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.

indeed - nice recovery play though happening before our eyes - tasty increments ;

indeed :-)

Full document

Agreement of the Akri-Bijeel Field Development Plan

Budapest, 14th August, 2014
Agreement of the Akri-Bijeel Field Development Plan
MOL Plc. hereby informs the capital market participants that the Field Development Plan (FDP) for the Akri-Bijeel Block in Kurdistan has been agreed upon by the Minister for Natural Resources and shall be formalized in the forthcoming management committee meeting.
MOL Kalegran Ltd. (a 100% subsidiary of MOL) has operating in Kurdistan since 2007 and is the Operator of the Akri-Bijeel Block. The Operator announced two commercial discoveries in the Block. The FDP is based on these two discovery areas, i.e. Bijell area and the Bakrman area. The development will be done in two phases, phase one objective is to allow the Operator to better determine key factors such as the minimum reserves base, recovery factor, optimum surface facility design and overall life of field development cost. Phase I will start immediately with 4 drilling rigs and 1 work over rig to help reduce the overall timeline with front-end-loading wherever possible for Phase II.
An EWT (extended well test) facility with 10 mboepd capacity is already producing without any disruption on the Bijell area and the Operator intends to put in operation further rented temporary facilities to ramp up the production from both area’s to 35 mboepd in 2015. Following the determination of necessary number of wells and infrastructure, including an export pipeline and state of the art Central Production Facility, the Operator intends to increase the production of the block to an expected minimum of 50 mboepd by 2017-18.
Mr. Alexander Dodds, Executive Vice President for E&P MOL Group stated: “We are extremely pleased with the principal approval for the FDP (field development plan) for Akri-Bijeel Block, I have personally been involved in this initiative from the beginning. Today marks a very important step for the whole Group in such an important region, which wouldn’t have materialized without the support of the Ministry of Natural Resources. We look forward to further cooperation from all our stake holders to achieve our ambitious production targets. I would like to reinforce MOL Group's intention to increase investment in Kurdistan, especially in view of the investor friendly policies of His Excellency Minister for Natural Resources.” The Kurdistan Regional Government Minister for Natural Resources His Excellency Dr Ashti Hawrami stated: “This shall greatly contribute to the production target set by the ministry of 1million barrels of oil per day. This is an excellent contribution to the exchequer.”

Agreement of the Akri-Bijeel Field Development Plan



hTTp://bse.hu/newkibdata/117629084/mol20140814er01e.pdf

http://edition.cnn.com/2014/08/14/business/oil-iraq-defterios/index.html?hpt=ibu_c1

From Reuters...

Capacity to double on Iraqi Kurdistan oil pipeline -sources
19-Aug-2014 13:15
DUHOK, Iraq/ANKARA, Aug 19 (Reuters) - The capacity of Iraqi Kurdistan's independent oil pipeline will almost double to at least 200,000 barrels per day by the end of this month, increasing the semi-autonomous region's exports and revenue, industry sources and officials said.
Oil revenues are a lifeline for the Kurdish Regional Government (KRG) in northern Iraq, whose peshmerga forces are being supported by U.S. air strikes in their battle against the radical Sunni militants of Islamic State.
"Work to increase the capacity will probably be completed by the end of this month. Once it is completed, pumping can increase to up to 220,000 barrels per day (bpd)," one Turkish official told Reuters.
Industry sources also said the capacity of the pipeline, which began operating at the start of this year, was set to rise to around 200,000-220,000 bpd from 100,000-120,000 bpd before the flow stopped for upgrade work.
The KRG began independently exporting its crude via the Turkish Mediterranean export terminal of Ceyhan in May, a move that has infuriated Baghdad, which claims the sole authority to manage Iraqi oil. (Full Story)
Baghdad has tried to block KRG's oil sales and prevented some cargoes from discharging through legal action, but the Kurdish enclave has managed to load seven export cargoes from Ceyhan, according to Turkish Energy Minister Taner Yildiz.
So far, 7.8 million barrels of Kurdish oil have flowed through the independent pipeline, of which 6.5 million have been loaded onto tankers for export

">

though sp has been gently ticking north in the last few days, it remains a light year away from its highs, and even a good way short of 200 dma

True,will take quite sometime to recover.Perhaps the following has helped?


