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.

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

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

hxxp://www.wsj.com/articles/shell-in-talks-to-buy-bg-group-1428437955

Ops,for some reason the posts of last night didn't show as accepted?

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RNS Number : 5519J

Gulf Keystone Petroleum Ltd.

08 April 2015

Not for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction. This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.

8 April 2015

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Results of Consent Solicitation

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 2 April 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has successfully completed the consent solicitation to remove the book equity ratio covenant from the Trust Deed constituting the Notes and from the Conditions contained therein (the "Consent Solicitation").

Holders representing over 89% of the principal amount of Notes outstanding participated in the Consent Solicitation, with over 99% of votes cast in favour of the Proposed Amendments. The Extraordinary Resolution was therefore duly passed at the noteholder meeting which took place at 2.00 p.m. (London time) on 7 April 2015, and the Proposed Amendments have been implemented.

The Company will pay a consent fee of US$5.00 for each US$1,000 in principal amount of Notes to holders whose Consent was validly delivered prior to 3.00 p.m. (London time) on 2 April 2015 and accepted pursuant to the terms of the Consent Solicitation Memorandum.

The complete terms and conditions of the Consent Solicitation were 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"). 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 was made only pursuant to terms of the Consent Solicitation Memorandum.

Enquiries:

Shell bid for BG,brings an earlier post to mind,on how they saw the future of the industry,including the price of oil?

Post 5149.

Broker Cantor Fitzgerald reiterates BUY Gulf Keystone Petroleum (GKP).

Says GKP has announced that it has successfully completed the consent solicitation to remove the book equity ratio covenant from the $250m loan notes. This effectively means that it will no longer have to pay the full liability 60 days following publication of its full year results (expected end of April).

The company received overwhelming support, with over 99% of votes cast in favour of the removal, and will pay a consent fee of US$1.25m. This will come as welcome news for GKP and its shareholders, and follows the successful equity placing last month.

In terms of the company’s medium-term corporate outlook, GKP is currently engaged in discussions with a number of parties in relation to possible asset transactions or a full company sale.

In terms of the company’s asset portfolio, the non-core Akri Bijeel block (GKP 12.8% fully diluted interest, 5MMbbl 2C net) has been up for sale for over three years without success. Other assets include Ber Bahr (GKP 40% WI, 9MMbbl 2C net) and Sheikh Adi (GKP 80% WI, 127MMbbl 2C net).

Clearly, outside of Shaikan, Sheikh Adi would be the most attractive asset from a purchaser’s perspective, given the high interest position, material resource estimate, sole partnership with the KRG (20% WI), and the absence of any dilutive back in rights.

From an operational perspective, Shaikan is performing well with current production standing at nearly 40,000bopd. With recent encouraging results from Shaikan-10 in addition to the completed Shaikan-11 well, we believe the company is on track to meet its 100,000bopd phase 1 target once a decision is made on further investment.

Price target 101p.

Not rising like others but is rising nevertheless
did reached again 40p, but it seems there is some resistance at this point

Results are out tomorrow not the end of April!!!

http://www.moneyam.com/action/news/showArticle?id=5012225

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9 April 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")

2014 Results Announcement
Gulf Keystone, an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq, today announces its results for the year ended 31 December 2014.

HIGHLIGHTS
Operational

· 2014 gross production of 6,484,391 barrels of oil (2013: 496,921 barrels of oil) with significant growth expected in 2015

· Gulf Keystone's operations in the Kurdistan Region remained secure with production operations and crude oil export deliveries from the Shaikan field uninterrupted throughout 2014

· The first production milestone of 40,000 barrels of oil per day ("bopd") reached in December 2014 following a gradual ramp-up during the year

· Current production in excess of 37,000 bopd is being delivered against the pre-payment of US$ 26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February 2015, with further payments of a similar nature anticipated

Financial - as at 31 December 2014

· Revenues of US$38.6 million achieved (FY13: US$6.7 million); additional revenue in the region of US$100 million owed but not yet recognised for crude oil export sales

· Loss after tax of US$248.2 million (FY13: US$32.0 million)

· Net proceeds of US$240 million raised from the issue of debt securities and associated warrants in April 2014

Financial - post period end

· US$26 million gross (US$20.8 million net) received as pre-payment for Shaikan crude oil sales in February 2015

