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.

Some quotes from the conference.
------------------------------------------------------------------------------------
Botan Mahmoud Osman retweeted
Stirling Group ‏@Stirling_Group 14m14 minutes ago

"Future of Kurdistan's economy & energy industry looks increasingly brighter, esp. considering recent agreements." Ian McDonald, Chevron VP
0 replies 1 retweet 0 favorites
Botan Mahmoud Osman retweeted
Stirling Group ‏@Stirling_Group 2h2 hours ago

"We urge international community to assess situation in Kurdistan, & acknowledge KRGs role." HE Dr Ashti Hawrami @CWCMENA #Kurdistan #Iraq
-------------------------------------------------------------------------
Wladimir ‏@vvanwilgenburg 27s28 seconds ago

Dr Ashti Hawrami says Baghdad would loose court battle against Kurds, better to stop it, than loose #CWCKIOG #twitterkurds

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

Wladimir retweeted
David Sheppard ‏@ReutersSheppard 6m6 minutes ago

#Iraqi Kurdistan #oil minister Ashti Hawrami touring the #Exxon stand. Unthinkable just a few years ago.

Wladimir retweeted
Alan Mohtadi ‏@tawaksham 2m2 minutes ago

#KRG min for natural resources: says exports to Ceyhan could reach 800,000b/d in 2015, inc 300,000b/d from stranded fields near Kirkuk

http://www.gulfkeystone.com/investor-centre/gkp-tv-video-player
htTp://www.marketwatch.com/story/new-york-moves-to-ban-fracking-2014-12-17-131031254?link=MW_home_latest_news---------------------------------------------------------------------

Gulf Keystone tests for pipeline exports

By Patrick Osgood of Iraq Oil Report
Published Thursday, December 18th, 2014

The Kurdistan region’s fourth-largest oil producer is evaluating whether to add its production to the pipeline export blend, instead of trucking it 1,000 kilometers to Turkey's Dortyol port."We’ve sent five trucks so far for testing purposes," said Gulf Keystone Petroleum CEO John Gerstenlauer on the sidelines of the CWC Kurdistan-Iraq conference in London. "We may be doing it but it’s not definite yet.”The move by Gulf Keystone would save around $20 a barrel on transportation co...

Http://www.iraqoilreport.com/beyond-the-headlines/gulf-keystone-tests-pipeline-exports-13790/

Http://www.iraqoilreport.com/beyond-the-headlines/gulf-keystone-tests-pipeline-exports-13790/

From the above.
------------------------------------------------------------

Meanwhile, Genel Energy is interested in acquisition opportunities in Kurdish Iraq as differences with Baghdad are resolved.

“We expect to see a lot of consolidation both in Kurdistan and globally,” the Genel president Mehmet Sepil said at the same conference. “Most of the big companies were created through mergers at the time of political or economic crisis.”

Plenty of news reports this am,undoubtably to do with the conference.

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11300152/Kurdistan-eyes-oil-export-jump-in-the-shadow-of-Opec-price-war.html

Looks like the shorters are back in business,SOL increasing.

Message from KRG Prime Minister to the Kurdistan - Iraq Oil & Gas Conference
THU, 18 DEC 2014 15:17 | KRG.org

Dear Participants

Unfortunately, I cannot be with you today here, but I hope and expect that the 2014 annual Kurdistan-Iraq Oil and Gas Conference will be a success.

Thanks to the CWC group for organizing this conference, and next year, we look forward to seeing you all again in Erbil.

As you all know, we are at the end of difficult year for the Kurdistan Region, for Iraq, and for the Middle East.

First, I want to pay tribute to our brave Peshmerga who today are defending the people of Kurdistan and beyond with great skill and courage.

We also pay our respects to those Peshmerga who have lost their lives in the defence of our country and as part of the international fight against extremism and terrorism.

We will always remember them and we pray also for those who have been injured in this war and wish them a speedy recovery.

We hope that Iraq will soon overcome these problems.

Dear guests, as you are all aware, the KRG and people of Kurdistan have faced two further major challenges this year in addition to the fight against the terrorists of the Islamic State (IS).

First: The wave of 1.5 million Syrian refugees and internally displaced people into the Kurdistan Region

Second: The complicated relationship with the previous government in Baghdad, which deprived us of our entire budget for 2014.

Just one of these problems alone would be enough to destabilize most of the countries around the world of similar size to Kurdistan.

Yet our people remain resolute in our determination to ensure stability and security.

Now, we are at a new cross roads and I am pleased to say that the new government in Baghdad under Prime Minister Abadi has shown a desire to press the reset button in its relations with Kurdistan.

