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Gulf Keystone Share Price - GKP

Share Name Share Symbol Market Type Share ISIN Share Description
Gulf Keystone Petroleum LSE:GKP London Ordinary Share BMG4209G1087 COM SHS USD0.01 (DI)
  Price Change Price Change % Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +4.00 +12.90% 35.00 34.50 35.00 35.50 30.75 32.00 4,713,562 16:29:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m) RN NRN
Oil & Gas Producers 24.8 -158.0 -18.3 - 342.35

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Date Time Title Posts
04/9/201506:13THE NEW GKP / Drilling for Super Giants (moderated)442,300
04/9/201505:56Who do you think you are kidding Mr Watson?11,633
03/9/201518:44GKP - On Balance - Moderated32,263
03/9/201513:21GKP Charts View2,328
02/9/201522:53L2 - Observations, comments and screenshots263

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DateSubject
11/7/2015
15:34
oilman63: 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. All views my own, memory the same. Please don't take any of the above as investment advice."
13/8/2015
18:25
fireplace22: The solution is easy a rapidly rising GKP share price otherwise let the bickering continue......ad nausem!
10/7/2015
10:45
bobajobaboba: 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?
04/8/2015
15:46
onetomany: FYIIs Jubilee Platinum PLC The Perfect Partner For Anglo American?By Peter Stephens - Tuesday, 4 August, 2015During the course of the last year, the price of platinum has slumped from around $1470 per ounce to just $977 per ounce. That’s a fall of a third in just twelve months and, perhaps more worrying for investors in the precious metal, is the fact that it is showing little sign of levelling off or of even mounting a comeback.As such, the share prices of platinum producers have inevitably come under pressure. While costs may have been pegged back somewhat, very few (if any) companies have the scope to reduce costs so as to offset the fall in revenue that will have taken place and, while increasing supply is an option to mitigate the impact of a lower price per ounce, it is likely to exacerbate the fall in the price of the precious metal.However, one platinum producer that has performed well is Jubilee Platinum (LSE: JLP). It has posted a share price rise of 263% in the last year and, since it sold off its Middelburg smelter and power operations in South Africa for £5.8m in mid-July, its shares have more than doubled. That’s at least partly because the sale will help to fund the company’s investment in its platinum surface operations which it hopes will commence operation during 2016.And, with its shares having soared by as much as 16% today, Jubilee has released a statement to acknowledge the strong rise in its valuation. In fact, Jubilee has stated that it is in advanced talks with a major financial institution to secure the debt element of the project financing required to bring the two surface platinum processing plants into operation. The size of the debt element of the funding is £12.9m, with the remainder of the required funds set to be covered from the sale of Jubilee’s non-platinum operations (as mentioned). And, while there are no guarantees that the financing deal will be successfully concluded, it is nevertheless positive news for the company and its investors.Clearly, the price of platinum is weak and could fall even lower. As such, it makes sense to pair up a platinum specialist such as Jubilee with a more diversified mining stock such as Anglo American (LSE: AAL).That’s because Anglo American offers a superb yield of 6.8% and, with dividends set to be covered 1.35 times by rising profitability next year, now could be a great time to buy a slice of the company. Furthermore, Anglo American’s shares trade on a price to earnings (P/E) ratio of 13 and, with its bottom line set to rise by 19% next year, investor sentiment could improve dramatically.Certainly, its share price has been hit extremely hard in the last year by weak commodity prices, with it falling by 50%. However, with Anglo American having a price to book (P/B) ratio of just 0.53, it remains dirt cheap.Similarly, there is considerable scope for further rises in Jubilee’s share price. That’s because, despite its share price rise in the last year, it still trades well below net asset value, with the company’s P/B ratio being just 0.55. As such, and while it may lack diversity, size and scale, pairing it up with a mega-cap miner such as Anglo American seems to be a very sound idea.
