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.

Shareholders have known about talks with the BHs and are aware that the board were also looking for new finance
None of the above from Bloomberg is new.....except the..."who asked not to be identified because the matter is private."

LOL....

Extended till 13th of June now!!

Further to the Company's announcement of 20 May 2016, Gulf Keystone announces today that, as discussions with the Ad Hoc Committee of holders of Notes and Bonds are continuing and as the previous Standstill Agreement was due to expire on 31 May 2016, the Ad Hoc Committee has entered into a new standstill agreement with the Company until 13 June 2016.


The signatories to the new Standstill Agreement are substantially the same as to the prior standstill. They hold a significant proportion (but less than 75% by principal amount) of each of the Company's Notes and Bonds.

Whilst the Standstill Agreement remains in effect, the Company does not intend to make the April 2016 Coupon Payments. The continuing failure to make those payments constitutes an Event of Default under the Bonds and Notes, respectively. At a time when an Event of Default subsists the holders of not less than one-quarter of the principal amount of the Notes or the Bonds, as the case may be, then outstanding may request the relevant Trustee to declare the principal amount of the Notes or the Bonds, as the case may be, immediately due and payable.

The signatories to the Standstill Agreement will agree not to vote in favour of any resolution of the Noteholders or Bondholders to instruct the relevant Trustee to take such a step.

A further announcement will be made in due course.

Total received is $13 million for April....still another payment to come for April....

Further to the Company's RNS of 14 June 2016, Gulf Keystone announces today that the current Standstill Agreement between the Ad Hoc Committee of holders of the Notes and the Bonds and the Company expired on 1 July 2016 at 5pm BST and has not been extended.

The Company is currently discussing the terms of an agreement with certain restricted members of the Ad Hoc Committee and other stakeholders. These restructuring discussions remain ongoing notwithstanding the expiration of the Standstill Agreement.

At this stage, the Company does not intend to make the April 2016 Coupon Payments. The holders of not less than one-quarter of the principal amount of the Notes or the Bonds, as the case may be, outstanding, may request the relevant Trustee to declare the principal amount of the Notes or the Bonds, as the case may be, immediately due and payable. Whilst these coupons remain unpaid, and absent a new Standstill Agreement executed by 75% of the principal amount of each of the Notes and the Bonds, an Event of Default will subsist under both the Notes and the Bonds.

A further announcement will be made in due course.

Sunday Times : ONE-TIME stock market darling Gulf Keystone Petroleum is close to a deal with creditors that will wipe out its investors but allow the stricken producer to survive.

The company, which pumps oil from a big field in Kurdistan, northern Iraq, was worth £3.6bn in 2012. The plunging price of crude, Kurdistan's inability to pay for oil, the incursion of Isis terrorists into Kurdish territory and Gulf Keystone's huge debts combined to cause its near-collapse. As of Friday, its stock traded at 4.85p, 99% below its high.

The company is this weekend haggling over the final details of a two-part rescue plan. Creditors have agreed to write off most of the $575m (£430m) due next year as part of a debt-for-equity swap that will leave them as majority owners of the shares.

Gulf Keystone is also expected to launch an equity fundraising to bring in about $40m to bolster its balance sheet. It is thought that a core of institutional investors have agreed to back the financing. The final figure is being negotiated this weekend. The investors are betting that Gulf Keystone, shorn of its crippling debt burden, could recover strongly. Its Shaikan field produces 37,000 barrels a day, the Kurdish regional government has begun to make more regular payments and a new management team has banished the boardroom in-fighting that once plagued the producer. Gulf Keystone declined to comment.

shame i banked my profit here

shame i banked my profit here
========
Well done you!

was short at 6.25 but got bored so finally cashed in at 5.00 or perhaps a fraction lower

Worth shorting now???

ask yourself what upside

So you think it is still worth shorting then?

did i say that?

So you answered a question with a question????.....
Thank you.

ok, i'll be more blunt ...... make up your own mind

That's m ore like it....:-)
Thanks.....

chuckle

Most unpleasant.

Balance sheet restructuring
http://www.moneyam.com/action/news/showArticle?id=5379391

Cantor comment:
"Our view: GKP has announced today a significant, and much needed, balance sheet restructuring. Effectively, the company will undertake a debt equitisation of over US$500m of its current indebtedness (including accrued interest) in addition to an equity capital raise of between US$20m and US$25m through an open offer. This would leave GKP with a much reduced debt position of US$100m, and a sufficient capital position to continue to develop its flagship Shaikan field in Kurdistan, Iraq. Whilst there will be significant dilution to existing equity holders, we are encouraged by GKP’s approach to retaining a proportion of value for shareholders, given the extremely challenging sector environment, particularly for operators in Kurdistan. We keep our TP and recommendation Under Review whilst we update our numbers following today’s announcement.

· Significant debt reduction will improve liquidity – GKP has transformed its balance sheet following a significant debt reduction from over US$600m to US$100m through the conversion of over US$500m of existing debt into equity by way of a UK scheme of arrangement among the company, the Guaranteed Noteholders and the Convertible Bondholders. Liquidity will be boosted through an equity raise of US$20-25m, a reduction of financing costs and the removal of the US$32.5m Debt Service Reserve Account covenant. This increase in liquidity will allow GKP to continue trading and developing the Shaikan field. It is expected to allow the implementation of the company’s near-term investment plan to maintain production at 40,000bopd with the potential to increase production to 55,000bopd

· Shareholder dilution and re-investment option – Current shareholders’ ownership of the company will be diluted to 5%; however, shareholders will have the ability to re-invest in GKP by participating in the US$25m Open Offer for 10% of GKP’s equity at closing of the restructuring.

· Pro forma capitalisation post restructuring – Upon completion of the restructuring and assuming the open offer is fully subscribed, Guaranteed Noteholders will retain US$100m of reinstated notes and will receive new common shares representing 65.5% of the equity of GKP post-closing, and convertible bondholders will receive new common shares representing 20% of the equity of GKP post-closing. Assuming the Open Offer is fully subscribed, Shareholders will own up to 14.5% of the equity of GKP post-closing."

great shenanigans going on here this morning
sp up about 38% with 30m traded .... but no news
just a big bear squeeze? ..... who knows