Gulf Keystone Petroleum Share Discussion Threads

[joseki] 12/12/2016 12:30

That's the problem when you're given some opaque mechanism beyond the actual PSC. Stuck to a static $15m/month. Gulf needed KRG rescue at $30/bl but they won't necessarily get more if oil rises. It's also fair criticism that other Kurdish players are unhappy Gulf gets more than its pro-rata share of export revenue. Kurdish accounting.


Anyhow this thing isn't flying, and therefore definitively we see the manic depressive smilies as usual.

And quite why Pastor Muppet is making a fuss about AGM recording and admissible court evidence is bemusing. Firstly there are minutes, secondly there are lots of witnessss, thirdly you cannot just record people, and finally, if the idiot was so compelled in knowing what occurred, he could have gone in person.

Perhaps he's too embarrassed by his limited holding, too cowardiced to face public mockery of his outlandish conspiracies, and finally too ashamed to meet in person the shareholders and board members who know what a sham he is.

Can we have an intermissionary huge bitter buy from headless chicken? Or perhaps our leathered pastor will lead a new prayer.. a vociferous protest against legal warnings?

I am guessing the last part. Legal notice. Why else would Lord illstool go so quiet during the AGM but yet is now bursting his bladder post-AGM?

Perhaps he hasn't understood his mail, what an irony for a post office employee.

[hearts1] 12/12/2016 12:11

Nice to see all oil companies having massive gains this last week.Apart from this dead parrot of course. Whopping Xmas SELL.

[1712notout] 12/12/2016 11:53

Well f11

The ev was placed by pw and our board ......

And they can't help pointing out in their latest investor presentation

They at one third analysts view
And one fifth CPR 10%

And that was the best outcome for all!
Apparently

Buy and hold
🚀🚀🚀🚀8640;🚀Ԇ40;🐩🐩;🐩🐩🐩

[fairenough11] 12/12/2016 11:29

With ZERO NET DEBT---Sub £300M valuation---Insane imo.

[gkpdickhead] 12/12/2016 11:07

1712gkpdh,

Of course they won't start offloading you idiot as that would send the price below 0.8p right bleeding quick and well before they'd got anywhere near 1/20th unloaded - as even YOU must surely well know FFS.

[1712notout] 12/12/2016 10:57

Well
Lack of Ops updates etc etc clearly departures
But everything is a departure as GKP entered a'holding pattern'on scene announcement
And so we wait and wait and wait for 'final forms' of at least 5 months invoices - arrears - second amendment- forward sales format?
Etc etc
And conditionality of restructure ends on Thursday

Apparently
And 99.93% hold
Again
Of which 65% could take a 60% profit
In less than 2 months annualised rather higher
But don't

So IMO
Huge buy and
Hold
All the best
🚀🚀🚀🚀8522;😊ԅ22;😊🐩;🐩🐩🐩🈲
27538;🈲538;👌㈇6;👌👌💲💲💲💲8022;🐖Ԁ22;🐖👀;👀🍾🍾🍾
28514;😂€514;😎㈴6;💋🈲🈲

[lardner23] 12/12/2016 10:49

Lol, people record AGMs all the time, secretly or otherwise. I was just addressing o_i's point about the potential to use such a recording in court. If it's done against the express wishes of the BoD, there are plenty of hoops to jump through before it would be admissible.

I can't remember if it was after a GKP or a Sirius meeting, but someone (bonobo77?) posted his entire transcript!

[oilman63] 12/12/2016 10:39

Lardner

I didn't hear anybody objecting about not being able to record AGMs when Todd said it or Simon Murray.

Do people always do as they are told ???

Did Wildrider record the Paris AGM that Bob has quoted word for word ???

As I understand it time was limited due to the change in the resolutions last minute and flights. Very poor planning I know.

[oil_investor] 12/12/2016 10:35

GKP have departed from standard practice and from what they did before. In my personal opinion, last Thursday's meeting resembles a Special Meeting rather than an Annual General Meeting. Look at last year:


"NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the 2015 Annual General Meeting of Gulf Keystone Petroleum Ltd. (the “Company”;) will be held at LE MERIDIEN ETOILE 81 BOULEVARD GOUVION-SAINT-CYR, 75017 PARIS, FRANCE ON THURSDAY 09 JULY 2015 AT 12 NOON (LOCAL TIME) for the following purposes:

A. To lay before shareholders the audited financial statements of the Company (together with the auditor’s report) in respect of the year ended 31 December 2014 in accordance with the Bermuda Companies Act 1981.

