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
  -1.00p -0.77% 128.80p 128.60p 129.20p 129.80p 121.20p 126.00p 1,012,978 16:29:56
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 157.4 -14.0 -25.0 - 295.51

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Date Time Title Posts
23/1/201800:13THE NEW GKP / Drilling for Super Giants (moderated)556,524
17/1/201808:53Chix's road to riches!147
16/1/201809:39GKP - On Balance - Moderated44,834
19/12/201701:59L2 - Observations, comments and screenshots410
01/12/201723:21Christopher Holden the Clitheroe Troll exposed again26

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2018-01-22 16:52:34126.005,0006,300.00O
2018-01-22 16:51:23124.5022,50028,012.06O
2018-01-22 16:35:09128.809531,227.46UT
2018-01-22 16:29:56128.803,1474,053.34AT
2018-01-22 16:29:56128.80372479.14AT
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Gulf Keystone (GKP) Top Chat Posts

DateSubject
22/1/2018
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 129.80p.
Gulf Keystone Petroleum has a 4 week average price of 97p and a 12 week average price of 89.25p.
The 1 year high share price is 135p 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 1,938,984 shares. The market capitalisation of Gulf Keystone Petroleum is £295,505,281.01.
06/1/2018
22:28
oliver666: hxxp://www.arabnews.com/node/1186901/world British-Kurdish MP Nadhim Zahawi hits back in oil company pay row RICHARD WACHMAN | Published — Thursday 2 November 2017 Nadhim Zahawi RELATED ARTICLES Iraqi-Kurdish leader departs office Nearly 30,000 Kurds displaced from city near Kirkuk -aid groups Tillerson urges Iraq, Kurds to resolve conflict through dialogue LONDON: In an exclusive interview with Arab News, UK Conservative politician Nadhim Zahawi has hit back at criticism about his salary as part-time strategy officer at oil producer Gulf Keystone Petroleum. Zahawi, whose heritage is Kurdish, took flak from City of London investor Justin Urquhart Stewart, cofounder of Seven Investment Management, who complained about his monthly salary of £29,643 ($39,314), disclosed in the latest British parliamentary register of MPs’ interests. Urquhart Stewart told The National newspaper that most shareholders were “absolutely furious” about Zahawi’s pay level — equivalent to £356,000 a year — given the 99 percent collapse in the share price in five years. But Zahawi said: “The share price was diluted following last year’s debt-for-equity swap with bondholders — but the financial reconstruction was absolutely necessary to secure the company’s future.” His pay was signed off by Gulf Keystone’s remuneration committee and was “commensurate” with salaries paid to CEO Jon Ferrier and Chief Financial Officer Sami Zouari, he added. What many people had forgotten, said Zahawi, was that following the deal with debt-holders a year ago, the company had turned its fortunes around with debt reducing from $625 million to $100 million. There is now over $140 million of cash on the balance sheet. Zahawi said: “I joined (the company) only after the majority of the old management had departed; most of the loss of value in the equity was under the previous management team. When I came aboard, Keystone was very close to going under because of the sheer weight of the debt.” There was a need to credit the current team with turning round the business, he added. “Albeit the share price is where it is, but the debt was an existential threat.” Gulf Keystone Petroleum is the operator of Kurdistan’s Shaikan field, with current production capacity of 40,000 barrels per day. Kurdistan explorers and producers have been under the cosh after the slump in the oil price in 2014. Soft prices coincided with geopolitical difficulties in the region which delayed payments for exports due from the Kurdistan Regional Government (KRG). But Zahawi said relations with the KRG are much improved and regular payments were coming through. He hoped the current standoff between the Kurds and Baghdad would be “resolved decently. They are both committed to resolving (the dispute) within the framework of the Iraqi constitution.” Political tensions between Baghdad and the KRG were raised recently when Iraqi federal forces regained disputed territories including the city of Kirkuk, the oil fields around it and much of the wider region. Current political instability was weighing on Keystone’s and other companies’ share prices, said London-based analysts. Zahawi’s appointment to the company more than two years ago was influenced by his contacts in Kurdistan and expertise as a chemical engineer and oil industry specialist, according to a company announcement. Keystone said at the time of his appointment in June 2015: “Zahawi is of Kurdish origin, and moved from Iraq to the UK in his childhood. He has maintained contact with the KRG throughout his extensive career.” CEO Ferrier wrote: “With his Kurdish heritage and as a successful businessman, Nadhim brings a range of additional and critical skills to the company. I firmly believe that the breadth and depth of his regional knowledge will prove invaluable, and will help further strengthen our relationships within the Regional Government amongst other key stakeholders in the Kurdistan Region and internationally.R21;
06/12/2017
19:07
chickthickie1: Oilman63 11 Jul '15 - 14:34 - 432252 of 552783 13 1 Here's a copy of the letter that the Mrs [Sarah, niece] 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."
