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.

www.thesundaytimes.co.uk/sto/business/Finance/article1528181.ece

MINISTERS for Kurdistan, the semi-autonomous region of Northern Iraq, are in talks with City investors to raise billions of pounds to finance its bloody battle against Isis terrorists.

The negotiations reflect a dramatic shift in the Middle East power balance in which Kurdistan has been transformed from a forgotten backwater to an influential oil producer and a bulwark against the jihadists.

Its finances have been left in a shambles, however, by the halving of the price of crude and a long-running dispute with the federal government in Baghdad.

The City, which financed the oil producers at the heart of Kurdistan’s transformation, could hand it a fresh lifeline. Late last year, deputy prime minister Qubad Talabani led a Kurdistan Regional Government (KRG) delegation on a roadshow to raise up to $5bn (£3.3bn) in loans from Western investors, but failed to secure a deal.

It is thought that Goldman Sachs and Deutsche Bank were advising the government. Both banks declined to comment. Talks are now thought to be focused on selling rights to tolling fees on a pipeline that takes crude to the Turkish port of Ceyhan on the Mediterranean, in exchange for an immediate cash injection. The 174-mile link, completed in November 2013, has become hugely important because Isis, also known as Islamic State, damaged pipelines and pumping stations in nothern Iraq.

The Ceyhan line is now the only export route for Iraqi crude produced in the north, as well as Kurdish oil. It has been pumping a steadily increasing flow of crude to the Mediterranean. Next month daily output could hit 700,000 barrels.

The KRG is also understood to be considering selling equity stakes in some of its oil fields or forward selling oil. Todd Kozel, the former chief executive of Gulf Keystone Petroleum, one of the pioneering developers in the region, is raising money to buy the government stakes.

Any cash the KRG raises could also be used to pay Gulf Keystone and other companies that are owed hundreds of millions for past crude sales

God forbid that Cowboy Kozel should be allowed within 1,000 miles of GKP board again

http://www.iraqoilreport.com/news/private-investors-building-financial-life-raft-for-krg-14221/

From 3i

By BEN VAN HEUVELEN of Iraq Oil Report

Published Wednesday, March 11th, 2015

The Iraqi government has approved $12 billion worth of treasury bonds to pay foreign oil companies.The bonds will help Iraq plug a revenue gap created by years of budgetary mismanagement, rising military spending demands, and a decrease in the price of oil.Iraq's potential inability to pay its oil contractors has raised fears that companies would be forced to scale back operations at a time when the country needs as much production and revenue as possible."The issuance of these bond...

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/notice-of-meeting-of-noteholders/201503120700422492H/

-------------------------------------------------------------------
Commenting on today's announcement, Sami Zouari, Gulf Keystone's CFO said:

"Our financing approach is to ensure that we are in a strong position to be able to generate value for our stakeholders. As such, and due to the expected impairment of the non-core Akri-Bijeel Block, which has been held for sale by the Company, we believe that it is appropriate to seek the removal of the Book Equity Ratio Put Option in order to progress and complete a number of strategic and funding options.

Hmm,
Does this explain the drop this week(50p down to 42p) Leaky?

LONDON, March 12 (Reuters) – Iraqi Kurdistan-focused oil producer Gulf Keystone Petroleum said it was considering raising equity to gain additional funding while it continues discussions about asset sales or the outright sale of the company.

The London-listed firm also said it expected to book an impairment against its Akri-Bijeel oil field which it has been looking to sell.

The company is set to report annual results on April 9.

Gulf Keystone, like other oil producers in Iraqi Kurdistan, is owed money by the regional government for oil exports, putting a strain on its balance sheet.

The firm said on Thursday it was continuing discussions with the Kurdistan Regional Government to establish regular payments for crude oil sales.

In February Gulf Keystone and fellow Kurdistan oil producer Genel said they had raised oil sales to the domestic market at the expense of exports.

(Reporting by Karolin Schaps; editing by Jason Neely) ((karolin.schaps@thomsonreuters.com; +44)(0)(207 542 6622; Reuters Messaging: karolin.schaps.reuters.com@reuters.net)

Keywords: GULF KEYS PETR EQUITY/

Copyright 2015 Thomson Reuters Ltd. Click for restrictions

From Malcys blog today
Gulf Keystone
Today’s announcement makes me understand why it has been almost impossible to get hold of the company lately and the call for a meeting of the note-holders ‘to make certain amendments to the trust deed’ will strike terror into the hearts of investors. The company want the removal of the Book Equity Ratio put option to ‘strengthen the company’s ability to negotiate with interested parties’ and think that bond holders will be happy to agree. Also in the statement GKP say that they are ‘exploring funding alternatives including an equity raise’ which wont come as a great surprise to shareholders.

This last few weeks has been a perfect storm for GKP just when things were looking up, operationally all is going well with both production facilities flat out and exports had maxed up making 2015 look very positive. Ironically when the threat of ISIS appeared to have diminished we clearly have underestimated the financial chaos that it would leave Iraq and the KRG in, a position that leaves some companies fighting for their lives. It is of no comfort to weary long term holders to see their magnificent asset effectively sequestered like this especially as Genel with its financial strength and DNO raising NOK975m into the bargain may weather the storm. Today’s action is I suspect, a way for GKP to hang on in there and bondholders need to ensure that this does not lead to further massive value erosion that has already had a negative impact on what is still a fantastic asset.

This could be the next Afren.

New RNS just started producing again.

18 March 2015

Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Shaikan Operational Update

Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has resumed production and truck loading operations at both its production facilities (PF-1 and -2), in line with the pre-payment of US$ 26 million gross (US$20.8 million net to Gulf Keystone) received for future Shaikan crude oil sales on 25 February. Gulf Keystone will now ramp up production to levels consistent with the installed capacity of 40,000 barrels of oil per day. The Company anticipates that a further payment of a similar nature will be received, which is expected to stabilise a payment cycle for current and future Shaikan production.
Shaikan-10, the Company's first development well and ninth producer, has demonstrated excellent productivity from the limited flow data gained to date. Drilled from the same surface location as Shaikan-10, but 2km away subsurface, Shaikan-11, an additional production well has now been completed. Shaikan-11, which will provide PF-2 with additional production capacity, was drilled nine days ahead of time and under budget. The losses observed during drilling point to Shaikan-11 being a potentially prolific producer. Furthermore, Shaikan-8 is now fully connected and able to produce into PF-1.

Commenting on today's news, John Gerstenlauer, Chief Executive Officer of Gulf Keystone, said:

"We are pleased to have resumed production and truck loading operations at Shaikan. Over recent weeks we have maintained a flexible and prudent approach, ensuring that we can maximise revenues from Shaikan. We remain confident of a regular payment cycle for Shaikan crude being established in the near term.

"From an operational perspective, Shaikan is performing well and we are encouraged by the initial results from Shaikan-10 and the recently completed Shaikan-11 well."

">

bought some just now 40.25p offer 40.31p premium paid for t+20
not my way as at the time order book was very weak with DEPTH of 36 v 93
but bit price 40p was very strong with a MM just added

is bouncing back already spread 40.75 - 41p

Someone explain to me how they get away with this .

THEY MANIPULATE THE ORDER BOOK
usually is work done by shorters

there is at the moment about 25 trades at prices of 60p to 250p and some of them pretty large of 100K at the offer side (sellers )
no chance of getting traded for a long time

at bid side the lowest price is 30p and 1 of 4K at 18p

Down we go again.....

This maybe a dumb thing to say but this share should have been suspended the moment they announced their intentions , it's just being used.

order book still very weak
but maybe the chart will be better ......... double bottom or triple bottom at 35p