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.

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?

">

bad estimates have more strength than good ones, will go back in @20k bopd ?

From a trusted pi.
Had a chat with Anastasia recently.

She quoted almost verbatum from the email sent to m5, `unfounded + misleading` and also mentioned `armchair geologists`- wonder where she got that from. She aslo said they couldn`t RNS for every bulletin board criticism . She suggested, as I thought she might, looking again at the CPR presentation for definitive explanation of what GKP think is occurring.

SA-3 is testing the Jurassic. and SH-7 is expected Q2. Payments are only due about now in the `cycle` ie 3months after the first of the 5 loads that were exported...

Producing 15k-16k form PF-1.


--------------------------------------------------------------------------
htTp://ir.mol.hu/sites/default/files/MOL%20Plc%20Annual%20General%20Meeting%202014%20Proposals.pdf

Something is happening today

after the Intraday retracement I got some at 92.50p
THERE WAS A 61.8% INTRADAY RETRACEMENT AT 92P
and a double bottom at 84p during the last 4 day

Kurdish oil export to world ‘starts in May,’ Arbil and Ankara declare

Kurdistan Regional Government (KRG) Prime Minister Nechirvan Barzani said they will start exporting oil as of May 2 – with or without the central Iraqi government’s consent, speaking in an interview with Iraqi news outlet Rudaw.

“We have stored oil there and on May 2 we will start selling it,” the Kurdish prime minister was quoted as saying in the interview reported on April 28.

Turkish Energy Minister Taner Yıldız on April 29, one day after Barzani’s interview, confirmed the announcement, saying the Kurdish government may start selling oil in May.

“This oil belongs to Iraq; they may begin its export in May,” he said, answering reporters’ questions in Norway, where he went to meet with several representatives of the energy sector.

Read more: hxxp://gkpinvestor.proboards.com/thread/4891/kurdish-export-world-starts-arbil#ixzz30Gvw9ogA

Also strong on the US / OTC

http://www.gulfkeystone.com/media-centre/video-library

Taken from yesterdays 2013 Annual Accounts - Reserves and resources upside

With the potential to add significant further upside to reserves and resources we hope to obtain and evaluate results of the Shaikan-7 exploration well, currently targeting deeper Triassic and potentially Permian horizons in the Shaikan block, we plan to side-track the original Shaikan-6 appraisal well to allow better understanding of the oil water contact levels in Shaikan. Subject to the results from Shaikan-7 we will need to prepare a review of the Shaikan FDP to include Cretaceous, Triassic and potentially Permian developments. We will continue to appraise the Sheikh Adi discovery and target additional exploration prospects on the block while we make decisions regarding early production and development.

Another good rise today as it reaches 98.50p +4p

the 5 days chart looks very good on a incline rise since the 28th

TK to go?

http://news.sky.com/story/1253465/oil-firms-controversial-chief-heads-for-exit

http://uk.reuters.com/article/2014/05/01/gulf-keys-petr-ceo-idUKL3N0NN4UB20140501