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.

http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3AGKP.L&it=le&action=detail&id=10170315

http://www.straitstimes.com/breaking-news/world/story/iraq-cancels-52b-russia-arms-deal-over-graft-concerns-20121110

http://www.bbc.co.uk/news/business-20265130

http://www.upi.com/Business_News/Energy-Resources/2012/11/09/Iraq-Exxon-pulls-out-Russia-wants-in/UPI-81141352487577/

all quite interesting, but much of it posturing by all sorts of parties i suspect .... nevertheless, it reads that there is now a considerable groundswell for the majors to pull out of iraq - almost certainly will not be so in the long term - and to pitch in their lot with kurdistan

All the false reports of the deal being canceled shows how desperate the US influenced media is to try to hide this deal....... its a significant move against the US.


http://www.upi.com/Top_News/World-News/2012/11/10/Iraq-Russia-arms-deal-not-canceled/UPI-26201352556545/

Iraq-Russia arms deal not canceled

Published: Nov. 10, 2012 at 2:12 PM


BAGHDAD, Nov. 10 (UPI) -- Iraqi Prime Minister Nouri al-Maliki's office says a $4.2 billion arms deal with Russia has not been canceled but Maliki has "decided to review the whole deal."

"When [Maliki] returned from his trip to Russia, he had some suspicions of corruption, so he decided to review the whole deal. ... There is an investigation going on, on this," spokesman Ali al-Masawi told Russia Today.

Earlier reports Saturday indicated the deal -- which would have made Russia Iraq's second-biggest arms supplier after the United States -- was canceled.

Maliki's critics had questioned the deal, noting that Iraq had already signed multiple arms deals with the United States, the BBC reported.

Iraq's acting defense minister signed the initial contracts this year for 30 Mi-28NE night/all-weather capable attack helicopters, and 50 Pantsir-S1 gun-missile short-range air defense systems, RIA Novosti reported.

what a surprise! ..... merely a bit of rather girlie arm-wrestling by the iraqis to try to "persuade" gazprom not to walk out .... it really is looking more and more that the iraqis are coming under some heavy world heat to extract a digit and make a sensible, commercial deal with kurdistan .... if iraq does that, then the quid pro quo is that the country will receive loads of aid in many forms as well as the redevelopment of her oilfields, whose revenue iraq desperately needs ..... the converse is obvious

Part of Iraq report:

Published November 13, 2012
ExxonMobil has told Iraq's top oil official that the company is actively seeking to sell its stake in the super-giant West Qurna 1 oil field.

In a recent meeting with Deputy Prime Minister for Energy Hussain al-Shahristani, an Exxon executive said the company "wishes to withdraw from the West Qurna field," according to Shahristani's spokesman Faisal Abdullah.

Although reports have long been circulating that the American oil giant is in talks with prospective buyers – and recently sent ...

The GKP barrister is getting increasingly irritated by Rex Wempen and he is now showing it. The barrister's approach is to clinically dissect Excalibur's claims and seek to prove they they are groundless...but the problem is that Rex Wempen's overarching position is that Excalibur is "in the right" and that NOTHING can disprove that.

We are, in effect, now in the realms of philosophy. If one has an established framework of logical and definitions, one can prove and disprove various arguments. But if words have fluid meanings, and what is said one day can be replaced with something different that one says the next day (or even ten minutes later) then what is the basis for any meaningful discussion? There cannot be one...except that an external party - in this case, the Judge - must "go above and beyond" such fluidity and act as a sort of referee.

I do not now believe that ANY argument by the GKP (or TKI) barrister will EVER be likely to box Rex Wempen into a corner. It is possible that Eric Wempen may prove easier to deal with. But I wouldn't count on that. On current evidence, I think that only the Judge will be able to make sense of what has been - frankly - a pantomime.

It is too tiresome to give details of my 22 pages of A4 notes from today. I have given some quite detailed debriefings to selected people this evening.

I shall, however, give one example. The GKP barrister referred to an email from John Cooper, the previous CFO at Gulf Keystone Petroleum, to Ian Patrick on 14 November 2007, copied to Mr Makatich and Todd Kozel. This concerned Eric Wempen, and in abbreviated form said something like "Last night, I took the liberty of checking out Eric Wempen as far as I could...he is a tax attorney...I think we need to find out in what capacity UBS are acting for Excalibur". The GKP barrister said: "Mr. Cooper was beginning to smell a rat, wasn't he?"

Of course, Rex Wempen replied "No. No rat at all here. Mr. Cooper was confused, he doesn't understand the Collaboration Agreement between Excalibur and Gulf"

And there we have it.

(usual caveats apply)

of more interest will be to see how incisive and clever the EXC barrister is ...... when does that act start?

1stly their's Eric to question,followed by the TKI barrister,so may end of mobth??


From MOL report courtesy of akteirman on 3

In Kurdistani Region of Iraq:
- In Block Akri-Bijeel drilling of Bakrman-1 exploration well continued. Drilling of Gulak-1 exploration well was started in July. Tests of the exploration wells are expected on the yearturn. Surface facility for early production from Bijeel-1 well is under construction, the start-up is expected in Q2 2013.
- In Block Shaikan testing of Shaikan-6 appraisal well continued while drilling of Shaikan-8 well started end of August. Upgrade is being designed for extended well test facility.

