offering of up to US$250 million
Anticipated to require further capital expenditure of approximately US$340 million through 2014 to the end of 2015
Source text for Eikon: [ID:nRSS6676Ca]
For more news, please click here [GKP.L] ((London Equities Newsroom; +44 20
7542 7717)

On 13 March 2014, Gulf Keystone released an Operational and Corporate Update and published the first third party audit of the Company's reserves, contingent resources and prospective resources for its petroleum interests in the Kurdistan Region of Iraq comprising the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks. The Company continues to maintain current stable production and sales levels at an average of 10,000 barrels of oil per day ("bopd") from the Company's first Shaikan production facility (PF-1). In addition, Shaikan-4, the third production well, recently tied-in to PF-1, has been flowing at up to 6,000 bopd in the recent week.

http://www.shareprophets.advfn.com/views/4534/considered-thoughts-on-gulf-keystone#sthash.m1JNPpbP.uxfs

Considered Thoughts on Gulf Keystone

BY LUCIAN MIERS — WEDNESDAY 19 MARCH 2014

Much has been written on Gulf Keystone (GKP) since last Thursday when it released a Competent Persons Report (CPR) and provided an operational update. I have been warning about this company for a while now and have no wish to gloat as pretty much every private investor in the land is now sitting on nasty losses as it languishes at multi year lows.

Unfortunately these low levels are pretty much what the CPR rates the company to be worth, hence the company’s constant underlining of the “conservative” nature of its content.

I delegated the reading of the full CPR to a friend who is an oil man and instead watched the presentation and Q&A which, it was helpfully pointed out, was designed to be understood by private client duffers as well as the brainy analysts in the room.

Todd Kozel kicked the show off and, having clearly been instructed to keep it brief, assured us all how “baseline” the CPR numbers were but his usual smarmy swagger was tinged with a slightly crestfallen air, as if saddened and hurt by the market’s savage reaction to his update.

COO John Gerstenlauer and geologist John Stafford made up the bulk of the hour basically trashing yet again the “cold steely glare” of the audit and stressing how much it had undervalued the company’s worth. It was interesting that they particularly disagreed with the valuation put on the Akri Bijeel asset in which Gulf has a 20% interest and which has been for sale for around three years, with no buyers yet coming forward despite mention (getting on for a year ago) of several interested parties and a prediction that its book value of $65 million would be comfortably exceeded.

The Q&A consisted of a lot of analysts, almost all former bulls of the stock asking a lot of pretty feeble questions. The good questions such as how much money the company needed and how it would be raised were not satisfactorily answered by FD Ainsworth who sounded somewhat out of his depth. One guy had the temerity to ask why they hadn’t been paid yet for the 690,000 barrels of oil already delivered (interesting that we are given the number of barrels sold and even the weight but not the price) He was curtly informed that it would come “in the near future”. The word “complex” was used a lot.

What is not complex is the reality that what we were all lead to believe was the most exciting, stunningly cheap oil investment in the history of the world is in fact a fairly pedestrian play in an unpredictable environment which needs a great deal of money ASAP hence the move from AIM to a full list and therefore the need for the dreaded CPR.

If ever the much muted bid for Gulf is going to arrive it should be now. Only this time the much mentioned £8 per share seems unlikely. 140p would probably do the trick. I would not be buying now for such an outcome as the stock could well drift further as the funding issues are addressed. That said, I have closed my short as the risk reward is no longer compelling.

Well I don't agree......all that is is a shorter....can't say I'm impressed with any of the so-called tipsters.....this company and it's major discovery is way undervalued...yes they have to raise funds.....isn't it funny that these "I told you so's" appear after the event (the drop), or they tip so many = you do not know which one to choose....they take an average.........always the same story...and then later ; oh ! look such and such a share has done this and that; told you so forgetting that they tipped about forty others as well...all in the gloom......Anyway : this one is for the long term....to keep until next year....capital raised will bring stability.....can't help feeling that these are people that have missed out on the original discovery...or others....pathetic...I'm just hoping that it is a placing with not too much dilution....but even if there was : the sp will rebound like a rubber ball !...

Right thats me out, I'll keep it on watch for now.

http://announce.ft.com/Detail/?DocKey=1323-11898273-1R4PD668JF249Q7MVGCUI8CDJA

How this is allowed to happen is beyond me. The RNS could hardly have been read before they dropped the price. Criminal.

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/publication-of-prospectus/201403201540068295C/


Probably dropped on news,looking for those stops?

here's the low (very low) down ......

Says group does not have sufficient working capital for present requirements, for at least 12 months from the date of the prospectus
Says depends on existing cash, of US$82 million at 31 January, with production revenues from its interest in the Shaikan Block
Says existing cash resources may be enhanced over next 12 months
Says if none of these events occur, would expect the company to require additional working capital by the end of May 2014
Says would be expected to have a shortfall of approximately $20 million by the end of May 2014
Says Lord Guthrie has stepped down as deputy chairman, to be replaced by Jeremy Asher with immediate effect
Says shortfall would increase through the working capital period by $10 million-$15 million per month on average until Jan. 31 2015


how on earth can the company then move from AIM to the main market with such a cartload of manure in tow?

I can't see what the problem is ?....every company needs working capital...with a massive oil discovery under their belts they will be able to raise I reckon 200 million dollars comfortably.....it will dilute of course the shareholder base but it will bring stability going forward.....and production will increase as we go along....patience...

tlars on iii

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Statement by Prime Minister Nechirvan Barzani: Oil export initiative by the Kurdistan Regional Government
THU, 20 MAR 2014 18:22 | KRG.org

The negotiations with Baghdad on oil export and budgetary matters are ongoing. These negotiations have not yet resulted in any acceptable agreements.

As a goodwill gesture the Kurdistan Regional Government (KRG) has offered to make a contribution to Iraq oil pipeline exports to give the negotiations the maximum chance of success.

The KRG contribution to oil export will be one hundred thousand (100,000) barrels per day effective from 1st April 2014, and will continue while the negotiations are proceeding in a positive direction.

The KRG has not set any preconditions for this initiative. In the coming weeks, the KRG will seek a full settlement with Baghdad on the way in which the KRG’s oil exports and oil sales revenues are managed and controlled.

The KRG shall at all times preserve its rights as defined in the permanent Constitution of Iraq.

From a oilman,
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,

1/ Look at Rig 842s recent photo ie we are testing (thats if recently took).

2/ Look at the bottom left hand corner at the tubulars , I'm unable to see them clearly but a small size , they are either a temporary test string or 3 1/2 drill pipe . So if the first they are very near to if not testing !, or the liner is about to be ran and that drill pipe is to run through the liner to drill the rat hole ie final section of the well to be drilled .

3/ The Central piece of equipment is Coiled Tubing ( google what you do with this !), the Vessels nearby are surface Gel Tanks .

4/ So this equipment is costly and can be lengthy to procure , rig up , test and run .


Remember these wells are fire and forget wells ie vertical so even though you can drill via them with a turbine and swivel BGA that they would not be used for that purpose .