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.

UPDATE 1-Norway's DNO expects Kurdish oil export payment soon
Thu Mar 19, 2015 2:26pm GMT

OSLO, March 19 (Reuters) - Norwegian oil firm DNO expects export payments from the Kurdish Regional Government (KRG) soon, saying a deal with Iraq's national government could strengthen local authorities' ability to pay.

"We expect a large reconciliation from the KRG soon - if it will be paid in one or several parts, we will have to wait and see," Chief Financial Officer Haakon Sandborg told Reuters on the sidelines of an energy conference on Thursday.

DNO exports oil from Iraq via pipelines and trucks and receives payment for its sales through the KRG. Payments are irregular, however, and the firm warned last month that the timing of payments for past and current exports was uncertain.

full article..

http://af.reuters.com/article/energyOilNews/idAFL6N0WL3JR20150319

Gulf Keystone’s Shaikan flow is back as Akri-Bijeel is axed

20 March 2015 00:00 GMT
London-listed Gulf Keystone Petroleum has resumed exports via Turkey from its flagship Shaikan field in Iraqi Kurdistan, but wrote off its 20% stake in the Akri-Bijeel block in the absence of buyers, writes Nassir Shirkhani.
The company said it restarted production and truck loading operations at the two Shaikan production facilities after receiving a net payment of about $21 million for future Shaikan crude sales.

“Gulf Keystone will now ramp up production to levels consistent with the installed capacity of 40,000 barrels per day of oil.

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,” it said. “We are pleased to have resumed production and truck loading operations at Shaikan. We remain confident of a regular payment cycle for Shaikan crude being established in the near term,’’ chief executive John Gerstenlauer said.

Gulf Keystone said last week it was seeking a rights issue to strengthen its financial position and its hand in negotiations with potential bidders for its assets in the autonomous region.

It said the company ‘’has recently engaged in discussions with a number of parties in relation to possible asset transactions or a sale of the company.

Gulf Keystone said its liquidity position had been enhanced by the pre-payment for the Shaikan sales.

Edit - from Upstream

It hasn't written off it's Akri-Bijeel block and it hasn't stated that it's seeking a rights issue . This has been picked up on other BBs.This is a very poor article .

a COMPLETE change on the order book
the bid side is much stronger with depth 69 v 61
and considering ther is still about 20 trades of 60p and over on the offer side, that makes it much stronger for a further rise now 36,25 v 36.75p

Does anyone know how much it costs in percentage terms for a hedge fund to short an AIM stock? I'm interested in an AIM stock that has currently 1.6% on loan and that amount would move the stock quite dramatically if/when bought back. Cheers.

GKP are not on Aim .

I was asking as I saw discussion about possible shorting here yesterday I think it was. I abhor short selling by the way. How on earth it is allowed is beyond me. A movement of wealth between pension funds/private investors to spiv hedge fund managers to keep them in the finest silk and yachts.

I think 4% has been mentioned but I've seen 12% mentioned.

I got so enraged yesterday because we the shareholders do not know what is going on. This World of shares and the like is misted in underhand dealings , yet we are supposed to accept it. They seem, that is people like TDW are trying to push us into Traders . The more I think about it I don't think they mind this volatilty, people sell on panic then they buy when the price is pushed down. All creates turnover in the end , It will only accelerate and get worse as the FCA do nowt. NOT a great written piece by me but .

I totally agree. Much of my trades are ftse 100 scalps for a percent or two. Bit boring but boy not stressful. Occasionally I'll dabble in a smaller one hence my not here often. They are killing the hand that feeds the mouth.

Looks like a rights price has been struck the way this is being sold VICTIM. No position but I know a few who have and the death by a thousand cuts is killing them. It's a shocker.

There's the Bonds situation on Monday , they are using that I think . That is until they find something else to use.

I still believe this share should have been suspended.

The oil price is s[piking up again and share price is bouncing back now 36.50p
already above yesterday's close
most likely most shorters are closing the position before the weekend

and the UT price the highest of the day @ 37.75p

hxxp://www.thesundaytimes.co.uk/sto/business/Industry/article1534196.ece

Gulf Keystone to kick off rights issue as bidders circle

Matthew Goodman Published: 22 March 2015
Comment (0) Print
Unrest is adding to production difficulties in the Kurdistan area (AFP - Getty)
GULF KEYSTONE, the London-listed producer of oil in Kurdistan, is set to raise up to £30m from a share sale this week in an attempt to tackle its £384m debt.

