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.

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%?

Good news. BH vote consent...sp turning round...good volume now...:-)

ANOTHER SPIKE as the news were released



http://www.bloomberg.com/quote/GUKYF:US

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/consent-solicitation-update/201504021257403347J/


(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 received confirmation that its Consent Solicitation has received the successful support of noteholders. The Consent Solicitation will expire at 3.00 p.m. (London time) on 2 April 2015.

Noteholders have submitted the requisite proxies to remove the book equity ratio covenant from the trust deed constituting the Notes (the "Trust Deed"), and the Company has agreed to the following terms: (i) retaining the Company's Debt Service Reserve Account at one year of scheduled interest payments for the Notes (instead of stepping down to six months of interest payments in October 2015); (ii) granting a security interest in favour of the holders of the Notes and the Company's 6.25 per cent. Convertible Bonds due 2017 (the "Convertible Bonds") over the shares of Gulf Keystone Petroleum International Limited, subject to negotiation of the terms of the security and intercreditor documentation; (iii) reducing certain of the Company's grace periods under the Trust Deed for certain events of default and including additional notifications to the Trustee; and (iv) beginning a dialogue with a committee of holders of the Notes if and when the Company's cash balance drops below US$50 million (including amounts in the Debt Service Reserve Account) for a period of five consecutive business days. Certain of the foregoing features will have to be formally approved at an additional meeting of holders of the Notes and if applicable the Convertible Bonds, to be called by the Company within 15 business days of the successful completion of the Noteholder Meeting scheduled for 7 April 2015. For the avoidance of doubt, the removal of the book equity ratio covenant is not subject to the result of such additional noteholder meetings and the Company expects the supplemental trust deed that will give effect to the removal of the book equity ratio covenant to be executed following the first noteholder meeting on 7 April 2015, subject to confirmation of the final results of the Consent Solicitation following its expiration.

The Placing of New Common Shares announced by the Company on 31 March 2015 is conditional on, inter alia, the consent from the holders of the Notes to the removal of the book equity ratio covenant from the Trust Deed.

The other terms and conditions of the Consent Solicitation remain unchanged. 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 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 Information

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/consent-solicitation-update/201504021257403347J/


(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 received confirmation that its Consent Solicitation has received the successful support of noteholders. The Consent Solicitation will expire at 3.00 p.m. (London time) on 2 April 2015.

Noteholders have submitted the requisite proxies to remove the book equity ratio covenant from the trust deed constituting the Notes (the "Trust Deed"), and the Company has agreed to the following terms: (i) retaining the Company's Debt Service Reserve Account at one year of scheduled interest payments for the Notes (instead of stepping down to six months of interest payments in October 2015); (ii) granting a security interest in favour of the holders of the Notes and the Company's 6.25 per cent. Convertible Bonds due 2017 (the "Convertible Bonds") over the shares of Gulf Keystone Petroleum International Limited, subject to negotiation of the terms of the security and intercreditor documentation; (iii) reducing certain of the Company's grace periods under the Trust Deed for certain events of default and including additional notifications to the Trustee; and (iv) beginning a dialogue with a committee of holders of the Notes if and when the Company's cash balance drops below US$50 million (including amounts in the Debt Service Reserve Account) for a period of five consecutive business days. Certain of the foregoing features will have to be formally approved at an additional meeting of holders of the Notes and if applicable the Convertible Bonds, to be called by the Company within 15 business days of the successful completion of the Noteholder Meeting scheduled for 7 April 2015. For the avoidance of doubt, the removal of the book equity ratio covenant is not subject to the result of such additional noteholder meetings and the Company expects the supplemental trust deed that will give effect to the removal of the book equity ratio covenant to be executed following the first noteholder meeting on 7 April 2015, subject to confirmation of the final results of the Consent Solicitation following its expiration.

The Placing of New Common Shares announced by the Company on 31 March 2015 is conditional on, inter alia, the consent from the holders of the Notes to the removal of the book equity ratio covenant from the Trust Deed.

The other terms and conditions of the Consent Solicitation remain unchanged. 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 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 Information

Today's Times

hxxp://www.thetimes.co.uk/tto/business/markets/article4400887.ece

While Iran sent the oil price lower, Iraq underpinned a couple of London-quoted energy companies. The Kurdistan region of Iraq, where both Genel Energy and Gulf Keystone Petroleum operate, has received a $455 million payment from Baghdad. Proof, so the Iraqi finance minister, Hoshyar Zebari, said, that his government is honouring an oil agreement.
Early last year, budget payments were cut in response to Erbil’s plans to export its oil through Turkey. They were reinstated at the end of the year after Kurdistan agreed to export more than half a million barrels a day in 2015 through Iraq’s State Oil Marketing Organisation, thus sharing oil revenues. Although both Baghdad and Erbil have struggled to meet targets, this latest payment was seen as encouraging. Shares in Genel, with its Taq Taq and Tawke fields in the region, rallied 13p from their lowest ever, to 473p. The market value of the company, run by the former BP chief executive Tony Hayward, has more than halved since January 2014. GKP, with its Shaikan field, dipped ¼p to 36p, still bumping along about its lowest since 2009.
Meanwhile, crude prices pulled back after Wednesday’s sharp spike on hopes that Iran will reach a deal with the West about its nuclear programme, which would release more oil on to the world market. A bigger US stockpile further cooled oil prices.

Inside the City: More problems in pipeline for Gulf Keystone

WHAT now for Gulf Keystone Petroleum? The £321m explorer unveiled a $41m (£27m) rescue rights issue that means the company, which was fast running out of cash, can keep the lights on for now.

Shareholders didn’t just roll over. Fund giants M&G and Capital supported the move only on condition that chairman Simon Murray walks the plank. On his way out, the former legionnaire and Glencore chairman called it a “panic-mode decision”.

Either way, he’s off, and investors seem pleased. Rightly or wrongly, some were convinced Murray had become an impediment and had failed to unite a fractious board. Expect other heads to roll soon.

Last week’s cash injection is only a sticking plaster, however. Gulf Keystone, which operates in the Kurdish area of northern Iraq, struggles to make money at current oil prices and has huge debts. A look at its share price shows the market’s view. It has bought itself several months, but unless there are drastic changes it will need to go to the well again.

The Kurdish govern- ment could help. It owes the company more than $200m in back payments. This is due to a bitter disagreement involving the federal government in Baghdad, which was infuriated by the Kurds developing and marketing their own oil. Tankers were stranded last year after Baghdad threatened to sue anyone who took Kurdish crude. Erbil and Baghdad have only recently reached an accord and it remains shaky.

Given recent history, only the bravest investors will be ready to call the bottom for Gulf Keystone.

But I leave you with this bit of intrigue. Jeremy Asher, the former Glencore oil trader who has twice served on Gulf Keystone’s board, remains a big investor. He owns 15m shares. Until December 31, he was also on the board of Oil Refineries Ltd, owner of Israel’s biggest refinery, in Haifa. He is still an adviser. The Haifa refinery was one of those brave enough to take Kurdish crude last year, which was vital for Erbil and may also prove to be so for Gulf Keystone.

Coincidence, surely.

hxxp://www.thesundaytimes.co.uk/sto/business/Industry/article1539622.ece