We hope next year will see further progress on this.

We want to see an inclusive system of rule in Iraq that shares power and revenues among all its diverse communities.

The recent oil agreement with Baghdad sends a positive signal that Prime Minister Abadi is also committed to finding practical answers to some of Iraq’s unresolved issues.

I believe he agrees with me that the people of Kurdistan and of Iraq deserve a brighter future. They deserve freedom, liberty, economic stability and a more robust democracy.

With the backing of our Peshmerga, our fellow citizens, our international friends and allies, and business partners at home and abroad, we can achieve better results and make greater dreams come true.

And we thank and value the international oil companies who have trusted us with their investment and paved the way for at least the first part of our dreams of a brighter future for our people.

Finally, I would like to acknowledge that our solid, strategic partnership with Turkey has greatly contributed to our stability and alleviated some of our difficulties. And we will continue to strengthen our relationship as well as with our eastern neighbour, Iran.

I wish you once more a stimulating, successful and profitable conference.

Thank you
Http://www.krg.org/a/d.aspx?s=040000&l=12&a=52662

https://www.youtube.com/watch?v=tVmsEL7VHOk&feature=youtu.be

http://www.moneyam.com/action/news/showArticle?id=4947249

Gulf Keystone has appointed Maria Darby-Walker to the board as a non-executive director with immediate effect.

Darby-Walker is a leading corporate and financial communications' executive, who has counselled the boards of international firms including Rio Tinto and its Oyu Tolgoi copper project in Mongolia, the UK's Financial Conduct Authority, Cadbury, Rolls-Royce, Allen & Overy and Barclays.

Non-executive chairman Simon Murray said: "We are delighted to further strengthen the Board with the appointment of Maria Darby-Walker as an independent Non-Executive Director. With a background of managing strategic corporate issues and communications and a strong corporate responsibility capability, Maria will bring a new and diverse skill-set to our Board. We welcome Maria and look forward to her contribution to Gulf Keystone."

http://www.birchwoodknight.co.uk/news-article/maria-darbywalker-joins-allen-overy-as-global-head-of-comms

https://www.linkedin.com/pub/maria-darby-walker/4/345/52b

23 December 2014

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Issue of common shares under the 2011 Executive Bonus Scheme

Gulf Keystone announces today that at a meeting of the Independent Non-Executive Directors of the Company held on 22 December 2014 it was resolved to issue, in aggregate, 3,305,004 new common shares of USD 0.01 ("common shares") to the trustee ("EBT Trustee") of the Company's Employee Benefit Trust ("EBT") pursuant to and in accordance with the terms of the Company's 2011 Executive Bonus Scheme ("Award Shares"), representing the final instalment of this legacy bonus scheme for employees at various levels of the Company.

Applications have been made to the UK Listing Authority and the London Stock Exchange for 3,305,004 common shares to be admitted to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities, respectively. The shares issued will rank pari passu with the existing issued common shares. It is expected that admission will become effective on 30 December 2014.

Following the issue of the Award Shares, the total issued share capital of Gulf Keystone will be 892,238,061 common shares. The Company does not hold any common shares in treasury and so the total number of voting rights in Gulf Keystone is 892,238,061.

Will help the poo in the future.

FT:

'Continental Resources, one of the largest oil producers in the Bakken field in North Dakota which has been at the centre of the US shale resurgence, has cut its 2015 capital spending plans for the second time and intends to reduce the number of rigs it has operating by nearly 40 per cent.
The announcement is the latest response to the slump in oil prices from US shale companies, which are among those hardest hit by the decline because of their relatively high costs compared to production in the Middle East.'

http://www.moneyam.com/action/news/showArticle?id=4952459


OLEUM COMPANY NEWS

07:26 05/01/2015
Gulf Keystone's Shaikan output hits target
Output from Gulf Keystone Petroleum's operations at Shaikan in the Kurdistan Region of Iraq reached the company's 40,000 gross barrels of oil per day target on 27 December. The company says total daily production has been gradually increasing since early December and on 29 December, a record...

07:08 05/01/2015
FLASH: Gulf Keystone

RNS Number : 2425B

Gulf Keystone Petroleum Ltd.

05 January 2015

Not for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction. This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.

5 January 2015

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Shaikan Production 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 is pleased to announce that the existing Shaikan production facilities ("PF-1" and "PF-2") are now producing from seven wells with Shaikan-8 expected to come online in January 2015. Total daily production has been gradually increasing since early December 2014, reaching the Company's 40,000 gross barrels of oil per day target on 27 December. On 29 December, a record number of 354 trucks were loaded at PF-1 and PF-2 with nearly 58,000 gross barrels of Shaikan crude sent by truck to the Turkish coast for further export sale.