· Successful placing of 85.9 million shares on 31 March 2015, raising gross proceeds for the Company of US$40 million

· Discussions ongoing with a number of parties in relation to possible asset transactions or corporate sale

· Book Equity Ratio Put Option successfully removed from the Trust Deed and Conditions of the US$250 million 13.0 per cent Guaranteed Notes due 2017 at the noteholder meeting on 7 April 2015

· Cash balance at 8 April 2015 of US$84.7 million (31 Dec 2014: US$87.8 million) excluding recent share placing proceeds

Outlook

· Establish a regular payment cycle for past and future Shaikan crude oil export sales

· Finalise and implement a pipeline access solution for the Shaikan crude

· Achieve stable Shaikan production rates of 40,000 bopd aiming to maintain a daily average of 36,000 bopd throughout 2015

· Manage expenditure in a responsible and prudent manner, continuing to review and control capital commitments

· Make decisions on investment in additional production facilities, development wells and infrastructure required to increase Shaikan production in line with the approved Shaikan Field Development Plan

· Make a decision regarding early production and development of the Sheikh Adi discovery


Commenting on the Full Year results, Andrew Simon, Interim Non-Executive Chairman, said:

"2014 was a pivotal year for Gulf Keystone as we completed the critical transition from explorer to producer. We started the year with our first crude oil export sales and ended the year by achieving our objective of producing 40,000 barrels of oil per day from the Shaikan field, our flagship asset in the Kurdistan Region of Iraq. This was a significant achievement for an independent E&P company in a country in the midst of a conflict.

We are committed to rebuilding shareholder value. All avenues for doing this are being considered, including expansion plans for Shaikan. As already announced, the Company is continuing to engage in discussions with interested parties in relation to possible asset transactions or a sale of the Company, as well as considering additional routes to secure further funding."

John Gerstenlauer, CEO, said:

"Hitting an important production milestone and achieving a year of regular crude oil export deliveries confirmed another step change year for our operational progress at Shaikan, verifying the presence of a robust international market for our production and demonstrating our commitment to meeting targets against a challenging geopolitical backdrop and low international oil prices.

Following a number of payments received for crude oil exports in 2014 and the most recent pre-payment of US$26 million in February 2015, the arrears amount for crude oil export sales has not increased significantly in the past six months and we believe that we are close to achieving a steady and stable payment cycle for present and future crude oil export sales."

Enquiries:

Nice bit of buying this morning....predators must be in the data room...:-)

much better day indeed

Its knocking on the door of 40p.....yet again.....

T5 set for summer deal with Gulf Keystone
21
Saturday, April 11, 2015Geoff Percival
T5 Oil and Gas — the Dublin and London-based exploration firm headed up by former Tullow Oil directors — is expected to take control of loss-making UK explorer Gulf Keystone before the summer.


The transaction is likely to take the form of a $50m (€47m) reverse takeover, with Gulf paying that much in its own shares for T5 and the latter, through that shareholding, effectively taking control of the London firm and inserting its own board and management.

The much-touted deal was thought to have been sidelined by Gulf’s recent $40m capital raise and the departure of chairman Simon Murray who was in favour of talking to takeover or investment partners as the preferred rescue remedy for the business.

However, it is felt within the industry that Gulf — which has an attractive asset base in Kurdistan, but is debt-laden and loss-making — will need much more investment and that the capital raise is effectively just a ‘stop-gap’ measure.

T5 has remained firmly interested; with the firm’s chances apparently being further strengthened by supposed rival bidder Genel Energy becoming more of a target in the market itself. While Royal Dutch Shell’s near £50bn move for BG Group has stolen the headlines, it is felt M&A activity in a sector rocked by the slump in oil prices is only beginning.

Earlier this week, Gulf Keystone reported after-tax losses of $248.2m for 2014 (up from $32m), although revenues grew from almost $7m to just under $39m.

The company’s interim non-executive chairman, Andrew Simon said Gulf remains committed to rebuilding shareholder value.

“All avenues for doing this are being considered... the company is continuing to engage in discussions with interested parties, in relation to possible asset transactions or a sale of the company, as well as considering additional routes to secure further funding,” he said.

Speaking yesterday, T5’s head, former Tullow Oil chairman Pat Plunkett, declined to say if he was confident a deal would be done. According to one industry source, however, even though the likes of Exxon Mobil had been touted as possible suitors for Gulf, T5 and Genel were more realistic and T5 is now the most realistic. The same source suggested a deal could be completed this side of the summer.