26/11/2017
17:18
chickthickie1: Oilman6311 Jul '15 - 14:34 - 432252 of 552783 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. All views my own, memory the same. Please don't take any of the above as investment advice."
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
14:44
broadford bay: These are my own notes from the Kuala Lumpur Investor Day; most grammatical- and transcription errors are probably mine (although JG's delivery was challenging at the best of times. These notes have been copied to various sources and are certainly now public domain): GKP Investor Day Kulala Lumpur 19th Nov 2014 Wed 1.15am GMT Total duration 49:57 Start of Transcript John Gerstenlauer Right now were on Phase…, pre-Phase #1 with PF-1 and PF-2 with the capacity to produce something on excess of 40Mbopd...in conjunction with the available oil market...and then Phase #1 of the development will, take us to 100Mbopds...well have 2 additional facilities Pf-3 and PF-4. There’ll be a number of producers...at least 7 0r 8 additional producers for those 2 prod facilities...a three rig drilling program to get those wells drilled while we build those facilities...and then the information we gather over the next couple of years while were implementing Phase #1, Pf-3 and PF-4, the production data from PF-1 and -2, that will determine where we go for Phase #2, #3 and #4, eventually there may be additional production of Light Oil from the lower Triassic depending on how lucky we are there...maybe even Permian production...we also see Cretaceous production in our future...but all that will be determined off the knowledge we pick up in the next 2, 3, 4 years while we implement Phase 0 and phase 1. The CPR, the significance of that, is really a multi-phased answer. It’s a message to the market that we’ve arrived, we are successfully making the transition from an exploration company to an exploration and production company...we now have our first official reserve report...it’s a legal requirement for the move from AIM to the FTSE, to a standard listing...we’ve, it has to be part of the prospectus, we have to generate one. It certainly is a baseline now going forward...it draws a line in the sand...says ok, we are now...we have 1.2Bn bbl of reserves and resources to work against, we put this forward as a (unclear---„middlely“?) conservative estimate of where we currently are, we fully expect as we continue to drill wells and gather production data that those numbers will grow (3:26). John Stafford (3:30) The CPR does not talk to any exploration upside connected with our assets...for example the deep Triassic and the Permian beneath Shaikan are highly prospective light oil and gas reservoirs, but within Shaikan itself we see scope for considerable upgrade (3:46 shows a map of the area!) Murray 3:45 I expect over the next couple of years the figures that we have, the targets we have set for the 100Mbopd...those numbers speak for themselves...that will make this a very valuable asset indeed ...hopefully we will get to those targets and I look forward to coming back with good news...in the near future. JG 04:09 The announcement last Fri by the KRG that the exporters of crude oil from Kurdistan of which GKP is definitely one of the key players in that scenario...they will set up a system of regular payments...starting with November...that has also had the effect of giving us a great deal of investor interest...so starting this week, and continuing from now until pretty much the early part of December...we will have a long series of investor meetings, here in London, in the Far East, and in the US. So your next instalment of GKP TV will be coming to you next week from Kuala Lumpur (this part ends at 04:58). JG Welcome (new part at 05:02), Ritz Carlton Hotel, Kuala Lumpur I think were the only Kstan oil company that has this sort of following in this part of the world.....he then outlined his experience, thru to the SH spud and discovery (07:30). Were currently trucking 23Mbopd..+/- a couple of hundred barrels...we load on average 140 trucks per day, as this slide here shows by Christmas time well be producing 40Mbopd...barring some kind cataclysmic unforeseen event well be at 40M...that no of trucks will climb to 2220 / 230 trucks a day. A...for your reference, we have the capability between the 2 facilities we load 8 trucks at a time, ah...maximum, and it takes about half an hour to load a truck, so we can load and we can transport all the way up to 70Mbopd. That no becomes important a bit later on when I tell you about what our goals are for the future. Were currently one of the largest of not the largest acreage holders in Kstan, we currently have over 1600km² of exploration, development and appraisal acreage, between the 4 blocks you see on the map there...we operate the 2 central blocks, SA and SH. SH is the only commercial producer of those 4 blocks at the current time, Ah..its the crown jewel so far in the..., in the ah...exploration and appraisal of those blocks and it’s by far