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.

for those who can't be arsed, herebelow slightly edited .....

Gulf Keystone Petroleum Ltd. (AIM: GKP) today announces an oil discovery in the upper portions of the Triassic section of the Shaikan - 1 exploration well ...... limited test resulted in 40+ degree API oil rates up to 2,000 bopd and associated gas rates of up to 2 mmscf/d, yielding a gas/oil ratio of approximately 1,000 scf/bbl.

This high energy, light oil discovery is in addition to the 2.0 to 4.0 billion barrels of heavier (22 to 17 degree API gravity) oil previously announced at various levels throughout the shallower Jurassic intervals ....... significantly improve chances of finding additional light oil targets in the 700 to 1000 meters still to be drilled.

'The discovery of a higher energy reservoir in the upper portions of the Triassic section of the Shaikan - 1, while very significant in its own right, should also prove very beneficial to future development and exploitation of the large reserves of heavier, low GOR oil in the Jurassic portion of the well.'

I think the point is that this discovery:

"significantly improve[s the] chances of finding additional light oil targets in the 700 to 1000 meters still to be drilled."

So: further potential on top of what they'd already anticipated - is my interpretation, but could be wrong.

morning T ..... exactly along those lines ...... sp will probably over-react this morning, but at the right price, whatever that may be, it just may be worth tucking away a few more

there is no question but that GPK is now looking good in its own right, and just as importantly in many ways, makes the company an increasingly tasty morsel for a predator

Morning Cynic, difficult to know what level to buy at now - ideally below 100p.

and then you'll fret that sp is falling away! ...... for myself, i'll try to resist the greed, for in terms of stake level, i really have enough already

Is this great or what ?.

that sp is now softer than last night's close or what?

Yes: just went below 100p. Well, I'll get on with other things and check back later.

Thankfully couldn't buy any first thing on panic..... glad now as the sp retraced as I hoped and will wait. :)

If they've got this far since last RNS, and a 1000m to go about a week to 10 days should be very interesting. imo

What with the oil discoveries, more drilling, more wells, and the big possibility of a takeover coupled with at a guess "oil to rise" : this looks set for 140p or more !.

L2 shows there are currently twice as many sellers as buyers, being the exact reverse of yesterday ...... what happens over the coming weeks will be interesting to see - but i hope not too scary

retrace to mid to low 90's would be in order till the next news.

Could be scary with CFDs but end result must surely be an upward movement in sp over the next month? I've bought more on that basis, though not as CFDs

hard to know where next, but certainly sp currently looks most reluctant to drop back below 100

thanks for your concern T, but have been a very good boy of late and regularly taken money off the table and banked it ..... looking back, i see i have traded this stock several times since april, and though with hindsight (great stuff that!) i would have done better to hold throughout, i really shouldn't complain about already banking several 000 to date and with a very healthy paper profit currently

yep i topped up this morning - this will rise once the profit takers, mm games etc etc concluded - still hopefull 'ish of 115p at close today - 130p end of week - still wont sell at that level

I can't see a reason for a rise to 115p until drilling finished, and remember the 2 - 4 bopd is only their estimate not fact.

Might just steady as WTI crude is up above $70.....I think that a crude push to $80 is coming, we shall see...

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Monday, 5 October 2009
purchases

1 ROYAL BK SCOT GRP 8.49%

2 LLOYDS BANKING GROUP PLC 7.80%

3 Gulf Keystone Petroleum 4.01%

4 BARCLAYS 3.61%

5 BPC Ld 2.27%

6 XSTRATA 1.79%

7 TAYLOR WIMPEY PLC 1.51%

8 Yell Group 1.39%

9 BP 1.39%

10 Enegi Oil PLC 1.11%

Pullback at the moment...but more forward surges could come at any time...could easily jump up by 20p or so in a matter of minutes...