Last month, the company revealed that it was in takeover talks with a number of unnamed parties. It also said that as well as negotiations to sell the entire business, it was exploring options to offload various assets. It hired two investment banks, Deutsche Bank and Perella Weinberg, to advise on the discussions.

At the same time, Gulf Keystone revealed that it had started a review of its financing options. Earlier this month it said that an equity fundraising was one of the possibilities being considered.

It is expected to announce this week that it will stage a rights issue to bring in much needed cash.

Investors are likely to be asked to pay about 33p or 34p a share — equivalent to a 10% discount to the current price. The oil producer has also asked its bondholders to agree to changes to the conditions attached to the bonds to make the company more attractive to potential buyers.

Shares in the oil producer, led by chief executive John Gerstenlauer, have tumbled over the past 12 months, dropping 63%. They closed on Friday at 37¾p, giving the company a market value of £337m.

Gulf Keystone’s problems stem, in part, from a failure to secure regular payments from the Kurdistan government. It has also been hit by the falling oil price. However, the company recently received $26m to cover future crude sales from an unnamed third-party buyer, leading to it restarting production at its Shaikan field.

Its shares jumped more than 10% on Wednesday, when news of the resumption was announced.

The Sunday Times revealed this month that ministers in the region, to the north of Iraq, are in talks with City investors to raise billions of pounds. They want the funds to finance their battle with Isis terrorists as well as to pay Gulf Keystone and other oil companies.

Well no RNS as of yet , so the games go on then .

Extension of Early Consent Time

US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655908)
(the "Notes")



Further to the Company's RNS of 12 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has extended the Early Consent Time for the consent solicitation in respect of the Notes announced on 12 March 2015 (the "Consent Solicitation"). The Early Consent Time has been extended to 5.00 p.m. London time on 1 April 2015. The other terms and conditions of the Consent Solicitation remain unchanged.

Gulf Keystone bondholders need more time
By Lee Wild | Tue, 24th March 2015 - 10:47

Gulf Keystone bondholders need more time Less than a fortnight after setting out a plan to tidy up its finances, Gulf Keystone (GKP) has had to give bondholders more time to decide whether to back the deal or not. There is no explanation given by the struggling oil company, but having to extend a deadline to qualify for incentives does imply that the number of potential backers unwilling to sign is significant enough.
Gulf, which operates the Shaikan field in the Kurdistan region of Iraq, said on 12 March it wanted to amend the trust deed constituting the $250 million 13% Guaranteed Notes due 2017. Currently, it must offer to buy back the notes at 101% plus interest at the end of September.

Instead, Gulf offered noteholders who agreed to the changes by 5pm on 23 March $5 in cash for each $1,000 in principal amount of the notes outstanding. Those who consent by 1 April, the expiration date, get $1.50 for each $1,000.

Now, management has extended the so-called "Early Consent Time" to 5pm on 1 April.

There is no further detail, although we were told earlier this month that Gulf had "confidentially discussed the consent solicitation with a number of significant noteholders, and, based on the noteholders' responses during those discussions, expects them to be supportive." We'll see.

A meeting will be held in London on 7 April to either pass or reject the Extraordinary Resolution.

http://sleekmoney.com/gulf-keystone-petroleum-limited-given-neutral-rating-at-westhouse-securities-gkp-2/183826/

hTTp://www.ft.com/cms/s/0/8dd3b32e-d3cb-11e4-99bd-00144feab7de.html#axzz3VhI2YKq1

Keystone cops it

Gulf Keystone Petroleum, the self-styled “operator of the world class Shaikan field in the Kurdistan Region of Iraq” and a favourite with more excitable investors, has a spot of bother with its 13 per cent dollar notes due for repayment in two years. What was billed as a technical change to the covenants now looks “like a hard sell” according to brokers SP Angel.

Too true, if the price of the notes is any guide. This has collapsed from $95 to $67, so a buyer should make 50 per cent on his money in two years, earning nearly 20 per cent in interest in the meantime. Except the price is saying that he will not. Indeed, it increasingly looks as though whatever value is left in this jam-tomorrow company is draining to the holders of the distressed debt, who are unlikely to spare much thought for the shareholders. The shares at 37p are already in the 90 per cent club. They are still too high.