B. To consider and, if thought fit, to approve the following resolutions:

Resolution 1 (etc)"

[cutthecagain] 12/12/2016 10:32

Still haven't had the police at my door Chevron
But I can name someone who has
Nor have I had any legal letters for defamatory remarks
But once again I know someone who has

Stick to the C&Ping posts. It really boosts your credibility, wrap your friends up in cotton wool and encourage them to hold their stock in the face of a sharply declining share price due to some deluded and wholly misguided fantasy that someone is trying to "steal their shares". Resort to instigating and encouraging the most foul comments from any blogger (Poc) despite the upstanding effort with Harriet Denny's against Dr Beng who at least had wit.

Bravo

Outstanding effort.

And here you are with the usual anti-company mantra about a shareholder meeting which, despite all you have to say, you wouldn't even attend.

Keep throwing stones while you cower behind your keyboard and supposed police investigation.

The weakest livered person I have ever come across.

[lardner23] 12/12/2016 10:22

Recording of AGMs is at the Chairman's discretion, so if he says no and you go ahead and do it secretly, there may possibly be subsequent issues as regards admissibility as evidence. But O_I's point is valid, imo. Why should they object to a recording?

On the Report and Accounts, have GKP ever done it any differently? In recent years they've always opted to 'lay' the docs before shareholders rather than put them to a vote in a resolution; why would you expect this year to be any different?

But generally I agree: to try to avoid questions from shareholders by limiting the subject matter and time available makes them look furtive and less than accountable. Why are all things GKP constantly shrouded in fog? It's in the company's DNA.

Did eddie ask any questions, btw?

[oilman63] 12/12/2016 09:43

Could it possibly be that negotiations with the MNR were current and on going and Jon needed to be discreet during that process ???

Did your Gimp not notice that Nads was in the room ???

[sikhthetech] 12/12/2016 09:33

dizzy,

best report confidence tricksters to the FCA...

[[e-mail]] 12/12/2016 09:29

look at goldstone chart they consolidated.back to original price now.

[nestoframpers] 12/12/2016 09:17

Like I said on the day BOb sounds like they got off lightly, now we now why , thanks very much once again.

[oilman63] 12/12/2016 09:15

If you are so concerned

WHY didn't you turn up yourself instead of shouting from your ADVFN soapbox ???

[oil_investor] 12/12/2016 09:03

Oh dear.

There appear to have been some procedural "oddities" at the AGM in Dublin last Thursday.

The Chairman sought to restrict the questions by shareholders to just the Agenda items. And after the formal business had been completed, there was only a very short time during which the shareholders could talk with the directors.

Those present were told that the meeting should not be recorded, and just as at the Special General Meeting the directors said that things should not be posted on the blogs. But the potential use in Court of recordings of what is said at AGMs has already been checked; quite why secrecy is apparently sought is something of a puzzle.

According to the UK Corporate Governance Code:

"E.2: Constructive Use of the AGM

Main Principle

The board should use the AGM to communicate with investors and to encourage their participation.

Code Provisions

E.2.1. At any general meeting, the company should propose a separate resolution on each substantially separate issue, and should in particular propose a resolution at the AGM relating to the report and accounts. For each resolution, proxy appointment forms should provide shareholders with the option to direct their proxy to vote either for or against the resolution or to withhold their vote. The proxy form and any announcement of the results of a vote should make it clear that a ’vote withheld’ is not a vote in law and will not be counted in the calculation of the proportion of the votes for and against the resolution.

E.2.2. The company should ensure that all valid proxy appointments received for general meetings are properly recorded and counted. For each resolution, where a vote has been taken on a show of hands, the company should ensure that the following information is given at the meeting and made available as soon as reasonably practicable on a website which is maintained by or on behalf of the company:

 the number of shares in respect of which proxy appointments have been validly made;
 the number of votes for the resolution;
 the number of votes against the resolution; and
 the number of shares in respect of which the vote was directed to be withheld.

E.2.3. The chairman should arrange for the chairmen of the audit, remuneration and nomination committees to be available to answer questions at the AGM and for all directors to attend.

E.2.4. The company should arrange for the Notice of the AGM and related papers to be sent to shareholders at least 20 working days before the meeting."

Now when we look at what actually happened, we see that the very first item - "At any general meeting, the company should propose a separate resolution on each substantially separate issue, and should in particular propose a resolution at the AGM relating to the report and accounts." - was not done.

There was no resolution to approve the Report and Accounts.

The exclusion of this item - WHICH THE FINANCIAL REPORTING COUNCIL (FRC) SAY SHOULD "IN PARTICULAR" be done PREVENTS THE SHAREHOLDERS ASKING THE COMPANY ABOUT THE COMPANY'S ASSETS, PERFORMANCE AND STRATEGY ETC.

It is self-evident from the UK Corporate Governance Code what the FRC seek. They say so explicitly: "The board should use the AGM to communicate with investors and to encourage their participation."

COMMUNICATE WITH INVESTORS.

Er...

Just a pre-breakfast mull.

