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.

pleased out way back as posted, pipe line must be connected before sp to rise.
another excuse & s/p to fall .

Something to calm the nerves????

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/shaikan-production-update/201406130700095375J/



Todd Kozel, Gulf Keystone's Chief Executive Officer commented:

"Our operations in the Kurdistan Region of Iraq are progressing in line with our previous guidance, whilst we remain alert to the current security situation in Iraq, which has recently escalated outside the Kurdistan Region. We projected that Gulf Keystone would reach 20,000 gross bopd of production by the end of Q2 2014 and, with the combined production from PF-1 and PF-2, we are now very much on schedule. On 4 June, Shaikan cumulative production reached our record maximum daily rate to date of 25,000 gross bopd. We look forward to exiting 2014 with 40,000 gross bopd of production.

ROLLS BUILDING
COURT 26
Before LORD JUSTICE CHRISTOPHER CLARKE

Friday 13 June 2014
At 10:30

APPLICATION
Part Heard
2010-1517 Excalibur Ventures LLC v Texas Keystone Inc (also known as "Texas Keystone Inc")

Sp should be far higher ...but with a civil war going on....

ref to earnings,taken from another bb.
---------------------------------------------------------------------------
Loglorry, $32 net back is calculated as below.

All figures with exception of domestic sale price per barrel taken from GKP's RNS mid-May.

Q1 - 836,205 barrels export
Q1 - 24,767 barrels domestic
Subsequent to Q1 - 7,163 barrels domestic.

Money received - in May $6,460,000
Money outstanding - $24,000,000

Total barrels - 868,135
Total revenue - $30,460,000

Price received per barrel $30,460,000 / 868,135 = $35.08

As this average price also includes domestic sales it does rather look as though GKP are receiving in excess of $35 per barrel for exported oil.

Domestic sales - $21.98 per barrel (see my post on the GKPIF site dated 21st April in the Articles / mnr.krg.org... thread).

Domestic barrels - 31,930.

31,930 x 21.98 = $701,821.

Export sales - 836,205.

Export revenue - $30,460,000 - $701,821 = $29,758,179

Export price per barrel - $29,758,179 / 836,205 = $35.58.

Estimated Money Received per Barrel
$21.98 - domestic.
$35.58 - export.

Export price is subject to a 10% Royalty Payment taking the $35.58 down to $32.02.

Money outstanding - $24,000,000
is that like undeclared bad debt?

http://video.cnbc.com/gallery/?video=3000284047

FD leaves with apparently very short notice
that won't cheer anyone

">

thanks,missed that,not the most compendent imo?

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/directorate-change/201406160700326502J/

http://www.forbes.com/sites/christopherhelman/2014/06/16/iraqi-kurdistan-set-to-become-an-independent-world-oil-power/
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Iraqi Kurdistan Set To Become An Independent World Oil Power
Comment Now
Follow Comments

Last Thursday, after ISIS forces captured Mosul and Kurdish fighters had moved into Kirkuk, I wrote a piece about how the Kurdish Regional Government might end up being the “unlikely losers” in the ensuing chaos. Its peshmerga forces were in danger of being stretched thin. Its two renegade tankers full of oil had no buyers. Surely, it seemed last Thursday, that President Obama would never dream of allowing Baghdad (and especially the Green Zone) to come under ISIS attack. Wouldn’t the U.S. prop up Maliki and ensure the survival of Iraqi federalism?

No. That article was wrong. As numerous readers were all too happy to point out. The Kurd forces appear to be comfortably holding their territory. The Baghdad airport is reportedly under attack. ISIS militias have brutally machine gunned hundreds of government forces. The U.S. government is evacuating diplomats from the Green Zone (a la the fall of Saigon). Iran is said to have sent Revolutionary Guard forces to Baghdad. Obama has urged Prime Minister Nuri al-Maliki to sort it all out diplomatically.

Iraq was an artificial state to begin with, its borders drawn by British bureaucrats with no regard to tribal territories. The consensus now, especially among Kurdish people, is that this “Iraq” will soon cease to exist altogether.

The Kurdish region is blessed with an estimated 45 billion barrels of oil, more than Libya. Exxon, Chevron CVX +0.91%, Total and many others have invested billions there to explore and drill virgin fields in concessions doled out by the Kurdish Regional Government. The KRG had not had any control over the supergiant Kirkuk field, which produced more than 650,000 barrels per day at its peak more than a decade ago. Like all mature fields in Iraq, Kirkuk was under the purview of the oil ministry in Baghdad, which contracted last year with BP to start rehabbing the field. The Kurds opposed the BP deal. With or without Kirkuk, the Kurdish region could readily sustain 400,000 barrels per day of oil production.

Baghdad’s control over Kirkuk may well be history now that Kurd forces are at long last in control of Kirkuk and have no intention of leaving. Writing on Twitter TWTR +0.3%, Fanar Haddad, of the Middle East Institute at the National University of Singapore, wrote: “Is it just me or has Kirkuk, an issue of massive complexity & contention & the possible source of a future war, been solved overnight?”

After the events of the last few days it seems the Kurds can now, at last, make their own rules. So what does that mean for those tankers full of Kurdish crude? The ones loaded in Turkey, which have drawn condemnation from Baghdad, which called the shipments illegal and threatened legal action against anyone who dared to buy them? They are reportedly still floating off the coasts of Malta and Morocco. With Kurdish independence appearing to grow closer every day, perhaps this will be the week when the world’s oil buyers put aside any concern of being blacklisted by Baghdad, and step up to buy them.

