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.

iii-cheers

Re: Net Asset Value
investor48 3UP
Hi Jacksalad,

Looking at your calculations:

1.If you use 1billion shares as the total number of shares,then you cannot subtract the debt attributable to the CB's.The CB holders cannot redeem and convert at the same time.

2.Clearly as per the CPR,Shaikan's 2C resouce attributable to GKP is circa 380million barrels.Afren paid circa USD400million for Barda Rash 2C and 3C resource based mainly on one well drilled in 2010. The CPR,however, did not place a value to the 2C because GKP has not finalised the investment required to take GKP's production to 90K barrels per day.The CPR values the 2P at USD6.16 per barrel using a NPV of 10percent.Arbitrarily,I have used a conservative value of USD5 per barrel,a 20percent discount from the USD6.16 per barrel.This will value the 2C resource moving to 2P at circa USD1.90Billion.

3.Hence for Shaikan only,the net asset value to GKP,USD1billion(as per the CPR 2P resource)+USD1.90Billion-USD325million(CB)-USD250million(straight bonds)=USD2.325Billion.Converting this to Sterling/1.66 = 1.4Billion pounds.

4.Total number of shares I am using 910million shares as I have assumed the CB's are redeemed and hence cannot be converted.

5.A very rough net asset value per share is 1.4Billion pounds /910million shares =154p


No value has been given to the 2C resource estimates for SA.As for AB,the CPR gives peanuts 2C to Bijeel and Bakrman at 43million barrels,This 2C value has made MOL furious as it has messed MOL up big time in valueing AB.MOL has publicly said that Kurdistan is a game changer for the company!MOL plans to come out with their own 2P and 2C resource soon.

Most analysis have given a value from 100p to 183p based on the CPR,at this stage of GKP's development.The 100p value was given by Canacord that gave a value of more than 200p for TRP,that has yet to make an oil discovery!!It just shows the credibility of this analyst and I really wonder how he made his bullish assumptions to arrive at more than 200p for TRP!!!

Lots of upside for 2P and 2C resource in Shaikan as it increases it's production to 150K,250K ,etc,etc over time.SA-3 results are important as it could show possible connectivity,meaning a greater Shaikan.

SH-7 will test the Permain anytime soon and this could be a new discovery!!Sometimes I wonder if March 2014 reminds us of May-June 2009 before the SH-1 transformational news.Since no new shares can be issued,the only other way is to endeavour to get some cheap shares from PI's is by creating a fearful investing atmosphere!!At this stage,it is ironic that fear is everywhere that stamped from the CPR and Prospectus that was mandatory for GKP to move to the main board.

Best wishes to all and Good night

25 March 2014



Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")



First Day of Dealings on the Main Market of the London Stock Exchange



Further to previous announcements, Gulf Keystone announces that its common shares will today be admitted, with a standard listing, to the Official List of the United Kingdom Listing Authority and to trading on the London Stock Exchange plc's ("LSE") main market for listed securities ("Main Market") (together "Admission"). Dealings in the Company's common shares will commence on the Main Market at 8.00 a.m. GMT and trading in the Company's common shares on the AIM market of the LSE will be cancelled simultaneously.



The Company is not raising any funds or issuing any new common shares in connection with Admission. The Company's TIDM code on the London Stock Exchange will remain 'GKP' and, on Admission, there will be 888,933,057 common shares in issue.



The prospectus, prepared by the Company in connection with the Admission, is available on the Company's website at http://www.gulfkeystone.com/investor-centre/documents-for-inspection. It is also available for inspection at the office of Memery Crystal LLP, 44 Southampton Buildings, London, WC2A 1AP, during normal business hours.



Commenting on today's announcement, Simon Murray, Non-Executive Chairman of Gulf Keystone said:



"We are very pleased to be announcing Gulf Keystone's transition from AIM to the Main Market of the LSE today. The move up reflects the considerable success that the Company has enjoyed since its IPO, and marks the end of the move up process involving a lot of hard work by the Company and its advisers. I am grateful to them for all their support in enabling this important event to happen, as indeed I am to our many stakeholders, including the Kurdistan Regional Government, our partners and our shareholders.



From today's Main Market platform, with all the corporate governance expected of a Main Market company, we have a clear plan for continuing to grow and create further value from our world class operations in the Kurdistan Region of Iraq. With an extremely active operational schedule, the expected near term ramp up in production from Shaikan, a constantly improving political backdrop and a strong team in place, we are extremely positive about Gulf Keystone's future."



Enquiries:



Gulf Keystone Petroleum:


+44 (0) 20 7514 1400

Simon Murray, Non-Executive Chairman



Todd Kozel, Chief Executive Officer

Anastasia Vvedenskaya, Investor Relations







Mirabaud Securities LLP


+44 (0) 20 7878 3362

Peter Krens







Bell Pottinger


+44 (0) 20 7861 3232

Mark Antelme / Henry Lerwill





or visit: www.gulfkeystone.com



Notes to Editors:

· Gulf Keystone Petroleum Ltd. (AIM: GKP) is an independent oil and gas exploration and production company focused on exploration in the Kurdistan Region of Iraq.

· Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan, including the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.

· GKPI is the Operator of the Shaikan Block, which is a major commercial discovery, with a working interest of 75% and is partnered with Kalegran Ltd. (a 100% subsidiary of MOL Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have working interests of 20% and 5% respectively. Texas Keystone Inc. holds its interest in trust for Gulf Keystone, pending transfer of its interest to the Company.

· Gulf Keystone is moving into the large-scale phased development of the Shaikan field targeting 100,000 bopd of production capacity during Phase 1, following the approval of the Shaikan Field Development Plan in June 2013.



Disclaimer



This announcement contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.



This communication and the information contained herein is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered or are exempt from registration. Any public offering of securities to be made in the United States would be made by means of a prospectus that would contain detailed information about the company and its management, as well as financial statements. The company does not intend to register any portion of this offering in the United States or to conduct a public offering in the United States or any other jurisdiction. Any public offering of securities to be made in the United States would be made by means of a prospectus that would contain detailed information about the Company and its management, as well as financial statements. Copies of this communication are not being, and should not be, distributed in or sent into the United States.



This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended from time to time (the Order) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order or (iv) certified high net worth individuals and certified and self-certified sophisticated investors as described in Articles 48, 50, and 50A respectively of the Order or (v) persons to whom this communication may otherwise be lawfully communicated (all such persons together being referred to as relevant persons). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.



This communication is distributed in any member state of the European Economic Area which applies Directive 2003/71/EC (this Directive together with any implementing measures in any member state, the Prospectus Directive) only to those persons who are qualified investors for the purposes of the Prospectus Directive in such member state, and such other persons as this document may be addressed on legal grounds, and no person that is not a relevant person or qualified investor may act or rely on this document or any of its contents.



This information is provided by RNS
The company news service from the London Stock Exchange

END

">

See more at: http://www.malcysblog.com/#sthash.HZhhFxe0.dpuf

http://capitolintelgroup.com/gulf-keystone-mol-does-not-exclude-bidding-for-company-pkn-orlen-not-actively-seeking-deals/

I can see MOL making an offer for AB,as they are the operator,not so sure about the company?

Results end of 2013, due out tomorrow(27th).

ANKARA, March 26 (Reuters) - Turkey is ready to help Iraqi Kurdistan export its oil to world markets once oil storage tanks in the Mediterranean port of Ceyhan are full, Turkey's Energy Minister Taner Yildiz said on Wednesday.
Once the tanks are full and there is an excess amount, "we would like this to be offered to world markets ... on behalf of Iraq," Yildiz said in an interview with Turkey's NTV Television.
"Regardless of the volumes, Iraqis will auction and sell this oil at world market prices. This could be done via Tupras or brokers in other countries," Yildiz added.
Oil flow from the Kurdistan Regional Government's (KRG) pipeline via Turkey started in December and so far around 1.35 million barrels of oil have been stored in tanks at Turkey's southern port of Ceyhan.
The capacity of the three tanks at Ceyhan allocated for Kurdish oil is around 2.5 million barrels.
But exports of Kurdish oil have been held up due to slow progress in talks between the KRG in Arbil and the central government in Baghdad, who are at loggerheads over the payment method and sharing of Iraq's oil revenues.
Baghdad's withholding of funds to punish the Kurds for trying to export oil via the new pipeline has only added to the deadlock.
Looking to break the impasse, the semi-autonomous region last week announced that it will export 100,000 barrels of oil per day through a Baghdad-controlled federal pipeline from April 1.
"As a goodwill gesture the Kurdistan Regional Government (KRG) has offered to make a contribution to Iraqi oil pipeline exports to give the negotiations the maximum chance of success," Prime Minister Nechirvan Barzani said in a statement.
The oil is to be exported via Iraq's State Oil Marketing Organisation (SOMO) and the revenues deposited in the Development Fund for Iraq (DFI) account in New York.
(Reporting by Humeyra Pamuk and Orhan Coskun; editing by Jason Neely)

http://en-maktoob.news.yahoo.com/turkey-says-ready-help-export-iraqi-kurdistans-oil-094858924.html

main market as per company forcaste, next one is new well flowing 10 k bopd
making total 20k bopd may 2014

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/2013-results-announcement/201403270700183220D/

For anyone interested,11am today on the co's site theirs a Web cast.

