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Gulf Keystone Share Price - GKP

Share Name Share Symbol Market Type Share ISIN Share Description
Gulf Keystone Petroleum LSE:GKP London Ordinary Share BMG4209G1087 COM SHS USD0.01 (DI)
  Price Change Price Change % Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00 -4.35% 22.00 21.50 22.00 23.75 21.25 23.00 3,957,544 16:35:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m) RN NRN
Oil & Gas Producers 24.8 -158.0 -18.3 - 215.19

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25/11/201518:16Who do you think you are kidding Mr Watson?13,425
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coscos: I disagree with those that suggest payments are not needed for a bid - they are. I'll explain why. Firstly, any bidder even the size of XOM will have to calculate whether the monies owed GKP will be realised. If not, then the overall market value of GKP falls dramatically, as no company will risk spending cash if they cannot have a guarantee of a return on their investment. Secondly it's an issue of trust. Are the KRG going to behave in a professional and lawful manner and pay their debts? If not, then why invest money in a region where the government is effectively corrupt? Shareholders in the predator company would be up in arms and never support such a transaction, and rightly so. It's bad business. Thirdly, some bidders may be affected more than others. Example - If Genel want to bid for GKP, if they're not then receiving payments themselves, who is going to provide the finance for the bid? No bank would touch either Genel or GKP in such an instance, the capital markets would remain firmly shut to them. This is more than likely the reason for seeing interested parties but no bid as yet. Bidders cannot raise and justify a fair bid for GKP whilst Kurdish oilers have been effectively paralysed financially. However, as the cash starts to roll in, we then move from a position of illiquidity and stalemate to liquidity and action. Hence why I believe that this months payment will have more of an affect on the GKP share price than yesterdays CPR and it's why I increased my holding.
fairenough11: LSE-Cheers ================================================================================= GKP AGM questions SHAIKAN Today 00:27 SOME QUESTIONS FOR THE BOARD FROM A NUMBER OF SHAREHOLDERS 1. SHAIKAN OPERATIONS ‐ CURRENT 1.1 What was the flow rate on test of Shaikan-7 and Shaikan-11? 1.2 What is the total potential output of all the Shaikan wells drilled so far, irrespective of the surface capacity at PF-1 and PF-2, at a rate which would not lead to reservoir damage? 1.3 What is the total daily fluid handling capacity of PF-1 plus PF-2 with the de- bottlenecking of PF-2 completed? 1.4 What is the current oil-cut at Shaikan? =============================================================================== 2. SHAIKAN OPERATIONS ‐ GOING FORWARD 2.1 What is required to be done to achieve 70,000 barrels of oil per day in terms of wells and surface facilities? Is the leasing of Early Production Facility equipment an option? 2.2. what is the earliest date by which 70,000 bopd could be achieved? 3. SHEIKH ADI OPERATIONS - GOING FORWARD 3.1 what is the total potential daily production capability of the existing Sheikh Adi wells and when will Sheikh Adi be brought onto commercial production? 3.2 is there a "Phase One" production target for Sheikh Adi? What is it? =============================================================================== 4. AKRI‐BIJEEL OPERATIONS 4.1. in March 2014 Akri-Bijeel was described by the operator Kalegran (MOL) as producing an initial 3,500 barrels of oil per day. In August 2014 it was stated that Akri-Bijeel would reach some 35,000 barrels of oil per day during 2015. What was the average daily production during the past twelve months, what is the current production level, and when will the 35,000 barrels of oil per day level be achieved? ================================================================================ 5. RESERVES AND RESOURCES 5.1 ERC Equipoise said in their 12 March 2014 Competent Person Report that they were assuming the fracture porosity at Shaikan to be 0.4%, though Gulf Keystone Petroleum indicated in their presentation the following day that they thought the actual level was higher. In April 2014 John Stafford of Gulf Keystone described the Shaikan reservoirs to the American Association of Petroleum Geologists in Houston, Texas as "highly fractured" and John Gerstenlauer had on 13 March 2014 said that there was "one hell of a fracture system" at Shaikan. He also later described the drill bit at Shaikan dropping some three metres through some sort of void, and cavernous porosity is recorded for the Kurdistan Zagros in the academic literature. The company seems reluctant to publish numbers for the fracture porosity, but in a presentation in May 2012 Gulf said in one of the slides that fracture system had been quantified. Various studies have been done since 2009 by a number of external fracture consultants but the results have never been published. Gulf Keystone said on 13 March 2014 that each additional 0.2% on the Fracture Porosity would add 0.8 billion barrels of Reserves and Resources. The Ryder Scott report of November 2010 appeared to have looked into the Fracture Porosity (p.36/37) without stating what it was, though matrix porosity was given. Ryder Scott stated on page 42 that "The Permeability appears to be extremely high and the porosity consistent with a world class asset." The Competent Person Report lists some - but not all – source documents used in preparing that Report. Were all the studies done both internally and externally into the Shaikan Fracture System given to ERC Equipoise? If so, why are they not referenced? If not, why not? 5.2 what is Gulf's current view of the Shaikan fracture porosity? Expressed as a percentage? 