Gkp- Gulf Keystone Petroleum

[me2000uk]

Hi, Just wondering if anyone is holding these? ive been holding sice mid 20p. They are currently sitting around the late 70's early 80's.
They are an exploration company based in Kurdistan in Iraq and they are sitting billions of barrels of oil from 1 well with more to drill. This share has been as high as £1.30 in october last yr, and i believe the only thing that has been keeping it down is the uncertainty around the Iraq government and the funds to continue, however loads of news is due soon and i believe this will rocket up over a quid once again.

A rns Was released today stating how they have received funding which will enable them to drill the remaining wells by completing a fully subscribed placing of new shares worth 114.2million.
I really think that it is only a matter of time until this takes off again. As always DYOR.

Regards Mark

[evilsatan]

Thanks for the post, will add to my watchlist.

[mrworld]

Thanks for this, some conflicting data on this but Ill keep it on the watchlist.

[me2000uk]

There is a lot of uncertainty in iraq at the moment around the government and the export contracts etc however i believe it just a matter of time until this is sorted as iraq needs to the money from the oil to start rebuilding.
There is a lot of news due over the coming months and i think we will see a steady rise in this share as what is not in doubt is that they have an a lot of oil.

Mark

[Waka]

I've got a few, my mate was in at 11p the bastard!
This is very large find, and, as long as the politics don't fuck up, could be quite profitable.

W.

[me2000uk]

I've got a few, my mate was in at 11p the bastard!
This is very large find, and, as long as the politics don't fuck up, could be quite profitable.

W.

Yes Exactly as soon as the government and the export licences are sorted these will fly, they have secured the cash to drill the rest of the wells. So as long as everything falls into place i reckon these will get taken out by a big company for a nice big profit.

Mark

[Undertaker]

straight from http://www.krg.org/articles/detail.a...=223&anr=35598

Answering a question on oil disputes between the KRG and Baghdad, President Barzani said that Baghdad has recently agreed to recognize the oil contracts that the KRG has signed with foreign companies and this may lead to the resumption of oil exports from Kurdistan right after the formation of the new government.

Interesting..... hopefully this will now start being reflected in the SP.

[Undertaker]

This is going up quickly

yesterdays close was 70p today it's currently at 85p and going up

Could be take over rumours

bought in at 78p only a few weeks ago and was dissapointed that it dropped but finally in some profit

[me2000uk]

Hi, there are a lot of take over rumours going round right now, this share is waiting to fly! as soon as the contracts are sorted its quids in!

Mark

[evilsatan]

The only thing that has held me back from this at 70p was I cannot invest using my ISA, and I have no spare funds outside my ISA. There was a reiteration of a buy today by Daniel Stewart, I am strongly considering making an investment now though. What is everyones thoughts on the short term? Wait and see if it drops a bit or get in asap?

[Undertaker]

It's going up and up,

Over a quid now.... IMO anything under a quid is a bargain.

But then again I am not an experienced trader though I can only see this going up from now on

[evilsatan]

Today one of their wells had confirmation of the estimated production levels. I want to get in today!

Jurassic Zone Testing on the Shaikan-1 Discovery Well

Gulf Keystone announces the results of further testing of the Butmah (1783m to 1814m) section of the Jurassic on its Shaikan-1 discovery well. Final production rates during this week's re-test were measured at 4650 bopd with an API gravity of 17.68 degrees and a gas oil ratio of 34 standard cubic feet per barrel of oil at a flowing wellhead pressure of 295 psi. This is in line with the previously estimated rate.

The Mus (1627m to 1667m) section of the Jurassic will be re-tested next, followed by the Sargelu (1450m to 1510m), which will then also be configured for long term production testing.

John Gerstenlauer, Chief Operating Officer for Gulf Keystone said "I am encouraged by this verification of the flow capacity of the Butmah formation. This test represents another step in our efforts to confirm and define the magnitude of the Shaikan discovery. The well has now demonstrated an aggregate flow capacity of over 20,000 bopd from just a fraction of the total prospective interval. I look forward to further testing and also to commercial oil sales from the long term test of the Sargelu, commencing later this year."

[evilsatan]

I got in at 105p today, bit high for my liking but the prospects are looking good

[evilsatan]

Market has reacted well today, currently up 7p.

