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 % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.10p +4.85% 2.16p 2.12p 2.20p 2.20p 2.10p 2.10p 8,614,771 16:35:15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 58.5 -91.1 -9.8 - 21.13

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Date Time Title Posts
25/9/201610:55THE NEW GKP / Drilling for Super Giants (moderated)517,615
23/9/201616:23GKP - from hero to zero?33,698
23/9/201615:15GKP - On Balance - Moderated40,861
22/9/201622:02L2 - Observations, comments and screenshots380
22/9/201608:39Turning Gulf Keystone into a world class investment370

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DateSubject
25/9/2016
09:20
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 2.06p.
Gulf Keystone Petroleum has a 4 week average price of 2.64p and a 12 week average price of 3.95p.
The 1 year high share price is 37p while the 1 year low share price is currently 1.80p.
There are currently 978,138,061 shares in issue and the average daily traded volume is 12,349,936 shares. The market capitalisation of Gulf Keystone Petroleum is £21,127,782.12.
08/9/2016
19:26
lifeson: Oilman63 and cutthecagain, This is why you are both very clear and obvious frauds. In early 2012, it was the Market Makers working within the Alternative Investment Market, the junior sub-Market of the London Stock Exchange, who set the GKP share price above £4.00. You would have to ask those individuals why they valued the Company at this price, if they answer "it was due to the ramping of Robert Waterhouse" or any private investor, I will be amazed. What you are suggesting is that a single private investor / small group of private investors by talking up the 'potential' value of the Company on free to post forums has / have managed to manipulate the L.S.E. Market Makers into this "pump" as you call it. You surely must have some idea of how totally ridiculous that sounds. The investor you name so often as the cause of so much pain and financial loss to so many is only one blogger on one or two bulletin boards and is free to air his opinion as is anyone, including yourself. But it is just that, an opinion. It is the duty of anyone old enough to purchase a single share of any particular Stock, whether that Stock has been introduced to them by another or not, to thoroughly investigate and research that Stock, weigh up all the associated risks that may come with it before making up their OWN minds to press the buy button. That is no one's responsibility but theirs. This is what I have done and what any REAL investor would do. It is then up to an investor to hold, buy more or sell at any given time depending on their own position. Some will have sold, some have traded and some have held and added. An investor can only make a profit or a loss when they sell, paper gains or losses are irrelevant in long term investments. You always threaten to post something of note but never do. Now is your chance to do so and claw back some small crumb of credibility which has long since gone. I don't expect a reply from you as I'm a filtered "clown" I believe, well maybe from cutthecagain or joseki and I certainly don't expect to read any REAL revelations from yourself any time soon or ever. Go on and surprise me. By the way, why do you continue to post here when, according to cutthecagain (and she would know), you no longer hold any shares. At least this filtered "clown" is a current GKP investor. However, I very much doubt you have actually sold out but are probably doing quite the opposite and have also traded this with all that ‘inside’ information, by your own admission CPR1 etc. TIA, lifeson ====================================================================================== Oilman63 8 Sep '16 - 15:17 - 514980 of 515005 6 2 Cutt History has been conveniently rewritten across the blogs in an attempt to hide the truth. It goes against the grain to release all I have in my possession as I feel it will severely rock the boat and potentially sink it. What it would do is reveal the true extent of Robert Waterhouse's involvement in the pump & dump that cost so many their life savings. Weighing up my options.
23/8/2016
16:08
wildrider7: 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?
18/8/2016
12:44
zorsupas: In the short term, I see the GKP share price going to 170p, at least. Try to keep up.
