Share Name Share Symbol Market Type Share ISIN Share Description
Gulf Keystone Petroleum LSE:GKP London Ordinary Share BMG4209G2077 COM SHS USD1.00 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.75p +0.76% 99.00p 98.00p 98.75p 100.00p 98.25p 98.75p 189,506 16:35:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 157.4 -14.0 -25.0 - 227.14

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DateSubject
21/11/2017
08:20
Gulf Keystone Daily Update: Gulf Keystone Petroleum is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker GKP. The last closing price for Gulf Keystone was 98.25p.
Gulf Keystone Petroleum has a 4 week average price of 91.25p and a 12 week average price of 86.25p.
The 1 year high share price is 158p while the 1 year low share price is currently 86.25p.
There are currently 229,429,566 shares in issue and the average daily traded volume is 372,309 shares. The market capitalisation of Gulf Keystone Petroleum is £227,135,270.34.
23/10/2017
21:29
chamberpotwoman1: Oilman63 11 Jul '15 - 15:34 - 432252 of 546123 13 1 Here's a copy of the letter that the Mrs has just posted out to the action group. Although she's a little cheeky and uses some of my comments, I thought it would be fair for all to see.... Just one other point to make. Andrew Simon pretty much gave my Mrs his undivided attention before and after the AGM.... It must have been the dress that did it "It's a new dawn It's a new day.... and I'm feeling good! Hello Action Group, it's been awhile! Just giving you an update after I attended the GKP AGM in Paris on Thursday as I know few investors were able to attend. Have you ever woken up in the morning, pulled back the curtains, the sun is shining, the sky is blue and the smell in the air is sweet? That's how i'm going to describe my AGM experience, albeit the chirping birds might come along and softly coat me with something unpleasant - that's the GKP share price and while that is largely unpleasant right now I couldn't help but smile on Thursday as that day had been a long time coming! A couple of us were sat in the bar on Wednesday night when along came Phil Dimmock and Jon Ferrier. After awhile Jon and Phil came and sat with us. What a breath of fresh air! On first impressions Jon isn't far from being a model CEO. He has had many years dealing with Ashti and knows him very well. Knows the business inside out, was the person responsible for moving Maersk in to Kurdistan so knows the area well and delivered his Syrian project on time and on budget despite very difficult circumstances. I asked Jon if he had any other commitments and he stressed that Gulf Keystone Petroleum will be his only priority, his full time job and I believed he takes it very seriously and is willing to give it his full commitment. Jon intends to spend 1 week out of every month in Erbil to maintain his relationship in Kurdistan and to keep up to date and in touch with the business. Not a yacht or a blackberry to be seen! He expressed empathy for some of the positions shareholders found themselves in and without question plans to overhaul Investor Relations as well as to provide opportunities for shareholders to meet with Company Directors and Officials so that they can feel confident in the way the company is progressing and to feedback any concerns of their own that they may have. The over-arching message that came across was that this man has a conscience and as such recognises his responsibility to and has a respect for his shareholders. On the other hand that doesn't make him a push over by any stretch of the imagination. Both him and Sami are very focused, very clear, very switched-on and very driven. The Dynamic Duo. They both set out their very clear vision for the future, - explaining that every barrel of oil sold so far in 2015 has been paid for - that they continue to negotiate with the KRG regarding the outstanding money owed - that expansion plans can only be considered when arrears are paid (or a clear plan is in place showing how they will be paid) - that while the company is up for sale, they will not accept just any offer - ALL the staff that I spoke to at the AGM stressed that the asset is very good, our problems stem from a lack of payment - that they intend to wrap up sales negotiations soon so that serious interest can either make a realistic bid or if not, that the company can focus their energies directly back in to the company. - a board aligned with shareholders, holding stock of their own It was accepted that it would not be in the KRG's interest to see us fail, they too want to see Shaikan and GKP do well. From general chatter, I picked up that our peers do class Shaikan as World Class and I think it was announced on the Wednesday that Kurdistan were going ahead with selling their own oil. All in all, despite the bird poo (the share price) I couldn't help but feel optimistic and relieved that we have the makings of a team that are aligned with us, shareholders and I think / hope that this could be the start of something special! So a big THANK YOU to team SAG, The picture that was painted on Wednesday and Thursday was the vision I had hoped for when SAG started and although it's taken a long time - they do say the best things are worth waiting for! ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- After the AGM a few shareholders asked about SAG and whether they could join. Initially I said it was pretty much dormant now but on reflection I think it would be a good idea to resume. I don't think any sort of action will need to be taken now if Jon drives his team forward with the vision he has set out, but it would cause no harm for shareholders to get together with a united front and be ready to act should a need ever in the future arise. The Institutional Investors have increased their holdings recently, they have a greater say and are well organised (but also conscientious) The bondholders are organised - look how they negotiated the BER issue But yet, the retail investors, GKP's largest group of investors are haphazard. Instead of being motivated to influence any kind of positive change they vent their frustrations or make fun at each other over a bulletin board. Some private investors have invested considerable sums of money in to this stock, this is not a way to behave. If they were over charged £10 at a shop they would speak to the shop owner, and if they got nowhere, they'd write a letter - but they'd sort it out. Here people are sat on losses of tens, if not hundreds of thousands and the best they can do is vent at another shareholder or get annoyed. Time to refocus that energy in my opinion, get your energy, like your money well spent. GKP SAG have proved they can be effective, decisive and efficient (getting our resoluntion in in the short space of time we had with the challenges that we faced in getting the paperwork together was a massive acheivement by all involved. It proved dedication and commitment.) So rather than waste our energies, I have set up a new group for EVERYONE to join who wants to - gkpshareholdergroup.boards.net - I hope to see as many of you over there as possible. It's a new dawn for GKP Let's make a new dawn for GKP's shareholders
