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.telegraph.co.uk/finance/10807960/Gulf-Keystone-activists-seek-boardroom-reshuffle.html

Check out PCI......Kurdistan testing...

Intrrims due next week,Wed14th.

Off the coast of southern Cyprus, opposite Limassol, there's a sheltered area where ships are moored, waiting orders, (ie waiting for the cargo to be sold).

One of the tankers very recently loaded at Ceyhan is now there. SCF Ural. Its rather large, as the picture below shows, (274mx48m) and fully loaded (16.2m Draft), Its deadweight is 159,314 tonnes, getting on for 1,000,000BBls.http://www.marinetraffic.com/en/ais/details/ships/9231509/vessel:SCF_URAL

C&ped.
Latest.


A lot of tanker activity currently at Ceyhan.

Mare Doricum just leaving with a full cargo. Tanker Corossol now moving to same loading jetty. Tanker Cumhuriyet moored at second jetty. Tankers Rich Duke 11 and British Mallard moored in bay. All large tankers (500,000+BBl cargoes).

All the above have arrived in the Bay this weekend.
Thanks to Morfina for heads up.

http://www.marinetraffic.com/en/

DB= 145p.

http://sharedealing.nandp.co.uk/broker-views/GKP/Gulf-Keystone-Petroleum


Deutsche Bank Initiates Coverage on Gulf Keystone Petroleum Limited (GKP)
Posted by Reagan on May 13th, 2014 // No Comments
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Gulf Keystone Petroleum Limited logoEquities research analysts at Deutsche Bank started coverage on shares of Gulf Keystone Petroleum Limited (LON:GKP) in a research note issued to investors on Tuesday, AmericanBankingNews.com reports. The firm set a “buy” rating and a GBX 145 ($2.44) price target on the stock. Deutsche Bank’s price target would indicate a potential upside of 51.04% from the company’s current price.

Due to a number of mechanical failures in the course of the drilling operations, the Shaikan-7 deep exploration well has not been able to achieve its objective and will now be converted into a Jurassic producer and tied into Shaikan PF-1. Based on well logs, Shaikan-7 should become a prolific producing well and the full cost of the well should be recovered within six months from first production.

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/interim-management-statement/201405140700130576H/





14 May 2014

Gulf Keystone Petroleum Ltd. (LSE: GKP)



Interim Management Statement



Gulf Keystone Petroleum Limited ("Gulf Keystone" or "the Company") is pleased to present the Company's first Interim Management Statement for the period from 1 January 2014 to today.



Overview



On 25 March 2014, Gulf Keystone's common shares were admitted, with a standard listing, to the Official List of the United Kingdom Listing Authority and to trading on the London Stock Exchange plc's ("LSE") main market for listed securities ("Main Market"). The move from AIM to the Main Market was a significant milestone in the growth and transition of Gulf Keystone from an independent oil and gas explorer to an established exploration and production company.



On 17 April 2014, Gulf Keystone closed on a US$250 million debt financing that will fully fund the Company and its development plan into 2015. Under that plan, the Company expects to achieve an increase of production from Shaikan PF-1 and PF-2 to 40,000 gross barrels of oil per day ("bopd") by year-end 2014 from the current level of 15,000-16,000 gross bopd. Currently, average Shaikan production for the year to December 2014 is expected to be equivalent to approximately 20,000-25,000 gross bopd.

Gulf Keystone commenced Shaikan crude oil exports by truck to Turkey in December 2013 and the first export sales in late January 2014. In Q1 2014, gross export deliveries by truck totalled 836,205 barrels. Gross domestic sales in Q1 2014 totalled 24,767 barrels, with sales realisations of US$42 per barrel and further 7,163 barrels of gross domestic sales in April 2014. Production revenues are expected to increase significantly in H2 2014.

In May 2014, Gulf Keystone received a US$6.46 million gross payment for the first Shaikan crude oil export sales. The Company records revenue in its accounts on a cash received basis resulting in a time lag between the physical production and shipment of crude oil and payment. The time lag can be significant with an approximate US$24 million net outstanding to the Company, after the first payment of US$6.46 million gross received in May 2014, from the commencement of oil sales in January 2014 to date. This therefore gives rise to uncertainty in the timing of revenue recognition and guidance for 2014. At this time, revenue guidance for 2014 is in the range of US$150 million to US$180 million which reflects the Company's current view on cash payment and current production levels.