11/8/2016
11:19
niper2: Hi Avatar, Re 111no on iii, the 50+ filter got rid of his posts. Luckily I took a copy. ------------------------------------ 111not out @ 19/02/2012 ~~~~~~~~~~~~~~~~~~~ I am becoming overexcited and unstable Again. As Gkp share price will be too shortly if stock availability dries up after our fearless leaders public instruction to stay long. Gla ~~~~~~~~~~~~~~~~~~~ Indeed divmad - caught my attention too. Very poor English and of course ftse entry does not = a finish for the company's share trading. Really odd - and if you read what we want to believe into it TK is askingfor a public hostile competitive auction to start. Hence there could be several gap ups - to tempt shares out of our paws. Hence PI squeezed out on the escalator north......,, Right I have done what I always like to do which is read into titbits ..... Exactly what I want to believe - off now To become über hysterically excited. Gla ~~~~~~~~~~~~~~~~~~~ in short Mikey - we going VERTICAL have just sat down in the corner of the room - rocking back and forth - its getting to me clearly ;-) Long and priapically strong GLA Completely lost it ,,,,,,,,,, in a hyper heightened state of consciousness.......... excitement @ hysteria level - best crack that Amarrone I was saving for a special occasion.. Gl Only concern however is if Harold has worked on his telepathy .....and is in touch with aliens that want to steal all the oil............ ~~~~~~~~~~~~~~ well said Mikey - and we can do more than that. If like me you have a relatively low average - mines 1.65 - why not buy a few more? I will be @< £ 5 tomorrow ..............albeit I think the share price could pop.......£1/2/3 in a heart beat and be unstable. We should not underestimate the power of modern comms.........stacks of people wanting 'in' @ £ 5/6 in small batches can become a tidal wave - to draw out a bid. The first public bid - that then underpins the price. GLA ~~~~~~~~~~~~~ Quite right Philip. Its not about being browbeaten PI's - hold hold hold.etc. We should clear the mind - its about buying more.I am tomorrow. Buying £ 20pound notes ( 50's?) for £ fivers They want to buy - City bods -why shouldn't we?
02/8/2016
09:30
avatar333: And another end. Who is going to fund it? willoicc 2 Aug'16 - 09:07 - 508408 of 508411 4 0 I believe we do need a court case to have a process of discovery of all the dealings, if any, by the bondholders since they bought the bonds. This would be with a view to discovering what effect, if any, the bondholders dealings, if any, have had on the GKP share price over the past few years. Also, to ensure that the bondholders do not benefit from UNJUST ENRICHMENT. And, to discover who the bondholders really are! Is it correct that this restructuring is subject to court approval? If so maybe PI's could ask the court for permission to make a separate submission to the court on the grounds that we are not confident that the board is properly representing the interests of small investors.
02/8/2016
09:07
willoicc: I believe we do need a court case to have a process of discovery of all the dealings, if any, by the bondholders since they bought the bonds. This would be with a view to discovering what effect, if any, the bondholders dealings, if any, have had on the GKP share price over the past few years. Also, to ensure that the bondholders do not benefit from UNJUST ENRICHMENT. And, to discover who the bondholders really are! Is it correct that this restructuring is subject to court approval? If so maybe PI's could ask the court for permission to make a separate submission to the court on the grounds that we are not confident that the board is properly representing the interests of small investors.
29/7/2016
14:05
johnbuysgkp: From iii - "think DNO's offer is opportunistic... and they have to place it NOW if they want a chance to grab GKP for nothing. Why? Well, if they succeed they guarantee getting gkp for 1p a share. But what do we think is going to happen to the share price AFTER the restructuring? Most agree it will go down towards the price of 0.82... but most seem to agree that it probably won't go all the way. There may be some off-loading by BHs, though the clever ones will wait, and there are probably quite a few savvy BHs, with most knowing something about the oil business (or why get bonds in a Kurdish oiler in the first place?), and many appreciating that the business has potential (even CP!). Mirabaud - in their commentary on the offer - concur. So, there might be a downspike on resumption of trading, but where do people think the price will settle after a couple of weeks? A month? My own bet would be between 1.5-2.5p initially (with great scope to add in the coming months and years as POO recovers and production increases). If so, this is considerably more than DNO are offering, and significant buying on the open market by DNO (etc) would - of course - propel the price further. The DNO offer is clearly aimed directly at the BHs... it has gone over the heads of the company and the shareholders. They must hope that enough are desperate to try to force the issue now that they will attempt to get JF to put the offer to shareholders after the restructuring. But can they do this? Have DNO left matters too late? Will the BHs be able or willing to mobilise now for such a paltry offer? (And remember... the offer is not all cash, but offers DNO paper for GKP paper... so much of the problem still remains; indeed, I would argue that the GKP share price is liable to outperform DNOs after events... with a rise for GKP as uncertainty is removed and a drop for DNO, as often happens to asset buyers). DNO have now revealed a clear interest. Their offer smells of an initial one. I am sure they are willing to up it to reveal their generosity (350? 