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Gulf Keystone Petroleum (GKP)
goal
- 15 Mar 2005 17:17
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.
niceonecyril - 25 Mar 2015 08:29 - 5241 of 5505
niceonecyril - 29 Mar 2015 12:34 - 5242 of 5505
hTTp://www.ft.com/cms/s/0/8dd3b32e-d3cb-11e4-99bd-00144feab7de.html#axzz3VhI2YKq1
Keystone cops it
Gulf Keystone Petroleum, the self-styled “operator of the world class Shaikan field in the Kurdistan Region of Iraq” and a favourite with more excitable investors, has a spot of bother with its 13 per cent dollar notes due for repayment in two years. What was billed as a technical change to the covenants now looks “like a hard sell” according to brokers SP Angel.
Too true, if the price of the notes is any guide. This has collapsed from $95 to $67, so a buyer should make 50 per cent on his money in two years, earning nearly 20 per cent in interest in the meantime. Except the price is saying that he will not. Indeed, it increasingly looks as though whatever value is left in this jam-tomorrow company is draining to the holders of the distressed debt, who are unlikely to spare much thought for the shareholders. The shares at 37p are already in the 90 per cent club. They are still too high.
Keystone cops it
Gulf Keystone Petroleum, the self-styled “operator of the world class Shaikan field in the Kurdistan Region of Iraq” and a favourite with more excitable investors, has a spot of bother with its 13 per cent dollar notes due for repayment in two years. What was billed as a technical change to the covenants now looks “like a hard sell” according to brokers SP Angel.
Too true, if the price of the notes is any guide. This has collapsed from $95 to $67, so a buyer should make 50 per cent on his money in two years, earning nearly 20 per cent in interest in the meantime. Except the price is saying that he will not. Indeed, it increasingly looks as though whatever value is left in this jam-tomorrow company is draining to the holders of the distressed debt, who are unlikely to spare much thought for the shareholders. The shares at 37p are already in the 90 per cent club. They are still too high.
mentor - 29 Mar 2015 22:05 - 5243 of 5505
City investors are demanding the exit of Simon Murray as the price for supporting a rescue fundraising, Sky News understands.
By Mark Kleinman, City Editor
Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.
Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.
The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.
Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.
Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.
Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.
Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.
A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone’s chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.
The company’s former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.
A number of independent board members elected as part of a peace deal in 2013 have since been forced out.
Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.
It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.
The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.
Exxon Mobil is said to be among the prospective buyers.
In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.
"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."
London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.
Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.
The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.
A Gulf Keystone spokesman declined to comment on Sunday.
By Mark Kleinman, City Editor
Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.
Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.
The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.
Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.
Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.
Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.
Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.
A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone’s chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.
The company’s former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.
A number of independent board members elected as part of a peace deal in 2013 have since been forced out.
Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.
It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.
The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.
Exxon Mobil is said to be among the prospective buyers.
In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.
"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."
London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.
Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.
The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.
A Gulf Keystone spokesman declined to comment on Sunday.
niceonecyril - 30 Mar 2015 08:17 - 5244 of 5505
30 March 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Extension of Early Consent Time and Expiration
US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655908)
(the "Notes")
Further to the Company's RNS of 12 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has extended the Early Consent Time and Expiration Date for the consent solicitation in respect of the Notes announced on 12 March 2015 (the "Consent Solicitation"), and amended the Expiration Time. The Early Consent Time has been extended to 3.00 p.m. London time on 2 April 2015, the Expiration Date has been extended to 2 April 2015 and the Expiration Time has been amended to 3.00 p.m. London time. The Early Consent Time is therefore extended to 3.00 p.m. London time on 2 April 2015 and the Expiration Time is extended to 3.00 p.m. London time on 2 April 2015. The other terms and conditions of the Consent Solicitation remain unchanged.
Holders who wish to receive the Early Consent Fee must validly deliver a Consent prior to the Early Consent Time. Holders who deliver their electronic voting instructions after the Expiration Time on the Expiration Date will not be eligible to receive a Consent Fee and will not be entitled to arrange for the appointment of the Information and Tabulation Agent or any other person as proxy to attend and vote at the Meeting.
The complete terms and conditions of the Consent Solicitation are described in the Consent Solicitation Memorandum dated 12 March 2015 issued by the Company, as supplemented by the Supplements dated 24 March 2015 and 30 March 2015 (together, the "Consent Solicitation Memorandum"), copies of which may be obtained by contacting D.F. King Limited, the information and tabulation agent for the Consent Solicitation, as set out below. Additional information concerning the Consent Solicitation may be obtained by contacting the solicitation agents.
Capitalised terms have the meanings assigned to them elsewhere in this release or in the Consent Solicitation Memorandum, as applicable.
