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.

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.,.

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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

explanation from catsick on 31

there will be no rns yet , the funding is not done yet , these bond details are being circulated by the brokers to drum up interest for the bonds, they are being pitched to me as a risky but high coupon investment with the added warrant kicker , the coupon is yet to be set , they need first to see how good the demand is then the thing will be sold and the strike of the warrant set

http://www.moneyam.com/action/news/showArticle?id=4788764

April 9 (Reuters) - Gulf Keystone Petroleum Ltd GKP.L : * Canaccord Genuity raises to hold from sell; cuts target price to 95p from 100p

Catching up and came across this,from thursday.


From belgrano on iii

From GKP 5 mins ago:

Thank you for your emails.

We are confident that the processing facilities employed at Shaikan PF-1 and shortly to be commissioned at PF-2 are fit for purpose.

You are quite correct that very early readings indicated a lower GOR than is currently known and the early EWT (Extended Well Test) system was designed on this basis.

However, since the decommissioning of the EWT facility and re-routing production via the Shaikan PF-1 in June and July 2013, the currently known GOR has been built into the design and operating specifications of the existing system. This takes the crude through a separator and heater and then strips the oil in a stabiliser column whilst sweetening the gas via an amine unit. The nameplate capacity of each PF is 20,000bbls/d and we are confident this is well within the operational scope of the plant.

We trust you will find this response useful. Meanwhile our technical team on the ground are fully engaged in the implementation of the Shaikan Field Development Plan.

Best regards,

Anastasia

Also,


4th Shaikan crude cargo.

After the crew change and fuel bunkering yesterday, tanker Marinoula has left Gibraltar Bay, seemingly heading for Gulf of Mexico, ETA 2014-04-25. I'm confident that its carrying Shaikan crude as transport costs preclude sending a small parcel of Iraq sweet crude all that way.

This is good news as the Shaikan crude now seems likely to end up as refinery feedstock. If so, it will have started along the road of getting market credibility. I read that GoM refineries, designed to handle sour Venezuelan crudes, are short of sour crude feedstock. They are over-supplied with sweet shale crudes due to the export ban.

I have experience of sour crude from the UK being regularly shipped to GoM. Its not unusual, though if it were to become a regular event for Shaikan crude, I would expect the tanker size to increase to reduce transport costs per BBL.

Via iii.
More from IR

Just phoned GKP IR and said that I and others were confused by the wording of recent RNS. IR explained that the wording was formalised by lawyers to ensure its validity in all jurisdictions including US.

I explicity asked these key points:

1) Is the bond fully subscribed and monies received?

From IR's response it would appear that the term "priced" with regards to bonds appears to mean that they are subscribed. In other words there are investors who have bid to buy them at that price. And that therefore "...has priced a debt offering of US $250m" means it is fully subscribed!

Payment should be received by the settlement date 17 April, when they will issue another RNS confirmation as they did for the convertible bonds.

2) Are the bonds trading on the Luxembourg bourse?

Yes. They are already trading from the trade date (8 April) on the Lux bourse under the codes provided by the book-runner DB.

(However, using the codes RegS bond: XS1056559245 / 144A bond: XS1056559088, I couldn't find them on the Lux bourse!! e.g. using
hxxps://www.bourse.lu/instrument/searchresults?searchtype=securities&code=XS1056559088&typeValeur=-1)

3) Regarding the Stabilisation RNS, are DB stabilising the share price or the bond price?

This is a technical issue, and a mandatory requirement. Questions would need to be addressed to the book-runner.

However, when I pressed the point, IR stated that this notice was nothing to do with the share price.

I hope that helps to clear up some of the confusion.

I must admit, overall I am very disappointed, as I had expected a significant sp rally when the "funding was sorted". In other words I thought the recent falls were due to fears about funding running out and debt financing not being forthcoming.

Good luck all investors.

SilkStillDreaming

News tomorrow of the funds.
---------------------------------------------------------------
This from a poster who tracks the oil tankers.
================================================


The report that KRG stored pipeline crude is being exported from Ceyhan might be true.

This morning there were four tankers waiting Ceyhan cargoes moored just outside Iskenderun Bay. Now there's no sign of three of them. Also the Russian cargo ship and trawler moored amongst them have disappeared off the tracker system.

If I had decided to start exporting KRG pipeline crude I'd probably try and do it without drawing attention to tanker movements, so I'd switch off the vessel transponders.

The Russian connection is that they used ships for spying during the cold war, and old habits die hard. I'm sure KRG exports are of interest to a fellow oil exporter. (We modified an ex-Russian ocean going tug into a Oil Support Vessel in the 1990's which had a 'spy room' that even the Captain had not been allowed into).

Iraq News Warnings of foreign companies in Iraq to a mass exodus
04/17/20140 Comments

Picture
BAGHDAD - "arenas of Liberation"
Specialized experts warned that Iraq will stand embarrassed in front of the foreign companies operating in the country that will face the great migration to future investment companies. U.S. oil giant "Exxon Mobil" has decided to liquidate its business in Iraq The director of the "media center" economic, Dargham Muhammad Ali, "The delay in approving the financial budget for the year 2014 will lead Iraq into an awkward position in front of foreign companies operating", adding that "most of the companies involved did not receive financial dues so far, what will drive them to a mass exodus of sites and work legally claim entitlement of Finance. "
"The failure to approve the budget would hurt the reputation of Iraq, and will reduce the confidence of global corporations financial device of Iraq," adding that "the World Bank will reduce the rating of Iraq as a state-funded sovereign Iraq as a result of the financial situation is stable."
http://goo.gl/dZ4xf3

----------------------------------------------------------------------------------------

16:40 Re: Exxon Pulling out of non-Kurd Iraq?? Rcmacf 8UP Look at this: HTTP://www.empireiraq.com/ See the four towers around the central tower? I hear XOM are taking one of those in its entirety. Above is from Rcmacf on 3i who has been on the ground in Kurdistan, and I think transferring there with work, Each of the four towers around the centre have 22 floors, you dont plan to take a whole building like that before you have started exploration drilling.
16:40
Re: Exxon Pulling out of non-Kurd Iraq??
Rcmacf 8UP
Look at this:
HTTP://www.empireiraq.com/

See the four towers around the central tower? I hear XOM are taking one of those in its entirety.

Above is from Rcmacf on 3i who has been on the ground in Kurdistan, and I think transferring there with work,
Each of the four towers around the centre have 22 floors, you dont plan to take a whole building like that before you have started exploration drilling.

A lot of claim and counter claim this Bank Hopiday,what effect that will have on te SP,we will soon know.

With MOL due to repprt on the 24th,it will be interesting to see how their updated
figures on AB stack up against the recent CPR? MOL stringly disagreed with the very conservative low ball OIP estimate,again not long to wait.

If as MOL suggest the figures are way uff the mark,what will that say about the CPR's
overall reoprt?

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