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.

dead duck slowly spiraling out of control .......

Intention to utilise grace periods for upcoming 18 April coupon payments in respect of its convertible bonds and guaranteed notes, which expire on 2 May and 3 May

Without additional capital expenditure Shaikan Wells may begin to exhibit natural declines later in 2016

Potential interim investment scenarios aim to maintain shaikan production at 40,000 barrels of oil per day ("bopd") with an option to increase production to 55,000 bopd

Stay clear is my advice.

A bit late for that mitzy! I heard recently that over 80% of shareholders in GKP are private investors, so all of those holders are going to probably lose the lot!

Its a shame Harry they will lose everything on this one.

unless you're short :-)

Sub 4p today is possible when will it ever end.

<1p

Or maybe 50p+

mine has much much shorter odds than yours :-)

Late surge? We will see!

Happy with any sustained rally...........back to £4......:-)

5.11/5.40 is scarcely a sustained rally or surge!

anyway, i'm modestly short from 6.25 so i'm still happy enough

I thought you were tall cynic ..

the old ones are the best ones :-)

tom winnifrith writes ......

Without explicitly using the words "we are 100% fucked and shareholders face either total or near wipeout" drowning in debt Gulf Keystone (GKP) has today pretty much fessed up to what a mess it is in. Not for the first time, the company is telling shareholders that the game is up. Natch they think they know better. They obviously don't remember the last days of Afren.

On 14 April Gulf said it was deferring payments of $26.4 million of interest as it was allowed to do until 2nd and 3rd May. Today the bond holders have agreed to a further extension until 20 May which could be pushed to 31 May. Gulf says the time will allow it an " extended period to continue the Stakeholder Discussions beyond the expiry of the grace periods for the April 2016 Coupon Payments."

But by not paying interest on 2nd and 3rd May Gulf will then formally be in default. And thus if more than 25% of either class of bond holders get together they can call for immediate repayment and Gulf just does not have the cash to meet such a call. Pro tem that looks unlikely but what is clear is that the only way out for Gulf is a massive debt for equity swap and then a further capital injection to fund capex to reverse output declines.

The company may well survive. But shareholders will face either wipeout ot as near as damn it via dilution. If existing punters end up with less than 1% of the equity (which is the best case scenario) a delisting to follow is almost inevitable. Even at 5p the shares are at least 80% overvalued and remain a stand out sell.

much activity in this stock today, but whether the accompanying rise has any substance remains to be seen

Had noticed that...over 25 million share traded and up over 30% at high yesterday's high point.....finished up 6%. No news.......
They are expecting a bag full of news imminently on restructuring and payments...
But a little unusual yesterday.....

arguably just lemmings chasing a low (zero!) value oily on the back of crude recovery

Nice bit of volume again this morning....sp still blue....possible restructuring deal leaking out....or just a play?

Guess we will know the extent of any dilution by next Tuesday 31st....or weather it is suspended and finished....