5.3 John Gerstenlauer said on 13 March 2014 that production data would be important in quantifying the Shaikan fracture system. Some ten million barrels of Shaikan crude oil have now been produced. Have new studies been commissioned by Gulf to quantify the fracture porosity? Who has done/is doing them? What do they show? AGM: RESERVES AND RESOURCES #2 Today 00:43 5.4 the Competent Person Report implied a Recovery Factor for Shaikan of just 12%. This shocked many shareholders, because Adnan Samarrai, John Gerstenlauer and Todd Kozel had all guided a Recovery Factor of about one-third. No examples of a highly-fractured carbonate reservoir, with matrix porosities similar to those of Shaikan's Jurassic reservoirs, can be found in the academic literature with Recovery Factors as low as Shaikan's purported 12% level. A recent Society of Petroleum Engineers conference in Istanbul gave the current average worldwide carbonate Recovery Factor at 30%, and the conference discussed how this average might potentially be raised to 60% or more. Mr. Zouari of Gulf Keystone Petroleum indicated in his March 2015 presentation that the 12% figure should move upwards and by inference Gulf does not consider that 12% is a reliable pointer to the proportion of the Oil In Place which can actually be recovered. What does the company currently believe the Shaikan Recovery Factor to potentially be, assuming gas re-injection? 5.5 what percentage of oil can be recovered from the reservoir matrix, or is it still unknown? 5.6 John Gerstenlauer said in 2014 that there would be updates to the Reserves and Resources numbers for Shaikan. There has been no such update. When will there be such an update? Whose decision is it when such an update will be done? 5.7 Kalegran (MOL) indicated on 13 March 2014 that they were not happy with the figures given by ERC Equipoise for the Reserves and Resources at the Akr-Bijeel oilfield. New figures were promised by MOL but they have not appeared. When will they appear? 5.8 John Gerstenlauer told Lord Justice Christopher Clarke at the Excalibur trial in late 2012, under oath, that the results at Akri-Bijeel kept increasing the value of the asset and that Gulf Keystone were playing it clever and would not sell the asset, which has been for sale as a non-core asset for a long time, too cheaply. When he made that statement under oath he and his colleagues had guided that the Gulf Keystone stake in Akri-Bijeel was worth between $350 million and $500 million. What is the company's current view of the value of this asset, which has so far absorbed a substantial amount of capital and about which the shareholders currently know very little? Were there ever any serious offers for it? 5.9 high recovery rates are potentially possible with secondary recovery ("Enhanced Oil Recovery" or "EOR") methods. Are Gulf Keystone and Kalegran investigating the longer- term application of EOR at Shaikan and Akri-Bijeel? If not, why not? If so, when will the results be available for the shareholders ================================================================================ 6. FINANCES 6.1 what is the price paid per barrel to Gulf for Shaikan export crude as at June 2015? 6.2 what is the price paid per barrel for Gulf for Shaikan domestic crude at June 2015? 6.3 what is the total sum currently owed to Gulf by the Kurdistan Regional Government? 6.4 who decides whether the Shaikan crude is sold into the export or local market? 6.5 can we have an assurance that Texas Keystone interest can in no circumstances exceed 5%? 6.6. the Book Equity Ratio issue came as a shock to shareholders. Can you give an assurance that there are no other such undisclosed "issues" concerning Gulf's finances? ================================================================================ AGM: INVESTOR RELATIONS Today 00:48 7. INVESTOR RELATIONS 7.1 why are emails from shareholders left unanswered? 7.2 how many emails sent to the company are currently unanswered? 7.3 why are emails from shareholders to the directors of the company - including emails about why emails are unanswered - not answered? 7.4 why are shareholders prevented from speaking to the directors, despite the UK Corporate Governance Code explicitly stating that the Senior Independent Director needs to be available to shareholders in the event of concerns which are otherwise unanswered? 7.5 why have there been no open presentations, as the company used to give at Oilbarrel and Proactive Investor, for nearly four years? Why are contradictory excuses given by Gulf for not holding such open presentations? 7.6 why should shareholders have to spend their money travelling to Bermuda and Paris to ask questions of directors? Why did Simon Murray fail to address a list of questions put to him on behalf of 130+ shareholders in late 2013? 