Production and Infrastructure



· Shaikan PF-1 is currently producing from three wells, Shaikan-1, -3 and -4.



· Hook-up of Shaikan-8 and Shaikan-7 to PF-1 is expected later in 2014; flowlines are being ordered.



· Shaikan PF-2 has been commissioned and the start-up process has commenced with live oil flowing from Shaikan-5 to the production facility, which will also be producing from Shaikan-2 and -10.



· Flowlines are being ordered for an additional development well to be drilled and hooked-up to Shaikan PF-2.



Exploration



· Due to a number of mechanical failures in the course of the drilling operations, the Shaikan-7 deep exploration well has not been able to achieve its objective and will now be converted into a Jurassic producer and tied into Shaikan PF-1. Based on well logs, Shaikan-7 should become a prolific producing well and the full cost of the well should be recovered within six months from first production.



· A new deep exploration well to test the previously undrilled deep Triassic and potentially Permian horizons, which is a commitment under the approved Shaikan Field Development Plan, will be added to the drilling schedule.



Development and Appraisal



· Appraisal of the Sheikh Adi discovery is ongoing with Sheikh Adi-3 currently drilling ahead at 2,150 metres after having experienced some mechanical difficulties.



· Early production from the Bijell Extended Well Test Facility on the Akri-Bijeel block commenced in March 2014 expected to ramp-up to 10,000 bopd by the end of 2014.



· Field Development Plan for the Bijell and Bakrman discoveries on the Akri-Bijell block has been submitted to the Kurdistan Regional Government's Ministry of Natural Resources by MOL Hungarian Oil & Gas plc, the operator.



· Appraisal of the Bijell and Bakrman discoveries is ongoing with wells operating at Bijell-2, -4, -6 and Bakrman-2 respectively.



Finance



· Successful debt offering of US$250 million in three-year senior unsecured notes due April 2017, privately placed in accordance with Reg S/144A with institutional investors in Europe, the US and Asia.



· As of 30 April 2014, cash, cash equivalents and liquid investments of approximately US$270 million.





Corporate



· Mr Chris Garrett retired from his position as the Company's Vice President Operations after 10 years with Gulf Keystone. Mr John Stafford, previously Geology and Geophysics Manager, has been appointed Vice President Operations effective 3 May 2014.



· Gulf Keystone's Annual General Meeting will be held on 17 July 2014 in Paris, France.

mirabaud note from gkpif.

Gulf Keystone (GKP LN) has announced a maiden IMS following its promotion to the Main Board from AIM. For the first time the company has provided top-line guidance to the market, comprising average FY14 production of between 20-25 kbopd (gross) and revenues net to GKP of US$150-180m (US$102-122m on a fully diluted basis). This compares to our current forecast of 21 kbopd and fully diluted revenue of US$124m, with our more optimistic revenue figure assuming no arrears position at year-end (which will probably prove too generous). Encouragingly, GKP confirmed today that it has received a US$6.5m gross payment for Shaikan exports, serving to reduce concerns in the market over the timeliness of export sales. The company estimate that a further US$24m is outstanding from the KRG for exports since January 2014. Current production from the Shaikan field is running at 15-16 kbopd (gross) and commissioning is complete at PF-2 with live oil flowing from SH-5 to the production facility. On the exploration side, the key news is that the SH-7 deep exploration has failed to reach its objective and will now be completed as a Jurassic producer. A new deep exploration well will be added to the drilling schedule and in any case SH-7 is expected to be a prolific producer with pay back estimated within 6 months.

Finally, and perhaps most importantly, the recent bond placement has bolstered the group’s cash position to US$270m (30 April) and provides the breathing space to establish a self-funded business built around a growing revenue base at Shaikan.

Read more: hxxp://gkpinvestor.proboards.com/posts/recent#ixzz31gHPROfR

C&ped.



Thanks to CCC on triple i for this from the FT. At first I thought it was going to be a typical hatcket job but it sets out the facts quite reasonably. However, there are a couple of quotes at the end of the article fromTodd that might boil your piss somehwat. Enjoy.


May 14, 2014 4:59 pm

Payments warning hits Gulf Keystone shares

By Michael KavanaghAuthor alerts

Shares in Gulf Keystone Petroleum took another knock on Wednesday after the Kurdistan oil producer warned delays in receiving payments for exports could hold back revenues this year.

Shares fell 7 per cent as investors digested a trading update that promised a ramp up of production but also came with uncertainties over the timing and scale of payments.