This RNS is for informational purposes only, and the Consent Solicitation is being made only pursuant to terms of the Consent Solicitation Memorandum. The Consent Solicitation is not being made to, and Consents are not being solicited from, holders of Notes in any jurisdiction in which it is unlawful to make such solicitation or grant such Consent. None of the Company, the guarantor of the Notes, the solicitation agents, the information and tabulation agent or the trustee under the trust deed constituting the Notes makes any recommendation as to whether or not holders of Notes should deliver any Consents. Each holder of Notes must make its own decision as to whether or not to deliver a Consent.
Further Inf
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Extension of Early Consent Time and Expiration
US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655908)
(the "Notes")
Further to the Company's RNS of 12 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has extended the Early Consent Time and Expiration Date for the consent solicitation in respect of the Notes announced on 12 March 2015 (the "Consent Solicitation"), and amended the Expiration Time. The Early Consent Time has been extended to 3.00 p.m. London time on 2 April 2015, the Expiration Date has been extended to 2 April 2015 and the Expiration Time has been amended to 3.00 p.m. London time. The Early Consent Time is therefore extended to 3.00 p.m. London time on 2 April 2015 and the Expiration Time is extended to 3.00 p.m. London time on 2 April 2015. The other terms and conditions of the Consent Solicitation remain unchanged.
Holders who wish to receive the Early Consent Fee must validly deliver a Consent prior to the Early Consent Time. Holders who deliver their electronic voting instructions after the Expiration Time on the Expiration Date will not be eligible to receive a Consent Fee and will not be entitled to arrange for the appointment of the Information and Tabulation Agent or any other person as proxy to attend and vote at the Meeting.
The complete terms and conditions of the Consent Solicitation are described in the Consent Solicitation Memorandum dated 12 March 2015 issued by the Company, as supplemented by the Supplements dated 24 March 2015 and 30 March 2015 (together, the "Consent Solicitation Memorandum"), copies of which may be obtained by contacting D.F. King Limited, the information and tabulation agent for the Consent Solicitation, as set out below. Additional information concerning the Consent Solicitation may be obtained by contacting the solicitation agents.
Capitalised terms have the meanings assigned to them elsewhere in this release or in the Consent Solicitation Memorandum, as applicable.
This RNS is for informational purposes only, and the Consent Solicitation is being made only pursuant to terms of the Consent Solicitation Memorandum. The Consent Solicitation is not being made to, and Consents are not being solicited from, holders of Notes in any jurisdiction in which it is unlawful to make such solicitation or grant such Consent. None of the Company, the guarantor of the Notes, the solicitation agents, the information and tabulation agent or the trustee under the trust deed constituting the Notes makes any recommendation as to whether or not holders of Notes should deliver any Consents. Each holder of Notes must make its own decision as to whether or not to deliver a Consent.
Further Inf
niceonecyril - 30 Mar 2015 08:42 - 5245 of 5505
http://news.sky.com/story/1455042/gulf-keystone-investors-push-to-remove-murray
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By Mark Kleinman, City Editor
Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.
Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.
The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.
Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.
Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.
Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.
Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.
A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone’s chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.
The company’s former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.
A number of independent board members elected as part of a peace deal in 2013 have since been forced out.
Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.
It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.
The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.
Exxon Mobil is said to be among the prospective buyers.
In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.
"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."
London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.
Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.
The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.
A Gulf Keystone spokesman declined to comment on Sunday.
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By Mark Kleinman, City Editor
Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.
Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.
The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.
Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.
Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.
Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.
Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.
A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone’s chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.
The company’s former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.
A number of independent board members elected as part of a peace deal in 2013 have since been forced out.
Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.
It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.
The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.
Exxon Mobil is said to be among the prospective buyers.
In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.
"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."
London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.
Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.
The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.
A Gulf Keystone spokesman declined to comment on Sunday.
Promoted Stories
mentor - 30 Mar 2015 13:17 - 5246 of 5505
A BIT STRONGER NOW, though it was expected much more from the start
Someone paid premium 39.20p ( offer at 39p) for a large trade below
13:06:51
39.20p
245,048K
amount £96.06k
Someone paid premium 39.20p ( offer at 39p) for a large trade below
13:06:51
39.20p
245,048K
amount £96.06k
mentor - 30 Mar 2015 14:53 - 5247 of 5505
Some good size buys are taking place and share price at best of the day 39.375p
oil price is recovering fast from the marked down from the startnad over $2 down at one points
oil price is recovering fast from the marked down from the startnad over $2 down at one points
mentor - 30 Mar 2015 16:38 - 5248 of 5505
UT @ 40.50p with 125K
16:35:28
price 40.50p
size 125,718K
&IND=&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
16:35:28
price 40.50p
size 125,718K
niceonecyril - 30 Mar 2015 16:52 - 5249 of 5505
Only 5.6million traded,lets see what happens tomorrow?
niceonecyril - 30 Mar 2015 18:24 - 5250 of 5505
http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/proposed-placing-of-new-common-shares/201503301702269081I/
Released at 5-02pm.
