niceonecyril
- 11 Jan 2015 12:55
- 5107 of 5505
Extract from post,GENL.
Elsewhere in Iraqi Kurdistan, Gulf Keystone is on track to double production from its Shaikan field to 40,000 bpd in January.
Any further expansion of Shaikan is on hold, pending regular payments.
Gulf Keystone is therefore bound to miss its longer-term production goal of 100,000 bpd by the end of 2015.
The KRG paid a total of $75 million to DNO, the Taq Taq partners and Gulf Keystone in December after receiving $500 million in federal funds.
The KRG has just received a further similar amount from the central government, with the companies expecting another share of the cake.
The three pioneers and partners are expected to produce a total of just under 400,000 bpd from their Kurdish fields by February.
Additionally, the local Kar group is producing about 100,000 bpd from the Khurmala dome, thus soon giving the KRG a combined production of 500,000 bpd.
Hawrami has set himself a production goal of 1 million bpd in 2016 from KRG territories, but that target looks increasingly distant amid payment problems, the faltering oil market and security issues.
Pact binds country’s wounds: Page 26
I would think a typing error, $50m more lokely if true?
niceonecyril
- 16 Jan 2015 22:54
- 5108 of 5505
Gulf Keystone Petroleum- Interview with John Gerstenlauer CEO
I was fortunate enough to be able to spend some considerable time earlier this week with John Gerstenlauer who took over as CEO of GKP last year. Some considered it to be a poisoned chalice but as an out and out oil man JG has taken all the hurdles in his stride and at the end of last year was able to announce that the company had finally hit the targets that had been missed previously.
Having said that, not everything is going to plan as one might expect and i’m sure that at the Genel trading statement next week some of the same difficulties will be addressed. On production, GKP are doing very well and PF-1 and 2 are at or above targets. On PF-1 it is above 20/- b/d and can increase with debottlenecking, PF-2 is also above target and will do more if Shaikan-11, which is drilling now, comes in. On that subject, SH-11 is targeting the Jurassic and drilling from the same pad as SH-10, with all the flow-lines etc in place and being adjacent to it one must hope that a similar result can be achieved and something like the 10-12/- b/d can be equalled. With a spud date of Christmas Day the result should be expected at the very end of the first quarter of this year.
I suppose the biggest sticking point is with regard to payments and here there is no doubt that although all the local operators are confident of being paid in the end, at the moment that confidence is wearing a bit thin. The first payment was made on December 1st and there were high hopes that it would be followed by monthly payments, in GKP’s case, of $15m. With the national budget yet to be approved, a delay has set in already and the idea of regular, stable payments is already confused, allegedly this is whilst the finance function of the Government assess the fall in the oil price. What GKP and others need is to get regular payments for crude supplied now, as and when things improve back payments can be expected, these payments are ‘beyond Ashti’ as they are not in his remit any more.
Transport is another key factor and it is clear that a number of options are still available and all are significantly cheaper that trucking the 1,000 km to Fish Khabur. The link to the pipeline is only 20km and hopefully will be installed before too long, if so as I have always said, Shaikan and Taq Taq crude can be mixed to create ‘Kirkuk’ blend which is better than the two components. Another option would be the constructing of another separate pipeline adjacent to the existing one to carry heavy crude only, this is a realistic option but not quite yet.
What is clear is that certainly from GKP’s standpoint there are a number of things they can do to increase production and whilst they will do that at some stage, it wont happen until there is some sort of stability of payments from the Government. Elsewhere there are no plans for an up-to-date CPR and no real need, last year the move to the main market required it but now and with no need for funding it would be a waste of time and money. GKP will provide a trading update at some stage but all information ahead of the figures in April is already in the market and the well result will come during this period.
Finally the market is always expressing an interest in the sale process of Akri-Bijeel which seems to have been ongoing for a long time, this is partly because of drilling and partly as other parties in the process rather hindered activity, the company now say that exiting A-B is a ‘strategic priority’. Potential JV’s or farm-outs are sometimes mooted and whilst the company says they are often brought into discussions on these matters there is no specific plan to do such corporate moves at this stage.
Management changes are now almost completed, a new CFO is scheduled to start soon and as JG does the job of COO and CEO there is no need for another appointment. John Stafford is VP Operations and the London team is strong and about to move offices, after a long time with the company TK has no position at present. With the A-B sale under way for a long time and wells drilling etc the company is in close season a lot of the time but when a window does come available certain directors may well buy stock, JG it should be observed already has ‘a significant investment’ in the company.