Small-cap Week, May 10

While confirming the receipt of $6m this month as its first payment for exports from its Shaikan field in the autonomous Kurdistan region of Iraq, the London-listed company said revenues for the year were expected to be between $150m and $180m, below analysts’ estimates averaging $230m.

Even so Todd Kozel, chief executive, insists Gulf Keystone has reached an inflection point and that the persistent decline in its valuation is unwarranted.

A number of landmarks passed in the past year, while not halting its share price decline, gives the American oilman grounds for optimism.

Most crucially, last September Gulf Keystone won an legal victory in a claim brought by previous advisers seeking a third of the value of the company. A revamp of Gulf Keystone’s board with the election of outside non-executive directors, combined with recasting of its generous policy of boardroom pay, also appeared to have headed off an embarrassing shareholder revolt.

And in December, production finally allowed the trucking of oil – now running at above 16,000 barrels a day and expected to rise to 40,000 barrels of oil a day by the end the year – to Turkey for export.

“That’s exciting growth for a company that at December 1 2013 had zero production and revenue,” Mr Kozel said.

The company has also made good on its ambition to move from Aim to London’s main list.

But the run-up to its promotion was punctuated by a significant downgrade in estimates of oil resources at its Shaikan field.

An independent assessment published in March reduced the estimated oil in place at Shaikan by a third to 9.2bn barrels and also identified a range of potential extraction problems from the heavy oilfield.

That downgrade prompted shares to fall more than a third on the day, while its capital spending commitments forced it into a $250m bond issue with a coupon of 13 per cent.

Mr Kozel describes the bond issue as a clear success but one leading investor queried the terms, which he said “favours the banks and lenders at the expense of shareholders”.

Meanwhile there are mutterings on retail investor bulletin boards of forthcoming hostile proposals at its annual meeting, which Gulf Keystone confirmed on Wednesday will be held in Paris on July 17.

However, Mr Kozel seems to have his arguments lined up. Production at Shaikan is planned to rise eventually to 100,000b/d and cost savings expected from a switch from trucking to piping its oil to Turkey should provide further rewards.

“We have made the leap in the last few months from an exploration to production company – it totally changes the face and the risk profile of the company – we are up and running,” he says.

“We are a company producing 16,500 and on its way to producing 40,000 barrels of oil a day and has roughly 9.5bn barrels of oil in place, but it’s a depressed share price – there’s no doubt about it.

“I look at other companies and see the same thing and I scratch my head a little bit.”

But while Mr Kozel counsels patience on the low valuations afflicting Gulf Keystone and other E & P peers, he is braced for continued criticism.

“You don’t hear as much from investors when shares go from 5p to 400p, but you do hear from them when you go from 150 to 100p,” he adds.

By Julia Payne and Ron Bousso

LONDON, May 15 (Reuters) - Israeli and U.S. oil refineries have joined the growing list of customers for crude from Iraqi Kurdistan, a region locked in a bitter struggle with the central government in Baghdad that says the sales are illegal.

The United States imported its first crude cargo from the region two weeks ago while at least four have gone to Israel since January, ship tracking and industry sources said, after two were shipped there last summer.

The Iraqi government has repeatedly said oil sales by-passing Baghdad are illegal and has threatened to sue any company involved in the trade, yet Kurdish crude and light condensate oil has been sold to several European buyers. Baghdad refuses to sell oil to Israel, echoing other Arab states.

Israel's Energy Ministry declined to comment, saying that it does not discuss the country's sources of oil.

the pipe line when will it be connected. I wont be going there to find out must rely on com statements, seem to me full of failed forcasts, loan of 13%
cast doubt I am out way back this year. have connected & laid pipes most of my life, the job should now be done, will buy in again on pipe connection .

http://www.reuters.com/article/2014/05/22/energy-turkey-iraq-idUSL6N0O840O20140522

hTTp://mnr.krg.org/index.php/en/press-releases/373-krg-statement-on-first-oil-sales-through-pipeline-export

HTTP://www.iraqoilreport.com/politics/oil-policy/iraq-files-arbitration-turkey-botas-12354/?utm_source=IOR+Email+Update+Subscribers&utm_campaign=cefbc58566-Email_Update&utm_medium=email&utm_term=0_f9870911e6-cefbc58566-192783105


-

Iraq files for arbitration against Turkey, Botas
Kurdish Prime Minister Nechirvan Barzani (R), Turkish Energy Minister Taner Yildiz (C) and Kurdish Minister of Natural Resources Ashti

