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.

Tried to buy this am @59p but impossible on-line.

Oil India in talks for overseas assets - exec
Wed Sep 2, 2009 3:11pm IST
KOLKATA (Reuters) - State energy explorer Oil India Ltd, which is launching an IPO next week to raise up to $570 million, is in talks with about four companies overseas to buy stakes in producing assets, a company official said.
Oil India, whose main operations are in India's north-east region, already has projects in Libya, Gabon, Iran, Nigeria and Sudan.

"We are in talks with 3-4 companies to buy assets abroad," Narendra Bhalla, executive director of corporate affairs, told reporters on the sidelines of a conference, adding the company had cash reserves of 65 billion rupees ($1.3 billion).

He said the assets were producing blocks, but gave no details.

Chairman N.M. Borah had told Reuters in June the company was racing to acquire producing properties overseas, shifting focus from new fields, to capitalise on cheaper assets during the downturn and limit investment risks.

The company will start drilling its first well in its Libyan block by October, with a budgeted investment of $11 million, Bhalla said. Oil India and state-run refiner Indian Oil Corp each own 50 percent operating interest in the block.

"We would drill four wells in Libya by 2010/11," he said.

Oil India plans to raise as much as 27.8 billion rupees through an IPO, which opens on Sept. 7, making it the second state firm after hydropower generator NHPC Ltd to offer new shares to the public this year.

The company, which deferred an IPO last year amid the global financial crisis, has set a price band of 950 rupees to 1,050 rupees a share

Going great this am back to 75p.

September 2009 - News in brief

Iraq

Gulf Keystone Petroleum has made a "significant" discovery at the Shaikan-1 exploration well in the Kurdistan region. The well, which lies in the Shaikan Block, near Duhok, hit oil in the Sargelu formation. Preliminary test rates signalled a flow of 5,000-8,000 b/d. It said the oil properties for this section are comparable to the oil now being produced at the Tawke field, to the northwest of the block

Yes, nice to see it back in the blue, i topped up at 68p will have to wait for more funds to become available now

From another BB:

The key points regarding flow to me are "extensive fracture system" and "single resevoir" also "oil saturated throughout" the top section of the well is if I recall correctly lime stone and original RNS stated 8,000 bopd also no water, from my limited knowledge this combination will greatly increase flow and recovery(more pressure from depth and volume), My guess 25,000 bopd and 40+% recovery THUS FAR.

From the RNS

Drilling has now reached a depth of 1,710 meters and has encountered an oil column in excess of 170 meters within the Sargelu, Alan and Mus formations. At this stage, the Company believes this to be a single reservoir and hence an extension of the same discovery announced on 6 Aug 2009.

As previously announced, the Alan and Mus formations were identified as the primary oil bearing zones of interest for Shaikan-1, with total potential volumes of oil-in-place in excess of 1.5 billion barrels. The open hole log data, together with an extracted core from the new interval, confirm the presence of a extensive fracture system, which appears to be oil saturated throughout. Furthermore, no water has been encountered. This new data provides Gulf Keystone with grounds for a revised range of oil-in-place volumes of between 1.5 and 3.0 billion barrels for the oil encountered, thus far

On the move north again, we must be nearing some news shortly, the final drilling stage reached and then an RNS........

SMALL COMPANIES ROUND UP
Saturday September 5,2009

Gulf Keystone Petroleum rose to 73p
Saturday September 5,2009
By Daily Express Reporter GULF Keystone Petroleum rose p to 73p amid speculation its exciting Shaikan-1 oil discovery in Kurdistan had attracted Russian predatory interest.

INVESTORS CHRONICLES
4th Sept - 10th Sept, pg83

Takeovers in depth: Valuation Gulf

"Tatneft, the Russian-listed oil and gas group, could find UK's Gulf Keystone Petroleum an interesting opportunity, according to Russian government officals. Tatneft is looking at buys in the Middle East and Muslim countries, to exploit the unique-ness of its representing a region - Tartarstan - with a majority Muslim population in the Russian federation, the official said."

Saturday, 05 September 2009, 09:05 EDT
Two new oil fields found in Kurdistan


Flared gas burns at the Kirkuk oil field in June. AFP
By Aiyob Mawloodi
The Kurdish Globe


Kurdistan oil export to reach a million barrels per day

KRG plans to "increase its oil exports continuously until it reaches 1 million barrels per day in four or five years' time."

