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.

Libya was defended....... yes.... with UN SECURITY COUNCIL agreement, as per the law.

Russia has UN VETO power.......... which is why while Russia so ok to Libya, Russia has said NO WAY to Syria response........ and so the UN and the US can do nothing about Syria as Russia has veto power on the UN SC.


So if Russia is embedded with Iraq central government and sold all the weapons to them, do you think they will say "ok" to any US or UN action should the Iraqi's decide its time to stop the rebellious province of Kurdistan. And do not forget, its an INTERNAL issue as Kurdistan is only a province of Iraq...... nothing more.


The mandate for UN and US action in Iraq is over....... and they can do nothing now should the Iraq's decide (once they have the new weapons) to sort out the Kurds and their middle finger waving at the moment.

Don't worry cyril. I am aware of the agendas of the most prolific posters, but nevertheless, Kurdistan has great potential coupled with great risk. Personally I would not be comfortable with having a large stake (more than 10% of portfolio value) in any company which only has exposure to Kurdistan, which is why GKP worries me, as they are strategically withdrawing from Algeria to focus entirely on Kurdistan. AFR & GENL at least have other strings to their bows.

Harry yes care and not over-exposed is without doubt the best option,but GKP does offer the chance of some serious gains. I can't see Tony Haywood being in KRG unless he was very conifdent,same goes with the other major plyers.

per the above 2 posts, that is no doubt why AFR continues to perform steadily stronger, while GKP is floundering about while this court case is resolved ..... meanwhile, GNL is performing strongly which may give an indication as to where GKP will head, always assuming a satisfactory result in court

A few posts from todays CC.


from pj66 on iii (at court).

post: 'gasps from the cheap seats':

"Email from EW to RW

F*** him , his wife and kids

Bury the B' stewards

Wow!"




Many thanks to B19400 for his efforts--

'13:09
Re: Court 15 - Day V
B19400
JG continues by showing that TKI & GKP are distinct. TKI is no puppet.

Assignment. A matter if inference from Excalibur. Without assignment, GK are free to bid for what they want.

Then we heard details of a couple of emails between the Wempen brothers. One saying "they probably won't find oil"; the other, profanity laden, suffice to say they don't like Todd!!

Next an email from RW where he appears to misrepresent his position at UBS regarding funding. UBS were never intending to funds Excalibur.

Previously we heard Excalibur's claim that GK cut them out of the deal. JG read out a series of email whereby GK actually wanted Excalibur to farm in because funds were tight. As we know Excalibur could not get any funds at all'


Again, from triple i:-

B19400 13:09

Re: Court 15 - Day V JG continues by showing that TKI & GKP are distinct. TKI is no puppet.Assignment. A matter if inference from Excalibur. Without assignment, GK are free to bid for what they want.Then we heard details of a couple of emails between the Wempen brothers. One saying "they probably won't find oil"; the other, profanity laden, suffice to say they don't like Todd!!Next an email from RW where he appears to misrepresent his position at UBS regarding funding. UBS were never intending to funds Excalibur.Previously we heard Excalibur's claim that GK cut them out of the deal. JG read out a series of email whereby GK actually wanted Excalibur to farm in because funds were tight. As we know Excalibur could not get any funds at all.

ries
22 Oct'12 - 13:13 - 233500 of 233500

sounds better than Magic Roundabout, or even Corrie or Punch and Judy on Swanage Beach :-)

WOW....loved Swanage Beach......... family holidays back in the 70's!! I bet it has not changed.

don't you knock corrie!!!.,.

my kids had a great time .... we stayed at Knoll House several times = Butlins with BMWs!

Sorry not quite as glamorous where we stayed........a guest house up Victoria Avenue! but very happy memories.

the great advantage of knoll house is that it has a really good adventure playground for the kids, and a nudist beach for the (fool)hardy very nearby :-))

http://uk.reuters.com/article/2012/10/22/uk-iraq-kurdistan-traders-idUKBRE89L0TI20121022

Mr P - please can you tell me where that mini-minnow Gazprom is based? ..... surely it must be bermuda or similar

Exxon Mobil has been followed by other majors including Chevron, Total and Gazprom, as production-sharing deals with Arbil are seen as a far better arrangement than Baghdad's fee-for-service contracts.

Re: Court 15 - Day V

B19400
11UP
JG explored the problems Excalibur had with funding. At no point did they get past "first base" with any prospective funders.

The fact that Excalibur likened themselves to Vast got a good laugh all round.

We are all aware that Jones Day have been seeking disclosure in the American courts. Clifford Chance have been very keen that this tactic failed. It did not fail, and we now have EWs email off the UBS servers (hence the email we heard this morning).

Another email from EW to RW said "$1M is one hell of a good payday considering you could not get funding".

Much was made by SP earlier of TK making five witness statements; it transpires that RW himself has made four!!

Back in tomorrow morning.

TK & JBG not here today. EW absent too.
---------------------

Thanks to B19400 ---- again !

More from court.


'18:33
Re: My version - court today
White Lion 23
5
Lastly – and I will interject the mother of all caveats here as I do not understand what the judge was talking about! – the judge asked before court was adjourned whether it was really necessary to work out possible damages before the outcome as they might not be necessary.

He went on to talk about whether it should be a split trial (sorry I don’t know what this is). Pickens said he had argued against this previously (and GKP/TKI had argued for) and it was decided not to have a split trial.

