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.

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.

City investors are demanding the exit of Simon Murray as the price for supporting a rescue fundraising, Sky News understands.
By Mark Kleinman, City Editor

Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.

Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.

The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.

Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.

Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.

Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.

Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.

A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone’s chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.

The company’s former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.

A number of independent board members elected as part of a peace deal in 2013 have since been forced out.

Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.

It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.

The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.

Exxon Mobil is said to be among the prospective buyers.

In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.

"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."

London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.

Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.

The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.

A Gulf Keystone spokesman declined to comment on Sunday.

30 March 2015

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


Extension of Early Consent Time and Expiration

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 and Expiration Date for the consent solicitation in respect of the Notes announced on 12 March 2015 (the "Consent Solicitation"), and amended the Expiration Time. The Early Consent Time has been extended to 3.00 p.m. London time on 2 April 2015, the Expiration Date has been extended to 2 April 2015 and the Expiration Time has been amended to 3.00 p.m. London time. The Early Consent Time is therefore extended to 3.00 p.m. London time on 2 April 2015 and the Expiration Time is extended to 3.00 p.m. London time on 2 April 2015. The other terms and conditions of the Consent Solicitation remain unchanged.

Holders who wish to receive the Early Consent Fee must validly deliver a Consent prior to the Early Consent Time. Holders who deliver their electronic voting instructions after the Expiration Time on the Expiration Date will not be eligible to receive a Consent Fee and will not be entitled to arrange for the appointment of the Information and Tabulation Agent or any other person as proxy to attend and vote at the Meeting.

The complete terms and conditions of the Consent Solicitation are described in the Consent Solicitation Memorandum dated 12 March 2015 issued by the Company, as supplemented by the Supplements dated 24 March 2015 and 30 March 2015 (together, the "Consent Solicitation Memorandum"), copies of which may be obtained by contacting D.F. King Limited, the information and tabulation agent for the Consent Solicitation, as set out below. Additional information concerning the Consent Solicitation may be obtained by contacting the solicitation agents.

Capitalised terms have the meanings assigned to them elsewhere in this release or in the Consent Solicitation Memorandum, as applicable.

This RNS is for informational purposes only, and the Consent Solicitation is being made only pursuant to terms of the Consent Solicitation Memorandum. The Consent Solicitation is not being made to, and Consents are not being solicited from, holders of Notes in any jurisdiction in which it is unlawful to make such solicitation or grant such Consent. None of the Company, the guarantor of the Notes, the solicitation agents, the information and tabulation agent or the trustee under the trust deed constituting the Notes makes any recommendation as to whether or not holders of Notes should deliver any Consents. Each holder of Notes must make its own decision as to whether or not to deliver a Consent.

Further Inf

http://news.sky.com/story/1455042/gulf-keystone-investors-push-to-remove-murray

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By Mark Kleinman, City Editor

Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.

Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.

The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.

Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.

Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.

Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.

Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.

A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone’s chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.

The company’s former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.

A number of independent board members elected as part of a peace deal in 2013 have since been forced out.

Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.

It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.

The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.


Exxon Mobil is said to be among the prospective buyers.


In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.

"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."

London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.

Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.

The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.

A Gulf Keystone spokesman declined to comment on Sunday.

Promoted Stories

A BIT STRONGER NOW, though it was expected much more from the start

Someone paid premium 39.20p ( offer at 39p) for a large trade below
13:06:51
39.20p
245,048K
amount £96.06k

Some good size buys are taking place and share price at best of the day 39.375p

oil price is recovering fast from the marked down from the startnad over $2 down at one points

UT @ 40.50p with 125K

16:35:28
price 40.50p
size 125,718K

Only 5.6million traded,lets see what happens tomorrow?

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/proposed-placing-of-new-common-shares/201503301702269081I/


Released at 5-02pm.

Proposed Placing of New Common Shares

Further to the Company's Strategic Update of 25 February 2015 and Operational Update of 18 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is pleased to announce a proposed placing of up to 85,900,000 new Common Shares through an accelerated bookbuilding process to qualified investors to be carried out by Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners"), with both new and existing institutional investors (the "Placing").

Use of Proceeds

Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.

on the US already known of the placing, was 11% up at one time

GUKYF:US 0.58 USD 0.04 +7.41%

bloomberg /GUKYF:US

as is a placing instead of RI, could it be at a higher price than the closing share price 38.75 v 39.50p