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.

Just came across this concerning the drill rig 319.


The Weatherford 319 rig is a heavy duty rig with 3000 HP, and a 15,000 psi BOP. Can drill up 25,000 ft. Maximum circulating standpipe pressure is 7,500 psi but the pop-offs on the mud pumps will be set a bit lower...

www.dukbrochure.co.uk

This should give you brochure,pruces and info,i believe theirs also a video of the FT cassette system,which is what i enquired about.

Looks like the basic package is around £5k with all the accessories upto £10k.Myunderstanding is that their are some excellent grants available and the Welsh Bowls will help in this area?

The brochure came this morning so i'll bring it along to the next meeting.

regards

brian

BBBS has popped in on iii:

Hello MARKETCHASER, regarding "if you're out there and I suspect you are, do you fancy giving us your interpretation of todays RNS", my flippant answer would be 'put GKP on ignore' - and 'read the MOL Operational Update':
http://ir.mol.hu/en/operational-update-kurdistan-region-iraq-%E2%80%93-oil-discovery-bakrman-well-akri-bijeel-block/

How times have changed! Three and a half years ago we were all accusing MOL of being 'the silent one' who seemed quite happy to put the occasional boot into little old GKP (remember the Shaikan-1 sidetrack 'issue' and their down-playing of Shaikan significance?). Today's RNS from GKP is an abysmal precis of the MOL update - several significants pieces of information are omitted, and I would even go as far as to say that the current and future testing plans on Bakrman-1 (the discovery well) have been mis-represented. IMO.

The most glaring omissions by GKP are discussed further below:


Bakrman-1:

- GKP only specified results for the Second Open Hole test, and even there they could not be bothered to give a rough translation on the gas flow rate (I believe some posters have already queried this aspect). The answer is found in the MOL Update: "the Second Open Hole test of Bakrman exploration well resulted 2,616 bbl oil and 5.86 MMscfd (1,070 boepd) gas inflows." There you go - 5.86 MMscfd translates to 1,070 boepd.

- GKP totally ignored the information provided by MOL concerning the First Open Hole test: "First Open Hole test was done in interval 3,811-3,932 m MD (measured depth) Kurra Chine A and B zones where total mud loss took place during drilling. The test produced 1464 bbl/d water with N2 lifting". This First Open Hole test was conducted ABOVE the Second Open Hole test - over an interval that comprised both Kurre China A and B (as opposed to just the Kurre Chine B for the Second test). It seems very strange that the deeper Second test recovered oil and gas - with no water - in the Kurre Chine B, when the First test produced just water over an interval that also included the Kurre Chine B. Actually, it's not very strange at all, the key words being "where total mud loss took place during drilling" - the produced water is most likely none other than the fluids that were lost during drilling. IMO. Holders of Shamaran will know that this would not be the first time that 'water tests' can be deceptive in a fractured mud loss setting (compare results from Atrush-1 and Atrush-2). I would imagine that MOL will be evaluating these results further.

- GKP's RNS is mis-leading with regard to the fact that many more well tests are yet to be made at Bakrman. GKP merely states "The well testing programme is ongoing and is expected to be completed in April 2013". Whereas the MOL Update is quite specific with "Five further tests (one is optional) are planned in the well and the program is ongoing till April 2013". A massive difference (IMO). They are now performing Cased Hole tests, so these will be 'bottom-to-top' in the well. Consequently, the three unsuccessful Cased Hole tests to date (MOL: "Three Cased Hole DST have been perforated till now. There was no oil inflow some traces of gas and H2S were experienced.") would have been in the Lower Jurassic - most likely Butmah Formation - which is known to be less productive than the Upper Jurassic (refer Shaikan, Atrush etc). The main point being that there are still FIVE MORE TESTS TO GO - and at least some of these will be over Formations that are known to exhibit better flow properties in adjacent properties.


Bijell-3 (Aqra-1):

- The well title used by MOL (as above) as opposed to simply 'Bijell-3' by GKP already says a lot. The well location is some way from the original Bijell-1 discovery well; indeed it sits on the side of the Aqra anticline. GKP also omit a very pertinent remark that is stated twice within the MOL Update: "Bijell-3 appraisal well, which was the riskiest from a geological point of view in the planned appraisal program, moreover, it is the farthest one from the Bijell-1 discovery". I despair when posters like Hub just take the GKP RNS and then immediately write-off the entire Bijeel discovery as 'pants'. It would appear that even Zengas only read the GKP precis and not the source MOL document.


