Gulf Keystone Petroleum Share Discussion Threads

[thicktony] 27/7/2020 12:48

#GKP most attractive E + P indy on earth had its share price drilled into dirt and held there allowing JPM etc to load up massively but discretely over 4 years.Gulf rebuffed Sinopec 4 yrs ago, no doubt they and others will have to go hostile sooner or later.https://t.co/8XAhrs4V5w

[thicktony] 27/7/2020 12:48

#GKP 35% of shares in issue are unaccounted for Charlie Co subject to Bermuda Companies Act 1981 so owners of big chunks under no legal OBLIGATION to discloseNo doubt potential acquirers stakes make up lions shareLikely to go hostile as reserves hugely attractive to IOC

[thicktony] 27/7/2020 12:48

#GKP Sentiment against company been systematically battered on retail discussion boards 24/7 since Restructuring 4 years ago.Why?Goldman Sachs JPMorgan etc who now hold 95% in nominees, needed to force stock out of retail hands pre takeoverTick tock https://t.co/tPa8Um3WkO

[broadford bay] 27/7/2020 12:42

Shaikan-6 well was spudded on 16th Dec 2011 (AR-2011, P5) with a targeted TD of 3,800m

On 30th Apr-2012, an RNS was issued that stated: “Shaikan-6 has recorded the deepest oil shows so far as indicated by both logs and core samples obtained by the Company. These oil shows have been recorded below the Company's originally prognosed Jurassic oil/water contact level for the Shaikan structure. Shaikan-6 has cored oil 150 metres below what we previously assumed to be Jurassic oil/water contact level for Shaikan. Both Shaikan-5 and Shaikan-6 continue to appraise this massive structure down the flanks and we plan to test and evaluate its deeper oil potential.”
(It should be noted that GKP did not clarify the depth for “…what we previously assumed to be Jurassic oil/water contact”, but previous presentations proudly featured pressure vs depth plots indicating a FWL of 2,230 mTVDSS – therefore leading many investors, and brokers, to conclude that SH-6 had encountered oil at a depth of approx. 2,230+150 = 2,380 mTVDSS.)

On 22nd June 2012, the 2011 Annual Report was issued, and the estimated TD date was shown as May-2012 (AR-2011, P5).

The May-2012 Investor Presentation indicated a SH-6 completion date as Q3-2012 (P11)

The 12th Sept-2012 Half-Year Report showed SH-6 as having been completed (map P6 and remarks re testing thereof P8).

The 3rd Dec-2012 Erbil Presentation again showed SH-6 as having been completed (map P6) but again showed TD as May-2012. The graphic on P9 showed SH-6 being connected as a producer to PF-2.

The 22nd March-2013 Natural Resources Forum again showed SH-6 as having been completed (map P7) and again stated that “no OWC seen” (P9).
The Shaikan Development overview, however, shown on P11, indicated that SH-6 would no longer be connected to PF-2; no clarifying information regarding this was given.

The 2012 Annual Results published 20th June-2013 gave the following hint that all was not well (P3) with this well:
“While solid results obtained with Shaikan-5 confirmed the extremely prolific nature of the Jurassic interval of the structure, we decided to suspend Shaikan-6, which may require a re-test, while we evaluate results obtained with this well in more detail.”
This indicates that May-2012 date was indeed the completion date.

The 4th July 2013 Investor Day seemed to confirm that SH-6 was a bad one. The spudding was again shown as Dec-2011 (P14) but there was no mention at all of the well TD on the 2012 overview (P15). No further comments whatsoever were made about SH-6.

The 2013 Half Year Report published on 19th September 2013 made no mention whatsoever about SH-6 – it had been completely airbrushed away.

In fact, we heard nothing about SH-6 until the ERCE CPR was published on 13th March-2014, when the following was reported:
“…The log and core data from Well Shaikan-6 indicate an OWC in the matrix at 1,975 mTVDSS. Cores above this depth show high saturations of oil and oozing of of oil upon release of pressure at surface. We have consequently used a depth of 1,975 mTVDSS for the OWC in the matrix for the low, best and high cases.
..
The OWC in the fractures (i.e. the contact between free water and the highly viscous oil in the fractures) has been estimated at 1,450 mTVDSS for the low, best and high cases. This is constrained by the results of Well Shaikan-6 DST-5A, which flowed water at a rate of 1,100 bbl/d with small amounts of heavy oil from the Sargelu formation that was perforated from 1,471 to 1,491 mTVDSS, suggesting a WUT at 1,471 mTVDSS.
Oil has been tested down to a depth estimated to be somewhere between 1,350 and 1,400 mTVDSS in the Jurassic, but no oil has been recovered in a successful flow test from the Jurassic below this. The deepest test that flowed oil at good rates from the Jurassic is DST-8 in well Shaikan-2, which was perforated in the Butmah from 1,329 to 1,345 mTVDSS and flowed 723 stb/d of oil and 38 bbl/d of water. The shallowest depth at which the transition from medium to high viscosity occurs has therefore been assumed to be 5m below this depth, at approximately 1,350 mTVDSS. We have used 1,350 mTVDSS for bot the low and best cases.”

