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.

14 January 2010




Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")




Significantly Increased Oil in Place Numbers for Shaikan Discovery







Shaikan-1 has been independently evaluated by Dynamic Global Advisors ("DGA"). This final evaluation report reviewed the data from the Cretaceous, Jurassic and Triassic formations of Shaikan-1 tested to a depth of 2,950 meters and was carried out in accordance with the Petroleum Resources Management System ("PRMS") guidelines, using SPE definitions.




Key findings:

The range of oil in-place for the Shaikan structure has been increased to a gross 1.9 (P90) to 7.4 (P10) billion barrels of oil, with a mean of 4.2 billion barrels of oil in place. Previous estimates were 1.0 (P90) and 5.0 (P10). In addition, there is upside potential (P1) up to a total of 13 billion barrels of oil in place.

There are also prospective resources below 2,950 meters (lower Triassic and Permian). The DGA Executive Summary states that: "Potential resources for these deeper formations are ~ 1 to 5 BBO and 6 to 14 TCF, which is in addition to the P1 upside estimate of 13 BBO".


In addition the DGA Executive Summary confirms that: "This discovery greatly reduces the geologic risks in the Sheikh Adi, Akri Bijeel and the Ber Bahr blocks, Gulf Keystone's adjacent opportunities. The Shaikan discovery proves the presence of hydrocarbon source and migration in the area.

The Shaikan-1 well has discovered a significant resource of oil and gas in the Cretaceous Sarmord, Jurassic Barsarin, Sargelu, Alan, Mus, Butmah, Baluti and Triassic Kurre Chine formations



Shaikan Oil-in-place summary








P90





P10





Mean
Potential

Oil in Place

Volume

Drilled (above 2950)

(million barrels)



1,891



7,422



4,184



13,000 (P1)

Additional prospective resources (lower Triassic and Permian

(million barrels)








1,000 to 5,000

Total

(million barrels)
1,891
7,422
4,184
14,000 to 18,000





Todd Kozel, Executive Chairman of Gulf Keystone, commented:




"This report independently corroborates the world class quality of the discoveries and provides invaluable data for our next test wells appraising these finds. We are delighted with the results of the final DGA report evaluating Shaikan-1 and we look forward to realizing as much of the upside potential of this discovery as possible."




A copy of the final report is available on the Company's website at www.gulfkeystone.com




Notes:

DGA Report

http://www.gulfkeystone.com/uploads/dgafinaldiscoveryreportshaikan-1130110.pdf

RNS Number : 5003F
Gulf Keystone Petroleum Ltd
14 January 2010



Not for release, publication or distribution in or into jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction





14 January 2010




Gulf Keystone Petroleum Ltd.

("Gulf Keystone" or "the Company")




Investor Presentation




Gulf Keystone Petroleum Ltd (AIM: GKP), an independent oil and gas exploration company with interests in Kurdistan and Algeria announces that a copy of the Macquarie Explorers Conference Presentation to be given on Thursday 14 January 2010 will be made available on the Company's website (www.gulfkeystone.com) from 10.30 am.

From FT today:
"The OOIP range for the Shaikan structure is substantially increased. P90-P10 range goes from 1.0-5.0 bn bbls to 1.9-7.4bn bbls with Pmean standing at 4.2 bn bbls. This evaluation covers data from the Cretaceous, Jurassic and Triassic and was performed by Dynamic Global Advisors. Expect the share price to soar this morning. However, we would caution investors regarding upcoming dilution. Cash on hand stands at $25m, and financial requirement for the remainder of 2009 is estimated at $16m. However, $15.6m of cash is restricted in Algeria, so there appears to be a funding shortfall for year to come. Bottom line: if you want to play the Kurdistan drill bit, BUY HOIL for the Miran West-2 and Miran East-1. Use GKP as a source fund. SELL GKP"

EDIT: Above from FT/Alphaville blog. Apologies, although I think in this case it was written by a FT journalist who watches the small oil exploration Co's. I only post journalist or broker notes from the FT site, not comments from the public.

Harry .... please make clear to others that FT = FTBB rather than the pink paper .... or at least i assume your note is from the BB

GKP is a sell with dilution taking place

Just to add to the confusion I found this: 14-Jan-10 Fox-Davies Capital, Buy 100.75p 200.00p - Reiteration.

Don't trust these small capital investment companies...
I was duped once by SVS Securities.
Beware!

you're right, but i still think is one of the better minnows + AFR which is now rather larger of course

btw, gpx has been performing very nicely of late too

I just can't believe you were 'duped' hlyeo ;)

C'est la vie.

On second thoughts, it was probably pretty easy!

Yeah, of course...I'm very gullible.

hyleo98, I too was once duped by SVS securities. Would be interested in your experience. I could probably make a more than fair negligence case against them but doubt I would get anywhere with it in the real world

I can't now give full story as my free trial has finished but heres the head lines:

KRG sets guidelines for turning oil taps back on
By Ben Lando of Iraq Oil Report
Published January 19, 2010
Iraq's Kurdistan Regional Government, long at odds with Baghdad over the right to sign oil contracts, has agreed to restart its modest but promising oil exports if the federal government agrees to compensate the foreign oil companies operating the fields.

KRG Natural Resources Minister Ashti Hawrami said in a statement Monday it is "ready to immediately restart the process of oil exports from the Kurdistan Regions fields at a rate of no less than 100,000 barrels per day."

that what i read today
if you are such a big, knowledgeable investor you should read FT!!!
i have no link. it was in todays ft from memory page 19, tlw and hoil whole big page. also in back page in companies section where they summerize news. thats why i switched to page 19. like i wrote before and i quote" kurd gov and iraq gov have reached an agreement on revenue from oil" hence i rushed home to check closing price for gkp, thinking it would closed higher, but not yet.

Think you need to go and lie down in a dark room....BB

the news via the splenetic-one is not nearly as dramatic as implied ..... however, a breach in the dyke will start with just a few drips

Cynic-what a splendid adjective! It's such a pity the use of such words are fast disappearing--also peevish--I love our language. News on the other side of a South Korean co with 6 billion plus to spend is shopping in Kurdistan for oil---hope it's GKP!!

miffed is certainly one i love .... very 30's but almost onomatopoeic