The judge said determining quantum would be unnecessary in 2 out of the 3 possible outcomes. I think this was all in relation to the fact that the judge wants an efficient court and not waste time unnecessarily. Maybe the resident legal experts can shed light on this. Maybe I have not quite understood it'

sounds almost as though he is guiding the jury to find against Excalibur, for surely it is only that party that is seeking damages

Re: My version - court today

White Lion 23
40UP
Lastly – and I will interject the mother of all caveats here as I do not understand what the judge was talking about! – the judge asked before court was adjourned whether it was really necessary to work out possible damages before the outcome as they might not be necessary.

He went on to talk about whether it should be a split trial (sorry I don’t know what this is). Pickens said he had argued against this previously (and GKP/TKI had argued for) and it was decided not to have a split trial.

The judge said determining quantum would be unnecessary in 2 out of the 3 possible outcomes. I think this was all in relation to the fact that the judge wants an efficient court and not waste time unnecessarily. Maybe the resident legal experts can shed light on this. Maybe I have not quite understood it.


On a lighter note, I think I saw Mikey. He looked like he was off fishing! I don't know if anyone could corroborate whether that was him?!

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18:11
Re: My version - court today

White Lion 23
89UP
PART 2


Exc arguments that they would have raised the money (and responses)


Argument 1 – Because GKP were able to raise money in 2008-2009, it must follow that Exc would have. JG said this was false due to the fact that Exc had no expertise and no money of their own invested, amongst other things.

Exc claim that they are similar to Vast, who were able to raise money.

JG said firstly that Vast were a publicly listed company and that they could be compared to Vast was “utterly absurd and grossly misleading” JG quote.

He said Vast were part of Forbes and Manhattan banking group, who had large oil/gas exploration experience, dozens of technical/geos and a company director of Vast (Mr Bharti) had a wealth of experience and is highly regarded. “Comparisons completely ludicrous” JG comment

Argument 2 – Exc could reinvent itself

JG went to town on this one

(approx. quote) “It is fairyland. If one believes in magic a frog may turn into a prince”.

In order to emphasise that Exc thought they were ok as they were (ie they had no intentions of re-inventing themselves) JG quoted an email from one of the Wempens:

(I cannot completely remember who sent it to whom) something along the lines of they will promote themselves as Sharia to attract “stupid/ignorant investors”. This got the people in the cheap seats going!

Other arguments included GKP caused an obstruction and this stopped Exc getting funding.

JG said this was after the event, made up stuff and there was no evidence to support it.

He said no investors were interested and therefore GKP couldn’t have blocked them as no potential investors asked for any detailed info.


I have only attended today and therefore have not heard Exc opening statements, therefore cannot compare. However JG was very impressive and he arguments that Exc were completely unable to attract any kind of funding at the time appeared to be strong and well backed up.

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17:54
My version - court today

White Lion 23
92UP
I attended court today but missed most of the morning session. I have tried to recall events as best I can (partly with the help of notes) and I am not legally minded. Anyone that was there please correct me if anything I have written is not correct in any way.

Most of today was about funding and whether Exc would have raised the required money to be involved from the beginning.



Before lunch JG referred to motive:

Why would GKP want to cut Exc out of a highly speculative wildcat drill when they needed to raise money.

In 2007 there was an email from John Cooper to TK saying the following:

GKP were short of money and if SH and AB were signed, they needed to bring forward funding attempts.

There were concerns that shareholders might not be interested in Kurdistan.



After lunch JG sought to show that Exc could not AND would not have been able to raise the money. He emphasised that Exc needed to show that they would have been able to raise the money, not just could have. A subtle but important point.

In one of the Wempens fourth witness statements they said Exc would have raised private equity finance; note private equity finance. JG believed this to be a cardinal mistake – as private equity relies on Exc having a number of qualities (a total of 5 – in which they had 0).

JG then systematically attempted to show that Exc were completely unable to get anywhere near anyone being interested in private equity finance:


JG said that the order of events in raising private equity finance is to give a teaser document (1 page) to tempt would be investors. If they were ‘tempted’, they would then sign a non-disclosure agreement and see more details.

JG said they approached 10 companies and non of them signed a non-disclosure.

Reasons given for this (I forget by whom) were:

1. Risky terrain
2. Difficult conditions
3. Exc had no characteristics necessary to invest
4. (amazingly) investors had to invest in a fund for Exc and they would then do as they pleased with it ie Shaikan would be the first investment but others were not yet identified

JG said the burden of proof was on Exc that it could and would have raised the money. This was questioned but I’m afraid I didn’t understand the legal talk about it.

Concluding this JG said Exc sought to raise the money and failed at every instance. He said that Eric Wempen agreed, citing a quote from an email (EW to RW):

“1 million is a hell of a pay day considering you probably couldn’t have raised the money”.

I will post JG’s responses to Exc arguments that they would have raised the money when I have written them.

http://gkpinvestor.proboards.com/index.cgi?board=analysis&action=display&thread=1602

The Kurds know the Russians getting into bed with Iraq is bad news for them..........

http://www.ekurd.net/mismas/articles/misc2012/10/state6576.htm

Once Iraq gets the planes and weapons it needs then one rebellious province of the country is going to get "sorted out".

And with Russia and China having "veto" rights on the UN security council, there is nothing the US or UN can do as Kurdistan is simply a province of Iraq, nothing more, just like Russia is using its veto to stop the UN/US from doing anything in Syria.

to repeat a bit of 3593 .......

Mr P - please can you tell me where that mini-minnow Gazprom is based?