Gulf Keystone Petroleum Share Discussion Threads

[wildrider7] 10/10/2016 10:36

oil_investor - 09 Oct 2016 - 15:00:16 - 520973 of 521186 THE NEW GKP / Drilling for Super Giants (moderated) - GKP
CRESTAL ENERGY

OK let's start with a little background.

Antony Sommerfeld, who founded Crestal Energy on 18 December 2015, runs a technical search firm which supplies technical staff to GKP. This is stated in their Presentation, which has vanished from the Internet along with their website and swish corporate video. That vanishing act took place within 24 hours of the MNR's letter of last Monday. Since GKP's technical staff, who are apparently on $1500 to $2500 a day each tax-free in Erbil, come under John Stafford it seems very possible that Mr. Stafford knew Mr. Sommerfeld at the time that Crestal Energy was founded.

The Crestal Energy board, according to the vanished presentation, consists of six persons. But only two of these are currently recorded as directors at Companies House. It seems odd that the board of directors includes four directors, including the Chairman, who are not directors.

Looking at the six:

* the Chairman has a RAK connection. He is not a director according to Companies House

* the identity of the CEO is secret. Therefore he is not a director according to Companies House. He is however currently "the Managing Director of a mid-sized Kurdistan IOC"

* the identity of one of the NEDs is secret. Therefore he is not a director according to Companies House. He is however a "very high profile Kurdistan focused Executive"

* another one of the NEDs was formerly General Manager DNO Kurdistan. He is not a director according to Companies House

* another one of the NEDs was appointed less than two months ago

* the final member is Mr. Sommerfeld who is an NED.

Perhaps we might mull this information, before moving onto the Management Team and the targeted assets.

[wildrider7] 10/10/2016 10:34

i see that the cached page to the Crestal presentation has now disappeared for good the link would just return a 404

oil_investor - 09 Oct 2016 - 20:45:48 - 521031 of 521185 THE NEW GKP / Drilling for Super Giants (moderated) - GKP
CRESTAL ENERGY - "CORNERSTONE DEALS"

Note the similarity with the word "Keystone".

Let's try to identify them.

TRANSACTION 1

Crestal claim to "have access" to a major asset which will produce first oil in Q1 2017. They say it had Oil In Place of up to 2.8 billion barrels.

They seek the share of a (not of "the") non-operating partner.

Initial share of production c. 7000 bopd net to Crestal rising to 20,000+ bopd net following further phases.

They say they will "negotiate with KRG and IOC asset holder who is undergoing a portfolio rationalisation process"

They say they will "provide independent challenge and support to the operator who has not necessarily operated in a fit-for-purpose way".

Note that Crestal do not claim to have operational familiarity with this asset.

This description fits Atrush. The OIP number fits perfectly.

Atrush is operated by TAQA and there are two non-operating partners: ShaMaran (20.1%) and Marathon (15%). Since Atrush is the only asset which ShaMaran have, they could hardly rationalise their portfolio by selling it because there wouldn't then be a portfolio. So on that basis, it would be the Marathon stake to which they claim to "have access".

The intended purchase price is put by Crestal Energy as $50m to $70m.


TRANSACTION 2

This is obviously Shaikan.

Crestal claim to have "advanced insights" into it, as well as an "intimate working knowledge" of it.

They describe it as a high volume producing asset, with significant existing low break-even production from naturally fractured carbonate reservoirs, and the potential for additional development, near term incremental and future MASSIVE full field development.

They say they want to acquire a significant working interest at a heavily discounted price.

They say they want to invest c $70 million to pay for enhanced production programme, drill an additional well and make improvement to production facilities. For that, they seek 10,000 bopd to 15,000 bopd initially, substantially more going forward.

They say they will negotiate with asset holders, the KRG and existing financiers who are currently seeking an acceptable funding solution.

They allege that the existing operator "lacks a competent JV partner". If this asset is Shaikan, then Crestal Energy appear to be alleging that MOL are incompetent.

Based upon GKP's current net production being c. 30,000 bopd, Crestal were apparently seeking to get one-third to one-half of the GKP 58% interest for $70 million.


TRANSACTION 3

Crestal Energy again claim to have "intimate working knowledge of the asset".

They claim to have access to and to have evaluated a major development-ready licence with a fully appraised discovery (with hundreds of millions of barrels).

They say that they seek to obtain 40% + in a PSC which is "about to be awarded".

They say they would take an operating or non-operating role. It therefore follows that there is currently no operator.

They say there is a suspended well which can be brought onto production within 9 months, using a leased production facility. This would initially give c. 2000 bopd to Crestal, rising strongly to c. 5000 bopd and then to a plateau of 13,000 bopd, with the potential to add 20,000 bopd to 60,000 bopd.

They say they would negotiate "immediately" with the KRG and a "new asset holder who may not be an operating oil and gas company".

The Year 1 investment was put at $20 million and the timescale was "A.S.A.P."

I believe this asset to be Sheikh Adi.


I am not surprised that investigations are underway into what has been taking place.

Just a Sunday evening mull.

[pocopicu] 10/10/2016 10:30

Lifeson.....I am guessing that since then JA has had to have both hips replaced?

[pocopicu] 10/10/2016 10:29

O_I. It makes you wonder how they function in normal life.

[oil_investor] 10/10/2016 10:27

lifeson: how would you define "for a while"?

[oil_investor] 10/10/2016 10:26

pocopicu: have you ever seen behaviour like it?

[lifeson] 10/10/2016 10:25

Didn't Jeremy Asher own a lap dog by the name of Oilman63 for a while?

[oilman63] 10/10/2016 10:22

Are you on the ropes Bob ???