23/10/2017
21:22
chamberpotwoman1: Oilman63 11 Jul '15 - 15:34 - 432252 of 546123 13 1 Here's a copy of the letter that the Mrs has just posted out to the action group. Although she's a little cheeky and uses some of my comments, I thought it would be fair for all to see.... Just one other point to make. Andrew Simon pretty much gave my Mrs his undivided attention before and after the AGM.... It must have been the dress that did it "It's a new dawn It's a new day.... and I'm feeling good! Hello Action Group, it's been awhile! Just giving you an update after I attended the GKP AGM in Paris on Thursday as I know few investors were able to attend. Have you ever woken up in the morning, pulled back the curtains, the sun is shining, the sky is blue and the smell in the air is sweet? That's how i'm going to describe my AGM experience, albeit the chirping birds might come along and softly coat me with something unpleasant - that's the GKP share price and while that is largely unpleasant right now I couldn't help but smile on Thursday as that day had been a long time coming! A couple of us were sat in the bar on Wednesday night when along came Phil Dimmock and Jon Ferrier. After awhile Jon and Phil came and sat with us. What a breath of fresh air! On first impressions Jon isn't far from being a model CEO. He has had many years dealing with Ashti and knows him very well. Knows the business inside out, was the person responsible for moving Maersk in to Kurdistan so knows the area well and delivered his Syrian project on time and on budget despite very difficult circumstances. I asked Jon if he had any other commitments and he stressed that Gulf Keystone Petroleum will be his only priority, his full time job and I believed he takes it very seriously and is willing to give it his full commitment. Jon intends to spend 1 week out of every month in Erbil to maintain his relationship in Kurdistan and to keep up to date and in touch with the business. Not a yacht or a blackberry to be seen! He expressed empathy for some of the positions shareholders found themselves in and without question plans to overhaul Investor Relations as well as to provide opportunities for shareholders to meet with Company Directors and Officials so that they can feel confident in the way the company is progressing and to feedback any concerns of their own that they may have. The over-arching message that came across was that this man has a conscience and as such recognises his responsibility to and has a respect for his shareholders. On the other hand that doesn't make him a push over by any stretch of the imagination. Both him and Sami are very focused, very clear, very switched-on and very driven. The Dynamic Duo. They both set out their very clear vision for the future, - explaining that every barrel of oil sold so far in 2015 has been paid for - that they continue to negotiate with the KRG regarding the outstanding money owed - that expansion plans can only be considered when arrears are paid (or a clear plan is in place showing how they will be paid) - that while the company is up for sale, they will not accept just any offer - ALL the staff that I spoke to at the AGM stressed that the asset is very good, our problems stem from a lack of payment - that they intend to wrap up sales negotiations soon so that serious interest can either make a realistic bid or if not, that the company can focus their energies directly back in to the company. - a board aligned with shareholders, holding stock of their own It was accepted that it would not be in the KRG's interest to see us fail, they too want to see Shaikan and GKP do well. From general chatter, I picked up that our peers do class Shaikan as World Class and I think it was announced on the Wednesday that Kurdistan were going ahead with selling their own oil. All in all, despite the bird poo (the share price) I couldn't help but feel optimistic and relieved that we have the makings of a team that are aligned with us, shareholders and I think / hope that this could be the start of something special! So a big THANK YOU to team SAG, The picture that was painted on Wednesday and Thursday was the vision I had hoped for when SAG started and although it's taken a long time - they do say the best things are worth waiting for! ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- After the AGM a few shareholders asked about SAG and whether they could join. Initially I said it was pretty much dormant now but on reflection I think it would be a good idea to resume. I don't think any sort of action will need to be taken now if Jon drives his team forward with the vision he has set out, but it would cause no harm for shareholders to get together with a united front and be ready to act should a need ever in the future arise. The Institutional Investors have increased their holdings recently, they have a greater say and are well organised (but also conscientious) The bondholders are organised - look how they negotiated the BER issue But yet, the retail investors, GKP's largest group of investors are haphazard. Instead of being motivated to influence any kind of positive change they vent their frustrations or make fun at each other over a bulletin board. Some private investors have invested considerable sums of money in to this stock, this is not a way to behave. If they were over charged £10 at a shop they would speak to the shop owner, and if they got nowhere, they'd write a letter - but they'd sort it out. Here people are sat on losses of tens, if not hundreds of thousands and the best they can do is vent at another shareholder or get annoyed. Time to refocus that energy in my opinion, get your energy, like your money well spent. GKP SAG have proved they can be effective, decisive and efficient (getting our resoluntion in in the short space of time we had with the challenges that we faced in getting the paperwork together was a massive acheivement by all involved. It proved dedication and commitment.) So rather than waste our energies, I have set up a new group for EVERYONE to join who wants to - gkpshareholdergroup.boards.net - I hope to see as many of you over there as possible. It's a new dawn for GKP Let's make a new dawn for GKP's shareholders.