On 24 December, the Company spudded Shaikan-11, an additional producer, which will be tied to PF-2 through the 11 km flowline, already in place.

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

"We are pleased to begin 2015 on the back of a positive end to last year, having achieved the Company's record daily production and crude oil export sales rates from the Shaikan field. 2014 was not without its challenges for the Kurdistan Region and we are proud of what has been achieved against this backdrop, in particular a nearly 300% increase in Shaikan production and export sales since January 2014. Our immediate focus is to ensure a stable daily production rate of 40,000 gross barrels of oil per day, which is a base for future production growth, whilst maintaining a regular payment cycle for Shaikan export oil sales by truck and to finalise a pipeline access solution for Shaikan."

Enquiries:

MOL Plc. hereby informs the capital market participants that our partner Gulf Keystone Petroleum Limited (GKP) provided an update on operations at the Shaikan block.
In-line with that MOL Group hereby announces that the existing Shaikan production facilities ("PF-1" and "PF-2") are now producing from seven wells with Shaikan-8 expected to come online in January 2015. Total daily production has been gradually increasing since early December 2014, reaching the 40,000 gross barrels of oil per day (“bopd”) target on 27 December. On 29 December, a record number of 354 trucks were loaded at PF-1 and PF-2 with nearly 58,000 gross barrels of Shaikan crude sent by truck to the Turkish coast for further export sale.
On 24 December, the GKP spudded Shaikan-11, an additional producer, which will be tied to PF-2 through the 11 km flow line, already in place.

Alexander Dodds, Group Executive Vice President for Upstream added:
“I’m glad to see the progress on Shaikan. No question, reaching 40 mboepd production level is a significant milestone in the project. However the further upside is huge. We will work together with our Partner and with the Ministry of Natural Resources in order to deliver further successes as soon as possible by developing the field in the most efficient way.”

evening standard portfolio tip this evening:

Snap up Gulf,Cantor Fitzgerald urges.
The broker feels the fact that the kurdistan focused oil explorer has met its "challenging" target of 40,000 barrels per day at its Shaikan well is "an important milestone" and augurs well.
Shares are 68p:target is 154p

0

From Oil Barrel
By Amy McLellan

A good start to the year for London-listed Gulf Keystone Petroleum, which begins 2015 having met its year-end production target of 40,000 barrels per day from its Shaikan field in the Kurdistan Region of Iraq.

This has been a long-held goal for the company and, given the turbulent geopolitical backdrop in the region, it was an important one to hit in order to reassure investors that it’s business as usual for the £575 million market cap company.

The giant Shaikan field, where there are 12.5 billion barrels of oil in place, produces from seven wells, with an eighth due online this month and another now drilling ahead. The 40,000 bpd milestone was reached on December 27 and two days later, the company loaded a record 354 trucks from its PF-1 and PF-2 facilities with nearly 58,000 barrels of Shaikan crude for trucking to the Turkish coast for export.

CEO John Gerstenlauer said the company was “proud” to have delivered a near 300 per cent increase in production and export sales from Shaikan despite the challenges in the region.

Importantly, the Bermuda-registered company is now getting paid for its export production. In early December the company announced it had received an initial US$15 million for its oil export sales.

Given the ongoing export dispute between Baghdad and Erbil, the capital of the Kurdistan Region of Iraq, concerns about payment have long been a headwind for the stock.

In November the Kurdistan Regional Government’s Ministry of Natural Resources, which is keen to exercise is constitutional rights to produce and market the natural resources under its control and to put clear blue water between how it operates compared to its counterparty in Baghdad’s Ministry of Oil, made an initial payment of US$75 million on account to producers for exports, with further payments to follow on a regular basis.

This was good news for Gulf Keystone and fellow producers in the region, such as Genel and DNO, which together have helped lift exports through the Kurdistan to Turkey pipeline to around 400,000 bpd, with plans to export 500,000 bpd by the end of Q1 2015 and 1 million bpd by early 2016. This production is vital to the KRG as it continues to battle Islamic State and handle a growing refugee crisis.

While Gulf Keystone’s initial US$15 million is a modest contribution to the monies it is currently owed for export sales, it does signal the willingness of the KRG to meet its obligations to the international oil producers. Analysts at Edison Investment Research said the payment was a “very welcome first step”, noting that they believe the company is owed US$35 million from its production over H1 2014 with “probably more” than US$50 million due in H2.

The company now wants to bed in its higher production rate and ensure a period of stability at this 40,000 bpd level. Next steps will be to ensure those payments are made regularly and to finalise a pipeline solution for exporting Shaikan crude in order to reduce trucking costs.

