Gulf Keystone Petroleum Share Discussion Threads

[fairenough11] 18/8/2022 15:37

TK said there wouldn't be many left at the END.

So here we are!

[highlander7] 18/8/2022 15:29

Cant be many PI's left now OiliO most of them are daytraders by the sound of it.

[0ili0] 18/8/2022 15:06

An army of PIs to rise from the dead? 🇧🇲🏆

[highlander7] 18/8/2022 14:52

Sounds like he has been buying more shares.

LOL

[nufc9] 18/8/2022 14:43

But didn't you hear Bigdog?! He said Baghdad are "serious this time!"

[highlander7] 18/8/2022 13:58

Sounds like an outbreak of reality - from both sides. Negotiation and compromise was always the only way out. The yanks banging heads no doubt helped.

H7

[0ili0] 18/8/2022 13:29

Bermuda rules 🇧🇲🏆

🍩&Ӿ49;👰↘️🚽

🐕🐕🐕🐕8021;↘️🚽

All 💩🧠🧠🧠9504;

Hello 🇨🇳 🤔

[ander] 18/8/2022 13:11

ptmorris1...just click on trades at the top of this page.

[shortsqueezer] 18/8/2022 12:42

118k buy just went through. Someone betting on the politics being settled perhaps.

[ptmorris1] 18/8/2022 12:01

Can we see the trades going through for this or any other share on ADVFN or do we need to use another site?

[sbb1x] 18/8/2022 11:34

S1 found how to use DMA access with all those tiny buys lol

[urchin1] 18/8/2022 10:58

May this rise continue & smash thru 250p

[johnbuysghost] 18/8/2022 09:49

Good start. I think we'll see another divi next month.

[ozzmosiz] 18/8/2022 09:20

Some chunky buys

[shortsqueezer] 18/8/2022 08:37

121831 buy. Where's mr Bot today?

[nufc9] 18/8/2022 08:13

Erbil, Baghdad to continue energy talks until mutually agreeable resolution reached: KRG

The Kurdistan Regional Government (KRG) Ministry of Natural Resources is set to continue talks with its Iraqi counterpart on energy disputes until a mutually agreeable resolution is found, according to a statement.

The remarks came during a KRG weekly ministerial meeting chaired by Prime Minister Masrour Barzani in Erbil, where the Kurdish officials discussed the outstanding issues with the federal government on hydrocarbon management.

Barzani briefed the ministers on his July 23 visit to Baghdad, where he had stressed Erbil’s willingness to resolve the lingering issues “in a just manner” and based on the Iraqi 2005 Constitution, a press release from the government read.

Both governments agreed to continue the talks until a mutually agreeable resolution is found that would be in the interest of all the Iraqi people, the release added.

The officials were also briefed on the “unjust demands” that Baghdad has made to Kurdistan Region and the international energy companies that are working in Iraq’s semi-autonomous region, it added.

The management of oil and gas is one of the many issues that has shaped the rocky relations between Erbil and Baghdad for many years.

Baghdad has recently warned a number of international companies working in the Kurdistan Region to cease their operations otherwise, they would face legal consequences.

Insisting on its commitments to those companies, the KRG has said its energy dossier is in line with the existing legal frameworks, particularly the constitution.

Barzani has expressed Erbil's willingness to resolve the outstanding issues through dialogue.

[0ili0] 17/8/2022 22:30

Broadford, that AGM eh. Some performance there! 😂😂😂

[nestoframpers] 17/8/2022 22:25

I hope you are correct HabshN but I remeber it differently. Will have to check saved posts,busy atm.

[habshan] 17/8/2022 21:33

"Like I said in I think Oct 30 K a day was forecast then the write down RNS came in Jan."

Nest. MOL were the operator of the field and I posted above EVERY reference to Akri Bijeel by MOL in the year before the field was relinquished in Jan 16. In the summer of 2015 they re-evaluated their data and recent well test results had shown that the field was not viable.

By October MOL had already decided the field was a duffer and both them and GKP had already decided to exit, so any forecast of 30kpd must have come long before the doubts had set in and the decision was made that the field needed to be re-assessed by an independant auditor to confirm MOL's misgivings in summer of 15 or more than a year before the restructuring.

GKP 27th August - "At Akri-Bijeel, as previously announced, we are progressing to an orderly exit of the Company's 20% working interest in the block."

I just can't see some kind of conspiracy here, and certainly not one involving MOL.

[broadford bay] 17/8/2022 21:01

Has anyone seen a PSC for the new AB operator ?

If you cannot find one then it almost certainly means it's a private deal between the powers that be and the new operator.

Pocket money...

[nufc9] 17/8/2022 20:32

“If GKP goes for mega bucks lawyers will be crawling over every word of every RNS mark my words.”

And the same will happen if Shaikan gets taken away on the cheap/for nothing.

[nestoframpers] 17/8/2022 20:14

Habshan thou doth protest too much! I can recover just as many positive RNSs on AB, Like I said in I think Oct 30 K a day was forecast then the write down RNS came in Jan. If GKP goes for mega bucks lawyers will be crawling over every word of every RNS mark my words. I am away atm, search this BB for 'write down time line' and you will see just how dodgy it looks.

[habshan] 17/8/2022 19:14

"We had to suffer the restructure because AB was deemed uncommercial."
"We now see AB is commercial. JG used to say AB had 25 Bn OIP, he was a seriously experienced oil field manager"
"how come MOL were saying in their RNSs that AB would produce 30k blls a day in 6 months just 3 months before it was deemed uncommercial?"
"We were manovered into the restructured deliberately imo."