This will do for the time being, I will comment more on specifics as and when they arise, I have pages of notes from the meeting. Whilst the current market is hardly friendly to investing in any E&P stock, not least one in which confidence in getting paid is so low, GKP looks a very interesting bet at the moment. For the first time for a long time I can genuinely see significant upside not just from production but from the value of the asset. The region is awash with companies that would see the acreage at Shaikan as a very solid and growing production and I wouldnt be at all surprised to see the company being the subject of a bid at some stage in the not too distant future.
- See more at: hxxp://www.malcysblog.com/2015/01/oil-price-bp-schlumberger-gulf-keystone-sundry-woodmack-tullow-enteq-and-finally/#sthash.Xjh5Dj14.dpuf
niceonecyril
- 18 Jan 2015 21:17
- 5109 of 5505
https://translate.google.com/translate?sl=ar&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.alliraqnews.com%2F2011-04-18-02-57-37%2F163686-2015-01-18-09-47-00.html&edit-text=&act=url
Sunday, December 18 January 2015 12:47
[Baghdad-where]
Foreign Minister Ibrahim al-Jaafari said on Sunday that the federal governments and the Kurdistan Regional Government have agreed on the distribution of oil wealth. "
And between al-Jaafari during a news conference with Turkish Energy Minister Taner Yildiz, "we confirmed that the Iraqi oil belongs to the Iraqis and the export of Baghdad, adding that Turkey has contributed to closing the gaps between Baghdad and Erbil .itba
niceonecyril
- 18 Jan 2015 21:35
- 5110 of 5505
niceonecyril
- 18 Jan 2015 22:26
- 5111 of 5505
niceonecyril
- 22 Jan 2015 08:40
- 5112 of 5505
22 January 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Appointment of Chief Financial Officer
Gulf Keystone Petroleum, an exploration and production company with operations in the Kurdistan Region of Iraq, is pleased to announce the appointment of Sami Zouari to the Board of the Company (the "Board") as Chief Financial Officer as of 22 January 2015.
Mr Zouari, 42, joins the Company following careers in both the oil & gas industry and investment banking, where he also had a particular focus on the Energy and Commodities sectors in the Middle East and North Africa.
Educated at Columbia and Harvard Universities, Mr Zouari has most recently served as the Regional Head of Corporate & Investment Banking for North Africa, Iraq and Oman at BNP Paribas. Prior to his career in investment banking, he worked for Total EP in a number of roles, including as Commercial Manager for Total EP Libya in Tripoli.
In line with the Company's Recruitment Remuneration Policy for Executive Directors, Mr Zouari has been granted 1,500,000 market-priced share options at an exercise price of 55.00 pence. One third of the share options will vest upon his appointment and two further instalments of 500,000 share options will vest upon the first and second anniversaries of his appointment respectively.
There is no further information to be disclosed pursuant to sections LR 9.6.11, LR 9.6.12 or LR 9.6.13 of the Listing Rules, FCA Handbook.
In addition, Gulf Keystone is informing the market today that the Company will announce its results for the year ended 31 December 2014 on Thursday 9 April 2015.
Commenting on today's announcement, John Gerstenlauer, Gulf Keystone's Chief Executive Officer said:
"We are delighted to welcome Sami Zouari to the Board and to complete the management team. Alongside his strong financial and industry background, Sami brings substantial knowledge of the Middle East region, which is key to our operations and stakeholder relationships in the Kurdistan Region. He knows Gulf Keystone well, having worked with us in the past on the convertible bond issues for the Company in 2012 and 2013.
"I would like to thank Mary Hood, who will now assume the role of Deputy CFO, for the excellent interim job she has performed for a number of months."
niceonecyril
- 25 Jan 2015 10:09
- 5113 of 5505
This is what Merrill's have had to say about DNO today:
DNO (Buy, PO NOK24/sh)
DNO offers sector leading production growth (+50%) and in 2016 is the highest
producing E&P company in our coverage; with over 120kbd net (BofAMLe).
Shares are currently trading almost 35% below where levels seen in early July
14, ahead of the Islamic State threat to the region, a risk that has in our view
significantly subsided. Further, by virtue of Production Sharing Contract exposure, which acts as a natural oil price hedge, and amongst the lowest operating costs in the oil & gas industry ( low oil price>US$2/boe), we believe DNO is well placed to weather the low oil price ‘storm’.
cynic
- 25 Jan 2015 10:15
- 5114 of 5505
so they didn't say anything about GKP then!
