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.

Good news for(court ruling),still not to get too carried away though,what with the ISIS
probmem?

Share price has gone better than the morning spike and now around 110p+

Letter from Chairman.


Dear Shareholders
Since our Notice of the Annual General Meeting (“AGM”) was sent to shareholders earlier this week, we have announced a number of changes to the Board and therefore I felt that I should write to you to provide an update.
Gulf Keystone is in a period of change that represents the start of a new and exciting phase of our Company’s development. However, one of the biggest changes in our Company is the recently announced retirement of Todd Kozel as Chief Executive Officer (“CEO”). Todd’s contributions to Gulf Keystone are too numerous for me to recount in this letter. The Board has been conducting succession planning since December last year when Todd contacted me about retiring as CEO and transitioning to a different role in the Company. As part of this process, the Company has had a dialogue with the Kurdistan Regional Government’s Ministry of Natural Resources (“MNR”) to seek its views on potential options. In recent correspondence with the Board the MNR stressed the importance of Todd remaining with the Company in a senior capacity if he were to retire as CEO. The MNR considers the on-going involvement of Todd necessary to preserve continuity for Gulf Keystone and ensuring maintenance of the strong relationship between it and the Company. As a result of Todd’s new role, the Company will also still be able to benefit from his unique expertise on strategic issues and his experience in the Kurdistan Region of Iraq to help the Company continue to develop our assets in the region.
Based on its recent communications with the MNR, our key stakeholder, and the valuable contribution that Todd can continue to make, the Board views it as essential that Todd remains on the Board as an executive director upon his retirement as CEO. Given Todd is standing for re-election as a director at the AGM on 17 July, I felt that shareholders should be made aware of the position of the MNR and I would like to reiterate that the Board strongly urges shareholders to vote for Todd’s re-election.
With Todd retiring from the CEO role, our current Chief Operating Officer, John Gerstenlauer will assume the role of acting CEO and our current Financial Controller, Mary Hood has taken up the role of acting Chief Financial Officer. Both of these executives have proven their talents and abilities and the Company is in good hands. We have retained a world-class
executive search firm to recruit permanent replacements for these two critical positions, and we look forward to keeping shareholders updated on our search. For the CEO and CFO positions, we will seek to identify and hire executives with extensive experience managing technical and financial operations for a large publicly traded oil company and developing an asset of the size and scale of the Shaikan field.
We will be reinforcing the Board with the nominations of two new independent non-executive directors and we have already identified several excellent candidates. The end result of this process will be a Board united in its focus on the continued successful development of our assets in the Kurdistan Region of Iraq and the creation of shareholder value.
The Company is in a strong position to move forward and grow. Since the start of this year alone Gulf Keystone has moved from AIM to the standard segment of the Official List of the London Stock Exchange, secured full funding to achieve production of 40,000 barrels of oil per day, commenced export sales, established a payment cycle for Shaikan crude oil exports and completely removed the shadow of the Excalibur lawsuit. Those accomplishments leave the Company well positioned to execute our development plan and increase production from the current level of approximately 20,000 barrels of oil per day to 40,000 barrels of oil per day by the end of 2014. The ultimate goal of the Phase 1 of the Shaikan development is to reach 100,000 barrels of oil per day of production. This growth is expected to bring increased revenues and create significant value for our shareholders.
I would also like to update you today on the latest important development concerning the oil export shipments from the Kurdistan Region of Iraq via Turkey. The Kurdistan Regional Government (“KRG”) announced today that the Federal Supreme Court in Baghdad has unanimously rejected the request of the Federal Minister of Oil to rule against the MNR’s current oil exports. This binding ruling cannot be challenged and means that SOMO (the Federal Marketing Agency) and the Federal Ministry of Oil cannot legally prevent the oil exports from the Kurdistan Region of Iraq. You can read the KRG’s statement at

Lets hope we've got through all the bad stuff and see what this Company is really worth .

Questor: Gulf Keystone Petroleum remains a sell

The Kurdistan-focused oil group remains volatile and Questor says sell


Unpredictable investors


1. Gulf Keystone Petroleum (GKP) is a volatile stock. In the past 12 months, shares in the Kurdistan-focused oil group have run as high as 219¾p – in the wake of last September’s key court ruling that confirmed GKP’s ownership of the giant Shaikan field – and have fallen as low as 80p earlier this month, amid concern about the turmoil in Iraq. One of the main reasons for the swings in the share price is that GKP has a large and enthusiastic following of private investors. The stock is frequently a hot topic of conversation on the internet bulletin boards.