30/9/2017
15:10
j0seki: oil_investor29 Sep '17 - 10:49 - 548424 of 548426 2 1 Edit We live, as they say, in interesting times! It is now demonstrated on here that "Oilman63" and "Sarah" were both very positive on the future of GKP following their apparently unregulated meetings with CEO Jon Ferrier. "Oilman63" was very confident that the share price would be re-rated upwards by the end of September 2015 (it was already at c. 40p prior to the revised CPR being released) and the past was necessarily all irrelevant. "Sarah" was singing exactly the same song, describing Jon Ferrier and Sami Zouari as "the dynamic duo", saying that it was "a new dawn" for GKP and that Jon Ferrier was pretty much "the perfect CEO". So all the stuff about Gramacho and his legally-auctioned post, the stuff about the CPR and Shaikan-6, the stuff about Todd Kozel and his ex-wife and the rest of it was all in the past. And all IRRELEVANT. GKP was sure going places according to Oilman63 and "Sarah"! Next stop a re-rate in the share price! To 80p? Or maybe to 100p? Or maybe even to 150p? Who knows...but a share price re-rate is not a term which is applied to a minor rise in a share price. btw those figures would represent £80, £100 and £150 a share on the current post-consolidation basis. But something went wrong for Oilman63 and "Sarah". There was no share-price rerate. It simply didn't happen. And Jon Ferrier (to whom Oilman63 refers as "Jon", possibly seeking to imply a real or imagined close relationship?) presided over a drop in the share price from about 60p when he took over as the CEO to about 1p today (on a comparable basis). THE DESTRUCTION OF SHAREHOLDER VALUE TOOK PLACE DURING THE STEWARDSHIP OF JON FERRIER. That is an unchallengeable reality. Whatever one thinks about his capabilities as a CEO, that is the reality. The drop in the share price under Jon Ferrier's period of Stewardship has nothing whatsoever to do with Todd Kozel and so on and so forth. How could it possibly have anything to do with him? One might as well blame the share price drop on the Vikings, or on Neanderthal Man, or something equally preposterous. The dates simply do not fit. So something went wrong. Something about which Oilman63 and "Sarah" were unaware. Jon Ferrier was also promoting the value of GKP going forward. It's all in his presentations and other remarks. It is UNDENIABLE. And as Lady Macbeth discovered when she unsuccessfully tried to remove the bloodstain ("Out, damned spot") NO AMOUNT OF BLOGGING OR SMOKESCREENING OR BLAMING TODD KOZEL OR REMOVING MATERIAL FROM THE GKP WEBSITE IS EVER GOING TO WASH AWAY THAT REALITY. In my personal opinion, whatever his qualities as a CEO, Jon Ferrier has a lot of explaining to do. Kandymans1 was referring to such matters late last night. Kandymans1 appears genuine to me - he says he lost his money and I for one have no reason to disbelieve what he says. And today there has been sonething of a surprise development, thanks to a reference to Maria Darby-Walker by Olieslim last night. Former NED Maria Darby-Walker, who lasted just six months at GKP before being sacked according to media reports, did indeed work for the FCA (FSA) prior to joining GKP. She actually worked for the Board of the FCA. There are plenty of public domain references to that. So there was a highly-experienced, senior FCA person on the GKP board. BUT NOTHING WAS DONE TO DEAL WITH THE ENDLESS GKP LEAKS WHICH HAVE BEEN TAKING PLACE EVER SINCE THE MARK LEFTLY ARTICLE OF 18 DECEMBER 2011. Er...why not? With a senior FCA person on the board of GKP? But there's more. Read on, MacDuff. Maria Darby-Walker now publicly claims to have recruited Sami Zouari and Jon Ferrier to the GKP positions of CFO and CEO respectively. She says so in black and white, it is on her CV summary. What's that all about? But check the dates. Maria Darby-Walker wasn't appointed to the GKP board until 22 December 2014. That's in the appointment RNS. But Sami Zouari arrived at GKP within four weeks of that RNS and that four week period INCLUDES THE CHRISTMAS AND NEW YEAR HOLIDAY PERIOD. And Jon Ferrier left Maersk Oil at EXACTLY THE SAME TIME. Jon Ferrier went on gardening leave for five months before joining GKP in June 2015. It is all in the public domain - there are two public domain sources for this, and they are both from Jon Ferrier himself. So (a) how could Maria Darby-Walker have recruited Sami Zouari and Jon Ferrier within four weeks of her joining GKP, and have completed the necessary due diligence on the pair of them, and (b) what on earth was she doing recruiting a CFO and a CEO for GKP? Was that her job description? Or maybe she was working on these two appointments BEFORE she arrived at GKP? But do your own research as always.