Baghdad (IraqiNews.com) The Iraqi Deputy Prime Minister for Economic Affairs, Ruz Nouri Shawis, announced that the Iraqi Ministry of Finance “started to pay the financial dues for the foreign oil companies operating in Kurdistan Region.”

A statement by Shawis’s office mentioned on Tuesday that “The Finance Ministry within the Iraqi Federal Government started to pay the dues of the foreign oil companies working in the Kurdistan Region.”

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/half-yearly-report/201408280700521839Q/

"The Group is dependent on existing cash resources, which totalled $177 million at 26 August 2014, together with production revenues from its interest in the Shaikan Block, in order to meet its future working capital and capital expenditure requirements. The receipt of revenues from export sales is, therefore, critical for the Group's ability to continue as a going concern.

The Group's management has a number of options whereby it can affect the rate of spend of the Group's cash resources. As operator of the Shaikan and Sheikh Adi blocks, the Group has significant control over the rate at which it incurs expenditure on these blocks, including commitments incurred to increase production capacity from 40,000 to 66,000 bopd. Akri-Bijeel is considered to be a non-core asset to the Group's portfolio and management continues its efforts to explore options for the Group's 20% working interest in this Block.

Further, existing cash resources may be enhanced over the next 12 months from the date of this report if, under the terms of the Shaikan and Akri-Bijeel PSCs, the exercise of the Government Options and/or the Third Party Options for either or both of Shaikan and Akri-Bijeel take place. At 31 July 2014, the associated reimbursement of costs would result in cash receipts to the Group in excess of $165 million, as well as a reduction in future expenditures following the dilution of the Group's working interest.

Whilst the Directors believe that one or more of the above events are likely to occur, if none of these events occur, and the Group is unable to otherwise enhance its existing cash resources, then the Directors would expect the Group to require additional working capital in the foreseeable future. Owing to the criticality of cash receipts from export revenues to the Group's ability to continue as a going concern, the Directors consider that in light of the inconsistency of payments received in the six month period to 30 June 2014, and, that while a stable and reliable payment process for export sales is not yet fully established, a material uncertainty exists over the Group's ability to continue as a going concern."

oil pipe still not connected to main pipe line trigger fo me to buy,i think not
cash low , nav its lower than 77p ? poor statement am out way back.. 40k
bopd is it a pipe dream ,

1 October 2014



Gulf Keystone Petroleum Ltd. (LSE: GKP)



Shaikan Production and Sales Update

Gulf Keystone Petroleum Limited, an exploration and production company with operations in the Kurdistan Region of Iraq, today provides an update on the Company's operations at Shaikan, its key producing asset.

The Company remains focused on achieving the target of 40,000 barrels of oil per day ("bopd") of production capacity from the Shaikan production facilities ("PF-1" and "PF-2") in line with our Half Year Report schedule published on 28 August 2014. The Company's staffing levels in the Kurdistan Region, including all key international contractors, returned to normal in the first half of September.

In the period since 28 August 2014, Shaikan PF-1 and PF-2 production has been achieving stable rates of approximately 23,000 gross bopd from three wells at PF-1 and two wells at PF-2. The work on the flowlines to connect additional production wells, Shaikan-7, -8 and -10 later in 2014 is on-going.

Trucking operations from PF-1 and PF-2 continue with approximately 70% of the current production trucked as export crude oil to the Turkish port of Dortyol and sold to the international market by Powertrans, an authorised transportation and marketing agent of the Kurdistan Regional Government's Ministry of Natural Resources ("KRG" and "MNR"). Seventeen cargoes totalling approximately 4.0 million gross barrels of Shaikan crude oil have been sold to the international market since the Shaikan crude oil export sales began from Dortyol in January 2014.

As previously announced, constructive discussions surrounding a payment cycle for past and future Shaikan export crude oil sales are progressing with the MNR, while the Company is awaiting further payments for export sales.

Approximately 30% of the current Shaikan production is being sold to domestic buyers in the Kurdistan Region. Since the publication of the Half Year Report, the domestic market has been providing steady revenue with approximately 220,000 barrels gross sold since 28 August 2014 generating US$9.4 million in gross revenues. The cash receipts associated with these sales as at 30 September were US$5.9 million.