7.7 why has the Investor Relations Manager responded aggressively to a number of shareholders who asked to see the slides which John Stafford used at the April 2014 American Association of Petroleum Geologists presentation in Houston, Texas? Why should slides, which have been publicly presented to hundreds of people, cause that reaction? Why does the company allow hundreds of non-shareholders who have not signed Non Disclosure Agreements to receive information which is then denied to the shareholders? 7.8 why does the IR manager refuse to make available the slides used by John Stafford at his presentation to the Petroleum Exploration Society of Great Britain in July 2013? 7.9 will you give a commitment to put John Stafford's slides onto the company website, so that the shareholders can see what hundreds of other people have already seen? 7.10 why is the "GulfTV" channel, which was introduced in late 2013 to improve communication with shareholders, which Todd Kozel admitted in the first episode needed improvement, not been more fully used? 7.11 why does Gulf do nothing visible in terms of public relations? 7.12 many shareholders consider that the RNSs are badly written, and fail to convey clarity, and fail to positively promote the company. For example Shaikan is variously described as a "world-class" asset, and as a "major" asset, with the description shifting from week to week, implying that there is significance to these apparent upgrading and downgradings? Another example is an RNS which was interpreted as Mr. Todd Kozel selling almost all his shares, which led shareholders to believe that the Chairman and CEO lacked confidence in the company. In reality this was something linked to repayment of a loan connected with his divorce. Does the company consider this situation with RNSs to be acceptable? If not, what is going to be done about it? ================================================================================ AGM: WEBSITE AND LEAKS Today 00:51 8. COMPANY WEBSITE 8.1 why is the website out-of-date, and why does it remain so despite the company being told at board level, and on a number of occasions, about the problem? 8.2 do the directors ever look at the website? If so, why is there a misleading statement about Sheikh Adi - that a well which was spudded in 2013 is still drilling ahead at 2,240 metres in the Jurassic, but which is actually completed - remain on public view? If not, why? 9. LEAKAGE OF REGULATORY NEWS SERVICE ANNOUNCEMENTS TO SKY NEWS 9.1 has the board discussed the longstanding leakage of Gulf Keystone's RNSs and other company information to Mr. Mark Kleinman of Sky News, and is this referenced in board agenda items and formal minutes? 9.2 does the company know who has been leaking the information? If so, when did it find out, why does it continue, and what action is being taken about it? Have private detectives e.g. Kroll been appointed to investigate and identify the person responsible? If not, why not? ================================================================================ : SHARE PRICE AND BER Today 00:54 10. SHARE PRICE 10.1 the company's lawyers Memery Crystal claimed that Gulf's share price had dropped in early 2013 because of posts on Twitter by a person called "Spencer Freeman". But Mr Freeman was actually a bullish commentator. The share price has lost some 93% of its value. It cannot possibly be Mr. Freeman who caused the drop in the share price. In July 2013 Todd Kozel said at the Investor Day that the legal claim by Excalibur had imposed a "glass ceiling" on the share price. Mr. Kozel personally described the claim as "frivolous" and two months later the claim was wholly rejected by Lord Justice Christopher Clarke in a damning verdict. The share price when Mr. Kozel made those comments was 151p. It is now about 35p, a drop of some 77%. What explanation does the company now offer for the current share price? 11. BOOK EQUITY RATIO ("BER") ISSUE 11.1 the write down of the value of the Akri-Bijeel asset triggered a problem with the BER and required change to the arrangements with Bondholders and to the company's finances. When was the board first told about this problem, and why did the board not deal with it earlier? ================================================================================ AGM: BOARD AND CORPORATE GOVNCE. Today 00:57 12. BOARD AND CORPORATE GOVERNANCE 12.1 why have so many directors apparently been forced to leave the company since 2013? 12.2 what role did Mr. Todd Kozel play, as an "officer" of the company, between the end of his period as Chief Executive Officer in 2014 and his final departure in 2015? 12.3 the 2014 London Stock Exchange Main Listing Prospectus explicitly stated that Mr. Kozel's presence at the company was essential. Was this true? If so, then assuming it is no longer true, when did this change and why? 12.4 are all board appointments made following an independently conducted search or open advertising process, as recommended by the UK Corporate Governance Code? If not why? 12.5 what is the position regarding the appointment of a new permanent Chairman? 12.6 when is the endless stream of director changes going to stop? 12.7 does the company consider that Umur Eminkahyagil the Kurdistan Country Manager would be a valuable addition to the board, bearing in mind his experience and the fundamental importance to shareholder value of what he and his team in Kurdistan are doing?