30/8/2017
08:48
oil_investor: Oh dear. Now "jozeki" is editing posts to give a totally false impression. Below is the ACTUAL post, rather than his doctored version. WildRider723 Aug '16 - 16:08 - 512207 of 546219 9 1 ok here are the 2015 questions brought at the AGM, different day, same sheet (DDSS) 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? 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 Bond 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? 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? 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? 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. BOND 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? 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?
29/8/2017
11:29
shediak: The 2015 AGM was held in Paris. Oilman attended and introduced Sarah as his wife. The previous evening they engaged with Jon Ferrier and Phillip Dimmock in the hotel bar. That conversation will now be in the library of tapes which is larger than that of Sony, and therefore on an industrial scale. Two days after the AGM Oilman put up the following post (no.432252) which again refers to Sarah as his wife. This post details what Oilman and Sarah really think the prospects are for GKP. I suggest you read it. ------ Oilman63 11 Jul '15 - 15:34 - 432252 of 546123 13 1 Here's a copy of the letter that the Mrs has just posted out to the action group. Although she's a little cheeky and uses some of my comments, I thought it would be fair for all to see.... Just one other point to make. Andrew Simon pretty much gave my Mrs his undivided attention before and after the AGM.... It must have been the dress that did it "It's a new dawn It's a new day.... and I'm feeling good! Hello Action Group, it's been awhile! Just giving you an update after I attended the GKP AGM in Paris on Thursday as I know few investors were able to attend. Have you ever woken up in the morning, pulled back the curtains, the sun is shining, the sky is blue and the smell in the air is sweet? That's how i'm going to describe my AGM experience, albeit the chirping birds might come along and softly coat me with something unpleasant - that's the GKP share price and while that is largely unpleasant right now I couldn't help but smile on Thursday as that day had been a long time coming! A couple of us were sat in the bar on Wednesday night when along came Phil Dimmock and Jon Ferrier. After awhile Jon and Phil came and sat with us. What a breath of fresh air! On first impressions Jon isn't far from being a model CEO. He has had many years dealing with Ashti and knows him very well. Knows the business inside out, was the person responsible for moving Maersk in to Kurdistan so knows the area well and delivered his Syrian project on time and on budget despite very difficult circumstances. I asked Jon if he had any other commitments and he stressed that Gulf Keystone Petroleum will be his only priority, his full time job and I believed he takes it very seriously and is willing to give it his full commitment. Jon intends to spend 1 week out of every month in Erbil to maintain his relationship in Kurdistan and to keep up to date and in touch with the business. Not a yacht or a blackberry to be seen! He expressed empathy for some of the positions shareholders found themselves in and without question plans to overhaul Investor Relations as well as to provide opportunities for shareholders to meet with Company Directors and Officials so that they can feel confident in the way the company is progressing and to feedback any concerns of their own that they may have. The over-arching message that came across was that this man has a conscience and as such recognises his responsibility to and has a respect for his shareholders. On the other hand that doesn't make him a push over by any stretch of the imagination. Both him and Sami are very focused, very clear, very switched-on and very driven. The Dynamic Duo. They both set out their very clear vision for the future, - explaining that every barrel of oil sold so far in 2015 has been paid for - that they continue to negotiate with the KRG regarding the outstanding money owed - that expansion plans can only be considered when arrears are paid (or a clear plan is in place showing how they will be paid) - that while the company is up for sale, they will not accept just any offer - ALL the staff that I spoke to at the AGM stressed that the asset is very good, our problems stem from a lack of payment - that they intend to wrap up sales negotiations soon so that serious interest can either make a realistic bid or if not, that the company can focus their energies directly back in to the company. - a board aligned with shareholders, holding stock of their own It was accepted that it would not be in the KRG's interest to see us fail, they too want to see Shaikan and GKP do well. From general chatter, I picked up that our peers do class Shaikan as World Class and I think it was announced on the Wednesday that Kurdistan were going ahead with selling their own oil. All in all, despite the bird poo (the share price) I couldn't help but feel optimistic and relieved that we have the makings of a team that are aligned with us, shareholders and I think / hope that this could be the start of something special! So a big THANK YOU to team SAG, The picture that was painted on Wednesday and Thursday was the vision I had hoped for when SAG started and although it's taken a long time - they do say the best things are worth waiting for! ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- After the AGM a few shareholders asked about SAG and whether they could join. Initially I said it was pretty much dormant now but on reflection I think it would be a good idea to resume. I don't think any sort of action will need to be taken now if Jon drives his team forward with the vision he has set out, but it would cause no harm for shareholders to get together with a united front and be ready to act should a need ever in the future arise. The Institutional Investors have increased their holdings recently, they have a greater say and are well organised (but also conscientious) The bondholders are organised - look how they negotiated the BER issue But yet, the retail investors, GKP's largest group of investors are haphazard. Instead of being motivated to influence any kind of positive change they vent their frustrations or make fun at each other over a bulletin board. Some private investors have invested considerable sums of money in to this stock, this is not a way to behave. If they were over charged £10 at a shop they would speak to the shop owner, and if they got nowhere, they'd write a letter - but they'd sort it out. Here people are sat on losses of tens, if not hundreds of thousands and the best they can do is vent at another shareholder or get annoyed. Time to refocus that energy in my opinion, get your energy, like your money well spent. GKP SAG have proved they can be effective, decisive and efficient (getting our resoluntion in in the short space of time we had with the challenges that we faced in getting the paperwork together was a massive acheivement by all involved. It proved dedication and commitment.) So rather than waste our energies, I have set up a new group for EVERYONE to join who wants to - gkpshareholdergroup.boards.net - I hope to see as many of you over there as possible. It's a new dawn for GKP Let's make a new dawn for GKP's shareholders.