The Company's Q3 2014 Interim Management Statement will be published on 30 October 2014.

John Gerstenlauer, Gulf Keystone's Chief Executive Officer commented:

"Receiving steady revenues from our domestic sales is positive as we continue our constructive discussions regarding a stable payment cycle for past and future export sales. With all personnel now back in country, we are making good progress and look forward to reaching our target of 40,000 gross barrels of oil per day. We continue to manage our expenditure in a prudent manner in order to maximise production, whilst actively pursuing options regarding the Company's 20% working interest in the Akri-Bijeel Block."

the maths @ 40k per day x 365 =....... x$ 42 =613,200,000 X 10% profit $ 61 m to
cover expenditure per year. to buy this stock undecided due to area troubles

Seems that 23kbopd is being achieved at present(via [pi's contacting co.)? If true the following might have an effect,although still a war zone though.

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


From iii


This is a major political breakthrough as the budget now includes Kurd oil revenue figures (I'm assuming sold & forecast). So the oil export is legal, Abadi has indicated Kurd salaries would be paid once finance figures in place & Kurd Ministers in ICG are swore in, which is all planned for Tuesday in Parliament & Cabinet Mtgs, but things always slip to the right from a timing perspective so hope for once they hold to schedule.........

Relevent paragraph from below article.............

He added that the cabinet will discuss the report of the Ministry of Finance concerning the state budget, which includes figures related entitlements federal budget revenues from the export of oil from the Kurdistan region, noting that the budget approval will allow the launch of the amounts allocated for the implementation of service projects stalled in government departments and institutions.

.....................................................................
Next Tuesday .. discuss the final report of the 2014 budget
9-3220.jpg

10/12/2014 0:00

BAGHDAD - Alaa al-Tai
Discusses the Council of Ministers in its meeting to be held next Tuesday's budget report last year, 2014 and forwarded to the Parliament for a vote.
The director of the Office of the Prime Minister Mahdi Keywords Speaking »Sabah», he is scheduled to hold a cabinet its the day after tomorrow «Tuesday» to discuss the report prepared recently by the relevant committee about the budget year of 2014, which includes the change data and budget figures that can be of authentication through the Council of Ministers and forwarded to the parliament for approval.

He added that the cabinet will discuss the report of the Ministry of Finance concerning the state budget, which includes figures related entitlements federal budget revenues from the export of oil from the Kurdistan region, noting that the budget approval will allow the launch of the amounts allocated for the implementation of service projects stalled in government departments and institutions.

In a related context, student director general of planning and follow-up in the Ministry of Transport, Samir al-Karkhi, Parliament to expedite the adoption of the budget in order for the Ministry of implementation of projects stalled and the launch of the amounts allocated to them, amounting trillion and 500 billion Danar.ocd in a statement »morning», said the building projects ports, ships, airports and Rehabilitation rail lines and other strategic projects stalled due to delay in approving the budget and the lack of financial allocations to them.

In the view of Congress that approving the budget is a major challenge to the government bypassed the Parliament and success in this challenge to deliver a good picture of the international organizations and the International Monetary Fund about the performance of the current parliament and the government.

The Commission was tasked to hold the amendments to the budget, completed the majority of the amendments on the draft federal budget for 2014, to discuss the project in the Council of Ministers and forwarded to the House of Representatives after the Eid al-Adha and approved by the parliament as soon as possible.
And confirms the politicians and observers in economic affairs that there are some practical problems surrounding the budget year, the current caused by variables security and a state of war against Daash which were not previously existed on the scene, which led to exchange large amounts exceeded the level of emergency budget which was formed 2 percent than the exchange in this war and in turn led to the delay in approving the budget for the current year.

They noted that the approval would not be feasible, especially as the majority of the amounts allocated for investment projects disbursed to the gates were not classified them cover the costs of the war and the money that has been spent for the displaced and others, which led to the creation of an economic crisis and created financial burdens. hxxp://www.alsabaah....w.aspx?ID=78987


Read more: hxxp://dinarvets.com/forums/index.php?/topic/188555-next-tuesday-discuss-the-final-report-of-the-2014-budget/#ixzz3FunZeYFx

From iii Fordian:

Great news from MOL reported in MEES Magazine on Friday:
hxxps://www.mees.com/

Key points:

-MOL Group's E&P Executive Vice President Alexander Dodds has stated that MOL are discussing buying ALL Shaikan and AB oil directly for their own downstream operations. He is in Erbil this week to discuss the arrangement. "Ideally the arrangement would be for whatever can be produced and exported from both Shaikan and Akri Bijeel".

