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.

After the late mark up on Friday I expect a good attempt at the 40p range again....

This could help share price as it's basically a new broom , experienced . May also signal that they are going on their own to develop fields if they get the money owed by KRG.

That would be my view VICTIM. I would be happy with that. Develop the field get payments in and some time later we could look at assets sales.....but from a stronger balance sheet...

I've just thought Ruth , there's obviously a mole in GKP . This Sky seem to get this info from someone , GKP have had to issue this announcement early I think . This is also why I don't think there's a takeover happening soon , otherwise this Sky would know and the share take off , do you think .

Sky have been first recently with some news breaks.... The rns talks of press speculation... I am not aware of any other then the question been asked, which is to be expected when you have no CEO....I hope no take over as it would be derisory in my view...
We will know shortly what the market thinks of the possible new man. Would have prefared an rns on payments better...:-)

Oh yes payments are critical , just think where this would be now with regular payments .

I am optimistic June will be a good month....:-)

Not a great response to his appointment, is it?

There's only one thing that's going to move this ' and it's payments . These MMs aren't giving it an inch .

Agreed.
That last payment must be covered by now so another rns regarding payment must be close...

5 June 2015

Gulf Keystone Petroleum Limited. (LSE: GKP)

("Gulf Keystone" or "the Company")



Directorate Change



Further to the Company's announcement of 1 June 2015, Gulf Keystone confirms today that John Gerstenlauer has retired as the Company's Chief Executive Officer and Jón Ferrier has been appointed as CEO with immediate effect. John Gerstenlauer will retire as a Director of the Company on the day of the forthcoming Annual General Meeting.

Will he have any immediate impact on anything i wonder . ( basically the share price )

The answer looks like........No!

Reported of Sky news on Sunday night.....

A former chief of Britain's Defence Staff and adviser to Tony Blair during his premiership is to step down as a director of Gulf Keystone Petroleum, the latest in a string of boardroom changes at the company.

Sky News has learnt that Lord Guthrie, who has sat on the Kurdistan-focused oil explorer for just under four years, has decided not to stand for re-election at next month's annual meeting.

Lord Guthrie's departure from the board will come just weeks after Gulf Keystone attempted to draw a line under persistent rows with leading shareholders over its leadership by naming Jon Ferrier, a former Maersk Oil executive, as its new boss.

And an RNS again this morning AGM . Embarrassing leak again , maybe a Sky reporter on the board .

Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today confirms that it continues to produce in excess of 40,000 barrels of oil per day ("bopd") following the successful completion of de-bottlenecking operations at PF-1.



As a result of the continuing dialogue with the Kurdistan Regional Government's Ministry of Natural Resources ("MNR") to establish a regular payment cycle for all oil sales, both current and historic, the Company has now adopted a diversified marketing strategy. Currently, sales of Shaikan oil comprise crude oil export deliveries by truck to the Turkish coast and sales to a domestic buyer under a new six months contract which provides for offtake of between 12,000 and 40,000 bopd.



The Company has recently received total payments of US$9.8 million in respect of domestic deliveries, comprising US$4.9 million for crude oil sales previously delivered in 2014 and US$4.9 million as the first payment for deliveries under the new six months domestic offtake contract.



As of 26 June 2015, the Company's cash position was US$68.7 million with further payments anticipated as a result of the continuing dialogue with the MNR.

RNS.....

Gulf Keystone today announces that the Company's Non-Executive Director V Uthaya Kumar has resigned from the Board on 2 July 2015. Non-Executive Directors Dr. Joseph Stanislaw and Maria Darby-Walker have decided to not seek re-appointment and will retire from the Board on the day of the Company's Annual General Meeting on 9 July 2015.

The board merry-go-round continues....

Who's pulling the strings here , who decides whether this person or that person stays or goes . Who keeps informing Sky , are we being sold down the river .