06/8/2015
11:28
buywell3: Precious ..... re 2011 comments , sorry seems to be ..... sorry seems to be the hardest word buywell3 - 25 Jul 2015 - 03:46:28 - 433964 of 437191 THE NEW GKP / Drilling for Super Giants (moderated) - GKP Hectorp - 23 Sep 2011 - 06:16:52 - 116861 of 433964 I see Br0ker, like Buywell yesterday, has pinned his true colours to the mast, ie, he is thinking oil will probably fall to $50 a barrel. Perhaps you have heard of an organisation called OPEC? The Saudis for one will turn down the taps when oil drifts below $80. Also , IF Oil fell to $50-60 let us say, then investors would move out of BP and SHEL even TLW and CNE etc, which need oil to be at least $50 to make a profit on it, into the extreme marginals such as GKP , very low cost marginal producer ( by marginal, I mean guaranteed say $5-6 a barrel on 5 billion or so barrels ovr time). Apart from that, there is no point in talking to we people on the GKP thread when you inherently don't see value at present. You can agree do disagree, but you can't contribute more than that. H. THE NEW GKP / Drilling for Super Giants (moderated) - GKP Hectorp - 25 Oct 2011 - 05:46:43 - 122350 of 437191 I just KNEW when Buywell came on here 3 weeks back, pointing to gloomy oil price future, that oil price would rally. It has done so strongly. That has NOT assisted GKP however. The upside of the improving crude price, will not be lost on GKP, when the oil law is passed, but nearly all other good news events, won't budge our share price.. so let's have oil law progress. ( I suppose if Shaikan goes from 4/5 Billion to 8 Billion in the meantime, we could put on say, 20p, but its still chicken-feed) THE NEW GKP / Drilling for Super Giants (moderated) - GKP Hectorp - 23 Sep 2011 - 06:16:52 - 116861 of 437191 I see Br0ker, like Buywell yesterday, has pinned his true colours to the mast, ie, he is thinking oil will probably fall to $50 a barrel. Perhaps you have heard of an organisation called OPEC? The Saudis for one will turn down the taps when oil drifts below $80. Also , IF Oil fell to $50-60 let us say, then investors would move out of BP and SHEL even TLW and CNE etc, which need oil to be at least $50 to make a profit on it, into the extreme marginals such as GKP , very low cost marginal producer ( by marginal, I mean guaranteed say $5-6 a barrel on 5 billion or so barrels ovr time). Apart from that, there is no point in talking to we people on the GKP thread when you inherently don't see value at present. You can agree do disagree, but you can't contribute more than that. H.
06/8/2015
11:22
buywell3: Precious ..... sorry seems to be ..... sorry seems to be the hardest word buywell3 - 25 Jul 2015 - 03:46:28 - 433964 of 437191 THE NEW GKP / Drilling for Super Giants (moderated) - GKP Hectorp - 23 Sep 2011 - 06:16:52 - 116861 of 433964 I see Br0ker, like Buywell yesterday, has pinned his true colours to the mast, ie, he is thinking oil will probably fall to $50 a barrel. Perhaps you have heard of an organisation called OPEC? The Saudis for one will turn down the taps when oil drifts below $80. Also , IF Oil fell to $50-60 let us say, then investors would move out of BP and SHEL even TLW and CNE etc, which need oil to be at least $50 to make a profit on it, into the extreme marginals such as GKP , very low cost marginal producer ( by marginal, I mean guaranteed say $5-6 a barrel on 5 billion or so barrels ovr time). Apart from that, there is no point in talking to we people on the GKP thread when you inherently don't see value at present. You can agree do disagree, but you can't contribute more than that. H. THE NEW GKP / Drilling for Super Giants (moderated) - GKP Hectorp - 25 Oct 2011 - 05:46:43 - 122350 of 437191 I just KNEW when Buywell came on here 3 weeks back, pointing to gloomy oil price future, that oil price would rally. It has done so strongly. That has NOT assisted GKP however. The upside of the improving crude price, will not be lost on GKP, when the oil law is passed, but nearly all other good news events, won't budge our share price.. so let's have oil law progress. ( I suppose if Shaikan goes from 4/5 Billion to 8 Billion in the meantime, we could put on say, 20p, but its still chicken-feed) THE NEW GKP / Drilling for Super Giants (moderated) - GKP Hectorp - 23 Sep 2011 - 06:16:52 - 116861 of 437191 I see Br0ker, like Buywell yesterday, has pinned his true colours to the mast, ie, he is thinking oil will probably fall to $50 a barrel. Perhaps you have heard of an organisation called OPEC? The Saudis for one will turn down the taps when oil drifts below $80. Also , IF Oil fell to $50-60 let us say, then investors would move out of BP and SHEL even TLW and CNE etc, which need oil to be at least $50 to make a profit on it, into the extreme marginals such as GKP , very low cost marginal producer ( by marginal, I mean guaranteed say $5-6 a barrel on 5 billion or so barrels ovr time). Apart from that, there is no point in talking to we people on the GKP thread when you inherently don't see value at present. You can agree do disagree, but you can't contribute more than that. H.