Proposed Placing of New Common Shares
Further to the Company's Strategic Update of 25 February 2015 and Operational Update of 18 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is pleased to announce a proposed placing of up to 85,900,000 new Common Shares through an accelerated bookbuilding process to qualified investors to be carried out by Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners"), with both new and existing institutional investors (the "Placing").
Use of Proceeds
Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
Released at 5-02pm.
Proposed Placing of New Common Shares
Further to the Company's Strategic Update of 25 February 2015 and Operational Update of 18 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is pleased to announce a proposed placing of up to 85,900,000 new Common Shares through an accelerated bookbuilding process to qualified investors to be carried out by Mirabaud Securities LLP ("Mirabaud") and Pareto Securities Limited ("Pareto", together the "Bookrunners"), with both new and existing institutional investors (the "Placing").
Use of Proceeds
Proceeds will be used to strengthen the Company's financial position in the near term, whilst the previously announced review of longer term financing options, and potential corporate actions, continues, alongside the ongoing work with the Kurdistan Regional Government's Ministry of Natural Resources to establish a regular payment cycle for past and future Shaikan production and payment of arrears.
mentor - 30 Mar 2015 22:34 - 5251 of 5505
on the US already known of the placing, was 11% up at one time
GUKYF:US 0.58 USD 0.04 +7.41%
bloomberg /GUKYF:US
as is a placing instead of RI, could it be at a higher price than the closing share price 38.75 v 39.50p
GUKYF:US 0.58 USD 0.04 +7.41%
bloomberg /GUKYF:US
as is a placing instead of RI, could it be at a higher price than the closing share price 38.75 v 39.50p
niceonecyril - 30 Mar 2015 23:09 - 5252 of 5505
30 Mar 2015 - 20:50
LONDON, March 30 (Reuters) – A group of investors led by former Tullow Oil chairman Patrick Plunkett said on Monday it had offered to help Gulf Keystone solve its funding problems but the firm had so far declined to engage in discussions.
Gulf Keystone has said it was in talks with a number of parties about a possible sale of the company or some assets to help it solve short-term liquidity issues, caused by low oil prices and non-payments. [ID:nL4N0VZ2FH]
On Monday, Gulf Keystone said it would place up to 85.9 million shares to raise a maximum of 30 million pounds ($44.4 million) to strengthen its balance sheet as it struggles with irregular payments for its oil from Kurdistan. [ID:nL6N0WW48S] Plunkett, who is chairman of independent oil firm T5, said he had informed Gulf Keystone about an alternative plan he had in mind, but discussions "never got the momentum".
"We are confused. We believe our approach is demonstratively a far better proposition than a stop-gap placing. We were expecting to get some interaction with the company but it didn't happen," he told Reuters.
Gulf Keystone declined to comment. The firm has previously said it would select what it views as the best course of action to see it through its short-term liquidity issues and ensure the greatest value for all stakeholders.
Plunkett said he had put together a pool of investors and proposed a three-part solution. The first step was a $130 million recapitalisation including an immediate $50 million equity funding.
The solution also included a proposal to transform the board and management in combination with the T5's team, and a possible debt for equity conversion.
"We really hope we can still engage in discussions," he said.
(Reporting by Dmitry Zhdannikov; editing by David Clarke) ((Dmitri.Zhdannikov@thomsonreuters.com;)
LONDON, March 30 (Reuters) – A group of investors led by former Tullow Oil chairman Patrick Plunkett said on Monday it had offered to help Gulf Keystone solve its funding problems but the firm had so far declined to engage in discussions.
Gulf Keystone has said it was in talks with a number of parties about a possible sale of the company or some assets to help it solve short-term liquidity issues, caused by low oil prices and non-payments. [ID:nL4N0VZ2FH]
On Monday, Gulf Keystone said it would place up to 85.9 million shares to raise a maximum of 30 million pounds ($44.4 million) to strengthen its balance sheet as it struggles with irregular payments for its oil from Kurdistan. [ID:nL6N0WW48S] Plunkett, who is chairman of independent oil firm T5, said he had informed Gulf Keystone about an alternative plan he had in mind, but discussions "never got the momentum".
"We are confused. We believe our approach is demonstratively a far better proposition than a stop-gap placing. We were expecting to get some interaction with the company but it didn't happen," he told Reuters.
Gulf Keystone declined to comment. The firm has previously said it would select what it views as the best course of action to see it through its short-term liquidity issues and ensure the greatest value for all stakeholders.
Plunkett said he had put together a pool of investors and proposed a three-part solution. The first step was a $130 million recapitalisation including an immediate $50 million equity funding.
The solution also included a proposal to transform the board and management in combination with the T5's team, and a possible debt for equity conversion.