Some additional notes from AGM
JFerrier
- Good presentation
- Has spent time before working in Kurdistan with Dr Ashti H, so already knows him well.
- New PR strategy, intending to do presentations in near future
- Have cut costs, minimised capex, non-exec pay reduced
- M & A activity quite low
- GKP would not accept low bid, no bids made informally or otherwise
- Discussing the possibility of bringing sale process to an end if no bids forthcoming
- Directors in close period, so no share purchases, but could if sale process ended
- On-going discussions with other IOC’s in Kurdistan, open and regular dialogue
- Focus was mainly on getting paid
JStafford
- 6 times volume in matrix compared to fractures
- 65% recovery from fractures, but recovery from matrix unknown (currently 3-7% guesstimate) and may remain unknown for years.
- Production only from fractures
- 20,000 PF2 due to some water problems, which should be resolved soon to increase production
- Blending at Fishkabour has been tested and could be started within weeks
JPeart
- Blending at Fishk. Only $5 discount for heavy oil, $6 transport costs, so $50-54 split 50:50 with KRG, based on $60-65 Brent
- $72m cash balance includes $35m for bond security
General incl Q & A
- Sky leaks source unknown, reluctant to spend money investigating source, will re-ititerate to all insiders the need for confidentiality
- No immediate plans to side-track SH6
- Discussions with KRG about recovering interest payments on bonds due to lack of payments
- KRG well aware of GKP liquidity problems and have responded with payments in the past and will do what they can to ensure future bond payments can be made

From LSE poster Notsramdamus at AGM --- worth reading posts of this guy with others said to be posting later:--


Notsramdamus
Posts: 4,591
Off Topic
Opinion: No Opinion
Price: 34.75
View Thread (2)RazorsEdgeToday 16:21

As I understand it... Certain intersted parties are being told to either stump up or sod off.... We can run forever at 30mph, but the thrill of doing a ton (100mph) is far more enjoyable? This way close period ends and I would not be surprised to see buy ins! SZ insisted on an option deal over more sal? All sals have been reviewed ? JF knows Dr Doom and has 4 for years. So it wont be a start from scratch but more of a.... Right lets move on from here, by starting on the right foot!


GKPCouple of points...Today 15:59

Think small regular payments are imminent / think bond bonus payments will continue / think once JBJ starts his routine of much better PR / IR much better cash management and hopefully explains that the sooner the krg start to pay IOC,s DECENT amounts & regularly? in particular GKP - the infra structure is nigh on ready to increase production. The assett is not in question as far as I am concerned ? But you need a strong foundation to build on. JS is doing his bit SZ is doing his bit. JF is talking sense and even the chairman and remaining Neds are finding new vigor!

Going to be an interesting 15/16 Imho ? Would expect city to actually start to watch this way more closely now ?


GKPMainshareToday 15:29

Lots of talk about cpr, sensible responses under the circumstances also. Was freely admitted lots more oil across the different sites - one described as depth over three times height of The Shard ! And 25 kilometres KILOMETRES long with huge recovery possibilities!!! But... No point in adressing this until funding sorted as you need money to develop it? Reckon personally the this region is home to several MONSTER Commercial opportunities ! Geo Politics in play and once all sorted... Well there will then certainly be an open fight for T/O as the supermajors ARE aware but like everyone want it for peanuts until money/politics sorted all in my opinion! Well worth me going :)


GKPGeneral overviewToday 15:02

Went as well if not better than expected! Eyes are def wide open now, lots of obvious thoughts confirmed, some unknown also? Breath of fresh air with Sam Zouri & Jon Ferrier and John Stafford very informative, within guidelines permitted! Looking forward to the London open day being discussed!


-------------------
---------------------------------------------------------------------------
Some additional notes from AGM
JFerrier
- Good presentation
- Has spent time before working in Kurdistan with Dr Ashti H, so already knows him well.
- New PR strategy, intending to do presentations in near future
- Have cut costs, minimised capex, non-exec pay reduced
- M & A activity quite low
- GKP would not accept low bid, no bids made informally or otherwise
- Discussing the possibility of bringing sale process to an end if no bids forthcoming
- Directors in close period, so no share purchases, but could if sale process ended
- On-going discussions with other IOC’s in Kurdistan, open and regular dialogue
- Focus was mainly on getting paid
JStafford
- 6 times volume in matrix compared to fractures
- 65% recovery from fractures, but recovery from matrix unknown (currently 3-7% guesstimate) and may remain unknown for years.
- Production only from fractures
- 20,000 PF2 due to some water problems, which should be resolved soon to increase production
- Blending at Fishkabour has been tested and could be started within weeks
JPeart
- Blending at Fishk. Only $5 discount for heavy oil, $6 transport costs, so $50-54 split 50:50 with KRG, based on $60-65 Brent
- $72m cash balance includes $35m for bond security
General incl Q & A
- Sky leaks source unknown, reluctant to spend money investigating source, will re-ititerate to all insiders the need for confidentiality
- No immediate plans to side-track SH6
- Discussions with KRG about recovering interest payments on bonds due to lack of payments
- KRG well aware of GKP liquidity problems and have responded with payments in the past and will do what they can to ensure future bond payments can be made