Mr Plunkett said the process is not moving forward at present, but his company would like to see it progress. He added that the deal model would allow Gulf’s existing shareholders maintain their interest, whereas a traditional takeover obviously would not, and that T5 could broaden Gulf’s portfolio —both in terms of geographical spread and asset base. Gulf is, currently, very reliant on outstanding payments from the Kurdistan Regional Government.

Meanwhile, Mr Plunkett also said this year will see T5 become very active in the marketplace. The company is eyeing firms and assets in need of investment, from which it will build a portfolio of licences, and has identified around six investment/reverse takeover targets active in the African and Middle-Eastern regions.

Earlier this year, T5 distanced itself from speculation that it might look to seize control of London-based/African-focused explorer, Afren. The investment firm is not interested in mounting any hostile bids for potential targets.

DNO boosts Kurdish oil output to record as export pay looms

DNO extended gains after the news on DNO’s production, rising as much as 8.2%

Bloomberg
April 10, 2015

Oslo: DNO ASA and partner Genel Energy Plc have increased production at their Tawke field in Iraq’s Kurdistan region to a record 150,000 barrels of oil a day as they expect more regular payments for exports.

Tawke is currently the largest producing field in Kurdistan in northern Iraq and DNO, its Norwegian operator, is on track with expansion plans to boost output and processing capacity to 200,000 barrels a day in the first part of the year, Executive Chairman Bijan Mossavar-Rahmani said in an email on Friday.

A “significant” part of production is exported through Turkey, with the balance sold in the local Kurdish market, he said.

DNO extended gains following the news on DNO’s production, rising as much as 8.2 per cent and trading 7.4 per cent higher at 12.4 kroner a share as of 3:30pm in Oslo.

Genel, which owns 25 per cent of Tawke and is Kurdistan’s biggest producer, said last week it expects a regular export- payment mechanism to be established over the course of 2015 following years of squabbling over oil revenue between the semi- autonomous Kurdistan Regional Government and central Iraqi authorities.

While the KRG and Baghdad struck a deal over exports in December, Kurdish producers have had to resort to discounted local sales to secure cash from operations as authorities hang on to export income amid a costly fight against militants from Islamic State.

“We’re fully confident that we’ll receive payments for our production and exports in line with our contractual terms,” Mossavar-Rahmani said, stopping short of providing a timeline like Genel.

“The operating companies in Kurdistan have made it quite clear that future investments will be driven by the timing and extent of payments.

And it’s in the interest of all parties that these investments be made.”
In the meantime, DNO is selling oil locally at as low as $30 a barrel, according to figures provided last month in a presentation. Mossavar-Rahmani declined to provide the proportion of production being exported.

The share of DNO’s working-interest output being exported reached 54 per cent in 2014, up from 43 per cent in the first three months of that year after Kurdistan boosted exports in the fourth quarter, according to calculations based on company filings. DNO’s Chief Financial Officer Haakon Sandborg said last month the company intends to increase local sales through the year.

“The update on DNO’s production figures probably contributed to the stock’s advance today,” Teodor Sveen Nilsen, an analyst at Swedbank AB, said in an email. “This shows DNO is making progress on ramping up capacity at Tawke. However, we are still concerned about weak first-quarter cash flow and the short term outlook for regular export payments.”

Genel rose 0.7 per cent to 521 pence in London after earlier falling as much as 1.4 per cent.

http://www.kurdishglobe.net/article/4B7C7D5EF5C392AEB67C1AD67BC0E339/MNR-Welcomes-passage-of-Oil-Gas-Revenue-Fund-Law-through-Kurdistan-Parliament.html
----------------------
(...)
It is another building block in the institutional development of our oil and gas sector.
(...)
Minister Hawrami added that other legislation provided for in the Oil & Gas Law of 2007 remained pending in parliament, including an MNR-sponsored bill to establish the Kurdistan Exploration and Production Company (KEPCO).

Another MNR-sponsored bill relating to the official marketing of Kurdistan?s oil (KOMO) is ready to be sent to parliament soon.

(?We hope the Kurdistan Parliament will give priority to debating these important draft laws as soon as possible,? Minister Hawrami said.)