HARRYCAT
- 25 Jan 2015 13:49
- 5115 of 5505
DNO is Domino Printing. What have they got to do with GKP???.....or Islamic State or anything else on this thread?
cynic
- 25 Jan 2015 17:57
- 5116 of 5505
dana oil i think
niceonecyril
- 25 Jan 2015 20:48
- 5117 of 5505
Come on Harry keep up DNO are a producing Co. in KURDis..,also waiting to be paid.
The last(only so far)payment by the KRG)$75M) was split 3 ways,GENL,DNO and GKP,the bulk going to GENL,just $15m to GKP of which 20% went to MOL.
niceonecyril
- 25 Jan 2015 22:12
- 5118 of 5505
From iii
Iraq will give the Kurdistan Regional allocations petrodollars By Roudao 11 minutes ago
Aram Sheikh Mohammed
Roudao- Baghdad
Finance Committee of the Iraqi Council of Representatives ratified, the decision to grant allocations petrodollars for most of Iraq's oil-producing provinces, including the provinces of Kurdistan Region. The Deputy Chairman of the Iraqi Council of Representatives of Syria, Sheikh Mohammed, the network Roudao media, that "the parliamentary Finance Committee decided at its meeting Saturday, the petro-dollar grant allocations for all oil-producing provinces, including Kurdistan Region. " He added Aram Sheikh Mohammed, the decision to grant allocations for the petro-dollar regions and cities of the Iraqi oil producer, including oil-producing areas in the Kurdistan region as well. "
Read more:
hxxp://dinarvets.com/forums/index.php?/topic/195254-iraq-will-give-the-kurdistan-regional-allocations-petrodollars/#ixzz3PkmAgiB8
HARRYCAT
- 26 Jan 2015 08:01
- 5119 of 5505
Who are DNO? I still don't know.
cynic
- 26 Jan 2015 08:25
- 5120 of 5505
dana oil as i mentioned b4
HARRYCAT
- 26 Jan 2015 08:29
- 5121 of 5505
I don't think Dana exist any more . Their ticker was DNX.
niceonecyril
- 26 Jan 2015 08:36
- 5122 of 5505
HARRYCAT
- 26 Jan 2015 08:44
- 5123 of 5505
Ah, cheers cyril. I remember now. They were taken over by KNOC. (The Korea National Oil Corporation (KNOC) was established in 1979. KNOC is the state-run oil company that carries out energy projects on behalf of the Korean Government.)
niceonecyril
- 26 Jan 2015 08:54
- 5124 of 5505
Yep Korean National Oill.
C&PED as I feel a good reasoned debate and well worth a read.
====================================================
I logged in to i i i to vote this one up about the CPR:
Sun 14:50
Re: Hub - hard to disagree SH6
Daf123 21
"Daf-t" - a bit of an ad hominem. I am not surprised. You'll do anything to obfuscate and bluster your way out of a discussion where your facts and intellect cannot win the argument.
Let's pick some simple statements wrt Equipoise. I'll leave Shaikan-6 alone because in all reality anyone can take the facts and form a basis for an argument depending on whether they wish to ramp or bash the share. You could go for the: "Todd lied because he wanted to ensure that they'd get their share awards" or JG's position of: "couldn't work out what the issue was with the well at first but now think it is a bad cement job". Fair enough, round and round goes the argument.
So, let's take a look at a simple Equipoise statement in the CPR from a block where GKP is not the operator, from a company with a respectable board and is a Todd Kozel free zone. MOL also have a nice history in the oil business:
In the CPR it states: "Akri Bijeel has 25m barrels resource."
Here are some facts that even you cannot disagree with:
MOL have spent $700m ($134m of that is GKP's) to discover this 25m barrel resource. They are currently producing 10k bopd from Akri Bijeel and expect to produce 35k bopd by the end of 2015 and 50k bopd by the end of 2016. To achieve these goals, they intend to spend a further $500m on the block.
I don't know whether you have done the maths on this, working out what an annual production of 50k is but from memory it is over 18m barrels a year. That from a block that has a resource of 25m barrels! It is a resource and not even reserves remember! A block where they are going to spend $500m on top of the original $700m!!!!! That is some CAPEX spend and lifiting costs on 25m barrels that will be depleted after 18 months.
Something is wrong here. If Equipoise are correct then MOL must be crazy? They are going to spend $1.2Bn on a block just fo 25m barrels of resource oil. That's $48 a barrel FFS. If that's the case then the company must be bigger 2@ than you. (put in an ad hominem as you started it!)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
and on the other side, the concerns I have:-
Sun 17:04
Re: Scooby1 on LSE - Dalesmann / Darcies
Rudy09 10
toby, you are obviously struggling to comprehend what I am saying, and more worryingly what I have written, which is in plain English.