400?). What they may have done though is concentrate the minds of 'the other 17', some of whom must be aware of the potential, and will have access to the funds needed. What I hope is that Capital quickly tell JF 'no way' or the deal is off, and that there are sufficient BHs to see that they can probably do much much better than 1p - so undermining any attempt to try to force the issue. I hope JF tells DNO where to go. I think what is clear is that, though the current deal sucks for shareholders, I do think it is good FOR THE COMPANY, and that the company, given the chance, will thrive. JF - if he isn't disillusioned - would presumably want to lead the company to the promised land. I just hope the board don't cave. I think there are still opportunities for many of us to recoup some of our losses, but it requires the board to man up, and that is where my greatest concern lies. "
23/7/2016
22:28
nestoframpers: Apologies if already posted... From Wiseman on LSE – reposted Friday 15.32 Email sent to GKP with 25 key questions - and Anastasia's reply..... 1. From recent announcements it appears that $100m of debt was exchanged for an additional 5% stake in Shaikan given that the current balance sheet is weak and cash-flow is a problem can you please explain the rationale for this decision? 2. Given that 5% of Shaikan has cost GKP $100m does this imply the current intrinic valuation of the asset in excess of $2bn can you please explain the valuation model applied? 3. As the company is in a weak financial position can you explain the rationale for paying executive bonuses when the share price has dropped significantly, can these bonuses not be deferred until a time the company is in a stronger position? 4. From recent communications we understand that we are still currently in a closed period has been the case for a long time, has the company received any offers regardless of valuation and if so why have these not been communicated? 5. If no offers have been received why isn't the data room closed to allow directors to buy shares in the company to show confidence in the company you are running on behalf of all the shareholders and other stakeholders? 6. Can you please explain the reasons behind the changing PSC terms, whilst we recognise the MNR are in a difficult position given the current climate we do not understand why a) GKP cannot charge interest on back payments b) charge interest on late payments and c) the back payments cannot be offset against charges. Can you please explain this? 7. Can you please explain the reasons behind handing back the licence to Sheikh Adi given that significant investment from GKP has been used to develop a FDP and the costs relinqishing this licence? Could GKP not simply have “mothballed&rdquo; the asset until a time when funding was available to develop further or did GKP have to hand the licence back due to request from MNR? 8. Are the minutes of the meeting to relinquish Sheikh Adi available so that shareholders can understand the rationale behind this decision 9. A lot of press has been made surrounding the appointment and specifically the salary of Mr Nadhim Zahawi our Chief Strategy Officer and the limited amount of time spent towards GKP related activities. Whist as shareholders we appreciate strategic appointments can clearly add value we are concerned that since Mr Zahawi appointment the company's share price performance has declined continuously with very little communication regarding the strategic direction of the company. 10. Given the forthcoming debt commitments in 2017 have always been there please explain why these were not addressed earlier i.e. why wasn't a rights issue proposed when the share price was in a stronger position. The decisions seem to have been quite short term is this because GKP was confident M&A activity taking place if so what was this offer and why was it not communicated? 11. It is not clear the actual back costs from MNR outstanding when trying to interpret from the investor presentation (page 11) i.e. are back costs currently $283m or less? 12. Now that there seems to be a loose “regular&rdquo; payment scheme in place with MNR regarding back costs why are these not booked onto the balance sheet 13. Given the pressure the lack of payments have put onto GKP balance sheet have the GKP board considered for formal methods for recovering debt from the MNR e.g. arbitration which is specified in the PSC as the route for dispute resolution. 