Gulf Keystone Petroleum Share Discussion Threads

[oil_investor] 16/10/2016 12:27

Mr Roper: GKP did not hand back Akri-Bijeel. It was the operator MOL (80%) who was behind handing it back. They did so because water was coming up the wells. John Stafford told me, in front of Jon Ferrier. A-B was MOL's key worldwide development asset and they wasted $700 million on it.

[oil_investor] 16/10/2016 12:22

WildRider7: oh dear.

I think there has been no answer, from the non-shareholders (or indeed from anyone else lol) to my question regarding what Adnan Samarrai had allegedly been doing.

To remind ourselves: GRH said, some considerable time ago, that Todd Kozel and John Gerstenlauer wanted in 2009 to abandon Shaikan-1 with the well only partly drilled, and hand the PSC back to the KRG as worthless. This was supposedly because it wouldn't flow. There was, supposedly, a blazing row in the GKP boardroom with the drilling, one assumes, suspended. Adnan Samarrai was supposedly present, and he saved the day by bravely confronting TK and JG, arguing that GKP should try to acidise the formations, rather than simply give up. Somehow, Adnan Samarrai (though not a board member) managed to sway the board, who supposedly ordered TK and JG to acidise Shaikan-1, with the result that it *did* then flow, and the massive discovery was made. All thanks to Mr. Samarrai.

The problem is that it is all nonsense. It simply did not happen. And in any case, you don't acidise a well while drilling in that manner. And if GKP had abandoned the well uncompleted, the KRG would simply have ordered it to be redrilled, because of the licence commitment. So someone made the story up.

I do not have the name of the person who made it up, but GRH clearly knows who it is. I think this issue is a "problem" not least because the source might possibly have made up other things as well.

Then we have yesterday's truly bizarre "Adnan Samarrai tries to Save the Day at Sheikh Adi" claim.

This time, Adnan Samarrai is supposedly trying to do the very OPPOSITE to what he supposedly did at Shaikan. Mr. Samarrai somehow (supposedly) knew that Sheikh Adi-1 would not be commercial, even though the drilling and testing wasn't completed, and he supposedly tried to persuade his colleagues to abandon the well. Once again, the KRG would simply have ordered GKP to redrill it, in order to fulfil the licence commitment.

So Mr. Samarrai is depicted as some sort of Lone Ranger, appearing on the scene to save the day. Won 1, Lost 1. I thought that the Lone Ranger (and Tonto) never lost?

Where is this garbage coming from? The obvious similarity of the two stories points to a common root. I wonder who it is?

[cutthecagain] 16/10/2016 12:21

I am aware that a number of people have sought legal advice and have been told that proceeding would likely finish the company.

I'm also aware that the same legal firm asked why the authorities aren't already involved since what has happened has been so BLATANT

Yet the supposed "I'm scared of other bloggers" Wildrider still can't see what is blatantly in front of her face and seeks to aim the blame in the wrong direction.

It is easier to take on a debt than it is to repay it. The previous BoD took the debt on, the current BoD are faced with repaying it.

[mr roper] 16/10/2016 12:18

staggering without. Brought in to sell AB...handed back with a KRG bonus. Who really appointed them again?

Just wondering if GKP will be going to the bondholders to raise some more cash for the journey to 100k bopd..lol Mates rates_ 20% coupon?

[oilman63] 16/10/2016 12:17

Wildrider I love it when you talk dirty to me 😘

And on a Sunday as well.

What will the reverend say.

[withoutt] 16/10/2016 12:14

Mr Roper re PW,five years doing SFA, hope they haven't presented us with Bill for services rendered.lol

[mr roper] 16/10/2016 12:12

it-s the absence of a chequebook and pen that prevents the C becoming P. Maybe Ferret and Shami should go on blankety blank

[mr roper] 16/10/2016 12:11

Perella Weinberg did a great job here eh! Any sign of Danny Yergin?

[wildrider7] 16/10/2016 11:55

BiggerThus14 Oct '16 - 17:13 - 522940
" How can either a CEO or a CSO do their jobs when they don't know the most important details about the assets & therefore their worth?
And if NZ knew but JF didn't, who told him? And if neither knew, but have done since 12/2015, why haven't they a) cleared out the dead wood & b) sorted out a proper CPR & valuation of the company, thereby averting the D4E?

It makes no sense. Unless you reckon they're both complicit in covering up even after they became aware ?
"

==> I couldn't agree with you more. This was all part of the plan which the Shag'gers helped a great deal in participating in the board room coup.
'In JF we Trust' said the chief Shag'ger Oilman.
They dig and dig in other posters' history, so as to avoid looking at their part in this, let's say it, massive FRAUD

[fairenough11] 16/10/2016 11:41

OI,

Yes I know.but even disregarding 2/3c,it's the most undervalued 360Mbls of reserves I have ever seen in over 25 years of investing.

The valuation is totally wrong imo.

Yes we have to get paid,but we are being paid and the IMF loan depends on all debts being paid in full and ISIS are almost defeated and the Oil price is above $50 a barrel.

So there we have it.

Nevermind the owings,cash in bank,potential MASSIVE MATRIX to come,you simply cannot BUY 360MBls of reserves for £270M.

[cutthecagain] 16/10/2016 11:38

However, while we're all here awaiting the inevitable. Here's an extract from a document I have which some might find familiar:

"REDACTED started inhabiting the BBs, ferociously arguing why the acreage was so good and why REDACTED was a screaming buy. Over and over and over."

"REDACTED was posting reams nearly every day on how wonderful it all was. I was extremely sceptical."

"The shares had the wind in their sales (sp) and kept rising from the ashes of 2p up to 30p on occasion."

"At around 20p I started posting that even in the most optimistic of scenarios the company was overvalued and people should be very, very careful. REDACTED began to take violent issue with every post and threatened me and others with legal action over and over."

The most interesting part and the part which most shareholders would be alarmed by is written further down but due to the implications of what is said I do not intend to publish that at this time.

[joseki] 16/10/2016 11:36

The answers were in the Muppets Munch

[oil_investor] 16/10/2016 11:26

fairenough11: your figure of 360 million barrels 2P Reserves for GKP is understated by the 138 million barrels of 2C Contingent Resources, which merely require a chequebook and pen to shift them into the 2P category. So the true figure is 498 million barrels.

If you use the 3P+3C figure, it rises to over 1 billion barrels.

All worthless, of course. So the trolls would have you believe lol

[deanroberthunt] 16/10/2016 11:06

fear and paranoia trump patriotism, always

[deanroberthunt] 16/10/2016 11:04

nope, that was just fear and paranoia

[deanroberthunt] 16/10/2016 11:04

@cut

yup

[lifeson] 16/10/2016 11:03

Mostly do actually . . . didn't follow the last referendum then Dean?

[cutthecagain] 16/10/2016 11:03

Phillis

I suspect the bondholders will want a quick flip of the asset. The risk in dealing with the KRG and getting regular payments is too great.

[deanroberthunt] 16/10/2016 11:02

they don't like to consider themselves British, mostly

[lifeson] 16/10/2016 11:01

or British.