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://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

GUKYF:US 0.5200 USD- 0.0075 -1.42%

Share price
As of 15:04:34 ET on 04/06/2015.
-------------------------

OIL PRICES

This morning
Brent added 1.3% to $55.65 a barrel, while US crude futures rose 1.8% to $50.02 a barrel.

Crude oil futures rallied after Saudi Arabia raised prices for sales to Asia, taking back some of their sharp losses marked before the holiday weekend after Thursday's preliminary agreement between Iran and global powers on Tehran's nuclear programe

price now well up
Brent up 5.2% to $57.80 +2.85 a barrel, while US crude futures rising to $51.90 just before to the US close at 9pm

commodities/bbc./ oil price

Lets hope for a blue day today...:-)

http://www.thisismoney.co.uk/money/investing/article-3026515/SUNDAY-NEWSPAPER-SHARE-TIPS-Lookers-Gulf-Keystone-Marks-Spencer.html

THE SUNDAY TIMES
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.
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.

RNS

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Admission of Shares to Trading and Listing

As per the Company's RNS of 31 March 2015, Gulf Keystone is pleased to announce that further to the successful placing of 85,900,000 new Common Shares of US$ 0.01 each in the Company (the "Placing Shares") at a placing price of 32p per share (the "Placing"), which resulted in the gross proceeds of US$ 40,693,235, the Admission of the Placing Shares will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on 7 April 2015.

The total number of Common Shares in issue following completion of the Placing, and the total number of voting rights, is 978,138,061, which may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Gulf Keystone under the FSA's Disclosure and Transparency Rules.

Mirabaud Securities LLP and Pareto Securities Limited acted as joint bookrunners for the Placing

Niceone

try to remember your posting, as you are doing them double 5270 and 5273 are the same

Big Malcy put down the cappa and bacon bap for a minute and dropped this out this morning

"With the arrival this morning of another 85.9m new shares in the company being a stockholder of GKP doesnt make one part of an endangered species, you are one of nearly a billion, 978m to be precise. But, as I said last week there are grounds for optimism as I believe (as does Tony Hayward, see below) that payments from the Government are likely to become more regular and GKP might expect around $15m a month which is a start at least. Also, again as I mentioned last week, I am convinced that something corporate is going on and although I sound like a broken record I think the risk here is not being involved."

http://www.kuna.net.kw/ArticleDetails.aspx?id=2434656&Language=en

Http://www.kuna.net.kw/ArticleDetails.aspx?id=2434656&Language=en

Http://www.kuna.net.kw/ArticleDetails.aspx?id=2434656&Language=en