In conclusion with regard to GKP's Akri Bijeel Update, they are clearly disinterested in 'current values' - there is still much more testing to do on Bakrman alone before the full extent of this latest discovery is known. And much more information will also be known on the true extent of the Bijell structure - 'soon' - at least within 2013 with four more wells going down. What was that previous carp about bringing in PW to sell AB about Todd? AB is far too valuable - to the buyer of GKP .... IMO.


As for GKP's belated update on Shaikan activities? Yes, more of the same minimalist carp. IMO. Would it be so hard to say why SH-6 was dropped and SH-10 added for PF2? Why do PI's have to guess - that perhaps SH-6 was drilled too far down on the flank (in order to try and define OWC's that so far only Joseki has told us about) and is consequently unsuitable for a Production well that should ideally initially withdraw reservoir fluids from the top part of the structure? When are we going to get test results from SH-5? When are we going to get test - and OWC - results from SH-6? I guess we will just have to rely on Joseki's report on what the Institutions were told on 28th May 2012 - you know, that post which was deleted by iii without any explanation to the author.

At least it was good to note that the latest production promises are now verifiable within a rather short period of time ... over to you Hawrami - is the Turkey nearly done?

And another reference to the 'synergy' word when talking about Sheikh Adi and Shaikan ... nice. With ExxonMobil due to spud Al Qush-1 'imminently' (refer Western Zagros 'internal' map) there may be some more use of the 'synergy' word in the not too far distant future ... (please do look at that map, and note the alleged boundary of Shaikan compared to the shape of the SH-AQ anticlines). Maybe Al Qush-1 has been re-named SH-9 ?

GLA,

BBBS

P.S. KRG rules - but Turkey over-rules - in more ways than one. That'll be 'that' post again ... one day .. maybe 'soon'.

Mol Rises Third Day on Kurdistan Oil Discovery: Budapest Mover
By Edith Balazs - Feb 20, 2013 8:46 AM GMT



Mol Nyrt., Hungary’s largest refiner, rose a third day, heading for the highest close in more than a week, after it reported an oil discovery in the Kurdistan region of Iraq.
The shares advanced 0.7 percent to 17,895 forint by 9:23 a.m. in Budapest, heading for the highest close since Feb. 7. The benchmark BUX stock index, in which Mol has the second- highest weighting at 31 percent, gained 0.1 percent.
The company discovered new, medium density oil in the Bakram exploration well, in Kurdistan, Iraq, Mol said in a statement on the Budapest bourse website today. The test resulted in 2,616 barrels of oil per day, according to the statement.
The discovery shows “strong numbers and may suggest a sizable upgrade of recoverable resource potential soon,” Peter Csaszar, a Warsaw-based analyst at KBC Grope NV, said in an e- mailed report today. “We continue to see Mol’s activities in Kurdistan as the most interesting project amongst that central and eastern European oil companies.”
The Kurdistan project will be Mol’s most important source of increasing output, with commercial production scheduled to start by 2015 at the latest, Chief Executive Officer Jozsef Molnar said last year.

http://www.bloomberg.com/news/2013-02-20/mol-rises-third-day-on-kurdistan-oil-discovery-budapest-mover.html

http://iraqidinarchat.net/?p=16233

TICS & ECONOMY
UNCATEGORIZED

Comments
Posts
Media leaks: Maliki agrees on oil contracts in Kurdistan compared passed from Baghdad!!

Media leaks: Maliki agrees on oil contracts in Kurdistan compared passed from Baghdad!!

Date: Thursday, 02/21/2013 09:10 am

Media leak indicated preliminary approval made by Prime Minister Nuri al-Maliki and a large tongue advisers Tariq Najim in a meeting with the President of Kurdistan, Massoud Barzani, on oil contracts concluded by international companies in the Kurdistan region and was the subject of controversy between the governments in Baghdad and the region.