16/8/2017
22:35
wildrider7: Oilman, TK has been gone for years now, and your story is full of holes how do you reconcile your post above with these ones? Oilman63 - 11 Jul 2015 - 15:34:32 - 432252 of 545120 THE NEW GKP / Drilling for Super Giants (moderated) - GKP Here's a copy of the letter that the Mrs has just posted out to the action group. Although she's a little cheeky and uses some of my comments, I thought it would be fair for all to see.... Just one other point to make. Andrew Simon pretty much gave my Mrs his undivided attention before and after the AGM.... It must have been the dress that did it "It's a new dawn It's a new day.... and I'm feeling good! Hello Action Group, it's been awhile! Just giving you an update after I attended the GKP AGM in Paris on Thursday as I know few investors were able to attend. Have you ever woken up in the morning, pulled back the curtains, the sun is shining, the sky is blue and the smell in the air is sweet? That's how i'm going to describe my AGM experience, albeit the chirping birds might come along and softly coat me with something unpleasant - that's the GKP share price and while that is largely unpleasant right now I couldn't help but smile on Thursday as that day had been a long time coming! A couple of us were sat in the bar on Wednesday night when along came Phil Dimmock and Jon Ferrier. After awhile Jon and Phil came and sat with us. What a breath of fresh air! On first impressions Jon isn't far from being a model CEO. He has had many years dealing with Ashti and knows him very well. Knows the business inside out, was the person responsible for moving Maersk in to Kurdistan so knows the area well and delivered his Syrian project on time and on budget despite very difficult circumstances. I asked Jon if he had any other commitments and he stressed that Gulf Keystone Petroleum will be his only priority, his full time job and I believed he takes it very seriously and is willing to give it his full commitment. Jon intends to spend 1 week out of every month in Erbil to maintain his relationship in Kurdistan and to keep up to date and in touch with the business. Not a yacht or a blackberry to be seen! He expressed empathy for some of the positions shareholders found themselves in and without question plans to overhaul Investor Relations as well as to provide opportunities for shareholders to meet with Company Directors and Officials so that they can feel confident in the way the company is progressing and to feedback any concerns of their own that they may have. The over-arching message that came across was that this man has a conscience and as such recognises his responsibility to and has a respect for his shareholders. On the other hand that doesn't make him a push over by any stretch of the imagination. Both him and Sami are very focused, very clear, very switched-on and very driven. The Dynamic Duo. They both set out their very clear vision for the future, - explaining that every barrel of oil sold so far in 2015 has been paid for - that they continue to negotiate with the KRG regarding the outstanding money owed - that expansion plans can only be considered when arrears are paid (or a clear plan is in place showing how they will be paid) - that while the company is up for sale, they will not accept just any offer - ALL the staff that I spoke to at the AGM stressed that the asset is very good, our problems stem from a lack of payment - that they intend to wrap up sales negotiations soon so that serious interest can either make a realistic bid or if not, that the company can focus their energies directly back in to the company. - a board aligned with shareholders, holding stock of their own It was accepted that it would not be in the KRG's interest to see us fail, they too want to see Shaikan and GKP do well. From general chatter, I picked up that our peers do class Shaikan as World Class and I think it was announced on the Wednesday that Kurdistan were going ahead with selling their own oil. All in all, despite the bird poo (the share price) I couldn't help but feel optimistic and relieved that we have the makings of a team that are aligned with us, shareholders and I think / hope that this could be the start of something special! So a big THANK YOU to team SAG, The picture that was painted on Wednesday and Thursday was the vision I had hoped for when SAG started and although it's taken a long time - they do say the best things are worth waiting for! ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- After the AGM a few shareholders asked about SAG and whether they could join. Initially I said it was pretty much dormant now but on reflection I think it would be a good idea to resume. I don't think any sort of action will need to be taken now if Jon drives his team forward with the vision he has set out, but it would cause no harm for shareholders to get together with a united front and be ready to act should a need ever in the future arise. The Institutional Investors have increased their holdings recently, they have a greater say and are well organised (but also conscientious) The bondholders are organised - look how they negotiated the BER issue But yet, the retail investors, GKP's largest group of investors are haphazard. Instead of being motivated to influence any kind of positive change they vent their frustrations or make fun at each other over a bulletin board. Some private investors have invested considerable sums of money in to this stock, this is not a way to behave. If they were over charged £10 at a shop they would speak to the shop owner, and if they got nowhere, they'd write a letter - but they'd sort it out. Here people are sat on losses of tens, if not hundreds of thousands and the best they can do is vent at another shareholder or get annoyed. Time to refocus that energy in my opinion, get your energy, like your money well spent. GKP SAG have proved they can be effective, decisive and efficient (getting our resoluntion in in the short space of time we had with the challenges that we faced in getting the paperwork together was a massive acheivement by all involved. It proved dedication and commitment.) So rather than waste our energies, I have set up a new group for EVERYONE to join who wants to - gkpshareholdergroup.boards.net - I hope to see as many of you over there as possible. It's a new dawn for GKP Let's make a new dawn for GKP's shareholders.