the furthest along in development. SA the other block that we operate is going to be, it looks like a...an adjunct or a side lobe to SH...if, of the,... what we talk about in here that we’ve had 5 discoveries, 4 of which are declared as commercial...the one that’s not been declared commercial yet is SA, that field will I’m sure be declared commercial before the end of next year…next thing up for SA is an appraisal report then next year we have to submit a development plan...and between that appraisal report and the development plan there’ll be a declaration of commerciality. That’s an important date as that’s the point at which the government is obligated to come in and start paying their share of the project...which for SA as for SH is 20%. SH was declared commercial in Aug 2012, that date will become important when we talk about the amount of money due to GKP...by the KRG. It’s a milestone date and its one I’ll keep coming back to a couple of times during the presentation. We submitted our DP for SH in Jan of this year...of LAST year...2013, the DP got approved in June of last year, and we started commercial production in....Initially to the domestic market, we started up PF-1 in July of 2013, so right at...almost exactly a month after the DP was approved. That is a very, very fast track approach to things. Normally what you do is you get your DP approved, then you do your FEED and then you start construction, start drilling wells, and a couple of years after your DP gets approved you go on production. We pre-invested, one of the advantages of being 100% focused on Kstan...we pre-invested because we wanted to speed production up as much as possible...and so we started up in July. We started exporting on a continuous basis on Nov.29 of last year, we did the first...the first tanker-load of SH crude left the Turkish coast in late January of this year, and as of last week we have thus far transported 20 tanker-loads of crude oil...from the Turkish coast to various markets around the world. Those tanker loads have been sold everywhere from the Gulf of Mexico to here in the Far East. Typical tanker-load of our crude is somewhere between 230M and 250Mbbl, those are fairly small loads for international commerce...it’s because the port where our oil goes is, on te Turkish coast, has some serious water depth limitations…and 35-40Thousand ton tankers are about the biggest things they can get in there. None pf our tanker loads have had any trouble getting sold, all the loads are sold almost immediately...as soon as the oil gets accumulated on the coast...the oil sales themselves are done by a company called Powertrans, they act as the agent for the KRG and they do the oil marketing to the end buyer. They are also the ones that own the trucks; they come and pick up our oil. We, as GKP, we transfer care, custody and control at truck loading...so when the truck is loaded and leaves our location technically it’s not our oil anymore; it then belongs to the agent for the KRG (13:26). Currently we have, in SH we have ah...or across our 4 blocks, we have 2P, 2C, 3C and 3P reserves of about 1.2Bn barrels. I’ll talk a lot more about the CPR, the latest reserves report on another slide but it’s important to remember and Ill emphasis it again later that the CPR, the reserve report, is very much a Base Case (14:00)...It’s the 1st reserve report, it will be by far no the last reserve report, and it’s just the base case for getting started...those numbers, as large as they are right now, should only get bigger as we go forward. Were currently producing from 5 wells, there are a total of 10 wells drilled on the SH block...were currently producing from 5 of those, 3 of those flow into the PF-1 facility, which is the 1st facility that came on line, SH-1, -3 and -4, and then over at PF-2 which came on line in July of this year...I’m sorry in May of this year, we produce from SH-2 and -5. What we’re doing right now to get this to 40Mbopd is... we’re hooking up SH-10, in the PF-2, and were hooking up SH-7 and -8 in the PF-1. I’ll talk a little bit more about how that work is coming along in a few minutes. One of the important things, one of the major things as most of you know on the kind of wild share price rise this year is that we’ve had, there have been difficulties with respect to getting paid for production...by the KRG or by the MNR, most of that is due to the fact that it’s been a difficult time for the KRG, up until fairly recently in fact until an announcement late last week...their negotiations with Baghdad on getting their share of the IR budget have not been going particularly well, all of you I’m sure are aware of the ISIS crisis beginning of August, where they attempted to come into Kstan..and that resulted in additional expenditures to the Peshmerga..which is the Kstan military...it also resulted in a massive load of refugees...the population of Kstan is about 4M, and they currently have about 1.5M refugees in country that are also responsible for taking care of. So