9 August 2010

Gulf Keystone Petroleum Ltd. (AIM: GKP)
("Gulf Keystone" or "the Company")

Gulf Keystone Petroleum completes re-organisation of interests in Kurdistan

Gulf Keystone confirms that certain Production Sharing Contract ("PSC") amendments were approved and executed by the Kurdistan Regional Government (KRG) and all the other parties in each of the respective PSCs, with an effective date of 1 August 2010.

On 10 March 2010, Gulf Keystone announced proposals to reorganise its interests in Gulf Keystone Petroleum International (GKPI) and in its four PSCs, which required, inter alia, KRG approval. These proposals have been documented in a series of amendments to each of the four PSCs which have been approved and executed by the KRG and by GKPI and each of its partners in the four PSCs. In the case of the Shaikan Block and Akri-Bijeel Block PSCs certain Third Party Rights have been modified as set out below.

Key changes to the proposals announced on 10 March 2010 are:

· Previously announced payment dates for the Infrastructure Support Payments have been revised so that such payments are fully payable on 15 August 2010.

· The parties to the Shaikan Block and Akri-Bijeel Block PSCs have agreed to extend the period that the KRG may exercise the Option of Third Party Participation to enable the KRG to nominate a Third Party Participant until 30 June 2011.

· Clarification that the existing Ber Bahr Capacity Building Payment of $10 million is now due on declaration of the first commercial discovery.

· There are no other material changes to the proposals or to the post re-organisation interests announced on 10 March 2010 or to the terms of the PSCs other than as set out above.

Gulf Keystone CEO, Todd Kozel, said:

"We regard this as an excellent outcome for our shareholders who have secured a substantial uplift in exposure to outstanding resources and highly prospective pre-drill acreage from the net expenditure of $52 million, which will be made out of the proceeds of the recent successful equity fund raising of $165 million. Additionally the company enjoys a much simplified ownership structure for its assets and full alignment with its regional partner. We look forward to continuing success with our operations in Kurdistan together with the Kurdistan Regional Government as a key stakeholder in our projects."

http://www.digitallook.com/news/rns/..._Complete_html

[Undertaker]

yes, it's looking well.

Can't believe it was 67p only a couple of weeks ago, i'm guessing we hit 1.20 this week with 1.40 possibly by the end of the month.

This is going to fly as soon as a government is formed and the central government ratify the oil contracts. Ramadhan is only a few days a way so unless something drastic happens in the next few days I am not really expecting any progress until after ramadhan.

[evilsatan]

Day gain of 20% ATM

[Undertaker]

I bet you are glad you got in,

Just been in meetings all day so I missed all this, any particular reason why it's shot up, was it because of SEY or more takeover rumours?

[evilsatan]

I'm still out with clients so will research when I get home. Very happy though

[pumpman]

news that QE2 will be announced by the Federal Reserve

[evilsatan]

Unfortunately the market as a whole was down yesterday but there was good news for GKP:

Ten Fold Increase in Mus Test Rates During
Jurassic Zone Testing on the Shaikan-1 Discovery Well

Gulf Keystone announces the results of further testing of the Mus (1,627m to 1,667m) section of the Jurassic on its Shaikan-1 discovery well. Final, stable, production rates during this week's re-test, using a much improved test setup versus the original 2009 test, were measured at 1,250 bopd with an API gravity of 19.7 degrees and a gas oil ratio (GOR) of 10 standard cubic feet per barrel of oil at a flowing wellhead pressure of 50 psi. This natural flow rate represents a ten fold increase over the 128 bopd measured during the initial test in 2009.

Tests using a low capacity electric submersible pump (ESP), resulted in rates up to 2,250 bopd.

The workover rig will now begin operations to complete the Shaikan-1 well in the Sargelu (1,450m to 1,510m) section of the Jurassic, and the well will be configured for long term production testing.

John Gerstenlauer, Chief Operating Officer for Gulf Keystone said "This retest of the Mus formation demonstrates that even this very low GOR zone is capable of substantial natural flow production rates when properly configured. In addition, it gives us further encouragement for future development, having demonstrated significantly increased production values even with a low capacity ESP."