Takeover potential

2. The possibility that GKP may be taken over is a major attraction of the shares for investors. The reason the stock jumped after its court victory last year was speculation that GKP had become a bid target. The long-running court case was viewed by many investors as a deterrent to potenital suitors. The speculation has not gone away. Last week, GKP raced higher on renewed deal hopes. Todd Kozel, its founder, confirmed he had retired as chief executive and three other non-executives also resigned, developments that some reckoned could pave the way for a bid.


Turmoil in boardroom

3. That speculation proved unfounded and no approach materialised. Indeed, Questor believes the board turmoil, which included the finance director leaving earlier in June, should be taken as a red flag, rather than a buying opportunity. For example, the status of Mr Kozel remains unclear. He has been a focus of investor ire in the past, with his pay coming in for criticism. While he is stepping back as CEO, he is staying on as an executive director. A letter from GKP to shareholders, released on Friday, clearly indicates that this controversial figure will remain closely involved in the company.


Bear case stronger

4. Questor last looked at GKP on October 10, when the shares were priced at 171¾p. We recommended selling at the time and nothing has happened since to convince us to turn buyers of the stock. If anything, the bear case has strengthened. In March, the group cut the estimated size of its key asset, the Shaikan field. In April, the company sold $250m of bonds but unsettled investors in the process by warning that, if it did not get the debt sale away, it could run out of cash by the end of May. We remain cautious of GKP, even with the shares at these low levels.





http://www.telegraph.co.uk/finance/markets/questor/10932911/Questor-Gulf-Keystone-Petroleum-remains-a-sell.html

onwards & upwards

deal imminent wont be this cheap for long

http://www.shareprophets.advfn.com/views/6257/exclusive-gulf-keystone-to-announce-major-joint-venture-with-chevron-within-days-source

yeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Can you copy & paste please. Registered users only on advfn.

http://www.agm-gulfkeystone.com/public/docs/GKP_AGM_2014_NOTICE_OF_MEETING.pdf

Somwthing for the weekend.


http://www.washingtonpost.com/opinions/why-we-stuck-with-maliki--and-lost-iraq/2014/07/03/0dd6a8a4-f7ec-11e3-a606-946fd632f9f1_story.html

The Sunday Times Published: 6 July 2014

Gulf Keystone operates the Shaikan oil field in Kurdistan Gulf Keystone operates the
Shaikan oil field in Kurdistan

IN RESPONSE to last week’s story “Legionnaire’s last stand for ousted chief”, the Kurdistan Regional Government (KRG) and natural resources minister Ashti Hawrami would like to clarify that the KRG has not interfered in the internal affairs of Gulf Keystone Petroleum or any other company.

The KRG did not oppose the proposed departure of the chief executive, Todd Kozel, because of minister Hawrami’s alleged “personal support” for him, as your article claimed. The KRG did not and does not take a position on Kozel’s role.

The KRG’s position has always been to protect and enhance the value of the Shaikan oilfield, for which Gulf Keystone is the operator under the production-sharing contract.

The KRG was obliged to defend its position after learning of allegations that some Gulf Keystone board members appeared to be partly or highly conflicted in their business interests. There was concern that these conflicts also created the potential for predatory behaviour that could undermine the value of the asset and therefore harm the KRG’s position. The KRG has a 20% stake in the Shaikan oilfield as well as rights to a significant share of the profits it is expected to generate.

The KRG asked Gulf Keystone to address the government’s concerns, which were subsequently reinforced in a report written after an internal investigation by Gulf Keystone and submitted by its chairman to minister Hawrami.

In this light, the KRG informed Gulf Keystone that under powers granted by the Kurdistan region’s oil and gas law of 2007, the KRG might consider changing the operator of Shaikan and convert the KRG’s 45% interest in Gulf Keystone’s profit to an additional equity position in the production-sharing contract. The KRG still awaits a formal response from Gulf Keystone as to how the government’s concerns will be addressed and remedied.

Michael Howard senior adviser to the minister for natural resources, Kurdistan Regional Government, Iraq

Some nerviousness regarding the Times article,one view below?
----------------------------------------------------


LSE--CHEERS

NickiMinaj
Posts: 136
Off Topic
Opinion: Strong Buy
Price: 98.25
Crystal clear, I think!Today 11:28Surely it's all pretty straightforward?