they’re, with no money coming in from Baghdad they’ve been entirely dependent on their own oil revenues, those oil exports have been ramping up steadily...2 weeks ago the last numbers I had...their oil exports are now at about 310Mbopd. Current Brent price, our estimate is that they need about 450Mbopd to break even with respect to the amount of money they should be getting from Baghdad, they’re making terrific progress in that, Dr Ashte the Oil Minister’s fairly certain that well before mid-year next year there’ll be numbers approaching 500Mbopd so they’ll be well past the breakeven point and the result of that is that now Baghdad is well aware of the progress that there making and once they pass that break-even point, the there’s more incentive for Kstan to be financially independent than there is for them to make a deal with Baghdad. Therefore I think you saw that announcement last week that the negotiations are loosening up, and they’re going to receive a payment, a first payment of $500M from the Baghdad Gov. In an effort to, compromising and bringing those negotiations to a close. That combined with their increased oil exports also puts them in a position where they’re now capable of starting to pay the producers, the oil exporters, there ah really three fields, ah that export oil, consistently in Kurdistan, and those are Tawke, which is operated by DNO a Norwegian company, Taq Taq operated by ADAX which is really SINOPEC, and SH. The three producers as was announced a couple of, almost a week and a half ago, those 3 producers will now share monthly payment of $75M (18:00) from the KRG...our estimate is that those regular payments will continue for some months...and then as Kstan oil exports get closer and closer to that break-even point, those fixed payments will gradually shift over to payments for volumes actually produced. So our expectation is that we will receive a payment or a portion of that $75M that is disproportionate with respect to the amount of production that we have. So we expect a fairly healthy chunk of that $75M...that will put us in good shape until payments shift over to actual full production, and then going forward, we have an amount due from the KRG of something between $200M and 4250M that is unpaid revenue. Of the 20 liftings I mentioned earlier only 3 of those have been paid for thus far, so we have 17 unpaid liftings...that is an amount of money well in excess of $100M and in addition, since declaration of commerciality in 12th Aug., we’ve been carrying the KRG on their 20% interest, although we’re not obligated to do that, so they owe us for those back costs and there are some additional items kind falling into the Misc. Category, but in total they owe us in the order of between $200M and $250M...closer to $250M than to the $200M. (19:44) So, our plan going forward, the SH DP is geared towards a Phase #1 target, it’s just phase 1 of the development of 100Mbopd. As I said were going to reach 40M by Xmas, then next tranche is 65M-75Mbopd. Our plan right now with the fixed payments off the $75M...is that Q1 of 2015 we’ll start working with the Gov. on a payment schedule for the $250M (20:14), the $250M will get us fairly close to the $350M we need to get to the 70Mbopd. That project, once we commit the start is a 2-year project, it’s a 24-month project, and we will, ah...the earliest that I see as far as having a record of steady payments, and working out the payments on the $250M, the earliest I see is that we would commit to executing that phase of the project probably in August of next year...would be the earliest we would commit, so once we start we should be on production...with the next tranche of production, in August 2017. So, 2 years latter (21:06). 70Mbopd will give us enough free cash to do the work we need to get to 100Mbopd. Depending on how the payments flow, depending on financial circumstances, we could commit to getting to 100Mbopd before the 70 even comes on line, but that’s something for the future 21:25). This a bit more of the, I’ll revert more now to the history ... ... (Slide with the wells on the various blocks) By far the most important one is SH-1, AB...where we will have a fully diluted interest of 12.8%, which BB will drill another well later 2015 or early in 2016! 