It showed that this trend comes to calm the current crisis in order to Hlhaltha hand and not giving any justification for the Kurdistan Regional Government to seek to conclude more contracts without the knowledge of the government or against her.
explained that U.S. pressure brought to bear on the government in Baghdad had a significant impact on access to these formula, asserting that Maliki spoke on condition acceptance on those contracts, that is passed from Baghdad in coordination with the province.

chakooch.com

Be the first to comment - What do you think? Posted by admin - F

http://www.ogj.com/articles/2013/02/iraq--krg-awards-qara-dagh-block-to-chevron.html q: KRG awards Qara Dagh block to Chevron

Iraq: KRG awards Qara Dagh block to Chevron
HOUSTON, Feb. 22
02/22/2013
By OGJ editors
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The Kurdistan Regional Government has awarded the Qara Dagh block to Chevron Corp.

The former holders drilled the block’s first exploratory well, which confirmed the presence of an active petroleum system but failed to establish commercial rates. The group agreed to relinquish the block in late 2012 (OGJ Online, Feb. 14, 2013).

The former owners were Calgary independents Niko Resources Ltd., operator with a 49% interest, Vast Exploration Inc. 25%, and Groundstar Resources Ltd. 6%. The KRG had a 20% carried interest.

Niko, Vast, and Groundstar relinquished their interests in exchange for proceeds equal to the carrying amount of the asset. Niko Resources said it expects to receive $15 million within 60 days of the earlier of formal signing of the production-sharing contract between the KRG and Chevron on May 31.

Here's hoping?

http://www.ninanews.com/english/News_Details.asp?ar95_VQ=GGGEFM
23/02/2013 10:01:00

(He = Awadi)

He confirmed "The dispute with the Kurdistan Alliance, including payments for the oil companies operating in the Kurdistan region, has been resolved and agreed upon."

It is scheduled that today's session of the House of Representatives will witness vote on the budget after several times of delays because of the political differences./ End

OOPs back to squre1.

http://www.shafaaq.com/en/news/5289-breaking-news-parliament-postpones-vote-on-the-budget-again.

25
Feb 2013
Baghdad resolves oil firms payments dispute with KRG

Exxon Mobil begin exploration work in Kurdistan .. In a deal that included six decades

http://www.directorstalk.com/?s=gkp

Could it be we have a breakthrough,only time will tell,but it looks promising?

http://www.ninanews.com/english/News_Details.asp?ar95_VQ=GGGHL

Progress continues at Gulf Keystone. The company could have 50kbd of gross production capacity online by mid-2013 (40kbd at Shaikan and 10kbd at Bijell).
25th Feb
http://www.directorstalk.com/progress-continues-at-gulf-keystone-the-company-could-have-50kbd-of-gross-production-capacity-online-by-mid-2013-40kbd-at-shaikan-and-10kbd-at-bijell-t/

Two Calgary companies go elephant hunting in Kurdistan
25TH FEB 2013
| Directors Talk
http://www.directorstalk.com/two-calgary-companies-go-elephant-hunting-in-kurdistan/

26
Feb 2013
Exxon chooses Kurdistan in Iraq
http://www.scoop.it/t/oil-explorers-iraq/curate

Tom; direct link to your post. Oopps not allowed?

http://www.scoop.it/t/oil-explorers-iraq/curate

-----------------------------------------------------------------------------------------



from iii cheers--gramacho



09:30
GKPs 2012/13 Capex
Gramacho
20
Interesting to note MOLs capex projections for 2013 from the drilling update presentation.

For Shaikan
Exploration: $7.9MM for Shaikan-7
Development: $50.8MM for SPF1 and SPF2 and Shaikan-10
Total $58.7MM net at 20% WI which equates to $235MM net Capex for GKP/TKI


For Akri Bijeel
Exploration: $140.9MM net for 3D completion, drilling Bijell -2, 5 and 7 appraisal wells, commence drilling Bijell 4 and 6 appraisal wells
Development: $15.1MM net for Bijell-1 EWT and surface facility upgrade
Total $156MM net at 80% WI which equates to $39MM net Capex for GKP/TKI


Hence total 2013 capex for GKP/TKI = $274MM which is approximately equivalent to the money raised by issuing the convertible bonds.

MOL also kindly detail the full year 2012 spend for AB and Shaikan. Adding the components yields a total 2012 Capex spend of $149MM for MOL and $190MM for GKP.