28/7/2015
08:47
fairenough11: Talking about Baille Gifford---from iii--a while back. From Mr.Average ... and very illuminating. BG know a thing or two about holding until t/o: Hello all, I spoke with Baillie Gifford on Wednesday at their Edinburgh H.Q. Bailey Gifford currently hold a total of 28.5 MM GKP shares, they topped up recently with 15 MM around the same time that M&G topped up too. I have attempted to speak to Baillie G previously on a number of occaisions but they are brutally abrupt and refuse to discuss anything when the GKP words crop up - even partially related topics are not entertained. I got slightly luckier this week speaking to Stuart Dunbar there, the only information I gleamed however from Stuart is that Baillie Gifford are holding GKP on behalf of their Client (not clients plural) just...their Client he added. Hmmm, sometimes a low share price is representative value to an acquiring purchaser and I wonder if this could be history repeating itself again when around 2 years ago Baillie Gifford undertook stake building in Dana Petroleum prior to KNOC's Takeover. During 2009 & 2010 Baillie Gifford bought heavilly into Dana Petroleum exceeding the holding disclosure threshold level, they continued to buy and add Dana's shares to their portfolio up untill February 2010 even when Dana's share price touched £11 per share. Baillie G continued to add Dana whils't many other's steered away at that time and questioned both Dana's growth potential AND the improbability of a potential company Takeover. Please note the doubter's comments below: November 17th 2009 - FT.Com: ....."Traders have questioned the likelihood of a buyer emerging for Dana, given its North Sea assets are unlikely to appeal to a sovereign buyer and its African exploration prospects would be a poor match for a utility". Less than 10 months later - this was announced: September 2010: Dana Petroleum finally agree to an offer of £1.8bn (£18 per share) from KNOC, for their 223 million barrels of oil reserves. This represented a 59% Premium to it's pre bid value. KNOC who at the time held over a 30% shareholding in Dana - they finally persuaded 64% of Dana's shareholders to opt for the certainty of cash in the hand rather than the Management's promise of growth in the future. They really didn’t have much choice after major shareholder's Schroders and BlackRock sold their holdings to KNOC. The T/O price was eventually agreed over a 4 month period - with Baillie Gifford actively and vocally aiding in the final bid-battle target value of Dana. As far as GKP and II's are concerned we have M&G, Baillie Gifford, and Capita who have all increased their GKP share holdings of late. We have witnessed the M&G and the Kuok holdings update, and now that Baillie Gifford have breached the 3% holdings threshold level coupled with the amended bye-laws it would be good to see GKP issue a few new and up-to-speed disclosure holdings RNS's. In all the excitement of Sh4 maybe GKP have forgotten to inform us. Maybe Baillie G or to be more specific (their 28.5 MM Client) have found a loophole and have GKP split within 2 totally seperate divisions / holdings thus coming in under the radar and negating the need for notification. .....Either way from the many resulting phonecalls - they are certainly a protective and tight lipped lot ! [...]
30/7/2015
12:15
zengas: If GKP did farmout it would need to be for a very decent slice when you consider they would then be down on production depending how much of Shaikan was given up. On top of the annual interest payments of circa $50m, the $250m bond is due in 19 months - April 2017 and the $300m odd in October 2017. They need to get enough to settle them or a good chunk of them. A farm in partner might be willing to pay the next big hefty round of investment - say $250m - $500m ? and thus carrying GKPs share in the process. The thing is how much actual cash can GKP extract for themselves in paying down that debt. If they farmed out 50% of Shaikan - say 80 mmbls P2 perhaps they could expect $5/b = $400m ? GKP either has to pump some of that money in to development or if favourable, perhaps the partner could carry GKP for say a further $250m ?. There's currently 161 mmbls P2 and at a notional $5/b in this environment that's around $800m - so would GKP be doing well at getting $650m as above in cash and forward investment?. That's still a big investment to anyone in a region with a lot of financial and political turmoil. If they ended up with $400m cash and carried for $250m of investment for a 50% farmout, it would leave GKP owing $550m roughly in bonds - and at 40,000 Gross bopd leaving about 25-26,000 after the KRG/MOL share - therefore GKP on a net 12,500/13,000 bopd. A new partner could up gross production to 100k giving GKP a net circa 32k bopd. That's the downside on production possibilities in the short term but then positions GKP for growth. Yes there are back costs, but over the life of the PSC surely - and once farmed out half of those costs will go to the new partner as wrapped up in the initial farm-in cost. It's not as straight forward imo as everybody thinks it will be and why it's taken GKP to the wire and all kinds of possible other deals such as the rumoured T5 and supposedly more complicated and a share price reflective of that.