23:53 You saw a lot of things by the analysts that said the CPR was a downgrade of SH and GKP – that’s not at all true, for a couple of years prior to the CPR coming out, if you listened to any of my presentations, any time anyone asked „when are you coming out with reserve reports“, my response was always „don’t be in such a big hurry“. The first reserve reports are baseline numbers. They are low numbers and they’ll be a little bit out of kilter to what the market expectations was at that time with respect to recoverable volumes at SH. Lots about the reserves slide... Size of SH... etc. Numbers before CPR from a Houston Co, w re 13.7B... CPR is very conservative...based heavily on wells drilled.. Half size of London Stack of 7 different reservoirs. We have total of 10 wells...OIP 9.5Bn bbl. Diff between 9.5 and 13Bn that diff is in the cretaceous .. Heavy stuff is 80-85% of total oil volume, .. Cretaceous is NOT covered by development plan. .. The Co ERC Equi did not give us credit for this yet. .. I’ll show you later on how small a part of the total volume these 26 wells really are. 27:32 ... None of the other exporters have been getting any money either. They are all waiting for their first payments in Nov, we are gearing our future ...gearing the work to get to 70M, gearing the work to get to 100M, were gearing all that to the form and the amount and the frequency of the steady payments going forward. By the time we get to 70 as I said, we’ll have free cash for the rest of the development, and by the time we get to 100 this company will be very much a Cash Cow. 28:46 We’ll generate a LOT of revenue...and we will also be obligated at that point to turn in a development plan for phase #2, and by that time we should have enough well data and enough production data to be able to tell whether the ultimate production plateau for SH is going to be 200Mbopd or 250 or maybe something higher. The additional thing you have to keep in mind is, not only are there 7 different reservoirs with 7 different kinds of oil in them, and 7 diff kinds of Gas-to-Oil-Ratio (GOR), our associated gas is quite sour, what that means it has H2S in it, hydrogen sulphide, that’s quite poisonous...it causes some metallurgical problems...that can be easily handled with design...but all of makes life just a little bit more complicated...but the big complication with Shaikan is that it is a Fractured Carbonate Reservoir (29:45), and what that means…carbonate is essentially a limestone...a white cliffs of dover type stuff...and with lots and lots of fractures...that means that the matrix in a limestone, the actual rock itself, is relatively tight. It has not a whole lot of porosity, not a whole lot of permeability, but the saving grace there is the fractures. The fractures serve to give you what is effectively a much bigger well bore than you would normally have, we get very good flow out of the fractures and the fractures go into all parts of the reservoir, they run from very big fractures – we’ve had the drill bit fall as far as 3metres going thru a big fracture, to micro-fractures, which look just like cracks. But compared to the permeability of the matrix itself, those tiny little cracks provide excellent flow for the oil. Thus far from SH we’ve produced a total of 7MMstb...which is a tiny percentage of the total volume of the reservoir, but all those 7MMstb (30:55) from the 5 producing wells that have been on line, all Those 7MMstb come out of the fractures. So far we have seen no contribution from the matrix, which is essentially a good thing. To get contribution out of the matrix what you have to do is you have to pull the pressure down in the fractures to such a point that the oil starts to ooze out of the matrix itself and into the nearest fracture and come to your wellbore. The fact that we haven’t been able to do that despite the fact that we’ve produced 7MMstb is a good thing, ok? If the pressure pulls down too fast that means your fracture volume is relatively low, and right now it looks like or fracture volume is quite massive...and you will get most of that fracture volume back...the recovery factor on those fracture volume sis going to be very, very high. The recovery volume on the matrix is going to be relatively low by comparison...but a lot of the oil is in the matrix, and a relatively low percentage of a large number is still a large number, so along the line our total recovery from SH should be well north of 1Bn barrels, how far north depends on the data we gather in the next couple of years as we continue to drill wells. 32:05 Slide: Commercial Production and Sales (still JG talking) When we do manage to sell to a local market it’s generally to a Topping Plant – one that produces Bitumen, for road and paving. The current production is all out of the shallow Jurrasic, so some of the top reservoirs...its relatively heavy...its 18°API... SH-7 which is currently being tied-in to PF-1, will produce from the Butmah formation which is the lower Jurassic, and that oil will come i at about 12°API...in the PF-1 it’ll mix with the 18°API and the overall production from the PF-1 will drop from an average gravity of about 18° down to about 17° it won’t affect anything (33:51), the nice thing about our relatively heavy oil is that it has no Paraffin in it, no wax! In winter, for waxy reservoirs, like you find in parts of Russia and Kazahkstan, you have to worry about the flowlines setting (?) up. Stuff like candle wax stop flow in cold weather it’ll clog up and stop flowing all together. We do not have that problem, it has essentially no paraffin, in the winter it flows a tiny bit slower than it does in the Summer, but no major effects so that’s good. As you go down in our reservoirs, when you get down