22/7/2017
08:52
olieslim: Shediak 21 Jul '17 - 15:01 - 544277 of 544328 7 2 Interesting analysis from MickyAdmin on iii. Would explain the shenanigans with the share price lately. Peel Hunt and Cantor have both re-issued their buy recommendations. ---- "So we have Peel Hunt & Cantor Fitzgerald maintaining their Buy Recommendations and the share price is being supressed by the weight on the Ask 144,999----282,781 and we have a bloody huge 193,388 sat at 93.5p to stop the share price past 93.5 193,388 in old money is 19,338,800 Why suppress the share price with a weighty Ask volume, what effect will it have. The effect it will have is to put the bejeebers up those folks that hold their shares by Margined Products. A CFD user will pay 25% of the costs one GKP share, so at 100p they would pay 25p for one share with the CFD Company paying the remaining 75%, and if the Share goes up the CFD user gains the full 100% of Profit . . . . BUT . . . if the price goes down to they LOSE 100% of the loss When CFD users exit a stock, their Automatic Sell Market Orders which control the share price of said Stock drops, which has a waterfall effect as O Trade users follow suit. What the present Share Price should be telling you, is that because their is weight on the Ask squeezing and forcing the price down . . . . someone is Buying all the Sells . . . so Mr Someone is taking note of what Peel Hunt & Cantor Fitzgerald are saying. And with a bit of lateral thinking that Peel Hunt is GKP's Joint Broker he may well know something that we do not know. Wholesale Investors who are always the first to know or realise that something is coming cause falls . . . & . . . Private Investors who are always he last to know or realise about anything cause the rises when the news arrives. Mikey " lardner23 21 Jul '17 - 15:30 - 544282 of 544328 11 0 Sheddie, those broker notes are put out by the sell side after they've already advised their clients and also after their prop desks have made any moves. Go back and look at all the analysts' target prices in the last three or four years and count how many ++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++ Deutsche is doing the same to TLW and CNE and the share price of each reacts correspondingly, that is they stick out as a pair moving apart from the rest of my watchlist (O&G). Not sure what is bugging TLW; CNE (faring well) is the Indian tax. Comparing this with GKP share price in the coming period coupled with the buy recommendations could be interesting and shed some light on whether Shediak or lardner23 have the better judgement (re: recommendations) in this instance. (I can't tell at the moment; catching up.)
21/7/2017
14:01
shediak: Interesting analysis from MickyAdmin on iii. Would explain the shenanigans with the share price lately. Peel Hunt and Cantor have both re-issued their buy recommendations. ---- "So we have Peel Hunt & Cantor Fitzgerald maintaining their Buy Recommendations and the share price is being supressed by the weight on the Ask 144,999----282,781 and we have a bloody huge 193,388 sat at 93.5p to stop the share price past 93.5 193,388 in old money is 19,338,800 Why suppress the share price with a weighty Ask volume, what effect will it have. The effect it will have is to put the bejeebers up those folks that hold their shares by Margined Products. A CFD user will pay 25% of the costs one GKP share, so at 100p they would pay 25p for one share with the CFD Company paying the remaining 75%, and if the Share goes up the CFD user gains the full 100% of Profit . . . . BUT . . . if the price goes down to they LOSE 100% of the loss When CFD users exit a stock, their Automatic Sell Market Orders which control the share price of said Stock drops, which has a waterfall effect as O Trade users follow suit. What the present Share Price should be telling you, is that because their is weight on the Ask squeezing and forcing the price down . . . . someone is Buying all the Sells . . . so Mr Someone is taking note of what Peel Hunt & Cantor Fitzgerald are saying. And with a bit of lateral thinking that Peel Hunt is GKP's Joint Broker he may well know something that we do not know. Wholesale Investors who are always the first to know or realise that something is coming cause falls . . . & . . . Private Investors who are always he last to know or realise about anything cause the rises when the news arrives. Mikey "
21/7/2017
10:15
cutthecagain: That's really got "the teams" goat hasn't it shed? I'll bet the paranoia is running at 100 miles an hour. "How can we twist it? How can we turn it?" "We've got to beat O63 somehow" Eating away at you like a falling GKP share price eats away at the old bank account. Day in, day out Pity
11/7/2017
08:06