1. the KRG opposed the appointment of Jeremy Asher and John Bell to the board last July. Their views were expressed in the RNS issued by Simon Murray shortly after his appointment to the position of Chairman.

2. the KRG have now let it be known publicly that certain board members had been involved in what appears to be an attempt to sell Gulf Keystone Petroleum to a predator at a price that does not reflect the value of the assets, the KRG somehow found out about this and told Simon Murray, who had it investigated.

3. Simon Murray and Andrew Simon (Gulf's Senior Independent Director) flew to Erbil two weekends ago and discussed what action to take with the KRG.

4. Simon Murray and Andrew Simon flew back to London, held a board meeting on the Tuesday, at which Jeremy Asher and John Bell were removed by the board in accordance with the company's bye-laws. Thomas Shull then resigned the following day.

5. the KRG does not appoint directors to the boards of publicly listed companies (at least, those in which it is not a direct shareholder: in which circumstance it would be perfectly able to do so if it so wished). But the KRG has certain criteria regarding what qualifies a company to be an Operator of a Production Sharing Contract and a participant of a PSC. These aspects were discussed at some length at the trial, in the context of Excalibur's failure to qualify as a potential participant of a PSC because of its failure to meet a number of specific KRG requirements.

6. the KRG have now warned that if the shenanigans were to continue, they might then alter the PSC composition. This would mean that the current situation, in which Gulf and Texas have 54.4%, MOL has 13.6%, and the KRG has as a direct stake + Back In Rights of 32% (I believe these numbers are broadly correct) would be changed, so that the Gulf + Texas percentage would go down from the 54.4%, in return for a bigger payment per barrel to Gulf, and the KRG's percentage would correspondingly go up.

7. by transferring (say) 24.4% of the current Gulf share of the PSC into a higher payment per barrel, with a consequent reduction in the percentage of the PSC, the new PSC composition (on this hypothetical example) could then be:

KRG 56.4%
Gulf + Texas 30%
MOL 13.6%
Total above = 100%

8. the KRG could then take over operatorship, and bring in a new operator to act on its behalf. Gulf would cease to be operator, because of a combination of minority PSC stake and also possible unsuitability, and it would become a non-operating minority partner.

Such potential moves were hardly difficult to predict...

But it seems that some would be 'movers and shakers' failed to think it through.

You can't fight City Hall!

Down 5%(8%max)3 nillion traded,so no great sell off.10 days ti the AGM,after which we can get to some sort of normality?

KRG Notice To All Crude Oil Buyers From SOMO

WED, 9 JUL 2014 20:55 | KRG.org




Erbil, Kurdistan (MNR.KRG.org) - Under Article 112 of the Iraqi Constitution, the Iraqi federal government is legally required to distribute oil and gas revenues from present fields “in a fair manner in proportion to the population distribution in all parts of the country.”

Under Article 112, the KRG is entitled to 17% of all proceeds from oil sales by the Federal Oil Ministry and the State Oil Marketing Organisation (SOMO) (or any other division of the Iraqi federal government).

The KRG has the right, in circumstances where the Iraqi federal government is not sharing revenues in accordance with the Iraqi Constitution, to take such action as the KRG considers appropriate to obtain all entitlements the Iraqi federal government is required to pay to the KRG under the Iraqi Constitution. This right is reflected in Kurdistan law.

Since at least 2005, the Federal Oil Ministry has failed to comply with its constitutional and legal duties to the KRG, including under Article 112. The Federal Oil Ministry and SOMO continue to sell and to seek to sell oil, gas and other petroleum products to third parties, and to retain the full proceeds of such sales, all in violation of the KRG’s express constitutional and legal rights, and without the participation or approval of the KRG.

In these circumstances, and until further notice, Article 112 legally precludes the Federal Oil Ministry and SOMO (or any other division of the Iraqi federal government) from selling oil from Iraq without the approval of the Kurdistan Region, as a producing Region. Oil sales by the Federal Oil Ministry, SOMO, or any other division of the Iraqi federal government are therefore in violation of the Iraqi Constitution and international law, and may be outside the scope of their authority.

The KRG notifies all persons that have purchased or may purchase oil or gas from any division of the Iraqi federal government, including the Federal Oil Ministry or SOMO, that the KRG will consider such buyers and those who have facilitated shipments on their behalf or on behalf of SOMO as colluding in, supporting, or facilitating violations of the KRG’s rights (including under the Iraqi Constitution and/or international law), unless such buyers pay the KRG 17% of the purchase price, reflecting the share to which the KRG is legally entitled.

