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.

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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.,.

http://www.ft.com/cms/s/0/944d7b5e-b5c2-11e3-a1bd-00144feabdc0.html#axzz2xEe9dscC


Todd Kozel’s pay slashed at Gulf Keystone Petroleum.

Todd Kozel, founder and chief executive of Gulf Keystone Petroleum, has accepted a reduction of his annual pay from $21m to less than $3m as the Kurdistan-focused oil explorer this week moves from Aim to London’s main list.
Details of the pay cuts to Mr Kozel and two other executives at Gulf Keystone – who saw their pay fall by about two-thirds following a sharp decline in the company’s share price – were contained in annual results issued on Thursday.

Shares in the company have fallen from a peak of 465p in early 2012 to 105p, hit by a disappointing third-party estimate of oil reserves and the announcement of plans to raise $250m in debt to help pay for required development work in Kurdistan.
Mr Kozel had previously defended the scale of his bonuses, arguing two years ago: “We are the type of people who should receive payment, we are exactly the kind of people who do deserve our bonuses.”

However, a report commissioned by the company’s remuneration committee last autumn accepted that Gulf Keystone’s executive pay scheme risked over-rewarding its top executives.
Andrew Simon, who took command of the remuneration committee following a shareholder revolt and departure of former non-executive director Mehdi Varzi last July, said: “Whilst basic salary levels have been kept low in the past, the benchmarking exercise carried out by Deloitte helped us to conclude that the level of long-term incentives and short-term bonuses were notably above the market range.”

Gulf Keystone’s annual report for 2012 calculated Mr Kozel’s emoluments at close to $14m, down from $22m the previous year. However, he also gained $7m on exercising share options, maintaining his status as one of the highest paid executives of a London-quoted company.
Further consultation would now take place with major shareholders on a revised pay policy, Mr Simon said, noting: “There has in the past been some investor concern about certain aspects of executive remuneration.”
He added: “Executive directors decided on their own initiative that no short-term bonuses were to be paid for 2013 given the performance of the business.”

John Gerstenlauer, chief operating officer, saw his total pay fall from $4.6m to $1.2m last year. Ewen Ainsworth, finance director, accepted a cut from $2.9m to $738,000. All three continue to enjoy substantial shareholding interests and the potential for further bonus awards under the existing long-term incentive plan.
News of the trimming of executive pay at Gulf Keystone, at one stage Aim’s top ranked company by market capitalisation and a retail investor darling, came as the company reported narrowing pre-tax losses for the year from $80m to £32m.

Simon Murray, appointed as chairman last year as Mr Kozel split his own role of executive chairman, admitted Gulf Keystone had failed to achieve the level of oil sales that had been hoped for during 2013.
However, he and Mr Kozel pointed to an increase in truck-borne oil exports via Turkey from its important Shaikan field in Kurdistan, which is expected to improve cash flows this year as production is expected to rise from 10,000 to 40,000 barrels of oil a day.

sold 27.3.14 @ I. 009 gone to safer place,afren triggered my decision