These figures are the bulk of GKPs spend in Kurdistan (not forgetting Ops G&A and SA and BB Capex) and should enable a reasonable estimate of GKPs year end 2013 cash position without production and with the benefit of production once the rates can be estimated more accurately.


MOL are starting to yield some useful snippets at last!

Regards,

Gramacho

The link to XON.

http://www.directorstalk.com/exxon-chooses-kurdistan-in-iraq/

Niceonecyril who do you get the links to work here mines just go black

Video: Turkey’s Role in Iraqi Unrest
26th Feb
http://www.directorstalk.com/video-turkeys-role-in-iraqi-unrest/

WesternZagros Spuds Kurdamir-3
26th Feb
KRG Signs New Agreements with Gazprom
26th Feb
Sadoun: resolving the issue of the oil companies need more time
26th Feb

Tom, 1st copy the link,click on the chain-link above this box.Delete the hppt:that comes up and then paste your limkk into the address bar,then press ok as instructed.
then post message.
Hope this helps.

Much discusion,regards to MOL's recent presentation,here's onr such post.


bbbs latest post from last week after MOLS AB update--Re Sh-6
---------------------------------------------------------------------------------
As for GKP's belated update on Shaikan activities? Yes, more of the same minimalist carp. IMO. Would it be so hard to say why SH-6 was dropped and SH-10 added for PF2? Why do PI's have to guess - that perhaps SH-6 was drilled too far down on the flank (in order to try and define OWC's that so far only Joseki has told us about) and is consequently unsuitable for a Production well that should ideally initially withdraw reservoir fluids from the top part of the structure? When are we going to get test results from SH-5? When are we going to get test - and OWC - results from SH-6? I guess we will just have to rely on Joseki's report on what the Institutions were told on 28th May 2012 - you know, that post which was deleted by iii without any explanation to the author.

At least it was good to note that the latest production promises are now verifiable within a rather short period of time ... over to you Hawrami - is the Turkey nearly done?

And another reference to the 'synergy' word when talking about Sheikh Adi and Shaikan ... nice. With ExxonMobil due to spud Al Qush-1 'imminently' (refer Western Zagros 'internal' map) there may be some more use of the 'synergy' word in the not too far distant future ... (please do look at that map, and note the alleged boundary of Shaikan compared to the shape of the SH-AQ anticlines). Maybe Al Qush-1 has been re-named SH-9 ?

GLA,

BBBS
----------------------------------------------------------------------------

SH-6 --- From 28th May 2012 presentation, by Joseki:--

This brings us to our prize among prizes, the jewel of Kurdistan, Shaikan, which has had a great run on appraisal this year. The BoD reinforced that recently they didn’t need to test to the good parts that were there, but went for the marginal sections to better understand what we have. We did reach OWC on SH6, 150m below target levels below spill point in the Jurassic and will add significant increments to both the aerial extent and depth of the Shaikan structure. If I take us to the outline of the Jurassic on p13, the current green area on the east of the Shaikan block pretty much extends green all the wall to the remaining blue section of the block and likely into the South too of the neighbouring block. The water contact on SH6 is in the low Kure Chine C or D section, and there it is like what we found in SH4. There is possibly another OWC in the Butmah level but that requires further testing. What we have encountered is extremely high pressure of 19.2 pds/ga in the Triassic, and we need to think how to deal with this. To give some context, the Triassic usually in SH1-3 is more 12 pds/ga, so this has surprised. During SH5 in the Kure Chine D levels there was a significant oil kick with sample gravities in the mid 30s-40s and appears to be sweet. This bodes well the prospectus below. In terms of the Jurassic matrix, the overall fracture or amount of oil retained is higher than expected, where originally it was thought 0.8%, but is now proven to be some 3%. The main takeaway on the back of SH5 SH6 is we can expect an increase again in OIP on Shaikan.

Niceonecyril thanks ill try loads of news here updated as it happens

26
Feb 2013
Gazprom Neft has taken an 80% stake in a Kurdistan field with reserves of 100 million metric tons of oilhttp://www.directorstalk.com/?s=gkp

cheers worked a treat.

http://www.investegate.co.uk/gulf-keystone-petrol-%28gkp%29/rns/share-issue-exercise-of-options-director-dealing/201302261530027196Y/