30/7/2015
13:25
fake taxi: Yes coscos of course it will re rate even further from here, I have no doubt about that. coscos 30 Jul'15 - 13:14 - 435296 of 435300 2 0 Fake Taxi... the share price will re-rate. All that's happening is that City traders are looking for a good Christmas paypacket so they're knocking them down now to bump them up in a couple of months. I've seen it all before. coscos - 29 Jun 2015 - 15:43:21 - 429916 of 435297 Fake Taxi... feeling the pressure? Wait til the monies owed are paid, then we won't have to see the likes of you again. I had a scrummage round and managed to find another 5k for the GKP kitty. Thank you doomsters. coscos - 29 Jun 2015 - 15:52:41 - 429921 of 435299 Fake Taxi.... Don't worry, not long for you to wait now before your worst GKP nightmare becomes a reality. 8-) coscos - 29 Jun 2015 - 15:24:50 - 429906 of 435299 Only a myopic cretin can't see that the GKP wheel of fortune is turning here. Bondholder clause = removed Monthly domestic income stream = agreed with KRG Production = over 40k bopd New CEO appointed. Bidders still in data room with latest news suggesting Genel were/are considering a bid. $5bn KRG bond sale resulting in monies owed GKP to be paid off. What's there not to like? LOL to all the doomsayers. I will continue to hold until real value is unlocked. coscos - 29 Jun 2015 - 14:42:03 - 429889 of 435299 Amazing how many scumbags turn up here when news is announced. 60p?..... Yeah, right. I'll give my shares to charity if a bid comes in at that price. On a serious note, today's news which gives GKP some financial security means that potential bidders now have to make up their minds if they want GKP because the chances of the share price staying at these levels is receding quickly. If they want GKP they'll bid now before they are priced out of the market. coscos - 28 May 2015 - 12:08:33 - 424438 of 435299 JB, I'll grudgingly accept 500p if that's the best they can come up with.
31/7/2015
07:33
bartender18: To the people that keep comparing us to Afren, please tell me which bit is related to GKP 31 July 2014: Afren suspends chief executive Osman Shahenshah, and chief operating officer Shahid Ullah, after a review by law firm Willkie Farr & Gallagher found evidence they had received "unauthorised payments". 28 August: Two associate directors, Iain Wright and Galib Virani, are suspended over allegedly receiving payments linked to the previously identified alleged unauthorised payments to Shahenshah and Ullah 29 August: Shares crumble after the company's results show interim operating profit has nearly halved and slashes its full-year production forecast by 20 per cent. The company also reveals it's considering looking into recouping cash from the suspended execs. 14 October: Afren fires Shahenshah and Ullah, as well as two other associate directors, for gross misconduct and accepting unauthorised payments. 30 October: Afren's share price plunges further after a disappointing interim statement spooks investors. It says that, following the conclusion of an investigation into unauthorised payments, the company is evaluating whether it will need to re-state historical financial information. 22 December: Afren reveals it has received a preliminary takeover offer from Nigerian rival Seplat, with the latter having until 19 January to make a formal offer 1 January 2015: Afren says it's successfully secured a cash payment of $17.1m (£11.2m) from former execs Shahenshah and Ullah "in relation to payments made to them that were not authorised by the board". 12 January: Afren shares dive after the company reveals it's likely to have to cut previous reserve estimates on its Barda Rash oil field in Kurdistan. 21 January: Seplat wins an extension to its deadline for announcing if it will make an offer to Afren. The company, encouraged by falling oil prices, is said to be on the hunt for acquisitions in Nigeria. 27 January: Afren's share price crashes 72 per cent following revelations of a funding crisis, with the company saying it's in need of a $200m (£132m) cash injection 30 January: Seplat wins yet another extension for deciding whether it will firm up its informal offer. 13 February: Afren ends talks with Seplat after the company failed to make an offer that was "satisfactory to all relevant stakeholders in the company, including the indicated value being significantly below the aggregate value of the debt of the company". 1 March: Fosun, which recently snapped up Club Med, is said to be interested in buying up the embattled oil producer. The Chinese firm backed a $500m cash deal to take a majority stake led by the Afren co-founder Bert Cooper, the Sunday Times said 2 March: Afren's share price jumps on the back of Fosun speculation and the company obtaining another deferral of the $50m (£33m) amortisation until 31 March 2015 on its $300m Ebok debt facility. 4 March: Afren's share price is under pressure again after it admitted it was facing default on $15m (£9.7m) of interest payments due 1 February, and warned restructuring could "substantially dilute the interests of the company’s current shareholders". It was also revealed the firm slipped out of the FTSE 250 as part of the indexes' quarterly review 13 March: Shares in Afren fell again after the company said it had hashed out a rescue plan with its lenders. Crucially, it left current shareholders owning just 11 per cent of the company, sparking a three-day sell-off 23 March: Afren informs the Serious Fraud Office of concerns over expenses payments that came to light as a result of the review by law firm Willkie Farr & Gallagher. It said it was "regarding the hire of an individual within its operations in 2012 and the payment of certain travel and accommodation expenses connected to Afren's activities". 7 April: Afren announces that Alan Linn had been appointed as chief executive after the company completes a $300m (£202m) funding deal with its lenders.

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