[oil_investor] 12/12/2016 08:31

"Saudis Signal Deeper Cuts After Deal With Non-OPEC Countries
by Grant Smith, Angelina Rascouet, and Elena Mazneva
December 10, 2016 — 7:45 AM EST
December 10, 2016 — 3:24 PM EST
Russia among non-OPEC nations pledging to cut 558,000 barrels
Saudi minister says he’ll go beyond commitment at OPEC meeting
Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year.

Taken together, the Organization of Petroleum Exporting Countries’s first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers to wrest back control of the global oil market, depressed by persistent oversupply and record inventories.

"This is shock and awe by Saudi Arabia," said Amrita Sen, chief oil analyst at Energy Aspects Ltd. in London. "It shows the commitment of Riyadh to rebalance the market and should end concerns about OPEC delivering the deal."

Oil prices have surged more than 15 percent since OPEC announced Nov. 30 it will cut production for the first time in eight years, rising this week briefly above $55. The price rise has propelled the shares of energy groups from Exxon Mobil Corp. to shale firms such as Continental Resources Inc.


Riyadh agreed with OPEC on Nov. 30 to cut its production to 10.06 million barrels a day, down from a record high of nearly 10.7 million barrels in July.

"I can tell you with absolute certainty that effective Jan. 1 we’re going to cut and cut substantially to be below the level that we have committed to on Nov. 30," Saudi oil minister Khalid al-Falih said after today’s meeting.

The Saudi minister said he was ready to cut below the psychologically significant level of 10 millions barrels a day -- a level it has sustained since March 2015 -- depending on market conditions.


Khalid Al-Falih speaks after the meeting on Dec. 10. Photographer: Ronald Zak/AP
Al-Falih made his announcement after non-OPEC countries agreed to reduce production by 558,000 barrels a day, suggesting he had been waiting for the deal before committing to further cuts. The non-OPEC reduction is equal to the anticipated demand growth next year in China and India, according to data from the International Energy Agency.

The OPEC and non-OPEC pact encompasses countries that pump 60 percent of the world’s oil, but excludes major producers such as the U.S., China, Canada, Norway and Brazil.

"The deal speaks volumes about the Saudi commitment to rebalance the market," said Yasser Elguindi, a veteran OPEC watcher with consultant Medley Global Advisors. "Noone is talking any more about $30 a barrel oil."

Saudi Arabia has long insisted that any reductions from the group should be accompanied by action from other suppliers. OPEC two weeks ago agreed to reduce its own production by 1.2 million barrels a day. Al Falih and his Russian counterpart Alexander Novak revealed they have been working for nearly a year on the agreement, meeting multiple times in secret.

"This is truly a historic event," said Novak. "It’s the first time so many oil countries from different parts of the world gathered in one room to accomplish what we have done," he added, speaking alongside Al-Falih.

Russia pledged to cut output by 300,000 barrels a day next year, down from a 30-year high last month of 11.2 million barrels a day. Mexico agreed to cut 100,000 barrels, Azerbaijan by 35,000 barrels and Oman by 40,000 barrels.

The chain of announcements signal that Saudi Arabia is trying to push oil prices above $60 a barrel -- and perhaps closer to $70 a barrel -- as it attempts to fill a fiscal hole and prepares a partial flotation of its crown jewel, state-owned oil company Saudi Aramco, in 2018. The move towards higher prices may backfire, however, as it risk the resurgence of U.S. shale drilling from Texas to North Dakota.

"Emotionally, the market will likely rally," said Adam Ritchie, founder of AR Oil Consulting. "But beyond rebalancing supply and demand, we have excess inventory that is astronomic that will continue to keep a lid on prices.”

The focus of the market will turn now to compliance as historically OPEC and non-OPEC countries have cut far less than promised. In late 2001 for example Moscow promised to reduce output, but actually it increased it the following year.

"The oil-price crash impelled terrified producers into collective supply restraint agreements," said Bob McNally, founder of consultant Rapidan Group in Washington and a former White House oil official. "Occasionally these loose, ad-hoc producer agreements enjoyed temporary success, but all eventually failed due to cheating."

[1712notout] 12/12/2016 08:19

Good morning
Tad late
However it's never too late to say
Huge buy and hold
All the best
Much love
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28041;🐖€022;🐖㈂2;🍺🍺🍺👀👀👀8522;😊ԅ22;😊

[phillis] 12/12/2016 07:49

Instead of charity perhaps the fractional entitlements should be gifted to 1712

But on consideration, he doesn't really deserve it
Stupidity cannot be the justification
What about poor old 45 millionMitty?

[joseki] 12/12/2016 07:29

The answers were in the Muppets Munch

[mpclag] 12/12/2016 07:25

is this stock back in the hands of shareholders or do bondholders still own nearly all of it?