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.

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.

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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

30 Mar 2015 - 20:50

LONDON, March 30 (Reuters) – A group of investors led by former Tullow Oil chairman Patrick Plunkett said on Monday it had offered to help Gulf Keystone solve its funding problems but the firm had so far declined to engage in discussions.

Gulf Keystone has said it was in talks with a number of parties about a possible sale of the company or some assets to help it solve short-term liquidity issues, caused by low oil prices and non-payments. [ID:nL4N0VZ2FH]

On Monday, Gulf Keystone said it would place up to 85.9 million shares to raise a maximum of 30 million pounds ($44.4 million) to strengthen its balance sheet as it struggles with irregular payments for its oil from Kurdistan. [ID:nL6N0WW48S] Plunkett, who is chairman of independent oil firm T5, said he had informed Gulf Keystone about an alternative plan he had in mind, but discussions "never got the momentum".

"We are confused. We believe our approach is demonstratively a far better proposition than a stop-gap placing. We were expecting to get some interaction with the company but it didn't happen," he told Reuters.

Gulf Keystone declined to comment. The firm has previously said it would select what it views as the best course of action to see it through its short-term liquidity issues and ensure the greatest value for all stakeholders.

Plunkett said he had put together a pool of investors and proposed a three-part solution. The first step was a $130 million recapitalisation including an immediate $50 million equity funding.

The solution also included a proposal to transform the board and management in combination with the T5's team, and a possible debt for equity conversion.

"We really hope we can still engage in discussions," he said.

(Reporting by Dmitry Zhdannikov; editing by David Clarke) ((Dmitri.Zhdannikov@thomsonreuters.com;)

http://www.irishexaminer.com/business/t5-oil-gas-sizes-up-targets-308156.html

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/board-change/201503310700209290I/

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/placing-of-new-common-shares/201503310701059292I/

Recovering from earlier 33p,now37p+ with over 18million traded so far.

Near 9% dilution and a sp back to placing price level...
Very well done...now lets see what happens with the bh and their vote.....

Interesting post worth c&p.imo


I've heard from my Cfd contact today and he basically thinks the raising is nothing more than giving the NH cheap shares before an inevitable rise. He thinks that gulf have got themselves into a silly situation and that they are being punished for the way they let it get to the wire last year. Cue Murray being asked to leave. City is wary of Kurdistan as a whole, not just gulf, and it will take some decent revenue to take away the worry. Kurdistan is seen as the problem, and the solution. He said he thought another payment (once the 0.4 issue is resolved) should come shortly and that it might be the catalyst to getting back to more sensible levels... Which is not above £2 I might add, not now.

Kurdistan needs to make some harsh decisions about their budget and cannot continue to survive on IOUs. They've already lost to Dana and they are slowly losing the confidence of other companies too.

FT...

FTToday 07:25Battle honours:

The French foreign legion’s greatest symbol is the 1863 battle of Camerone: when a small unit refused to surrender, their Mexican opponents spared the last few survivors out of respect. No such honour among enemies at Gulf Keystone, where ex-legionnaire Simon Murray has gone as Chairman. The ex-Chairman of Glencore was brought in to the Kurdistan oil producer in July 2013 to make peace with some unhappy investors, and to curb the pay of its lavishly rewarded Boss Todd Kozel. In the event, it is the legacy of the ill-feeling then that made Mr Murray’s exit the price for investors supporting a £30 million share placing. As for pay, before Mr Kozel’s exit last summer, his take-home had duly dropped from $21 million to below $3 million, although only after Andrew Simon, interim Chairman, had taken over the Remco. Meanwhile, Gulf has a breathing space but must still find a way to get paid by the regional government. Mr Simon’s mission is now to deliver a sale of some or all of the company in a deal backed by the whole board. If he can do so, he deserves a medal.

Even GENL has gotten hammered lately...
The KRG have indeed decisions to make and make quickly....
Unlike the majors, GKP can not really afford to sit it out....

http://www.irishtimes.com/business/energy-and-resources/oil-majors-over-a-barrel-due-to-falling-reserves-1.2160677

By Ben Lando and Patrick Osgood of Iraq Oil Report
Published Wednesday, April 1st, 2015


The Iraqi Oil Ministry said it has settled a lawsuit against Greek shipping firm Marine Management Services (MMS), which it sued in September for providing the ships used to transport the Kurdistan region's autonomous crude exports.The settlement represents an apparent setback for the Kurdistan Regional Government (KRG), which has sold the vast majority of its independent pipeline exports through ships chartered from MMS. KRG leaders have said they intend to continue selling oil autonomousl...

Gulf Keystone ex – chairman says was forced out, tried to lure Exxon
01 April 2015 16:11
By Dmitry Zhdannikov
LONDON, April 1 (Reuters) – The former head of oil company Gulf Keystone said he was talking to several parties, including ExxonMobil , about a rescue for the firm before being forced to quit under pressure from an investor.

Gulf Keystone, which has been hit hard by a fall in oil prices and delayed payments for crude by Kurdistan, said this week that Chairman Simon Murray, a former chairman of commodities trader Glencore , had retired.

But Murray said he was effectively forced to quit after he disagreed with the firm's decision to raise $41 million through an equity issue at a 21 discount to the market to avoid breaching debt covenants.

Murray said he believed the capital increase this week was a bad short-term solution and had been pushing for a longer-term option,

" such as an offer from investment group T5 led by former Tullow Oil chairman Pat Plunkett."

He said there had been other options on the table too.

"We had two offers. Pat Plunkett was offering a slightly complicated but interesting solution.

Exxon and a Chinese company was looking at us as well. I told the board we should be looking for a long-term solution," Murray told Reuters.



"Instead the board opted for a panic-mode decision." A spokesman for Gulf Keystone said the company believed it took the best decision for its shareholders this week and declined to discuss details of Murray's departure or talks with individual parties.

"It is not appropriate to comment on individual conversations, beyond saying that the company, supported by its advisers, will continue to select what it views as the best course of action in order to see it through its short-term liquidity issues, and to ensure the greatest value can be achieved for all stakeholders..." the spokesman said.

Exxon Mobil, which in 2012 became the first major oil company to invest in Kurdistan despite opposition from the central government in Baghdad, declined to comment. "We never comment on potential business opportunities," a spokesman said

The otc shares in GKP finished positive last night....
Lets ee what today brings...but this is GKP after all....:-)

Well no great excitement,volume 1.1m and the SP down 2.5%?