Aqra-1.
Drilling started on 17 January 2012, f inal depth was reached at 4 980 m in August.
Testing is ongoing.

Bakman-1.
Bakrman-1 well was spud on 7th of May 2012, actual depth was 3 930 m at end of
September.

Gulak-1.
Gulak-1 well was spud on 15 July 2012, actual depth was 2 404 m at end of
September.

http://ir.mol.hu/sites/default/files/en/2012/Q3/2012_Q3_FlashReport_ENG_PKB.pdf

barristers are having a field day then ..... that'll be a very happy bunch of lawyers at christmas, being EASILY able to afford 2 week holidays in the west indies with their extended families

Seems the reason for such a lengthy case is,that as a civil action one is not made to answer the question,as in a criminal trial.RW is aware of this,so no answer or evasion is better than the wrong answer?imo

that as may be, but the burden of proof in a civil action is much less onerous - i.e. probability rather than beyond reasonable doubt

As a holder of GKP(although reduced in size)i clearly would like to see this action thrown out of court.It does not look likely to happen,so worth taking a worst case scenario.Assume 1 billion shares(all options)in issue,this would have to increase to 1.43 billion to make up the 30%(making a SP of £1.26p).
So once the CC is out of the way,what could we expect if a bid was to take place,well it works out at 70p for every £1 billion. Take the £8billion mentioned=£5.60p,even a paltry £3b would give a return of 15% at todays SP.Get in at what would be a knee jerk market reaction to such a result (126p)and malking 150%(over 400% for £8b)?.
So patience required?

I have been attempting to put my thoughts together on what I heard over the last few days....These are my jottings, impressions and opinions only...These comments below are not in strict order or verbatum...- I havn`t put most of RW replies because he just rambles and basically disagrees with everything anyway.

Simply from what I`ve heard so far my impression is that RW was way way out of his depth, didn`t properly understand the significance of various agreements or indeed the differences- IE(NDA, CA, JOA etc)- Initially probably thought he could raise money quickly but was ignorant of E+P and big business ways... Bigged up who EXC were- Mislead banks and indeed TK. Mislead TK when RW and EW started to realise they couldn`t raise money - indeed started blaming others, inc TK for EXC short comings.. ...King`s clothing parable comes to mind....Gulf was not a hindrance, quite the opposite they wanted Exc `s investment.....And it probably took a while for some at Gulf and at the banks to realise who these folk really were....That they had no money, didn`t have the ability to raise money and no clear idea... Chancers!

JG "..the person that was up to something was you"

JG "...Have you discussed your evidence with EW or taken counsel over the weekend?"

JG "..This was the final brush off from lazard"

RW "..Had received 24% interest in Shaikan".....JG ..."Simply not true...indirect interest hadn`t happened yet"

JG " Litigation funding with prime, they didn`t think you had a very good claim..."

JG "You had no prroblem with the NDA until you realised how long it was going to take to get funding?"

JG email EW to RW...."no problem with NDA..."....long rambling contradictory answer!!

JG .." you had to pay SB by 6th Dec....bothering and putting pressure on Miss McLeod.....RW..." Certainly I was a pest"

JG "What outside counsel was EW talking to? Misleading"

JG talking about witness statement and NDAs" reavealing your ignorance here"...RW disagrees with TK, MR Wilkinson(expert witness),, Mr Kinnear and 4th person if you count Shell man

JG " continuing to mislead TK with the term `investors` "

JG.." why unwilling to provide further info to MOL on EXC- re accounts, shareholders etc

JG email from Mr Cod..."Have to pay on time , it is inexplicable that you or anyone could be on a PSC and pay later...? Do you agrree..."

RW..."I agree some of it"

JG " Mr Cooper beggining to smell a rat"

JG " You do understand what I mean by the bottom of the page" " Stop wasting time"

JG " No fund raising experience, only introduction or originator experience".

JG " strategy to sue Gulf and blame G for delays when it was Exc that couldnt raise money"

Judge: "..you need to understand my puzzlement first...."

What a great line to finish!!

------------------------------------------------------------------------------------Esco.
V interesting comment from Prime suspect.
'Considered a weak case.' If this is just a snippet no wonder they wouldn't want to disclose stuff to TKI Stateside. Protecting an affiliate perhaps, or one of their own backers.
-----------------------------------------------------------

Esco: it was obtained in connection with TKI's actions in the US to get materials out of Robert Gordon. I have more notes on this, but they are in the Court...I'm in the wine bar. I'll go through my notes later. Rex Wempen has said that money WAS subsequently paid by someone (we knew that anyway) but it remains unclear who it is. The GKP barrister knows who it is. A very damaging (to Excalibur) Eric Wempen email is being discussed, we'll go back to it after lunch. Great blocks of it have been blanked-out by Clifford Chance, it was on the screen next to me. bob

http://www.reuters.com/article/2012/11/14/iraq-oil-exxon-idUSL5E8MDC3820121114

More trouble for the rebellious Kurds and the "illegal" licenses.......

Heritage Oil exits Kurdistan.
City AM .Tues.
Heritage is selling its 49pc in the Miran Field to Genel,
Genel will then have 100pc in the gas field.

Also
San Leon and Aurelian agree an all share merger.
They will become the largest foreign company in Poland
and also have interests in Morocco and Albania.

http://www.reuters.com/video/2012/11/14/iraqs-shahristani-on-oil-market-producti?videoId=239129983&videoChannel=1