"We really hope we can still engage in discussions," he said.
(Reporting by Dmitry Zhdannikov; editing by David Clarke) ((Dmitri.Zhdannikov@thomsonreuters.com;)
niceonecyril - 30 Mar 2015 23:23 - 5253 of 5505
niceonecyril - 31 Mar 2015 08:22 - 5254 of 5505
niceonecyril - 31 Mar 2015 09:02 - 5255 of 5505
Recovering from earlier 33p,now37p+ with over 18million traded so far.
Ruthbaby
- 01 Apr 2015 07:20
- 5256 of 5505
Near 9% dilution and a sp back to placing price level...
Very well done...now lets see what happens with the bh and their vote.....
Very well done...now lets see what happens with the bh and their vote.....
niceonecyril - 01 Apr 2015 09:34 - 5257 of 5505
Interesting post worth c&p.imo
I've heard from my Cfd contact today and he basically thinks the raising is nothing more than giving the NH cheap shares before an inevitable rise. He thinks that gulf have got themselves into a silly situation and that they are being punished for the way they let it get to the wire last year. Cue Murray being asked to leave. City is wary of Kurdistan as a whole, not just gulf, and it will take some decent revenue to take away the worry. Kurdistan is seen as the problem, and the solution. He said he thought another payment (once the 0.4 issue is resolved) should come shortly and that it might be the catalyst to getting back to more sensible levels... Which is not above £2 I might add, not now.
Kurdistan needs to make some harsh decisions about their budget and cannot continue to survive on IOUs. They've already lost to Dana and they are slowly losing the confidence of other companies too.
I've heard from my Cfd contact today and he basically thinks the raising is nothing more than giving the NH cheap shares before an inevitable rise. He thinks that gulf have got themselves into a silly situation and that they are being punished for the way they let it get to the wire last year. Cue Murray being asked to leave. City is wary of Kurdistan as a whole, not just gulf, and it will take some decent revenue to take away the worry. Kurdistan is seen as the problem, and the solution. He said he thought another payment (once the 0.4 issue is resolved) should come shortly and that it might be the catalyst to getting back to more sensible levels... Which is not above £2 I might add, not now.
Kurdistan needs to make some harsh decisions about their budget and cannot continue to survive on IOUs. They've already lost to Dana and they are slowly losing the confidence of other companies too.
niceonecyril - 01 Apr 2015 09:41 - 5258 of 5505
FT...
FTToday 07:25Battle honours:
The French foreign legion’s greatest symbol is the 1863 battle of Camerone: when a small unit refused to surrender, their Mexican opponents spared the last few survivors out of respect. No such honour among enemies at Gulf Keystone, where ex-legionnaire Simon Murray has gone as Chairman. The ex-Chairman of Glencore was brought in to the Kurdistan oil producer in July 2013 to make peace with some unhappy investors, and to curb the pay of its lavishly rewarded Boss Todd Kozel. In the event, it is the legacy of the ill-feeling then that made Mr Murray’s exit the price for investors supporting a £30 million share placing. As for pay, before Mr Kozel’s exit last summer, his take-home had duly dropped from $21 million to below $3 million, although only after Andrew Simon, interim Chairman, had taken over the Remco. Meanwhile, Gulf has a breathing space but must still find a way to get paid by the regional government. Mr Simon’s mission is now to deliver a sale of some or all of the company in a deal backed by the whole board. If he can do so, he deserves a medal.
FTToday 07:25Battle honours:
The French foreign legion’s greatest symbol is the 1863 battle of Camerone: when a small unit refused to surrender, their Mexican opponents spared the last few survivors out of respect. No such honour among enemies at Gulf Keystone, where ex-legionnaire Simon Murray has gone as Chairman. The ex-Chairman of Glencore was brought in to the Kurdistan oil producer in July 2013 to make peace with some unhappy investors, and to curb the pay of its lavishly rewarded Boss Todd Kozel. In the event, it is the legacy of the ill-feeling then that made Mr Murray’s exit the price for investors supporting a £30 million share placing. As for pay, before Mr Kozel’s exit last summer, his take-home had duly dropped from $21 million to below $3 million, although only after Andrew Simon, interim Chairman, had taken over the Remco. Meanwhile, Gulf has a breathing space but must still find a way to get paid by the regional government. Mr Simon’s mission is now to deliver a sale of some or all of the company in a deal backed by the whole board. If he can do so, he deserves a medal.
Ruthbaby
- 01 Apr 2015 10:20
- 5259 of 5505
Even GENL has gotten hammered lately...
The KRG have indeed decisions to make and make quickly....
Unlike the majors, GKP can not really afford to sit it out....
The KRG have indeed decisions to make and make quickly....
Unlike the majors, GKP can not really afford to sit it out....
niceonecyril - 01 Apr 2015 10:57 - 5260 of 5505
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