14. Given the “irregular&rdquo; payments and lack of significant back costs payments have the GKP board explored the possibility of marketing and selling the oil we produce ourselves e.g. via SOMO 15. Can the BoD explain why in spite of assurances no action appears to have been taken to a) bring the TKI 5% out of trust and disclose who actually owns TKI b) improve IR and hold a Capital Markets Day 16. Looking at recent communications it looks like there is a liability for GKP to pay MNR $30m when specific production targets are reached, will these payments be offset against debt owed from MNR? 17. In view of the fact that the contractual payments have not been forthcoming from the KRG-MNR, and taking into account the effect this has had on the implementation of the 110Mbopd FDP, what demands/requests has the BoD made to have the PSC term extended, and by how much? 18. In view of the lack of transparency regarding the actual market price being achieved for the Shaikan crude proportion of Kurdistan Blend, what measures has the company taken to establish an independent valuation for Shaikan sour crude? Can we have full details of the assay undertaken? Why doesn't GKP disclose price achieved similar to other IoC in the region e.g. Genel and DNO? 19. Assuming a value disconnect between an independently-established value and the current price being paid to GKP for SH crude, what are the measures being discussed with the KRG-MNR to correct the value disconnect? Is there an agreed timescale for implementation of these measures? Can we have the elements laid out for proper discussion and evaluation. 20. Why does the $/bbl price Delta, relative to Brent, achieved/paid for SH crude exports appear to be widening at this time? Does this reflect an issue with the crude - or does it reflect other issues, and if so can these be explained? 21. What is the current API of the crude "coming up the pipe" from the Southern Kurdish fields (before adding the sour Northern crudes) and what is the current Kurdish Blend Export API after the Faysh Khabur station? 22. What is the current S% of the SH crude being exported? 23. Are the 2 current Amine Absorber Towers (PF1 and -2) working efficiently and at capacity? Is the total bopd output in any way being affected by the efficiency of these units? 24. Why is the current output guidance figure so low? Why is it not 40Mbopd or higher? 25. What technical/equipment changes exactly will be made to PF1 and -2 in order to raise the field output from the stabilized 40Mbopd to 55Mbopd? Anastasia's reply.... Dear Xxxxx Thank you for your email. As indicated in our RNS of 29 April (http://www.gulfkeystone.com/investor-centre/regulatory-news), the Company will provide a further update on the Stakeholder Discussions in due course. We would like to assure you that the Board and management team are focussed on achieving a solution that is in the best interests of all stakeholders. Best regards, Anastasia Anastasia Vvedenskaya Head of Investor Relations Gulf Keystone Petroleum Ltd. Main: +44 (0) 20 7514 1400 Direct: +44 (0) 20 7514 1411 Website: www.gulfkeystone.com Makes you think..... Deefor
21/7/2016
11:12
1waving: GKP share price held just under 5p going against substantial major buying for nearly a couple of hours ---- then a relatively small series of sells and the share price is whacked down hard. Classic market rigging !!! .
19/7/2016
13:20
jaknife: richie666, I've read your latest GKP post: www.alignresearch.co.uk/oil/gulf-keystone-petroleum-arbitrage-opportunity/ And I'm afraid that you're making the same error with your pricing that so many others are currently doing. You write: At a recent price of 24c on the dollar and assuming a purchase of the minimum $200,000 nominal, the holder of these bonds will receive approx 2.8m Ord shares on the restructure. Cost of this at the current FX rate is around £36,000. With the equity current trading at 5.6p then these shares are worth approx £156,000. This is a massive arbitrage opportunity but before you go out and try to put the arb on there is one glaring problem – that is that the underlying stock is currently unborrowable! The fundamental assumption contained in this paragraph is that convertible bondholders are going to receive ordinary shares similar to the ones that are currently trading in the market. They are not. The current ordinary shares include an open offer option that once exercised will expire worthless. The formula to determine the future share price is: Current share price = future share price + 20 / 9 * ( future share price - 0.82p) rearranging: future share price = [ current share price + 20 / 9 * 0.82p ] * 9 / 29 If we take the share price from your article of 5.6p then this implies a future share price of 2.30p post the open offer On that basis the convertible bonds are worth less than half the £156k that you suggest, more like £64k. Alternatively, the convertible bonds are exactly the right price and the ordinary shares are woefully over-priced due to short term pricing pressure such as forced short closing. In that case you can reverse out from the current price of the convertibles that the future ordinary share price should be about 1.3p and thus the equity today should be priced at about 2.4p. I prefer this latter analysis because the ordinary share market is clearly dislocated and squeezey! JakNife
Gulf Keystone share price data is direct from the London Stock Exchange
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