Hawrami attend a conference in Erbil on May 20, 2012. (AZAD LASHKARI/Reuters)

By Ben Lando of Iraq Oil Report
Published Friday, May 23rd, 2014

Iraq on Friday took legal action against Turkey for facilitating autonomous oil exports by the Kurdistan Regional Government (KRG) without Baghdad approval. The Oil Ministry filed a request for arbitration at the International Chamber of Commerce against Turkey and state pipeline operator Botas for allegedly violating the agreement that governs the Iraq-Turkey Pipeline (ITP). The ministry claims Turkey's transportation, storing and loading of Kurdish crude oil over the past five months v......

Kurdistan starts exporting oil, threatening more Iraq instability • 12:46 PM
• The first cargo of crude oil to be exported by pipeline from Iraqi Kurdistan has left a Turkish port by ship, bound for another European destination.
• A tanker loaded with more than 1M barrels of crude oil departed last night from Ceyhan, "the first of many such sales," the Kurdistan Regional Government says.
• The move by the semi-autonomous region defies Baghdad's objections and may encourage other regional authorities to bypass the central government.
• Oil companies with a Kurdistan presence include global majors Exxon Mobil (XOM), Chevron (CVX), Marathon Oil (MRO) and Total (TOT), as well as wildcatters such as Gulf Keystone (GUKYF) and Genel Energy (GEGYF).

From Eddie47 on t'other thread --- This is interesting. Found it on the Sinopec Shanghai Petrochemical Co. Ltd. Message Board

Acquisition of Gulfkeystone Petroleum
by kerrykonjo • Apr 3, 2014 11:00 AM

Addax and GKP to merge with the latter sitting on an untapped super giant oil field. Addax currently ramping up production at their Taq Taq field to fund further exploration and production in their Kurdistan licences. Gulfkeystone is currently trading at 93p but as per usual we will be paying a premium, but will be acquiring the largest oil field discovered in the last 70 years onshore

Sentiment: Strong Buy

hxxp://99wallstreet.com/new/discussion/post/459296/

Not sure of the above,if true the market would be buzzing omo and little going on.

Sorry to say, but unless you have actively traded this company over the last 5 years, you would be pretty much back to where you started.

All the more reason to top up......

just came across this?


From ii this morning:--

Author -- NOTapaperweight
Date posted - today 00:04

As a long-term holder of GKP stock and a person who has talked to others about the company that have bought into the company's stock I try to keep myself updated. I put out a weekly email to friends and other investors of pertinent postings, but mostly of news stories that I find and are found by others on this board (thanks barney, CCC and others). This week's email came back to me. I lead my email off with a copy of Jacksalad's Sunday posting of 10:47 with a standard warning:

This first posting is very interesting. Remember that this is only one person's view and thoughts about what is happening. DYOR!

What I received back was very interesting. A reply from an email address that I never had.

I won't put down the email addresses and how it went up the chain of command and back down to me, but it has quite a bloodline.

Enjoy!

I will sum this up very easily. Number one if you know anything about the Oil Business production is not the hard part but he easiest part. The tough part is the exploration and Drilling. Especially the Drilling of the wells in Kurdistan which is some of the toughest land based drilling in the world. The logistic's alone involved in getting equipment half way around the world and on to location in a third world country alone takes great expertise and a massive amount of paper work and tracking, not to mention the Engineering and Geology. GKP out performed everybody including Major MOL, who we had to help complete their second well, doing the exploration phase in Kurdistan and many had been there a lot longer than GKP. The KRG loves GKP. We proved what everybody suspected for a long time which incited a boom in the reagion. Production is a cake walk compared to what took place over the last 7 years in Exploration. Exxon and Chevron have visited GKP's data room and have commented it's some of the best data they have seen and were very impressed. Now that is where the money is. In proven reserves. GKP has always taken the position that they would proceed, and I have stated it in our meetings, as if the company was never going to sell. We did not drill wells and wait. We always knew the company would be worth more as a producer. Thats why we are about to complete our second production facility. This commentary misses the point. It's not can we produce what we have but can we finance the next large phase of exploration. That is where the sale comes in as there will be consolidation and that all lies between Bagdad and Kurdistan.
The next few months will be very interesting. The money is in the Bank, we just need to get it out. And just in case the question comes up we also have the marketing connections. PLEASE FORWARD AS YOU WISH.

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