Two new oil fields have recently been discovered in the Kurdistan Region of Iraq by international oil companies operating in the region.

According to a report published in the UAE-based "The National," after explorations in the northern parts of Kurdistan Region, a British oil company discovered a large amount of oil reserves in the Shekhan oil field. The company announced that the reserve holds between 1.5 billion to 3 billion barrels.

In another part of Kurdistan, the Canadian Heritage Oil Company and its Turkish partner, Genel Energy, who are exploring and producing oil in Kurdistan, found another oil field in May 2009 with a reserve amount of 3 billion barrels of crude oil.

The report by "The National" also says that oil exports of the region are to reach 1 million barrels per day.

In this regard, Dr. Bayazid Hassan, a Kurdish member of the Iraqi National Assembly and member of the Oil and Natural Resources Committee of the Assembly, announced that the KRG is planning to increase its oil exports continuously until it reaches 1 million barrels per day in four or five years' time.

"Since the KRG started to export oil to the Turkish Ceyhan Port this year, there are efforts to increase the amount of exports from its current amount, which is 100,000 barrels per day, 60,000 of which is produced and exported from the Tawke oil field and the remaining 40,000 barrels from the TaqTaq oil field," MP Hassan told a local Kurdish news agency. "This amount is set to reach 250,000 barrels per day by the end of this year, and will increase even further to reach 450,000 barrels per day by the end of year 2010."

Hassan also said that the KRG is planning to boost its oil production and exporting capacity up to 1 million barrels a day within the next four or five years.

Kurdistan Region started exporting oil to world markets through the Turkish Ceyhan Port via the national pipelines connecting Kirkuk oil fields to the port.

All these oil activities of the region are being conducted under the Regional Oil and Gas Law inked by the Kurdistan Parliament in the second half of 2006, and without the existence of a national Oil and Gas Law.

This fact has been a source of outrage for some Arab Iraqi officials, especially Hussein al-Shahristani, the Iraqi Minister of Oil, who denounced all the oil contracts that the KRG has signed with foreign oil companies.

Al-Shahristani vowed several times to blacklist the international oil companies that have signed deals with the KRG. However, the KRG has always claimed that it has the constitutional right to exploit its natural resources for the benefit of its people and all the Iraqis, and that the oil contracts are in full compliance with the Constitution.

In a recent development, the Iraqi government recognized an oil contract that the KRG signed with the Chinese SENOC Company, according to which the company produces oil in the TaqTaq field, which is owned by Addax.

Regarding the recognition of this contract and the legality of all other KGR oil contracts, called production sharing contracts (PSCs), Dr. Ali Hussein Balo, head of the Oil and Gas Committee of the Iraqi National Assembly, says that none of the KRG contracts are illegal or in contradiction to the Iraqi Permanent Constitution, and the Iraqi government must recognize and approve all of them."

Dr. Balo added that recognizing any of the contracts will be welcomed by the KRG. According to him, if the contracts were illegal and unconstitutional, then none of those international companies would sign contracts with the KRG.

All hotting up for a bid.

no more so than before, just as the above article is interesting but actually tells us no more than was already known

I have been in this one since my first investment just below 6p and been adding up to 28p.

Perhaps more should be aware of it?!!

Interesting article.

Time for an update on drilling...crude up sharply today $3.2 that's quite a lot and this one down on no news....could be in for a sharp rebound here....it cannot go too far down with all the good news so far.

depends on whether you believe it, in 2004 they said they had found a 1 billion boe oil/gas field in Algeria now they are trying to get out of Algeria.

I can't remember the 1 billion boe in Algeria discovery....anyway it does seem that they have made a major disovery in Iraq and there could be more and there will be lots more wells to be drilled in other blocks so all in all this share looks like a beauty...I can see this going over a pound but whether it will or not is in the lap of the gods...I'm staying put for now.

the rumours surround the future....russian buy out/approach.....indian buy out/approach....size of discovery....more drilling progress report.....and more wells to drill.....so waiting is perhaps the right thing to do here.....anticipate another spike soon

Yes..there are far more reasons to be positive than negative about this one, what they already have discovered is remarkable in itself....

Remarkable..!