in the Triassic, we have much, much lighter crude...our crude down there runs from about 36°API (34:30) which is very close to what is currently flowing thru the pipeline coming up from Khurmala, I’ll go back to that slide in just a minute and talk a little bit about that, it goes all the way up to 53°API which is very, very light almost a condensate... it looks very much like a commercial diesel at that point, it’s a very light crude So, those are some of the factors that play right now, and as I said SH-7 will be our first well producing out of something other than the Upper Jurassic, and when we go on to the next tranche of Phase #1, when we start moving towards 70Mbopd, in those 6 producers that we have to drill to get to that volume, one of those will be a Triassic producer and that’ll be our first light oil production. 35:17 Again, here‘s the path to 40M and beyond, I already talked about most of this...we are right on the doorstep of 40Mbopd mechanically, were just doing the last of the work...the SH-10 hookup in the PF-2 that’s a 15km flowline...and that gives you some idea of the size of the field...15km flowline from the producer to the facility. Because of the magnitude of SH-10, the magnitude of the production...SH-10 alone will get us from 23Mbopd to something over 33Mbopd (35:53), it’ll be a 10Mbopd producer - perhaps more, were laying in that trench, were laying 4 flowlines...2 for SH-10 and 2 for a new well, SH-11...were currently trying to move a rig in there, to drill the No. 11 well, it’ll be drilled very close to SH-10, be drilled off in another direction but the surface location will be very close and we‘re putting the flowlines in for that already so when we get that well drilled, about the end of Q1/2015 well be able to hook it up quite quickly. The trench for that 15km is dig, were putting in the flowlines in as we speak, the flowlines go in relatively quickly...what we use for flowlines out there is Plastic, it’s a very, very special plastic it has very high pressure ratings and its very resistant to the H2S and the CO2 that we see in our associated gas, and later on when start making a little bit of water (36:54), that H2s and that CO2 together with the water form an acid and the plastic pipe’s completely resistant to the acid, so it makes a better flowline than a metal material. And it also has the advantage it comes in 400m spools, so you only have to do one well every 400m and this stuff goes in the ground pretty easily. Over at SH-7 and -8, that trenching is done, we’re starting to lay the flowlines here in the next day or so, those flowlines are only about 1.5km long, and while were laying flowlines for 7 and 8, were also laying additional flowlines for SH-1 and -3. When we get all these wells hooked up, at that point we‘ll be Facilities Constrained (37:37), we’ll no longer be well capacity constrained, so what that means we’ll have some excess capacity and what we’ll start doing at that point we’ll workover SH-1 and -3, right now those wells have relatively small tubing ...they currently have 3.5“ production tubing and we will increase that production tubing size up to 5.5“ and those wells will go from being 5M-6Mbopd producers to being above 10Mbopd. Now it’s important to note that these wells all flow now naturally, even though we have very low-energy reservoirs, our production wells shut in at about 450PSI – that is a very low shut-in pressure or a relatively low shut-in pressure for most oilfield operations (38:27), and normally you expect wells that shut-in a low pressure like that to be relatively modest producers...but our wells, because of the fracture system, have very, very high productivity index. Our PI’s are almost unheard-of, they’re above 200 as far as the Index No goes. What that means is for every 1PSI of pressure you lower at the surface, get 200bbl plus of production – which means if you flow these wells against zero backpressure and just open them up as hard as they would go, these things would produce 30 or 40M bopd! You can’t do that – you’ll damage the reservoir, but that’s the kind of productivity we have. So even later on in the field life, when we pull down the pressure to the point when they will not flow naturally, you put a pump in the hole and you’ve got 10, 12, 13Mbopd producers still. These are phenomenal wells (39:35). Pending Projects slide, 39:43, still JG We will get 1st payment by end Nov, then regular monthly payments thereafter. Sometime late Q1 / early Q2 those fixed payments should transfer over to payments for volume actually produced...that̵7;s the path forward. In January we will start discussions with the Gov., on a payment schedule for the $200+M in arrears, we get that payments schedule, we get a couple of payments off that schedule...we’ve already done or are in the process of finishing-up the FEED for the next stage of facilities, so we’ll be ready to go, when we make the commitment – earliest Aug next year – perhaps a few months later, but I wouldn’t think any earlier