oil_investor: Oh dear. A number of people on here are working themselves into a rage because they can't get a grip on what actually happened with GKP. So let's try to clarify things a bit. Todd Kozel obtained the Shaikan PSC thanks to the Texas Keystone connection. The acreage had originally been with DNO in a sort of "land grab" which the KRG had to rectify with acreage freed-up. RAK wanted to take GKP over, presumably including the Shaikan PSC which hadn't been put into GKP at that point. TK left the PSC floating loose - Lord Justice Christopher Clarke thought that made perfect sense - and the RAK takeover was not completed. Shaikan had a 75% to 80% chance of being a dud. This was explained in detail to Justice Clarke. The high chance of failure was due to no closure being identified on the Western flank - so even if the Jurassic were on the oil migration path, the oil might never have been trapped. What wasn't known was that there was a massive slip fault to the West, within the Sheikh Adi block which wasn't GKP's acreage at that time, and the Shaikan structure could retain oil. GKP tried to farm-down their 80% operating stake, to reduce risk. Presumably they would have gone down to about a 25% to 40% stake if another E&P had given them a free carry. But no deal could be done, and GKP had to fund their 80% themselves. The only reason why GKP has 58% today is that no farm-down deal was done: otherwise it would probably be half that, or less. Against all the odds, the well came in. A Jurassic gross pay interval of over 1000 metres was discovered, with c. 350 metres of net pay. The Jurassic oil was highly mobile under natural reservoir conditions. In addition there were huge volumes in the Cretaceous and in the Cretaceous flanks, and also a lot of light oil etc. in the Triassic. As the Appraisal wells were drilled, the volumes of Oil In Place increased, as independently assessed by Ryder Scott and Dynamic Global Advisors. Extensive specialist studies were also conducted on the fracture system, which was found to be very extensive. An increasing range of independent P90-P50-P10 figures were given, the last of which was 13.7 billion barrels P50 Oil In Place. But the P10 (and P5 etc) numbers were higher, and it has been said that oil in the Cretaceous flanks, which would probably not flow without the use of Enhanced Oil Recovery, were not included. Both John Gerstenlauer and TK expressed the view that there might be more than 13.7 billion barrels Oil In Place in total. Sophisticated pressure testing conducted at Shaikan-1 over a 3-month period indicated a Connected Volume in the Jurassic of c. 13 billion barrels: the KRG and the 20% operating partner MOL approved the release of that number in July 2013. The Recovery Factor was considered by GKP to be in the 20% to 35% range, something like that. Such a figure was broadly in line with international averages. Testing suggested that the Jurassic reservoir was showing dual-Porosity responses, which means that both the matrix and the fractures were releasing oil. The fractures were extensive, with a network of small cracks as well as millimetre- to centimetre-scale dissolution slots, where the cracks had been opened-up by natural acidic processes. GKP currently confirm a dual-Porosity system, and GKP have described the Jurassic as a gas-drive system. As the Jurassic matrix releases oil into the lower-pressure producing zones some of the dissolved gas comes out of solution and that provides natural reservoir drive. The GKP expectation in 2012-13 was that the Jurassic alone would potentially produce 440,000 bopd. That sort of volume would be super major territory. In his 2010 video interview with Proactive Investors shortly before Excalibur launched their ultimately ridiculed claim for 30% of the Shaikan asset, John Gerstenlauer made it pretty clear that the sale of GKP was the strategic intention, though he said the company would continue to operate as if it was going to carry on as operator. There had already been takeover rumours in the media at that point. The KRG approved a Field Development Plan, though JG publicly said there was a second FDP which described what would potentially happen if GKP were sold to a supermajor etc. It is possible that Spencer Freeman may have seen or been told something of that more ambitious FDP, because he alluded to it in one of his tweets before being silenced by Memery Crystal in the High Court with his tweets being deleted. Most of his tweets were saved. GKP, MOL and the KRG agreed to move forward with the more modest FDP and GKP decided to borrow the money to find the production facilities rather than to issue equity and dilute the shareholders. That decision was not opposed by the shareholders at the time, it seemed the sensible thing to do. Takeover rumours continued, and Harvey Rands of Memery Crystal had told Alex Panayides of Clifford Chance (who were acting for Excalibur Ventures) around 21 February 2012 about a massive Trip to China by GKP and its lawyers etc. which would be taking place in March 2012. Details of some of what HR told AP and Simon Picken QC can be found in the official Court transcript of the procedural hearing at which it was raised. Unsurprisingly perhaps, AP and share price were then better able to obtain the Trial funding for Excalibur presumably because the corporate Trip to China had been exposed? The revelation by HR concerning that Trip confirmed something of what Mark Leftly had published on 18 December 2011 in The Independent on Sunday. Going back a step, the share price had risen in early 2012, from a broadly established level of maybe 190p, to something above double that price. But it is now apparent that a number of persons including Harvey Rands, Todd Kozel and John Gerstenlauer had known about the Trip to China when the share price rose. That rise did not take place when Mark Leftly published his article: MikeyAdmin gave an analysis of that on iii not long afterwards and what he said is supported by evidence when one is looking back at the situation. Broadly, GKP was valued at that time at something around £1.5 billion, exceluding the early-2012 rise. So