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.

So what now?
-----BAGHDAD


The Kurdistan Regional Government (KRG) and Iraqi federal government have met to discuss the financial crisis in Iraq. The Baghdad government claims that it does not have cash reserves to send the budget for January and February to the KRG.


A delegation led by KRG Prime Minister Nechirvan Barzani arrived in Baghdad on Sunday and met with Iraqi Prime Minister Haidar al Abadi.


The agenda addressed the current situation in Iraq, the importance of cooperation between the Peshmerga and Iraqi army in the war against Islamic State (IS), the military support of the US-led coalition and the financial crisis in Iraq.


Delegates also discussed the oil deal between Erbil and Baghdad and misunderstandings that recently arose over some points of the agreement. Both sides reiterated their commitment to the agreement.


In a press conference following the meeting, Barzani revealed that the KRG’s oil exports will be audited quarterly.


However, Baghdad is unable to honour the Kurdistan Region’s budget for January and February, due to the ongoing financial crisis.


After a second round of meetings late on Sunday night, the KRG released a statement saying that meetings will continue. The statement repeated that Baghdad insists that is unable to deliver the KRG budget.------------------------------------------

http://www.iii.co.uk/tv/episode/will-gulf-keystone-be-taken-over

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reuters also report possible t/o, but have wished too much for this lot for far too long so shall try to put the thought to the back of my mind

Best i can make out,is the former CEO Todd is interested,or so the rumour goes?

i'm not fussed ...... around 120 would do me nicely, but fat chance

If they have been paid....they might not want to be taken over or they might just sell a percentage....

(GKP.L), a foreign oil producer in Iraqi Kurdistan, is exploring a potential sale amid lengthy talks with the Kurdistan Regional Government over delayed payments for oil exports, the company is set to disclose on Wednesday, according to Sky News.

The oil company is working with Deutsche Bank as its financial adviser as it weighs strategic alternatives, the report said, citing sources. (bit.ly/1afU3bQ)

The Sky News report, however, did not identify any potential suitors or partners for the British oil producer that earlier had said it was taking a "prudent approach" with capital expenditure in 2015 and that its board was considering a number of long-term financing options.

"A sale of Gulf Keystone is by no means certain, although it is likely to attract interest from possible buyers including rival oil explorers in the region," Sky News said.

Oil producers across the globe are trying to deal with the financial consequences of a sharp decline in oil prices since last year's peak in June.

Earlier this month, Gulf Keystone and its partner MOL PLC MOLB.BU said they had suspended all trucked exports of crude from the Shaikan oilfield in Northern Iraq.

The Kurdish Regional Government owes the region's oil companies months' worth of oil export payments. It has been catching up on such outlays since Iraq's central government reinstated budget allocations to the autonomous authority late last year.

Representatives for Gulf Keystone, which has a market value of 316.72 million pounds ($489.90 million) as of Tuesday's close, could not be reached for comment.


(Reporting By Aurindom Mukherjee in Bengaluru; Editing by Ken Wills)

http://calgaryherald.com/business/energy/chevron-goes-big-into-bonds

Apparently they are owed over $250 million by the KRG . The KRG own 20% of GKP .

ulf Keystone Petroleum (GKP) Trades
59.13
+23.63 (+66.56%)
live: 11:52AM GMT
Buy Volume 20,199,961 Trade Low 40.85
Sell Volume 15,850,196 Trade High 61.36
? Volume 2,090,698 VWAP 52
Total Volume 38,140,855 Prev day Vol 0
Status: Connected
(Pause Streaming)
Time Price Qty Type Bid Offer B/S Total Buy Total Sell
11:52:44 59.23 2,002 O 58.75 59.50 Buy 20,209,997 15,864,273
11:52:37 59.06 2,609 O 58.75 59.50 Sell

http://www.moneyam.com/action/news/showArticle?id=4983371



25 February2015

Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Strategic Update

Further to the Company's RNS of 6 February 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is announcing today that it has recently engaged in discussions with a number of parties in relation to possible asset transactions or a sale of the Company.

/strong>

That means raising capital by part sale......good....nothing wrong with that.....it would be crazy to sell this company now they are being paid...but in the middle east ; nothing is that simple...

Might just be a case of running out of cash due to non-payment by KRG and having to sell some assets to meet the debt repayment deadlines.

Print
Alert
TIDMGKP

RNS Number : 9069F

Gulf Keystone Petroleum Ltd.

26 February 2015

Not for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction. This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.

26 February 2015

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Payment Confirmation

Further to the Company's RNS of 25 February 2015, Gulf Keystone confirms receipt into its bank account of a further US$26 million gross payment (US$20.8 million net to Gulf Keystone) constituting a pre-payment from a third party buyer for future Shaikan crude oil sales.

Enquiries:

Which is payment on a pro-forma invoice, presumably meaning that GKP don't trust their customer enough to pay the invoice after receiving the oil.

From yesterdays RNS.

As at today's date, the Company's cash balance is US$69.3 million and it has been informed that a further US$26 million gross payment (US$20.8 million net to Gulf Keystone) for Shaikan crude oil sales has been received by the Company's bank and is expected to be credited to the Company's account shortly.

At present they have cut back to the bone opex,with a ops update due Q1,along with SH11(producer)result expected.This should increase the potential to produce well in excess of 50kbopd,can't be bad when discussing any sale,along with this mega field?
Which is one of four,AB,BB,SA and the of course SH.

Seems to me that the SP is being held back,thats my impression when looking at the
run of sells(shorts?)?Any offer would come at a premium to the SP,which could mean that an offer will come near future??
aimho

Seems to me that the SP is being held back,thats my impression when looking at the
run of sells(shorts?)?Any offer would come at a premium to the SP,which could mean that an offer will come near future??
aimho

Goldman Sachs note from yesterday:
"We downgrade Gulf Keystone from Neutral to Sell with an updated 12 month target price of 36p (from 65p) implying 1% downside. We lower our valuation and estimates to reflect the announcement by the company that it is to temporarily suspend export production and focus on supplying the local market in order to maintain revenues and cash flow, given the limited visibility on export payment timing. We reduce our production assumption for 2015E by 25% to an average of 28.5kbopd from 38kbopd. We continue to believe Gulf Keystone’s liquidity position will be tight in 2015, particularly given our revised levels of production with debt repayments due in April and October 2015. We lower our capex budget for 2015E as we expect minimal spend on other assets; we remove value for exploration upside at Shaikan and delay the pace of ramp-up on its other assets. We see better opportunities elsewhere on a sector relative basis and downgrade the stock to Sell.

As with other operators in Kurdistan a key focus is visibility on the timing of export payments. We view updates here as a key catalyst for the stock given GKP’s tight funding position on our estimates. Despite the switch to local sales in the interim to maintain a level of cash flow, albeit at lower realizations, we continue to believe Gulf Keystone’s funding position is most at risk of the Kurdistan players.

Our 12-month SOTP-based target price of 36p (from 65p) assumes a long-run oil price assumption of US$70/bl. For those assets we deem to be strategic (Shaikan) we assume a 50% weighting for M&A. We also apply a 20% funding discount to our NAV to reflect the company’s tight funding position on our estimates."