doshdabbler: You know what unfounded rumours do to GKP share price! ;) ------------------------------------------- Yes, they push the share price up to 465p
gkphero: Posted on LSE - August 22 2008 GKP share price .28p So 7 years and you would have made nothing..... In 2008 Gulf had not discovered oil.... it was one of hundreds of random exploration firms in Kurdistan. In 2015 Gulf has the biggest proven onshore cheap production oil finds in the world In 2015 Gulf pumps 40-50000 barrels of oil a day In 2015 Gulf receives regular monthly payments of 15 million dollars for production while oil is at its lowest possible market price In2015 Gulf is owed as much as the value of its company, ignoring all assets (capital of soft) owned. ie not considering a single further barrel sold or the sale of one contract, NOT EVEN considering a single piece of plant and machinery!!!!!!!!!!!!!!!! Something may not be right in the state of Denmark people
1712notout: JB Please remember the rules here No GKP share price is ever low enough No positivity can be left without immediate multiple rebuttals Often from LTH ;) No takeover will,ever happen No new data can enhance the CPR No IOC are interested JF enormous future value is just another false ramp No payments will arrive If they do they aren't enough And of course bobs a £&@&£ Repeat daily To make sure someone who talks about how much recoverable oil GKP might have is a £&£@
theshipscook: 1712notout leave it out...some loon just posted that on lse. You know what unfounded rumours do to GKP share price! ;)
bingo wings: I believe oilmans interesting week comment was more about what he was doing rather than the GKP share price. That's how I took it, anyway. Looking forward to a re- rate before 2016. GLA
nestoframpers: tobytoby on iii Where will the new 2P/ 2C Reserves etc. be coming from? The current CPR only takes into account 50% of the Jurassic oil from the shallower SAM reservoirs. The Butmah accounts for 26% of the total Jurassic oil and is currently not included in the Recoverable oil numbers. I have been informed by the Company that they are pumping oil from the Butmah, however this oil is (5% - around 2K bopd) is coming from above the 1450m OWC and not below it via the Sh-7 well, which means a large chunk of that 26% Butmah oil will have to be added to ‘new’ oil 2P/ 2C Reserves etc. What will be interesting to see is what Sh-7/ 8/ 10/ 11 well logs and cores have found (water/ oil) below 1450m, Sh-7 was drilled in the middle of Shaikan to 2300m where the old OWC was deemed to be, and what Sh-10-11 (prolific producers) found below 1450m which are nearer to the Sh-6-5 wells. One things for sure, there will be a higher RF across Shaikan through Production data re 15 million barrels produced with no decline/ drawdown/ 100 dry oil with no gas breakthrough, which I’ve previously guessed at increasing to 18-22% from the current 12% RF and SA's 8% RF moving up too on the back of SA-3/ Shaikan new well data, these RF increases combined with the new Butmah reservoir oil should see a decent rise in the overall Reserve numbers, especially aided from the Matrix above 1450m - where's the 15 million barrels replacement oil coming from? and gas cap pressure replacing/ assisting the not so great aquifer system. :- ) Personally I’m not expecting a significant rise in the share price on the back of the new CPR, but what I am expecting is a doubling of the share price before year end and a multi share price rise if we see a Part sale combined with payments/ CPR/ FDP(s)/ 18 October interest payment paid off and BB's new 3D seismic data, which I hope is included in the coming CPR next week, seeing an increase of OIP for the BB block. Note: PPC significantly increased their 1P/2P/3P Reserves yesterday (percentage wise) and their NPV oil value increased 10% even though the price of oil is down 40% since their last Reserves count in 2012, and they have a 100% WI - the share price went up 3% on the news? Anyway I’m hoping a farm-in partner will be announced not too long after