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.

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

http://www.intellinews.com/middle-east-and-north-africa-1003/interview-hungarian-government-open-to-mol-bid-for-gulf-keystone-sees-mol-becoming-regional-flagship-national-economy-minister-32694/?back=search&f=hxxp%3A%2F%
| March 25, 2014, 1:25pm GMT
inShare

WASHINGTON (CI MENA) -- Hungarian Minister of State for National Economy Prof. Dr. Zoltan Csefalvay said the government would be open to state-controlled oil and gas group MOL (BSE:MOL) bidding for listed UK independent E&P company Gulf Keystone Petroleum (LSE: GKP).

Gulf Keystone, one the major producers in oil rich Iraqi Kurdistan, has been seen as a takeover target for the past two years and is an important a joint venture partner with MOL. In January, MOL sources said they do not exclude making a bid for Gulf Keystone.

In an interview at the US Chamber of Commerce in Washington, Csefalvay said while the “strategy of MOL is decided by MOL,” the country would welcome MOL becoming a flagship company on regional level.

“We can say from a foreign policy point of view to have some regional player would be very important. Not just in energy but in other fields,” he said.

MOL can easily receive financing for any potential bid for Gulf Keystone through its Gulf based shareholder Oman Oil, financial sources in the west and in Oman said. Oman Oil owns a 7 percent stake in MOL while Sharjah, UAE-based Crescent Petroleum owns a 3 percent stake.

Another potential partner for a MOL bid for Gulf Keystone could be Russia’s Gazpromneft, a Gazpromneft source said. The source said Gazpromneft is currently developing fields in Kurdistan and that Gulf Keystone could represent an interesting target.

In mid-March, MOL announced it has launched early production from Bijell Field on its Iraqi Kurdistan Akri Bijeel Block.

The block is operated by MOL's 100% owned subsidiary Kalegran. Production at the Bijell-1B is around 3,500 barrels per day. Production at the Bijell-2, -4 and -6 wells will start later this year and at the Bijell-8, -9 and -10 blocks will begin in the first half of next year.

Kalegran holds an 80% working interest in Akri-Bijeel block and Gulf Keystone owns the balance. Kalegran and Gulf Keystone partner in the exploration of Kurdish Shaikan Block.

Minister Csefalvay spoke with IntelliNews/Capitol Intelligence at a Visegrad Group conference titled Central Europe: Innovative and Open for Business hosted by the US Chamber of Commerce in Washington, DC on March 24, 2014.

By PK Semler in Washington, DC

Time to buy coming soon.,.

">

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/fixed-income-investor-meetings/201404041631051356E/





4 April 2014

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")



Fixed Income Investor Meetings





Further to the Company's announcement of 19 March 2014, Gulf Keystone has now completed a series of fixed income investor meetings in the US, Europe and Asia.



A privately placed debt offering to institutional investors of up to US$250 million in accordance with Reg S/144A is expected to follow for next week's business, subject to market conditions.


The Company also informs today that this expected debt offering will include the issuance of warrants relating to up to 40 million common shares in the Company.



Further announcements will be issued in due course.

Gulf Keystone Petroleum Limited: GKP Rise Foretold By Formation of Bullish Technical

Published on Monday, 07 April 2014 08:21 / Written by Paul Williams

A host of technical indicators foretold of the positive price action we are currently witnessing on the GKP share price.
The Gulf Keystone Petroleum Limited (LON:GKP) share price is outperforming the markets on Monday having recorded gains of 4.33 pct after reaching 101.20.

The close on Friday was significant; a sudden late spike in the share price triggered a number of technical alerts that will have piqued the interest of the retail trading community.

Analysts at Recognia Inc picked up the formations, here are the bullish events that formed at the close of 97p and accompanying explanations:

Bullish "Hammer"

"The price may have reached the bottom of the recent downtrend, having recovered high up from a sharp decline for the session. The Hammer appears during a downtrend, displaying a long lower shadow with a small real body at the top of the range. The price may be developing a bottom and due for a reversal to the upside," say Recognia.

"Inside Bar (Bullish)"

"The balance between buyers and sellers, recently dominated by the bears, is evening out. We may see higher prices ahead. An Inside Bar develops during a strong downtrend, when the trading range is completely within the boundaries of the prior bar. This suggests the balance between buyers and sellers is becoming more evenly balanced i.e. a weakening in power for the bears and increasing in power for the bulls," says a note issued by Recognia on the matter.

Bullish MACD

Commenting on the Gulf Keystone Petroleum Limited (GKP) MACD, Recognia say:

"Bullish and bearish events are generated respectively as the MACD fluctuates above and below zero to indicate whether prices in the shorter term are stronger or weaker than the longer term average. A 9-period EMA of the MACD is overlayed as a "signal line" which smooths out the MACD to provide a clearer view of whether it's moving upward or downward.

"A bullish event is generated when the MACD crosses above the signal line, showing that the current MACD is actually higher than its average, a sign of increasing strength for the price. The opposite is true for bearish events which signal decreasing strength in price as the MACD crosses below the signal line showing that it's now below average."

MACD is a load of b*llocks panto and only works when back testing by fiddling the time periods to suite the scenario you want.

From Catslick on 3i


I dont know if these have been posted up here yet ( there are too many postings to trawl through ) But I plan to buy some of these new gkp bonds through Pareto

Details are ...

Issuer:
Gulf Keystone Petroleum Limited (Bermuda)
Guarantor:
Gulf Keystone Petroleum International Ltd. (Bermuda) as counterparty to the PSC in respect of the Shaikan Field
Initial Principal Amount:
Up to US$ 250 million
Status:
Senior unsecured bond
Coupon:
[12-13]% p.a., semi-annual interest payments
Settlement Date:
Expected to be [●] April 2014
Amortization:
100% at maturity
Maturity Date:
Expected to be [●] April 2017
Use of Proceeds:
Finance the continued development of the Shaikan Block; to finance required cash commitments related to other fields in which the Guarantor has a participating interest and any activity ancillary, complementary or reasonably related thereto and general corporate purposes
Call Options (American):
First 18 months: make whole @ US T+50bps, from 18-24 months: par+50% of coupon, from 24-30 months: par+25% of coupon, from 30-maturity: par
Principal Covenants:
· If minimum book equity to total assets falls below 40% for the Group for 60 days, noteholders will have the right to put the notes at 101%
· Debt Incurrence (Issuer, Guarantor and any Restricted Subsidiaries): Only if NIBD/EBITDA




Warrant Terms

Status:
Unsubordinated obligations of the Issuer ranking pari passu and rateably and without any preference among themselves
Format:
American call / exercisable at any time
Currency of exercise price:
USD
GBPUSD FX:
1.66
# of warrants (mill.)
40
Warrants per notes:
Each note will include 32,000 detachable warrants per bond, equivalent to 160,000 warrants per USD 1m of notes
Warrant duration:
36 months
Warrant strike price:
At the market, to be set at the VWAP between launch and pricing.
Provisions:
Standard anti-dilution protection in warrants
Governing Law:
English Law
Agent:
Agent, Registrar, Listing Agent for Warrants and Notes - Bank of New York Mellon

Please see Offering Memorandum for further details