- They are looking to increase their holdings and "actively pursuing other investments in Iraqi Kurdistan".

- "very good relationship" with GKP and looking to maximise efficiencies between their two blocks.

- Dodds implies the delays in pipeline plans are due to uncertainty over recovery factors in AB which are currently being tested in a number of wells across their two fields. They are still actively discussing this with the MNR and the 1st phase of development, to be completed in Q1 2015, should provide the answers (to the reserves and resources questions) so they can make a decision.

My take on the tone of his comments are that MOL and GKP are in the process of having a very neat take and pay agreement set up, that would obviously be very good for MOL but also guarantee payment for GKP. With restrained CAPEX requirements for GKP I can imagine some form of farm down or disposal of their AB share directly to MOL but we'll see.

Gulf Keystone wins $51m in suit

Ian Britton/TradeWinds
SHARE STORY
inShare



Contact us

Eoin O'Cinneide 23 October 2014 11:09 GMT
Gulf Keystone Petroleum has had more joy in its settled dispute with Excalibur Ventures over acreage in Kurdistan after a UK judge ordered backers of the latter’s failed legal case to pay the explorer almost $51 million.

The draft law of oil and gas on the table heads of bloc

23/10/2014

The draft law of oil and gas on the table heads of blocsThe Commission on oil and energy in the House of Representatives, said that negotiations are currently underway between the leaders of the blocs to reach agreement on a final version of the draft law of oil and gas, oil and an end to the dispute between the federal government and the Kurdistan Regional Government.

He told committee member Hussein by Radio Free Iraq that “the Commission is considering the possibility of drafting a new oil and gas law satisfies all parties.”

The last part of stressed member of the Kurdistan Alliance, Mahmoud Othman on the need to speed up the adoption of a new law for oil and gas to resolve all differences between the government and the provincial government Alathadbh.

To see that the legal expert Tariq Harb said that “the draft law of oil and gas as the previous need some simple modifications,” explaining that “the adoption of this law will establish the Council of federal oil, which would end the differences between the parties relating to oil all”

The deputies stressed that differences of oil between Arbil and Baghdad will end according to Articles 111 and 112 of the Iraqi Constitution, as stipulate that oil and gas belongs to all Iraqis, and that the federal government in coordination with the oil-producing provinces are drawn oil policy strategy to achieve the greatest benefit for the Iraqi people.

iraqhurr.org

http://iraqidinarchat.net/?p=31089

Next month Kurdish oil exports are expected to increase significantly, according to a member of the Iraqi Kurdistan Parliament.

Kurdish MP Dilshad Shaban told BasNews that export of Kurdish oil to Turkey continues and will increase considerably in the near future. It is seen as a quick way to ease the current economic pressures facing the Kurdistan Regional Government.

“The extra revenue from oil sales into the Kurdistan Region will be used to pay government employees’ salaries in the future,” Shaban said.

He also rejected reports claiming that Turkey has confiscated some Kurdish oil revenue, saying that the money is currently being held in the Turkish HalkBank and will be released to the Kurdistan Region shortly.

“Currently the region exports about 240-250,000 barrels per day and in the next two months, that will increase to 400,000 barrels per day. With the increased revenue the government can manage local needs, especially the salaries owed to Kurdish government employees,” added Shaban.

The central Iraqi government stopped sending Kurdish employees’ salaries nine months ago and the Kurdistan Region has faced the harsh realities of life without the federal budget since then.

In the past a few years, Erbil and Baghdad have been at loggerheads over the issue of Kurdish oil exports, with the KRG saying it’s their right and Baghdad accusing them of violating the Iraqi constitution.

Since May 2014, the KRG has officially exported its oil through independent oil pipelines to Turkey and so far 25 Kurdish oil tankers have been exported to the international market from the port of Cihan, a total of 11 million barrels.

Up 22% what is going on.

news