the CPR's been published - the farminee(s) I’d guess will also have a good idea of how many wells Phase 1 will be revised down by from their sales negotiations, I wonder if the new CPR will mention a tentative well number reduction for Shaikan's revised FDP? would add to a share price boost for sure. Our Akri Bijeel 2C Reserves share will be written down no doubt, but the WI number to GKP is miniscule in the grand scheme of things, the main downside to curbing a share price rise on the back of the CPR is how will the new NPV affect the $1 billion value tag ERCE gave our oils value, will it be evened out with the new Butmah oil/ Production RF? remember our 2P oil was valued at $6.16 pboo by ERCE and since the last CPR the price of oil has dropped 50%. Will they now price our 2P oil based on $60 pboo instead of $100 pboo? At the end of the day the price per barrel can be negotiated with a buyer, so lots of wiggle room here based on short term/ future oil price estimates. For example GS last year had oil at $200 per barrel this year and now possibly as low as $20 pboo? The presumed 1450m OWC stretches 25 km across the Shaikan block, but what if there's no water in the middle of the reservoir at 1450m (new Sh-7 log/core data -Sh-10-11 data) or between 1450m - 1975m - 2300m? could we see a revised OWC/ OIP/ Reserves number in the new CPR? and assume that the Sh-6 OWC was due to a bad cement job, water anomaly (Perch), off-set from the main Shaikan reservoir, I doubt it for now, but we can live in hope. Just some musings to mull over........... BTW. Did someone say the new CPR will be an internal (GKP) upgrade and not an ERCE revised CPR? If that's the case then I would expect to see a massive OIP/ 1P/ 2P/ 2C/ 3C upward Reserves revision and a new 2300m OWC in the newly upgraded GKP ‘free rein’ October 2015 CPR version and the share price rocket to a tenner in the first hour of trading! Chuckle.............
zengas: FOGL/Rockhopper merger value also today is relative as well as the reported but rumoured £2b combined value of Genel/New Age. This is why I am cautious in this environment of where GKPs share price could be if they too were to be involved in a merger. Sky reported in the Genel news on todays Rockhopper merger with Falkland Oil and Gas. FOGL has fallen from 120p 4 years ago to 100p 3 years ago to 9.6p YESTERDAY. The merger value today in the RNS given to Fogl was 10.7p/share and todays closing price is 10p mid valuing FOGL at £57.1m. Rockhopper 296.539m shares @ 35.75p is valued at £106.m. Rockhopper is issuing 159.684m shares for the merger so will be a total of 456.223m in issue. Every old FOGL share is worth just under a third value of each Rockhopper share (.2993%) If FOGL is valued at £57.1m and Rockhopper at £106m = £163.1m divided by 456.223m shares = 35.75p ie the same price as Rockhopper is today and if you get 0.2993 RKH shares for a FOGL share that translates to a 10.7p share price to FOGL. "Based on the closing price of a Rockhopper Share on 23 November 2015 (being the last practicable date prior to the date of this announcement) of 35.75 pence, the Merger values the entire issued and to be issued share capital of FOGL at approximately GBP57.1 million, and each FOGL Share at 10.70 pence. -- This represents an 11 per cent premium to FOGL's closing share price of 9.60 pence on 23 November 2015 (being the last practicable date prior to the date of this announcement)." There's no relative change today to either the value of FOGL or Rockhopper in terms of share price appreciation. You could say FOGL was walked down to accomodate a merger at todays price ? Food for thought in considering GKPs share price where it currently stands and that's why on a merger scenario i haven't bought more because GKP could basically stay unchanged for an unforseeable period of time. It would potentially secure its assets in the immediate short-medium term future but depending on the strength of a merger partner, that could hold any growth in value in check until the overall market improves.