than August, 24m after that we’ll have 6 producers drilled, and we’ll have another facility in place- this one’ll be called PF-3.. (40:57). PF-3 will be quite close to PF-1, down at the end of that same valley, and that will be the location for all the other facilities – all the other facilities we put in, to get to 100Mbopd, 150Mbopd, whatever the ultimate plateau ends up being, will be in that same location, will be our Central Production Facility, so by Aug 2017 we’ll we at 70Mbopd. If the payments are good and steady, if everything flows smoothly...which politically and militarily that hasn’t always been the case in Kstan, but if it all goes smoothly we could commit the PF-4 to the 100Mbopd case as early as August of 2016 (41:44), which means that ny Aug 2018 we’d be at 100Mbopd, we’d be turning in our development plant for Phase #2, and at 100Mbopd what that means to GKP something in the order of $2M per day Cash Flow, and after that we’ve got no more monetary problems. 43:25 Let’s talk a little bit about our current export situation (still JG) That red line you see is carrying crude from Khurmala, from Taq Taq and it’s probably also carrying crude from Kirkuk. That crude coming thru there is relatively light stuff, it’s probably a blend of mid-30’s, mid to high 30’s API. As I said earlier we’re producing 18°API, that short dotted line on there coming down from SH, that is the future Spur Line to tie SH into this trunk line. If we lay that pipeline now, and we could do that quite quickly - it would take 2 or 3 months to do that (44:18), if we laid it right now and started pumping SH crude down that line you would still not be able to get into the line because the oil gravity that we‘re producing is too great to dump our stuff in there – you have to go thru a Blending Plant, just a series of tanks and pumps that what it does essentially it takes oil out of the line, light oil out and it mixes it with our heavy stuff pumps it back into the line. You end of with a blend coming out of the tail end that will stay blended thru the duration of the pipeline journey. From that tie-in point to the Turkish coast is about 1200km (45:00) of quite large pipe –that trunk line is 36“ and at Faysh Khabur on the TR border it flows into a 46“ line. The total volume in that line is somewhere North of 4Mbbl – you do not want to mess that oil up! You need a good blend...it has to be a good steady blend that stays blended, you don’t want heavy oil settling out in the pipeline – that would cause serious problems for the pipeline operations, so you would need a blend. While we can lay the Spur Line in a few months, its probably going to take a year and a half to build a blending plant. But that blending plant is not only for Shaikan, there are other operators in the area that in that 18m will come on line and which also means that the cost of the blending plant will be shared amongst the various operators but it also requires some design, see how big it has to be, and that kind of thing. So that is one avenue towards exporting via pipeline. The other avenue is for the KRG eventually to build a Heavy Oil Pipeline, - separate, you don’t need a blending plant then you just pump our stuff right into that pipeline, laying another Trunk Line would also take about a year and a half (46:05). So right now we’re resigned to, at least for the next year and a half, to trucking crude. Currently 23Mbopd, by late this year we’ll be trucking 40Mbopd, and then all of next year, and probably pretty close to the point when we get to 70Mbopd we’ll still be trucking crude. Now if something goes wrong with this plan, if the tie-in doesn’t happen in time even when we get to 70Mbopd we can still truck 70Mbopd. Even with our current loading facilities and no additional loading facilities on a 24-hor loading basis we can easily truck 70Mbopd if we have to. It’s been done, Kstan today with the 3 fields, even with the pipeline exports, Kstan is currently trucking close to 100Mbopd. There’s a big incentive to not truck as trucking’s expensive – our Trucking, Storage and Tanker Loading Costs are something North of $20/bbl, if you go into a pipeline with injection fees and pipeline tariffs and that kind of thing, you’re probably looking at something like a quarter of that. So there’s about a $15/bbl low-hanging fruit incentive out there for us to get into a pipeline as soon as possible. That’s a big incentive for us, that’s also a big incentive for the KRG who also bear some of that cost. There’s a lot of people working on getting us into a pipeline as soon as possible. So, for the next 18m we think we’re going to be trucking, there is one alternative – there is the possibility that instead of trucking all the way to the Turkish coast, which for us is about 1,000km, there is the possibility that we truck to Faysh Khabur which is about 120km and at that point...the Gov. thinks there’s enough volume in the pipeline at that point that we can inject directly at Faysh Khabur, the DNO facility, and again, not get our transportation costs all the way down but trucking would be a lot cheaper going 120km than 1,000km and again there’s significant savings there, but were doing our own studies to make sure that blend would work, because you do not want to mess up the volume in that pipeline. That would be a tremendous liability for the company so we want to make sure that’s right...but that could happen quite quickly, so we’ll just have to wait and see how all that turns out...but that is a possibility to start pipeline exports relatively soon. End of Transcript