When it happens it will open the floodgates for Kurdish exports, and initiate a flood of cash to the Kurdish Regional Government, which is now moving inexorably closer to becoming an independent state, and a major world oil power.

Cyril, re post #4910. Those are my calculations that you've posted. I've reworked the figures based on the latest information and it now looks as though the net payback per barrel is $31.01. I reckon this must be down to the $1 per barrel Syrian Refugees payment. I can only assume the refugees deduction was taken subsequent to the previously posted calcs.

worth reading the whole of this article, so for once have not paraphrased .....


The Iraq crisis and its oil market impact


As the week-long militant offensive in Iraq continues, there have been numerous developments across both the Iraqi and global oil sector.

PRICES/SUPPLY

Brent futures are trading close to a nine-month high at $113/b, finding support from the ongoing fighting in Iraq

OPEC Secretary General Abdalla el-Badri said the oil market had been spooked by the ongoing violence, but stressed that Iraq's oil production had not been affected. He said that if the situation were to change in the coming months, OPEC would look again at what action it could take

The International Energy Agency said that Iraq's oil production should not be affected by the violence provided it does not spread further south. But it said the political hurdles faced by Baghdad remain "huge."

Exports continue from Basra in southern Iraq; oil minister Abdul-Karim al-Luaibi said June exports would likely average 2.6 million b/d.

Crude from the Kurdistan region is continuing to flow to Turkey at a rate of some 120,000 b/d, according to Turkish energy minister Taner Yildiz.

Genel Energy said it and its partners have boosted production from the Taq Taq and Tawke fields in Kurdistan as the increasing instability in therest of Iraq has boosted demand for refined products.

Resumption of exports of Iraqi crude via the Iraq-Turkey pipeline now seen as very unlikely in short-term.

Traders do not expect resumption of exports of Kirkuk oil until August at the very earliest

COMPANY SECURITY

BP and ExxonMobil have evacuated foreign workers from Basra out of the country.

Japan Petroleum Exploration Company, or Japex, is to evacuate staff from the Gharraf field.

Lukoil and Shell say there has been no drawdown of staff at their projects.

PetroChina said that while there were no plans to evacuate workers, but that it has prepared "contingency plans."

China's CNOOC has also reportedly prepared contingency plans.

South Korea's Daewoo Engineering and Construction has asked for a declaration of force majeure on its work at the troubled Akkas gas field in western Iraq.

South Korea's Kogas said its gas projects in Iraq could be delayed and that it was preparing for legal measures.

Producers in Kurdistan said operations continued as normal.

POLITICS

The prime minister of Kurdistan is in Tehran for talks with Iranian officials amid efforts to thwart the Sunni insurgent offensive north of Baghdad.

Arab foreign ministers are set to meet this week in Saudi Arabia to discuss what the Arab League on Monday called the "critical situation" in Iraq.

Kurdish forces have already taken control of the disputed Iraqi oil hub of Kirkuk to protect it against jihadists that have seized large chunks of the country.

The US is preparing to launch direct talks with Iran on how the longtime foes can halt a radical Sunni insurgency that has seized a swathe of Iraq.

Saudi Arabia has called for the quick formation of a national consensus government in Iraq, blaming Baghdad's "sectarian" policies against Sunni Arabs for the unrest now sweeping the country.

http://www.reuters.com/article/2014/06/17/iraq-kurdistan-exports-idUSL5N0OY2GD20140617?rpc=401&feedType=RSS&feedName=bondsNews&rpc=401

http://video.cnbc.com/gallery/?video=3000285240

http://www.bbc.co.uk/news/world-middle-east-27883997

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If my memory serves me right,the issue for the Sunni's is one of revemue.How will they support themselves as most of the oil is in the South and Kurdish regions.Worth checking post 4912 again.

I've just bought back in, this uprising sould well see all the keys finally get turned. Its no coincidence that America or UK isn't getting involved. It pushes Iraq to get on and deal with the Kurds.

the ruling shias first need to start treating the sunnis fairly
they're now reaping the whirlwind

http://blogs.telegraph.co.uk/news/davidblair/100276799/when-the-iraq-crisis-passes-the-kurds

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http://www.reuters.com/article/2014/06/18/us-iraq-security-usa-idUSKBN0ET2M420140618

More info on exports from Turkish media:--

'ANKARA – It was announced yesterday that oil from the Kurdistan Regional Government (KRG) will continue to be exported via the southern Turkish port of Ceyhan amid chaos caused by Islamic State of Iraq and the Syria (ISIS) militants. Turkey's Energy Minister Taner Yıldız said a third tanker carrying KRG oil stored in Ceyhan would transport oil for sale on the international market on June 22. "A third tanker is scheduled on June 22 to export the oil coming from northern Iraq," Yıldız told reporters yesterday in Ankara.'

'Irbil-based Kurdish news portal Rudaw reported on Sunday that Kurdish oil, the sale of which was impeded by Baghdad and Washington, has been sold to buyers in Austria and India.'


TTp://www.dailysabah.com/energy/2014/06/17/krg-oil-export-via-ceyhan-to-continue-despite-unrest-in-iraq