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.

A Common Interest for Baghdad and Washington to Maintain their Relationship
18 December 2011
http://bit.ly/sYNEb8

800p a share more like 300p imo.

US oil supermajor Exxon Mobil is understood to have sounded out London-listed Gulf Keystone Petroleum (GKP) over a possible deal that could value the Kurdistan-focused group at around 7bn.

GKP has a market capitalisation of around 1.5bn and is listed on the junior Aim market, but its chief executive, Todd Kozel, believes the group could eventually go for double-figure billions. GKP is sitting on what is considered to be one of the world's great recent oil finds Shaikan, about 50 miles north-west of Kurdistan's capital, Erbil but the regional government is known to want a supermajor on board to properly fund and develop the field.

It is thought that the board would not accept the estimated 8-a-share that Exxon is considering and that a number of other companies, perhaps including China's Sinopec and Californian giant Chevron, are monitoring the situation. There is even some speculation that an informal four-way auction for GKP might be under way, while it is also believed that the company has spoken to at least two smaller businesses about potentially developing its assets in a joint venture.

Last month, it emerged that Exxon was the first of the oil industry's giants to enter Kurdistan, taking six licences. However, this has angered the government in Baghdad because there are old territorial disputes between Iraq and Kurdistan.

Baghdad had threatened to terminate Exxon's existing deal in southern Iraq and it had been reported that the US giant might reconsider its licences in Kurdistan. However, the lucrative potential of the Kurdistan fields means that analysts expect Exxon will pursue opportunities in the semi-autonomous region and may already have taken additional positions to those licences previously revealed.

There are suggestions that Exxon's interest in GKP was discussed at a board meeting 10 days ago and that initial soundings may have been taken at least six weeks ago. Last month, much of the oil world descended on Erbil for a conference that highlighted the extraordinary oil opportunities in Kurdistan, with Mr Kozel one of the key speakers.

It is believed that Mr Kozel would be happy to sell up soon and has even started mulling over his next venture. The American businessman is one of the most colourful figures in the City and has a base of devoted retail investors who are waiting for a takeover of GKP to make them rich.

GKP declined to comment. Exxon did not return calls.

puff, puff, puff! ...... i'm sure i have also read in reputable press that exxon may not now be so keen to upset baghdad by piling into kurdistan .... a lot more to play for and a longish time in the cooking i reckon

I'm not in at the moment....perhaps should be....but there is that court case of some kind......also 165p or so....plus very small production equivalent to PTR in Russia.....now I know that's a perhaps ridiculous comparison but taking a look at the market caps.....huge difference and petroneft have quite a bit in the ground...now I'm not knocking GKP...it's just that going through that 200p mark might be difficult....very difficult to time anything in these bad times....the production will remain small for ages....that might hold the sp back unless the so called sale of some assets goes ahead......

We've had several false dawns as far as take over offers are concerned,i should think today's story calls for a response from the company(as in Nov)? While an offer of 8 would be most welcome,for me perfect timing would be closer to end of of tax year,,say late March.

Iraq Oil Report-Oil&Gas Law
SpikeyDT
By BEN VAN HEUVELEN of Iraq Oil Report
December 18, 2011
http://bit.ly/t330Lz

Iraq Increases December Oil Exports by 1.9% From Month Earlier
By Kadhim Ajrash and Nayla Razzouk - Dec 18
http://bloom.bg/sPoKht

Exxon .. Game or oil policy in Iraq
On: Sun 12/18/2011 14:43
http://bit.ly/vVQyZN

OIL: Exxon Mobil put between the two options to work in Iraq Sunday, January 18 /12 December 2011
http://bit.ly/uA5PjS

Exxon Weighs Deal With GKP
By Lananh Nguyen - Dec 18, 2011 1:00 PM GMT
http://bloom.bg/uQIaop

Exxon mulls $10.9 billion approach for Gulf Keystone: paper
LONDON | Sun Dec 18, 2011 8:43pm IST
http://reut.rs/vjlG2w

Cant see it getting higher than 200p tomorrow.

somehow.

more likely to be 150 till new yr.,.

The independent article is certainly doing the rounds,with both reuters and bloomberg reporting it. Causing a lot of excitement and not a little ramping,apparently the Chinese have offered $27Billion,well lets see what tomorrow brings?
My preference would be Bekhme-1 coming up trumps and who knows GENL mihjt release Ber Bahir results too,can't one dream?

Oh and GKP's board have dismissed the $10.7b offer as totally unacceptable? lol

Exxon to Pounce on Gulf Keystone
Posted on 18 December 2011.
http://bit.ly/tv0b14

It's all much of a muchness,"time will tell". So lets see what tomorrow brings?

d/post