Buyers who fail to make such payments to the KRG will be facilitating the Iraqi federal government’s breach of the KRG’s rights and passing to the Iraqi federal government monies that rightfully belong to the KRG. Such buyers will also run the risk of paying funds to the Iraqi federal government pursuant to arrangements that may be outside the authority of the Iraqi federal government under the Iraqi constitution.

The KRG will take such legal action against buyers of oil from the Federal Oil Ministry and SOMO (or any other division of the Iraqi federal government) as may be necessary to protect the KRG’s constitutional and legal rights.
Http://www.krg.org/a/d.aspx?s=040000&l=12&a=51847

http://uk.advfn.com/news/DJN/2014/article/62880056
http://www.theguardian.com/world/2014/jul/11/kurds-withdraw-support-iraqi-government-without-president

The US has given Iraqi Prime Minister Nouri al-Maliki a two-week ultimatum to leave his post and allow Iraq’s political parties to resume the formation of a new government.

Reports from Washington claim that there will be a US National Security council meeting in the near future, regarding the future of Maliki and finding a suitable replacement.

The Obama administration has allegedly talked and convinced former Iraqi Defense Minister Abdul-Qadir al-Obaidi to return to Iraq and talk to the Sunni leaders about joining the new Iraqi government.

Al-Obaidi, an Iraqi Sunni was Defense Ministry during Saddam Hussein’s era and was the Defense Minister of Iraq from 2006 to 2010.

Since he left his post Al-Obaidi has lived in Washington and has obtained US citizenship. He has good relations with US officials as well as Sunni leaders who are currently against Maliki’s government and supporting the militia groups who are fighting Iraqi army.

Meanwhile, local Iraqi media reports that through its embassy in Baghdad the White House is in talks with Iraqi Shiite leaders, Ammar Al Hakim, head of the Islamic Supreme Council of Iraq and Influential Iraqi Shia cleric, Muqtada al-Sadr to find a Shiite replacements for the Iraqi Prime Minister post and replace Maliki.

Http://basnews.com/en/News/Details/US-working-to-find-Maliki-replacement/26569

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Senior officials from US Department of State have urged Iraqi Kurds to cooperate with Iraq’ s federal government and form a united government as soon as possible.

On Thursday, Kurdistan region President Massoud Barzani met with United States Deputy Assistant Secretary of State for Near Eastern Affairs Brett McGurk and a senior delegation from the State Department in Erbil and talked about the current Iraqi crisis.

According to the official website of the Kurdistan Region President Barzani told US officials on Thursday that they won’t abandon plans of achieving Kurdish rights and will continue to work towards them.

Sources close to the matter, told BasNews that McGurk has asked Barzani to give one more chance to Baghdad and if this doe not work, they can choose their destiny.

After recent developments in Iraq and attacks by the Islamic State of Iraq and Sham (ISIS) on Mosul and other Sunni cities in the region, the Peshmerga took control of Iraq’s disputed territories, raising talks of Kurdish independence.

BasNews has learned that McGurk allegedly said that if the Iraqi government didn’t succeeded then KRG has the rights to choose their path and US won’t block any decision the Kurds take regarding their region.

Washington has continually urged Kurds to remain part of Iraq and form the new government as soon as possible, as the division between Baghdad and Erbil continues to widen.

Http://basnews.com/en/News/Details/US-officials-to-Barzani--Give-lraq-one-last-chance-/26603

A realistic post from another board(AGM thursday).


GKP do normally release an Operational Update on the morning of the AGM. This should contain a production update although I wouldn't expect anything dramatic as the previously announced SH1 & 3 workovers should be ongoing with the slack taken up by the other producers. Maybe something interesting on PF2. The only SP driver here would be anything above guidance which is a slow ramp up to 40k by year end.

We could see progress on SA3 numbers, maybe something on Shaikan connectivity.

What I am really hoping for is an OWC figure from SH7 which could give us indication of a CPR upgrade. That would be a real driver for the SP.

Just guessing again of course but the company really do need to brighten the future a little what with all the negativity.
Cheers

AGM tomorrow,hopefully an op's RNS?

No RNS this am,disappointing although still time before the AGM ??

great news tk out - will smash the £1