LISTEN: On-Demand Version Now Available - Gulf Keystone Petroleum (GKP)

Full Year Results 2013

Click here to listen]

A good intraday uptrend

Some points from video.
--------------------------------------------------------
$103M for year end,worst case.
Up to $250m fund raising.
99.9% of oil exported
Trucking perferred method at present.

http://www.shareprophets.advfn.com/views/4670/gulf-keystone-the-questions-todd-kozel-is-too-cowardly-to-answer
Gulf Keystone – the Questions Todd Kozel is too cowardly to answer
BY TOM WINNIFRITH — THURSDAY 27 MARCH 2014

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

At the weekend I challenged Todd Kozel, the grotesquely overpaid CEO of Gulf Keystone (GKP) to record a video interview with me. His Bulletin Board moron fans reckon that I talk cock and so if they are right Todd would wipe the floor with me. I offered to travel anywhere in the world, except to places where Jew Hating bigots might string me up for having an Israeli stamp on my passport – places like Kurdistan, Iran and parts of Bradford. Todd’s PR man says that he won’t do it. Todd is too cowardly to answer questions such as….

The questions Todd should have been asked at the analysts meeting were not asked. Perhaps those who penned bullish notes with daft share prices oh so recently were embarrassed. Perhaps oil analysts these days are just as thick as the oil Gulf pumps out but cannot seem to monetize. Whatever the Bulletin Board Morons might say as a long term Gulf Bear ( the Morons & bigots being bulls) I have no blushes on this one. I have been right so far and remain right. I remain an “out and proud” bear.

So what would I have asked Todd. This is not an exhaustive list but would have fiilled session one of Frost vs. Nixon, Winnifrith vs. Kozel.

1. When you dumped £21 million of shares last year brokers opined that Gulf shares were hugely undervalued. Given your seven figure salary which would support bank debt, why did you not borrow at least some money and hold at least some of your Gulf stock?

2. How does a man earning millions of pounds a year manage to run up a £21 million commitment?

3. A well run finance department in a £1 billion capitalised company would not stun investors with news that the company was less than 10 weeks from insolvency – do you regard your finance department as well run? Is it not time to fire your FD?

4. The yield to maturity on existing Bonds is now c15%. That is a junk bond type yield. Do you consider your bonds as junk? How do explain the pricing? IS the market wrong?

5. If I can get a yield to maturity of 15% on existing Gulf Bonds why should any potential investor in your new bonds consider investing at any less of an attractive term? How do you see your new bonds being priced?

6. You state that your peak requirement for new funding is $103 million. So why are you raising $250 million?

7. In your cashflow projections you predicate those projections on a ramp up in sales. Given you have never met operational output targets before why do you think that it will be different this time?

8. You have stated that you have “sold” 690,000 barrels of your oil but refuse to disclose at what price and what gross margin and indeed when you will be paid. Given that the first oil was shipped on January 1st do you not consider it odd that almost 12 weeks later you still can’t tell us what price you will be paid or indeed when you will be paid?

9. Will your terms of trade going forward be on a similar basis?

10. In your prospectus for main market admission you refer to a three month period this summer when output will be zero. For once I do believe that you will hit this operational target. But can you explain why you need this downtime?

11. I note that a Genel director traded shares yesterday and it cannot thus be in a closed period, that is to say he could not have traded if Genel was planning a bid for Gulf or its assets. If, when Gulf is at its most vulnerable, Genel – the only potential trade buyer with real knowledge – is not interested in you, does that not tell you something?

12. You have sought to say that the Competent Persons report is uber-bearish but is it? Surely some well results (Well 6) indicate that there is downside risk in terms of the total size of your potential reserves as well as upside risk. Do you disagree?

13. Unlucky for some. In the past you have sought to justify your obscene remuneration because you have delivered shareholder value. Given the share price slump, the, missed operational targets and the weakness of the balance sheet will you now be taking a pay cut?

Naturally I have follow up questions depending on Todd’s answers and I have a few more questions on pipelines, Iraqi/Kurd relations and other matters but I was saving them for the second interview. But it seems that Todd is too chicken to face a grilling from a man who the Bulletin Board Morons who still think Gulf is a buy, regard as a lightweight who does not know what he is talking about.

Go-on Todd let’s do the interview. Where shall we meet?

i've never followed TW, and i know many here have nowt but obscenities to throw at him, but i confess i thought the above post to be very fair indeed in its questioning

A snippet from Malcy's blog.

Gulf Keystone announced its results this morning and having had so many presentations, meetings etc with the CPR, main market listing, debt offering and so on that there was virtually nothing we hadn’t already heard. Even the analysts on the conference call seemed to be suffering from GKP fatigue and questions were few and far between although one had to ask why they were raising debt not equity and if you have to ask that at 104p…………………………At this price the stock is too cheap although like a number of shares at the moment its friendless but must be worth accumulating down here.

What about the Morons bit.

i ignore the silly bits, just as i do on here :-)

cyril - don't forget that what's cheap today may well be cheaper tomorrow

True and i won't be too surprised if it falls below a £1,the shorters seem to be in control
at the minute? We wait to see what the funding conditions are,peronally i would have perferred we sold AB as i'm sure MOL would snap it up(if the price was right)? .

will have to dip into my piggy bank again if it dips below £1.,.