Gulf Keystone Petroleum Share Discussion Threads

[tess_tickle] 07/2/2017 16:27

DNO's analogy !

Worth a meaningful discount to $300 million.

So sweat that one out.

[bobobobobobob] 07/2/2017 16:23

This is Tess's analogy......I offer to buy Buckingham Palace for a quid. It matters not a jot whether or not the queen accepts my offer. The very fact that I have offered a quid....means that Buckingham Palace is worth a quid.Oh dear.

[gkphero] 07/2/2017 16:14

So the bondholders don't want less than $300 million?

[tess_tickle] 07/2/2017 16:06

Because it's worth less than $300 million based on DNO seeing the latest reserves report.

[tess_tickle] 07/2/2017 15:57

Norway’s DNO has stated that its July 2016 proposal to acquire Gulf Keystone Petroleum (GKP) has expired, “as certain conditions to the recent financial restructuring set by Gulf Keystone itself appear not to have been met.”

In a statement, the company said:

“Given the resulting uncertainties about Gulf Keystone’s asset, commercial oulook and future rights and obligations at the Shaikan field, and following a careful review of Gulf Keystone’s latest reserves report, DNO is prepared to consider an all cash transaction but at a meaningful discount to the previous USD 300 million equivalent cash-and-shares offer.”

(Source: DNO)

hxxp://www.iraq-businessnews.com/2016/11/10/dno-considers-revised-offer-for-gkp/

[gkphero] 07/2/2017 15:50

"The bondholders don't want DNO shares either, prefer 100% cash deal."



And how are they going to get that tess?

[oil_investor] 07/2/2017 15:48

GKPhero: don't you find it odd that the pro-ERC Equipoise posters on here don't mention the valuations of GKP's 58% stake in Shaikan?

Figures from the current CPR:

PROVED AND PROBABLE: $3.067 billion ($1.089 billion at 10% discount)

PROVED, PROBABLE AND POSSIBLE: $4.615 billion ($1.364 billion at 10% discount)

Those figures exclude the Contingent Resources (which are massive), the gas, the TRV Oil and the Prospective Oil.

And that's on the "conservative" or "baseline" basis!

Er...cat got their tongues?

Of course, GKP have got to get the PSC Second Amendment carried through, get the KRG to pay the back-costs element of their 6% from the BIRs, deal with the other arrears, deal with the connection of Shaikan to the Feeder Pipeline, and start getting some of the c. $500 million which is due, going forward, on PSC Cost Recovery Terms. And the oil price needs to strengthen some more.

Why sell?

No need.

Shaikan is a world-class asset. Among the lowest production costs in the world! A super giant. Sooner or later a deal will be done.

And quite why so many non-shareholders on here are fretting away about GKP...strange, innit?!

[tess_tickle] 07/2/2017 15:47

The bondholders don't want DNO shares either, prefer 100% cash deal.

[gkphero] 07/2/2017 15:47

The bondholders did.....lol.

[nicebut] 07/2/2017 15:38

LOL

Funny, how can withholding monies owed `enhance the value`?...Same with threatening to change the PSC...Ie the operator of GKP? They are as unbalanced as a very unbalanced thing- No wonder no-one wants to get involved in Kurdistan!!

[fake taxi] 07/2/2017 15:38

Why haven't the directors bought? There are endless questions on both sides that you can read into whatever you want, fact is this is 1.3p in old money and the likes of NB have been proven right, its undeniable.



GKPhero7 Feb '17 - 15:12 - 533629 of 533630 3 0
Why didn't the bondholders sell to DNO then nb?

They must enjoy holding worthless equity for years on end.

[oil_investor] 07/2/2017 15:29

Er...might this perhaps be relevant?

"The KRG still awaits a formal response from Gulf Keystone as to how the government’s concerns will be addressed and remedied."

.......................................


Business Letters: Kurds ‘did not interfere’ in Gulf Keystone

The Sunday Times Published: 6 July 2014

Gulf Keystone operates the Shaikan oil field in Kurdistan Gulf Keystone operates the
Shaikan oil field in Kurdistan

IN RESPONSE to last week’s story “Legionnaire’s last stand for ousted chief”, the Kurdistan Regional Government (KRG) and natural resources minister Ashti Hawrami would like to clarify that the KRG has not interfered in the internal affairs of Gulf Keystone Petroleum or any other company.

The KRG did not oppose the proposed departure of the chief executive, Todd Kozel, because of minister Hawrami’s alleged “personal support” for him, as your article claimed. The KRG did not and does not take a position on Kozel’s role.

The KRG’s position has always been to protect and enhance the value of the Shaikan oilfield, for which Gulf Keystone is the operator under the production-sharing contract.

The KRG was obliged to defend its position after learning of allegations that some Gulf Keystone board members appeared to be partly or highly conflicted in their business interests. There was concern that these conflicts also created the potential for predatory behaviour that could undermine the value of the asset and therefore harm the KRG’s position. The KRG has a 20% stake in the Shaikan oilfield as well as rights to a significant share of the profits it is expected to generate.

The KRG asked Gulf Keystone to address the government’s concerns, which were subsequently reinforced in a report written after an internal investigation by Gulf Keystone and submitted by its chairman to minister Hawrami.

In this light, the KRG informed Gulf Keystone that under powers granted by the Kurdistan region’s oil and gas law of 2007, the KRG might consider changing the operator of Shaikan and convert the KRG’s 45% interest in Gulf Keystone’s profit to an additional equity position in the production-sharing contract. The KRG still awaits a formal response from Gulf Keystone as to how the government’s concerns will be addressed and remedied.

Michael Howard senior adviser to the minister for natural resources, Kurdistan Regional Government, Iraq

[gkphero] 07/2/2017 15:12

Why didn't the bondholders sell to DNO then nb?

They must enjoy holding worthless equity for years on end.

[nicebut] 07/2/2017 15:06

You can`t sell something if no-one wants it...I suppose everything has a price, so GKP`s must be still very low- IE below the present price. ...More like what DNO was proposing- which was quite bit lower than this wasn`t it?

[gkphero] 07/2/2017 15:05

The dataroom was full of halfwits guzzling double dips ffs.

[gkphero] 07/2/2017 15:01

Yes Fake, Jon F is also a loser for not selling this great company.

He offered it with a free 10p lucky bag thrown in, but no luck.

[gkphero] 07/2/2017 14:37

Somebody knows something here.

I smell news.

[ohdearohdearohdear] 07/2/2017 14:28

"Fake Taxi 7 Feb '17 - 14:12 - 533617 of 533620 3 0

You should, £4+ to 1.30p, spelling doesn't really come into it, oh well :-)"


FT, you are confusing me with BigDog.

[nicebut] 07/2/2017 14:25

O/T,

kandyman,

Nothing wrong with bullish- its when `they` round on you when you ask a slightly negative appearing question- It just raises red flags with me. IMO HUR is an interesting but unproven investment. Key will be whether they can persuade someone to farm in- In didn`t work last time. Why not? Will it work this time? If they can`t get a farm in partner what makes anyone think they`ll be able to sell the whole caboodle? Extended production testing will then be key too to prove it all up...But that needs money....So while its not in Kurdistan it has it`s own interesting set of risks which may or may not stymie Trice and the shareholders....You don`t see many talking about these issues...