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.

Good post cyril.

i am still of the opinion that they are a buyout option for major's who need oil reserves.....many of those around the area so i have been informed....could rise on completion of drill and then rise again when the major's make approaches for the proven reserves.....so not all doom and gloom on the time aspect

By Ernesto Londo and Qais Mizher
Washington Post Foreign Service
Friday, November 6, 2009

BAGHDAD -- Exxon Mobil and Royal Dutch Shell signed a deal with the Iraqi Oil Ministry on Thursday to develop a major field, marking the first foray by a U.S.-led consortium into Iraq's promising but uncertain oil industry.

The agreement, the second of its kind signed this week, suggests that foreign companies that initially balked at the terms the ministry offered at a public auction in June now think the prospect of eventually tapping into Iraq's vast oil reserves outweighs the risks. Oil Minister Hussain Shahristani called the deal "another huge achievement in the pursuit of rebuilding this country."

On Monday, the ministry signed a separate deal with a consortium led by the Italian oil giant Eni that includes Los Angeles-based Occidental Petroleum. The Iraqi cabinet is widely expected to ratify both agreements.

BP and China National Petroleum Corp., the only companies that walked away from the June auction with a deal in hand, signed the final contract this week.

All the deals are for service contracts, which give the companies a per-barrel fee for boosting output at active fields encumbered by old technology and derelict equipment. But they do not give the energy giants a stake in the profits.

Industry experts say the contracts are likely to be only modestly advantageous, if at all, to Western energy giants in the short term but could position them to reap a windfall if Iraq opens unexplored oil fields to foreign companies.

The Oil Ministry is expected to hold another round of bidding in December for undeveloped fields.

Those would also be for service agreements, but oil executives hope the deals could one day lead to production-sharing arrangements -- long a goal of energy firms that have been shut out of the Middle East for years.

The deal signed Thursday gives Exxon Mobil and Shell $1.90 per barrel above the current production rate, considerably less than the $4 a barrel the consortium proposed in its June bid. The companies will refurbish the West Qurna-1 oil field, which is near Basra, in southern Iraq.

The consortiums led by BP and Eni will boost production at the Rumaila and Zubair oil fields, respectively. Both are in the south.

Iraqi officials say they hope the foreign companies will help increase output at the three fields from the current 2.5 million barrels per day to roughly 7 million per day over the next six years.


Since the 2003 U.S.-led invasion of Iraq, foreign oil companies have sought to penetrate the country, which has among the largest proven crude reserves in the world.

The firms continue to be wary of the violence, corruption and political instability in the country but are growing more tolerant of risk as other large markets such as Venezuela and Russia adopt increasingly nationalist policies.

Also Thursday, Iraqi lawmakers adjourned for the rest of the week having failed to pass a law needed to hold national elections in January.

The impasse has alarmed U.S. and U.N. officials because Iraq's electoral commission had said that it would be unable to hold the elections on time if the law was not enacted by the end of this week.

Lawmakers said they would resume deliberations Saturday in hopes of settling a dispute over how to hold the vote in the disputed northern city of Kirkuk.

Another comment on above:

RH - As far as you know, which country could take a big share in the investment opportunity? And why?


Richard Naab of course, the major developed country in the world is America, they spent a lot of blood and money to liberate Iraq, but in this part, the Kurdistan Region, they have not spent enough to help their brothers and our partners. "We have people we know and love here and we need to help more." But in general we have got some good US oil companies up here such as Hunt Oil co., Aspect oil, Gulf Keystone, Prime Natural Resources and Hillwood and they are here to explore for oil. I would say the biggest problem in what we call the seven sisters (Exxon-Mobile, Texaco, Chevron etc)all the big Companies are waiting for Baghdad, there they will bid next spring for more contracts in Baghdad. Because of their conservative nature, they will not start in the KRG because they do not want put at risk their relationship with Baghdad by doing business with the KRG. I personally wish they were here because the security, opportunity and the people here are better. The Kurds are friends of the USA.

Draw Down of Funds and Issue of Equity



Gulf Keystone Petroleum Ltd. (AIM: GKP), an independent oil and gas exploration and production company with assets in Kurdistan and Algeria announces that it has today drawn down 4,600,000 of its 30 million Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ('YA'), the signing of which was announced by Gulf Keystone on the 7th May 2009.



This draw down of funds is the fourth under the SEDA and brings to 11,500,000 the amount of funds drawn down to date. The remaining undrawn funds under the SEDA facility are 18,500,000.



Under the terms of the SEDA, the Company has allotted, conditional on admission, 4,618,584 new common shares of $0.01 each to YA. These shares will rank pari passu in all respects with existing issued common shares in the Company. The new common shares have been issued at approximately 99.60 pence per share representing a five per cent discount to the average of the three lowest daily volume weighted average prices during the five trading days prior to this announcement.



The funds will be used to advance the development of Gulf Keystone's projects in Kurdistan.



Application will be made to the London Stock Exchange for 4,618,584 new common shares of $0.01 each to be admitted to trading on AIM. It is expected that the admission will become effective and that trading will commence on 19 November 2009.



The total issued share capital of Gulf Keystone following this allotment will be 488,259,138 Common Shares. The Company does not hold any Common Shares in treasury and so the total number of voting rights in the Company is 488,259,138

Rns coming monday morning ?.

about what and why and who says so?

I think the market is eagerly awaiting: ""We look forward to the next iteration of DGA's report which will address the Triassic discoveries made below 2,055 metres."
I think they are expecting (hoping for) a considerable increase in estimated reserves.

i think i am toooooooooooooooo

If they have discovered another commercial oil discovery.....then they probably have something between 3 to 5 billion barrels of oil....that would be fantastic....sp could be worth 150p or so .....and the next block is going to be drilled with Gulfkeystone having I think a 24% interest or so.....one of the stocks of the year GKP !.

another day closer to drill completion.....

alarm set for tomorrow morning......about 06.59......just incase the RNS shows

I'ld rather sleep .... markets don't open until 08:00!

We must be close to it !.

just like christmas......we know it's coming.....bet your up before 8 big C.....

only because Beloved will be getting up early for her bloody pilates class

now there's an idea.....pack her off with the happy news you made a few bob on GKP for christmas spends.....and of course you can plan what to spend it on whilst she is out exercising.....perhaps some MTA for the spring break

Starting to rise gently....something about to happen ?.....leak coming ?..

no .... just markets and oilies/miners in particular being quite chirpy

yep : WTI and Brent are both up.