Trying to change the subject ???

[oil_investor] 10/10/2016 10:12

Oh dear.

cutthecagain really does need to speak with "The Minotaur".

Oilman63 can arrange that.

I think cutthecagain may perhaps have been misled by someone, possibly nlper/niper. They should IMO speak with "The Minotaur".

[oilman63] 10/10/2016 10:11

Also Bob would you not agree with me in light of what I have just posted that that particular RNS was misleading ???

And if it was so good why did we pay millions to hand it back ???

Shall we move to SA2 yet ???

[oil_investor] 10/10/2016 10:09

pocopicu: for convenience, here are the 30 September 2015 ERC numbers for Sheikh Adi OIIP, "best" (= mid) case:

DISCOVERED OIL

Cretaceous 615 million barrels
Jurassic upper 313 million barrels
Jurassic lower 513 million barrels
Jurassic Hanging Wall 728 million barrels
Subtotal = 2.169 billion barrels

UNDISCOVERED OIL

Jurassic Prospect A 95 million barrels
Triassic Hanging Wall and Foot Wall 332 million barrels
Subtotal = 427 million barrels

Total Discovered and Undiscovered = 2.596 billion barrels

[oilman63] 10/10/2016 10:04

A series of flow tests will now be performed on a number of Jurassic zones in the Sheikh Adi-1 well.

At this point 5 DSTs had been performed and only two more test would be done before the well was put on the back burner.

Now Bob would you like to address my points ???
And running to the company won't help you.

[oil_investor] 10/10/2016 10:01

pocopicu: the RNS confirms exactly what I posted last night. And ERC confirmed in their CPR the DGA OIP numbers. Again, exactly as I posted last night.

[lobo] 10/10/2016 09:56

RNS Number : 0991M

Gulf Keystone Petroleum Ltd.

10 August 2011

Not for release, publication or distribution in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.

10 August 2011

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Sheikh Adi Preliminary Resource Evaluation

Gulf Keystone announces today results of an independent preliminary evaluation of the Sheikh Adi resources by Dynamic Global Advisors (DGA), independent Houston-based exploration consultants.

The DGA report, based on Sheikh Adi-1 wireline logging data, core samples, 2D and 3D seismic and regional data, has indicated a significant range of between 1 billion barrels and 3 billion barrels of gross oil-in-place volumes calculated on the P90 to P10 basis, with a P50 estimate of 1.9 billion barrels.

Gulf Keystone has completed drilling of Sheikh Adi-1, the first exploration well to be drilled on the Sheikh Adi structure, to a TD (total depth) of 3,780 meters in the Triassic zone. A series of flow tests will now be performed on a number of Jurassic zones in the Sheikh Adi-1 well. Testing in the Triassic zone will not be possible due to issues relating to casing integrity at these depths.

The Sheikh Adi block is located immediately to the west of the Company's Shaikan block, where a major discovery was made in 2009. Gulf Keystone is the Operator of the Sheikh Adi block with an 80 percent working interest and is carrying the Kurdistan Regional Government's 20 percent working interest in the block.

DGA's previous assessments of assets on behalf of Gulf Keystone included independent evaluation of the Shaikan discovery, including a major revision of the gross oil-in-place volumes (4.9 billion barrels to 10.8 billion barrels calculated on the P90 to P10 basis) announced in April 2011.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented:

"This independent report demonstrates the potential of the Sheikh Adi block with between 1 and 3 billion barrels of gross oil-in-place. This report reinforces our belief in having encountered yet another potential world class oil source. We plan to further evaluate the Sheikh Adi structure and define and assess this complicated geological structure. The Sheikh Adi oil-in-place numbers are all the more significant due to our 80 percent interest in the block. These numbers are in addition to 7.5 billion barrels of P50 oil-in-place at Shaikan, 2.4 billion barrels of P50 oil-in-place at Akri-Bijeel and 1.9 billion barrels of estimated petroleum-initially-in-place at Ber Bahr. This report further demonstrates the world class nature of Gulf Keystone's assets in the Kurdistan Region of Iraq".

[oil_investor] 10/10/2016 09:55

Shall I give you a clue as to who to ask about Todd Kozel's remuneration?

And what ACTUALLY happened?

The person to ask is a friend of Lord Truscott.

That friend lives in Monaco.

He used to post on iii as "The Minotaur".

Ask him what happened.

You might perhaps be surprised...

[pocopicu] 10/10/2016 09:53

You are toying with the halfwits and have them running around in circles Bob :-)

[terry hardacre] 10/10/2016 09:51

I would be very careful if I were you OM - the police do not take kindly to facts, you are treading on very thin ice. You are actively in the process of ruining yourself by gradually revealing the fraud here and the complainant's role in that.

[trader11] 10/10/2016 09:51

Who cares


what do you think will happen Friday and how any excess will be allocated?

[hpcg] 10/10/2016 09:49

I wonder if Julia Roberts and Clive Owen are available for Duplicity II. Enough material in here for a nice convoluted screen play. Fortunately investors in GKP don't need to look at anything other than the chart.

[cutthecagain] 10/10/2016 09:41

He didn't lie on his CV 13

I posted a link to Opus detailing their staff including

Robert Waterhouse

Lord Truscott

I think David Bamford was on that one too (I'd have to check)

David Bamford of Adamant Ventures

[oilman63] 10/10/2016 09:40

Then put it up Bob and let's discuss the assets.

Or you could just answer my individual points ???

And then we shall move on..................................to SA2

[oil_investor] 10/10/2016 09:37

Quite what certain persons are attempting to "prove" about Sheikh Adi is totally beyond me.

RNS Number 0991 M is relevant.