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.

Seems to be tanking again

Nah, just resting.,.

Shorts closing rally thats all.

Positions will be neutral come the GENL presentation starting at 2:30pm. If there is no major good news, or no real news in it, expect the shorts to pile back on later today and tomorrow morning IMO.

Here is the link early doors.

http://www.genelenergy.com/admin/resimler/detay_resim/capital_markets_day_presentation.pdf

BB-1 - no news until end of Q2 - thats going to be a big let down to many GKP holders.

Enjoy.

Genel Energy (operator) 40% working interest

508mmboe gross unrisked mean prospective resource (McDaniel 2011)
BB-1 is the first exploration well on the Ber Bahr Block
Currently drilling at a measured depth of 3,350 metres in Triassic (target 4,100 metres)
Expected to complete end of Q2

i note sp is back to where it started ..... have been in a meeting all morning, but prob wouldn't have reacted anyway, so fingers x-ed

Genel Won’t Buy Gulf Keystone, DNO as Exxon Pushes Up Prices
By Brian Swint - Feb 23, 2012 3:23 PM GMT

Genel Energy Plc (GENL), the oil explorer focused on northern Iraq, won’t buy fellow Kurdistan producers Gulf Keystone Petroleum Plc or DNO International ASA (DNO) because the entry of Exxon Mobil Corp. into the region has forced up prices, Chief Executive Officer Tony Hayward said.

Genel, the largest oil producer in Kurdistan, will seek to expand outside the region, acquiring prospects in the Middle East or Africa, Hayward told journalists in London today.

The Kurdistan regional government said Nov. 13 that Exxon had signed contracts to drill in the semi-autonomous region. Since then shares of Gulf Keystone have doubled and DNO is up 26 percent. Genel President Mehmet Sepil said as recently as November that the company would approach DNO about a merger.

“It’s too expensive for us,” Hayward said. “What changed is Exxon coming in. We don’t need any more Kurdistan.”

Genel fell 0.8 percent to 823 pence as of 3:09 p.m. in London. DNO pared gains of as much as 3 percent to trade up 1.5 percent at 10.35 kroner, and Gulf Keystone was little changed at 366 pence after earlier rising as much as 8.4 percent.

Genel can fund its exploration and drilling programs with cash flow from current production in Kurdistan, which it mostly sells in the domestic market, Hayward said. The company still has $1.9 billion to use for acquisitions.

Operations will produce as much as $300 million in revenue this year, Hayward said before giving a presentation to investors. Current production generates enough cash to fund exploration, appraisal and development in Kurdistan, he said.

The explorer would considering buying fields or companies involved in offshore exploration in east or west Africa, Hayward said. Acquisitions may include the purchase of companies, assets and licenses as Genel seeks geographic diversity, more exploration potential and technical capability, he said.

Genel plans to lift production from the Taq Taq field to about 200,000 barrels a day in 2014 from 66,000 barrels in 2011. The company will also build a 255-kilometer (160 mile) pipeline to the main Kirkuk-Ceyhan export line

because the entry of Exxon Mobil Corp. into the region has forced up prices ..... It’s too expensive for us .... an interesting comment i thought

From page 48 of the presentaion.

Short and medium term value drivers for Genel Energy
Continued reserve growth at Taq Taq and Tawke
Successful ramp-up of production at Taq Taq and Tawke
Resolution over payment mechanism for exports
Exploration success – Ber Bahr, Peshkabir, Chia Surkh, Miran, Taq Taq Deep and Tawke Deep
FTSE inclusion
Geographical diversification

This is what analysts have been saying, the price rise in GKP will actually make it much less likely to be taken over now - its not longer so attractive anymore.

i read it that the oil majors have deeper pockets

was temped to sell some but sp seems to be holding in the 350's plus the well news to come, then might be a time to shed a few....when it hits £5.,.

Prosel all part of the game,are suah statements meant to put doubt in PI's minds?
Billions of oil fields(not many nowadys)will always be attractive to super majors,as it's what makes them so,of course the cheaoer, the moreso(but that can be said of anything).
Shaikan is the largest onshore oil field found in decades,so don't be fooled by such statements.

Holding up nicely at 360-370p Well news soon then whooshhh.,.

http://www.iii.co.uk/tv/episode/what%E2%80%99s-so-exciting-about-gulf-keystone-petroleum

This is up and down like a weston s mare donkey today, still wouldn't want to be out of these over the w/end.,.

364.64p fimish,pinks flying in the USA.

Exxon annual 10-K filing now online


Quick scan reveals nothing specifically regarding GKP or Shaikan, however this is the first official comment from Exxon regarding their Kurdistan contracts: -

"During 2011, production sharing contracts were negotiated with the regional government
of Kurdistan."

"Exploration and production activities in the Kurdistan region of Iraq are governed by production sharing contracts negotiated with the regional government
of Kurdistan in 2011. The exploration term is for five years with the possibility of two-year extensions. The production period is 20 years with the right to
extend for five years."

It's now official!

HOUSTON (Dow Jones)--Exxon Mobil Corp. (XOM) said Friday it plans spend a record $37 billion annually in capital projects for the foreseeable future, becoming the latest oil giant to unveil an eye-popping capital budget aimed at boosting production and reserves.
"The corporation anticipates an investment profile of about $37 billion per year for the next several years," Exxon Mobil said in an annual report filed with the Securities and Exchange Commission. "The corporation's financial strength enables it to make large, long-term capital expenditures." The figure is slightly higher than the record $36.8 billion the Texas-based oil major invested in 2011 and a jump from the $32.2 billion it spent in 201


he announcement marks the rebirth of a trend towards bigger spending by the oil majors that was interrupted by the financial crisis, which caused oil prices to tumble in 2008.


A recovery in crude prices has led the majors to shrug off the uncertainty and keep boosting spending as they seek to fund the projects that will drive production growth and replenish reserves for decades.
But part of the increased spending comes from higher costs for equipment, materials and labor. These projects are getting increasingly expensive as companies push technological boundaries to tap reserves in hard-to-reach places such as the deep-water and the Arctic.
Rival Chevron Corp. (CVX) said in December it plans to spend $32.7 billion in capital projects this year, 12% more than in 2011, while ConocoPhillips (COP) said its 2012 budget of $14.8 billion will be 11% higher than in 2011.
Texas-based Exxon Mobil is the world's largest publicly-traded oil company

-By Isabel Ordonez, Dow Jones Newswires; 713-547-9207; isabel.ordonez@dowjones.com

(END) Dow Jones Newswires