The elephant in the room, however, remains the oil price. Stable production of 40,000 bpd at an oil price of US$100 or more would have been transformational for the company; with oil now under US$60 a barrel and still falling, the revenue stream will be lower and more volatile, weighing on the company’s ability to fund its capex plans for the year ahead, which may include further development of Shaikan as well as starting work on the first phase of the Akri-Bijeel development.

Shares in the company have lost two thirds of their value over the past 12 months, a reflection of the troubles in the region and the wider lack of appetite for oil stocks, but have added 20 pence since the lows of October. On Monday the stock was trading at 64.5 pence per share.

Analysts at Northland Capital Partners said that were the company operating in another part of the world it would be a “ripe takeover target” but its “strong underlying fundamentals” remain “offset by the significant risk profile that continues to mean it is not one for the faint hearted”.

A post by dalesman which has flagged over 50 ticks.

Jan'15 - 15:33 - 395701 of 395801 50 2

Afternoon All

All the constant reference to the falling oil price on this board falls almost into the category of misinformation.

Any perusal of recent and indeed not so recent presentations by the company directs the reader to the fact that GKP is relatively insensitive to the oil price.

So the constant anxiety and constant reference to the price of oil is mis placed as it should have only a minor impact on the company.

Look at the contract.

When we have been paid back for all costs including all trucking costs then the return to GKP becomes 9% of the oil price governing at any one time.

At $100 oil this equals $9 at $50 the figure becomes $4.5 under the profit component of the contract after a period of transition has been completed. We are nowhere near this transitional phase.

A 10% fall in the POO equates to less than 1p decrease in income on a barrel of oil after we have made the transition from cost oil predominating to profit oil. This is the R factor.

all that the POO decline means is that we remain for longer in the period where cost oil dominates the payments.

The decline in POO will slow down the money available for development drilling however as the price of oil declines so should the drilling costs as rigs become redundant and the need to maintain an income stream becomes more critical for the drilling companies. So ever cloud ........

To focus solely on the current Brent or West Texas Crude price therefore is something of a red herring. Unfortunately there are those on here that hope to use this variable to spread fear as the decline continues.

In the meantime the company still has very attractive lifting costs, all recoverable under the PSC and huge reserves even if you take into account the "baseline" figs that were presented via the infamous CPR.

We must, given the positives that now accrue to the company more credence. We are an attractive proposition for a Major and as it is a Major that the KRG wants to see developing Shaikan things will turn around.

Go figure.

(Written on the Ben McCree in a force 8-9 gusting 10) Lots of white water over the bow:0) We may be in stormy weather ( spray from a huge wave just went right over the bridge) but this passage of time will pass :0)

Put away the sick bags and CHIN UP PEOPLE!

Regards

D

sadly POO or no POO - gkp is in iraq - that is the problem

Agreed ref to location,worth a whole lot more than the SP?


SOMO-Oil Company Payment Statement

Barney71255
8UP


The Ministry of Oil to pay its debts to foreign companies of crude oil
tasder-naft-aliraq-640x480-400x300.jpg
Baghdad-Iraq Press -8 January: The Iraqi Oil Ministry said it had paid all the dues of the oil companies operating in Iraq for the period "(2010 until 2014), and denied the city with 27 billion dollars to foreign companies.

According to a statement of the ministry, said that "some media quoted statements by a member of the Oil and Energy Committee House of Representatives Ibrahim Bahr al-Ulum about the existence of the debt owed by the oil ministry for the benefit of foreign contracting companies amounted to $ 27 billion for the year 2013 and 2014".

The statement pointed out that "the Department of Petroleum Contracts and Licensing wishes to clarify that all of the financial benefits to foreign companies contract has been repaid according to the terms of service contracts for the licensing rounds and all the years starting from 2010 until the end of 2014".

"The amounts received virtually by these companies had been agreed - between them and the State Oil Marketing Company (SOMO) on receipt including equivalent of crude oil, according to the official selling advertised price by Sumo, through the lifting of crude oil shipments were scheduled."

The Ministry of Oil that it "is not a city for foreign companies to contract any financial payments and that the relationship between the two parties going well dominated by full confidence which led to the development of work programs and budgets for the year 2015 according to the plans for the comprehensive development of oil fields all, without any reduction in budgets, indicating contentment contracting companies to invest in Iraq and the recovery of investment amounts, in addition to the wages owed to them profitability ".anthy (1)

Read more: http://dinarvets.com/forums/index.php?/topic/194086-the-ministry-of-oil-to-pay-its-debts-to-for