I understand what Robbean wrote, I read it first time round and do not doubt its content, what Robbean heard and saw that night, or Robbean's credibility, he (unlike you) has always been balanced here.
Let me try once more, although I did think I made it quite clear in my very first line of my first post in this thread, what my viewpoint was. What you and I think is down there, what we were previously told was down there. What we have read is down there, like the DGA and Ryder Scott reports is now largely irrelevant as the CPR changed all that and changed it, if not for good, for some considerable time.
As I said, the company and the message they are putting out, seens more in line with that CPR and its author far more so than DGA and RS. Have you heard the company trumpet the incredible darcie makeup or bang on about honeycomb like porosity in the last 4 years? No nor me! Thats why we're stractching around old data and asking for presentations from the company that are not forth coming, unlike veiled threats I understand.
Let me give you another example of that. If you recall the Investors Day in 2013, one of the last slides the company put up, was stetegy going foward. And apart from a load of well documented failed targets that were on the slide, another quite prominant point (toward the top if I recall) was 'Managing Shareholders Expectations'.
I'll wite that again, as you've been struggling today...'Managing Shareholders Expectations'. What has happened since then toby? Take your pick - the charts, the SP, the court case, the company broker at the CC touting £3.50, drought of information about mysterious wells, like SH6 where we initially heard we simply could not find OWC, and I recall Nobletrader ( I hate hearsay) suggesting 75k bbblsod were comig from it (that post has now been deleated) to eventually finding out, or should I say, being told, it was a 'Dog' in the CPR, oh and they didn't think to sidetrack it in the two years before finding water and telling us in the CPR.
Now, I don't know about you, and apprehensive as I am with bamboozling you with too much information, if I wanted to 'Manage Shareholder Expectation' and the direction I wanted to coral that expectation was down, or to reverse previous lofty numbers suggested on TV, in RNS and even in New York City no less, I would say all the above would be a very good start. Wouldn't you?
Then there's that dreadful figure in the top corner, just above the 7% in red. You weren't expecting 49p ever toby, nor was I. Nor was Bobobob.
Let me tell you, whatever plans and dreams you had with this investment, I wasn't short of them either, and dare I say mine had a bit more longevity than yours, but it is what it is and to pretend that up until now this has been anything other than a shiiit investment is delusional. Tarmac in Antartica would have been a better punt.
So to answer your question, 'why am I invested here'? For the same reasons you are. I bought into a dream. An 'oilmans dream'. All the hype we were once fed, which may or may not be correct. Again, irreverent. What matters is what the company line is now, and its considerably more conservative than before. Thats the reality.
Trust me toby, I'm underwater just like you and almost everyone else here. Trapped! I'm prepared to make a loss to get out, but just not as much as now. So I'll sit, I have no choice but at least I'm listening to what the CEO is saying and as a result am no longer dreaming, just like Bobobob is no longer it seems.Try it.
Those words again...'Managing Shareholders Expectations’.
There you are a balanced argument complete with chips on both shoulders
niceonecyril
- 26 Jan 2015 17:24
- 5125 of 5505
"Only two more categories now and the first is to look at the potential for Genel and Gulf Keystone in Kurdistan. These stocks have had an additional bumpy ride as not only have they had the oil price to contend with but by being where they are they have a geo-political risk factor. Genel has not only Taq Taq and Tawke to give them massive increases in production this year but also have the gas development at Miran which I have always said is the jewel in the crown. The market is concerned about payments for their crude from the KRG but I believe that it is not in the interests of the Government not to pay them and in due course this will happen. Genel is a major beneficiary of Turkey’s ongoing need for energy and with significant booked reserves of oil and gas should be on the shopping list of any cash-rich major as it is just too cheap in the long run. As for GKP it too must be looking very interesting at around 50p, at long last the company has hit the targets it set itself and although it too is awaiting payments for crude oil delivered it will also get paid. There is little doubt that once payments start becoming more regular the company can beef up its operation and will deliver value for shareholders. I think that GKP could easily get taken over as now it has started proper production from Shaikan and with modest pipeline connections can steadily increase its oil sales." -
HTTP://www.malcysblog.com/2015/01/oil-price-the-bucket-list-and-finally/
niceonecyril
- 30 Jan 2015 17:03
- 5126 of 5505