Hi Nest, here is the story from MOL. They were flagging up issues with the field for a year before it was relinquished, it all seems like a normal progression of drilling testing and re-evaluation before they made the decision that the volume of recoverable reserves, high hydrogen sulphide content, geological complexity and unreliable payments meant that the field didn't pass the tests on economic viability. All seems above board with nothing spurious that I can see, it may well be that relinquishing the field triggered something in the PSC but I don't sense that MOL were party to any deliberate maneovering of GKP into the restructuring. I think that MOL simply took the decision on purely economic grounds.

30th Oct 14 - "The FDP is based on these two discovery areas, i.e. Bijell area and the Bakrman area."

23rd Feb 15 - "Improved understanding of Bijeel reservoirs’ complexities."

8th May 15 - Akri-Bijeel: Systematically removing uncertainties & improving the
understanding of the block’s economic value."

4th Aug 15 - "As highlighted in our Q1 2015 report MOL-Kalegran is finishing Phase I of the FDP in the Akri-Bijeel block. In light of a more complex geology and uncertainty of the recovery factor we have launched a Competent Person’s Report (CPR) process to provide assurance about our technical evaluation during Phase I. The future work program will be defined subject of the outcome of the CPR."

8th Sept 15:- "In light of recent well test results, the geological potential of the Akri-Bijeel Block has been significantly reduced. MOL Group has minimized investments in the Akri-Bijeel Block, in line with responsible operatorship.

Results of recent well tests - Results of Bijell-4, Bijell-6 appraisal wells on the Bijell area did not encounter movable hydrocarbons.

Additionally, the latest delineation wells in the Bijell and Bakrman areas of the Block have further confirmed greater geological complexity. In Bijell-2, which was designed to test Triassic upside, non-commercial quantities of hydrocarbons were encountered in the well. Bijell-10 well has encountered the main Jurassic reservoir, although indicating a reduced Gross Rock Volume (GRV). The Bakrman-2 side-track successfully appraised the Triassic discovery, however high concentration of hydrogen sulphide (H2S) was encountered, which led to the suspension of the well.

In light of the aforementioned developments, the geological model of the block has been updated. To provide further assurance of the technical evaluation of Phase 1 of the FDP MOL Group has commissioned a Competent Person’s Report (CPR).

Downward revision of geological potential.

Preliminary results of the CPR, prepared by Gaffney, Cline & Associates are fully in line with MOL Group’s updated internal estimations regarding the block’s geological potential. In light of the geological challenges a significant downward adjustment was necessary regarding the GRV, Stock Tank Oil Initial-in Place (STOIIP) and Recoverable Resource volume estimates of the Akri-Bijeel Block.

According to the CPR the current best estimate for STOIIP concerning the Bijell area Jurassic is 73 MMbbl with a Contingent resource estimate of around 4 MMbbl based on the current development plans. The STOIIP figure of the Bakrman area amounts to 44 MMbbl, albeit with a high hydrogen sulfide content, which makes development of the field uneconomical (all figures 100% gross). Therefore MOL considers 4 MMbbl as the current Recoverable Resource Potential (RRP) for the Block.

Implications to the future work program

Besides the complex geology, existing uncertainties around the regular payment cycles for export sales also work against attractive project economics. Therefore MOL Group, as a responsible operator through its wholly owned subsidiary Kalegran, is minimizing investments in the Akri-Bijeel Block.

The expected investment level for the remainder of 2015 related to the Akri-Bijell block is below USD 10mn.

Despite the revised geological potential, MOL Group intends to maintain the operated Akri-Bijeel license and optimize production from Bijell-1B well, which is expected to remain around 2,200 boepd in 2015. In case of higher level and regular repayments, consideration will be made to tie in of other Bijell well (Bijell-2).

A new commercial arrangement for domestic oil sales was concluded on the 1st July to ensure revenue stream for ongoing production.

MOL Group expects the final results from the CPR process by mid-September, which will serve as a basis for the streamlined future work program of the Akri-Bijeel Block. The completion of the CPR is expected to trigger a write-down of past Akri-Bijeel investments in the Q3 2015 Financial Report. The total current book value of Akri-Bijeel investments in MOL Group's IFRS balance sheet amounts to USD 440mn.

5th Nov 15 - "MOL is in the process of reviewing future activities in the Akri-Bijeel block, following which it is going to book for the necessary asset impairment in Q4 2015."

Following the revision of the Akri-Bijeel’s block potential in line with the Competent Person’s Report (CPR) high level discussions commenced with the MNR in early October regarding future activity in the block. The CPR confirmed MOL’s own assessment that the expected recoverable volumes did not pass the Economic Limit Test (ELT), and no reserves could be assigned to the block. Future spending and workscope was reduced to the restoration of well sites."

11th Jan 16 - "MOL Hungarian Oil and Gas Plc. hereby informs capital market participants that, in agreement with its Partners Gulf Keystone Petroleum and the Kurdistan Regional Government’s Ministry of Natural Resources, it has decided to relinquish the Akri-Bijeel Block in the Kurdistan Region of Iraq."

[giant_canine] 17/8/2022 17:36

LSE paid sentiment inhibitors continue talking it down....

[jackpotjack] 17/8/2022 17:32

More clowns forecasting..... seriously they are useless with their predictions.