12/9/2017
07:35
fairenough11: Whatever next!Things must be on the up:-)) Share Prophets‏ @ShareProphets 14m14 minutes ago More Just posted: Gulf Keystone is a very different company these days - buy Https://www.shareprophets.com/31458 #GKP Gulf Keystone is a very different company these days - buy By Gary Newman | Tuesday 12 September 2017 Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. Gulf Keystone Petroleum (GKP) was one of the most hyped up oil companies that I have ever seen during my time in the markets, and although that all ended in tears, I think it could be worth another look now as it has changed a lot since those days. At one time the share price was trading at around the 450p level and with plenty of talk of takeover bids in the tens of billions from some of the largest oil companies in the world – in the days prior to the recent 100:1 consolidation – before a spectacular crash back to around the 1p level, when it became clear that it was drowning in debt, operations weren’t going as well as had been expected, and payments from the Kurdistan government for its oil sales weren’t coming in as expected. Having gotten into serious financial troubles, partly due to its levels of debt, the company was saved by a restructuring of its balance sheet, when over $500 million of its debt was converted into equity, although that did leave it with nearly 23 billion shares in issue prior to the consolidation. The people running the company y have also completely changed since the days when some of them were taking eye-wateringly large salaries, and the company was being run with massive admin costs and similar. The half yearly results for the company are due out in just over a week, and I would expect them to show that the company has continued to improve and strengthen its position, especially given a big reduction in finance costs - which stood at over $60 million for 2016 – as a result of the restructuring. The 2016 full year results were also impacted by the impairment charges relating to the relinquishment of the Ber Bahr and Sheikh Adi blocks, although that was pretty much cancelled out by the positive impact of the debt reduction. Taking all of that into account, and in light of the regular payments which the company is now receiving for production from its Shaikan licence, I would expect the interims to be positive and show that the company is now making a net profit. It will also have a strong cash position – which stood at just over $140 million in mid-August. The most recent operational update also showed that production is continuing to fall within guidance, at nearly 36.7kbopd, and given the improvement in oil prices that should certainly help the company. Moving forwards the company is looking to increase Shaikan production to 40,000bopd, and eventually up to 55,000bopd, with a total of $83-133 million set aside for that - $58-68 million is expected to be needed to reach the 40kbopd target. I would also expect that we will soon see a definitive receivables agreement being reached with the Kurdistan Regional Government relating to past unpaid payments relating to oil sales, as well as how future payments will take place, in much the same way as we recently saw with Genel Energy (GENL), and which certainly helped its share price to rise steeply. There are certainly still risks here, especially given the part of the world in which it operates, alongside the fact that the KRG isn’t exactly awash with spare cash, but I believe that both of those risks will improve in the future. It is also worth considering that at a market cap of circa £285 million, Gulf Keystone certainly doesn’t look expensive compared to its peers when you take into consideration the level of production, as well as what that could increase to. Plus debt of around $100 million for a company with this level of production is towards the lower end of what you would expect, certainly when compared to some other similar sized producers that are yet to refinance debt. The share price has already risen a fair bit from the mid-90p area where it was trading just a few weeks back, but at around 124p to buy now I still wouldn’t consider that the shares asre expensive, given the upside potential both from production and the announcement of a deal with the KRG, which could come at any time. Https://www.shareprophets.com/31458
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.
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