1712notout: :::::::))))) Back in the day :) Profile| Send Message| Follow (147 followers) Performance Gulf Keystone Petroleum: What Is The 14 Billion Barrel Shaikan Field Worth? Jul. 23, 2012 10:16 AM ET | About: Gulf Keystone Petroleum Ltd. ADR (GFKSY), Includes: CVX, GEGYF, GUKYF, XOM Gulf Keystone Petroleum (OTCQX:GUKYF) (OTCQX:GFKSY) is a UK company exploring for oil in the Kurdistan region of Iraq. Gulf Keystone's main exchange is London and they are listed there under GKP. Long story short, in 2009, GKP discovered a massive field in the Shaikan PSC block of Kurdistan. Current estimates for OOIP are around 14 billion barrels with recoverable amounts of 2.25 billion barrels. You can read more about the field here. I think there is a lot of misinformation on what exactly GKP owns. In the following paragraphs, I will explain how much oil GKP has at Shaikan due to the terms of the Production Sharing Contract (PSC) and also try to estimate what Shaikan is worth: Slide 6 of their most recent presentation shows recoverable oil in Shaikan of 2250 million barrels. The PSC is laid out here on slide 8. The Kurdistan Regional Government (KRG) takes 10% off the top for royalty. Of the remaining 90%, 40% of this is allocated for the contractors to recover costs. The remaining 60% is the profit oil. Of this 60%, the contractors portion is determined by an R factor which is based on the contractors revenues divided by costs. The most they can receive of this 60% is 30% and the minimum is 15%. Let's work in gross terms for now (all numbers are in millions). From above we have 2250 recoverable oil in Shaikan. Take off 10% for KRG royalty and we are down to 2025. The cost recovery oil is 40% of this which is 810 leaving 1215 for profit oil. The contractors maximum claim to the profit oil is 30% which is 365. So far, the maximum the contractors have claim to is 810 barrels of cost recovery oil and 365 profit oil. In 2010, the PSC was amended and a Capacity Building Bonus was added that is 40% of the contractors profit oil. This leaves the contractors with 60% of the maximum profit oil which is 219. In total, the contractors can count 1029 barrels of oil as reserves down to a possible low of 919 by using the lowest possible percentage of profit oil. GKP's diluted WI is 54.3% in the Shaikan block. So in total, on the high side, 559 million barrels are net to GKP and the low side is 499 million barrels. Obviously it is the KRG who wins with these PSCs, however, the companies have to agree to them to be able to explore the blocks. The actual net reserves (559 MMbbls) GKP will have is around 46% of their WI barrels (2250 * 54.3%= 1222 MMbbls). It seems incredibly low, but this is typical of these types of contracts and the Shaikan PSC is actually much better than what Genel (OTCPK:GEGYF) has on the Taq Taq block. Genel is only netting out around 22% of their WI reserves. On the net worth side of these reserves, we can also look to Genel for some NPV values on Kurdistan reserves. According to the Genel website (Taq Taq and Tawke), Genel is valuing the finds at around $30/bbl NPV10. Applying this same valuation to Shaikan would value GKP's 559 million barrels at $16.77 billion. Current GKP market cap is around a paltry $3 billion. That is tremendous upside on Shaikan alone. GKP has many other assets along with Shaikan, including deeper targets below Shaikan. On the flip side, there are also many other things that have kept the valuation of the company down: the lawsuit with Excalibur, the lack of export capacity, the inability of Kurdistan and Iraq to agree on the oil and gas law, and just plain old political instability. The lawsuit with Excalibur seems like a shakedown that I am confident GKP will win. Excalibur has been asked to reveal who is backing them monetarily and I doubt they will do that so I believe the case will be dismissed. The lack of export capacity is going to be changed with a pipeline to Turkish ports that should be completed in late 2013. The instability of the region is, no doubt, a huge overhang. The recent entries of Chevron (CVX) and ExxonMobil (XOM) to Kurdistan should bring a little bit of calm to the region. The Iraqi government has already been dealt a huge blow in their last lease offering by placing a clause in the leases saying the contractors could not work with the Kurds. This was almost universally shunned and the sale was woefully undersubscribed. GKP has found massive amounts of oil at Shaikan and still has other assets to explore and appraise. As the aforementioned roadblocks slowly disappear, I would expect the share price to rise dramatically to bring more value to Shaikan. A 5x rise from here would not be out of the question. Watch for a takeover of GKP as well. XOM, CVX, or even another major would certainly love to get a piece of the massive reserves at Shaikan

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