GKP was funded-up for the so-called Phase Zero which aimed at some 40,000 bopd from Shaikan. There was argument about Corporate Goverance; there was a suggestion in June 2013 that this Governance move was really to get new independent figures for the Shaikan volumetrics, because the existing figures were considered to be too closely associated with TK. Fresh figures would, it was suggested, increase confidence in the asset and hence lead to a better ultimate price. But the Corporate Governance issue was publicly presented as something to do with TK's remuneration. So the key issues were (a) defeating Excalibur, so as to get clean title, (b) establishing c. 40,000 bopd at Shaikan and (c) what Shaikan was worth in an M&A deal. This is why, if one looks at what the broker analysts were saying at the time, GKP was seen as very valuable. It took a lot longer to deal with Excalibur than had been expected. It was three years from the issue of the Claim in December 2010 to the award by Justice Clarke of clean title with no appeal on 13 December 2013. The Excalibur issue delayed the intended move to the Main Market. When the move to the Main Market finally came, the Good Corporate Governance board with Simon Murray as the Chairman was in place. SM invested significantly in GKP shares and so did John Bell, both doing so shortly before clean title with no appeal was awarded by Justice Clarke. They clearly thought in late 2013 that GKP was a good investment. What happened next contained eight main components: (a) Shaikan operations proceeded successfully, with the 40,000 bopd facilities being completed and the Jurassic reservoir being brought onto commercial production as planned; (b) something prevented GKP selling their 20% operating stake in the adjacent Akri-Bijeel oilfield. It is unclear what that was, although it is possible that potential purchasers saw some disappointing Akri-Bijeel results which were not in line with earlier positive expectations; (c) the non-sale of the Akri-Bijeel stake left GKP with some $350 million to $500 million less cash than expected, that being the amount they had publicly anticipated receiving from the sale; (d) the non-sale of the Akri- Bijeel stake led to the BER issue and certain hedge funds getting their Notes secure against the Shaikan asset. This apparently put GKP into a weak negotiating position in 2015-16 regarding the Restructuring; (e) the sudden rise of ISIS created massive negativity regarding the region; (f) the decision of the Saudis to increase their market share of world oil greatly reduced the oil price and GKP's income; (g) the KRG were unable to pay the back-costs owed to GKP, though they did make some inroads into the arrears and: (h) ERC Equipoise published a Competent Person's Report for Shaikan which was described by GKP as a "baseline", "conservative" and "as seen through the steely gaze of auditors". These so-called baseline numbers were lower than had been anticipated by the market, but they were still very substantial and Shaikan was described by Genel's Exploration Director as "second only to Kirkuk". ERCE had included quite considerable upside in the CPR and once the market had digested the CPR numbers, the negative effect upon the share price was not particularly large. So when Jon Ferrier joined GKP in June 2015 the share price was, in the circumstances, tolerable. JF appeared optimistic, and he was certainly positive about the revised CPR which was published about three months after he joined. By the time of the Restructuring announcement in July 2016 TK had been gone as the CEO for more than a year and had been gone as Chairman for fully two years. There was a new board in place with a new Chairman, a new CEO, a new CFO and new NEDs. The Restructuring reduced the existing equity stake to 5% but by participating in the Open Offer at the 20-for-9 entitlement level without going for an oversubscription allocation, that increased to 14.5%. Those qualifying shareholders who successfully oversubscribed ended up with more than that; it varies from case to case, but those who oversubscribed and who also bought more shares at the low prices actually experienced far less dilution than might appear to be the case. Though putting in more money was not something that everyone could, or would, do. Was the Restructuring handled professionally? No, because it was leaked. But the end result is that GKP has no net debt. With ISIS now effectively removed from the vicinity, one of the key negatives is gone. But the oil price is still an issue. World oil consumption is running at more than ten times the current discovery level, and has never been higher. The 100 million bopd consumption level is now close. GKP, MOL and the KRG are close to announcing the step-up plans to 55,000 bopd at Shaikan. The c. 850,000 bopd capacity 36-inch Feeder Pipeline which runs from Shaikan to the main export pipeline is now starting to carry oil from Atrush. Perhaps JF will do what he has said he would do, but which he hasn't so far done: restart communication with shareholders. And there are signs of increasing corporate activity involving the Kurdistan oil sector. The ultimate commercial value of Shaikan involves three key factors: (a) the oil price, (b) the level of Reserves and Resources and (c) the potential level of production with the associated capex and opex figures per flowing barrel.
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