Needless to say, the share price reflected the decrease in oil-bearing volumetrics and the price tanked immediately from 144p to 103p.

IN A NUTSHELL, IT TOOK 27 MONTHS FROM SPUDDING OF SH-6 FOR SHAREHOLDERS TO BE TOLD THAT THERE WERE WATER ISSUES – SUCH SEVERE WATER ISSUES THAT THE EFFECTIVE OIP NUMBERS HAD TO BE REDUCED BY OVER 4BN BBL.

The scenario depicted by GKP in 2010/2011 where the OWC in the fractures was estimated to be 2,230m TVDSS was effectively destroyed by the Mar-2014 CPR.

Although the water production was known, nothing was issued to the market – despite the fact that AIM guidelines explicitly stated that all fluids produced on exploration wells must be stated.

The reason ultimately given by GKP was that water production was due to communication behind pipe with intervals below the deeper matrix OWC.

A plain case of disagreement between the operator and the consulting body charged with evaluation the results.

In view of the extremely negative implications for OIP volumes, it would have been sensible to quickly drill a new directional well from the same pad or a completely new well a few hundred metres away – nothing was done then and nothing has been done in the last 8 years either.

You may not like it but it's all out there now...

[thicktony] 27/7/2020 12:28

#GKP most attractive E + P indy on earth had its share price drilled into dirt and held there allowing JPM etc to load up massively but discretely over 4 years.Gulf rebuffed Sinopec 4 yrs ago, no doubt they and others will have to go hostile sooner or later.https://t.co/8XAhrs4V5w

[thicktony] 27/7/2020 12:28

#GKP 35% of shares in issue are unaccounted for Charlie Co subject to Bermuda Companies Act 1981 so owners of big chunks under no legal OBLIGATION to discloseNo doubt potential acquirers stakes make up lions shareLikely to go hostile as reserves hugely attractive to IOC

[thicktony] 27/7/2020 12:28

#GKP Sentiment against company been systematically battered on retail discussion boards 24/7 since Restructuring 4 years ago.Why?Goldman Sachs JPMorgan etc who now hold 95% in nominees, needed to force stock out of retail hands pre takeoverTick tock https://t.co/tPa8Um3WkO

[the patriotic irishman] 27/7/2020 12:25

LSE

'desperate trolls' huh 😲

YEP no surprise to see yet another relentless weekend shift across both forums from our very own 'desperate troll' aka the Celtic doppelganger 😋


a 7 year OBSESSION with 25,000+ posts under an 'industry expert' copy paste tag that we 100% know of 🥳


'300p STRONG BUY' huh 🤡


hostile (most obvious ever) incoming bang gone sold huh 🤥


nope not today, not next week, not this year and sadly for all the followers of the exiled Septuagenarian wiki wannabee industry expert NOT EVER 😂 😂 😂



here's a thought ...

maybe I should write to the Surrey care home and ask them if they can switch off the residents WIFI and give the 'ex industry' old fart a rest on the weekends 🧐

[thicktony] 27/7/2020 12:14

#GKP most attractive E + P indy on earth had its share price drilled into dirt and held there allowing JPM etc to load up massively but discretely over 4 years.Gulf rebuffed Sinopec 4 yrs ago, no doubt they and others will have to go hostile sooner or later.https://t.co/8XAhrs4V5w

[thicktony] 27/7/2020 12:14

#GKP 35% of shares in issue are unaccounted for Charlie Co subject to Bermuda Companies Act 1981 so owners of big chunks under no legal OBLIGATION to discloseNo doubt potential acquirers stakes make up lions shareLikely to go hostile as reserves hugely attractive to IOC

[thicktony] 27/7/2020 12:13

#GKP Sentiment against company been systematically battered on retail discussion boards 24/7 since Restructuring 4 years ago.Why?Goldman Sachs JPMorgan etc who now hold 95% in nominees, needed to force stock out of retail hands pre takeoverTick tock https://t.co/tPa8Um3WkO

[mcfly02] 27/7/2020 12:12

Penge street clowns 🤡S

Been busy behind the scenes 😂

Writing lots of emails lol.

How many times do I need to tell you !

GoatCam is not in Gulfs control 🤷‍a94;️

Teflon 😘🖕

[thicktony] 27/7/2020 11:32

#GKP most attractive E + P indy on earth had its share price drilled into dirt and held there allowing JPM etc to load up massively but discretely over 4 years.Gulf rebuffed Sinopec 4 yrs ago, no doubt they and others will have to go hostile sooner or later.https://t.co/8XAhrs4V5w

[thicktony] 27/7/2020 11:32

#GKP 35% of shares in issue are unaccounted for Charlie Co subject to Bermuda Companies Act 1981 so owners of big chunks under no legal OBLIGATION to discloseNo doubt potential acquirers stakes make up lions shareLikely to go hostile as reserves hugely attractive to IOC

[thicktony] 27/7/2020 11:32

#GKP Sentiment against company been systematically battered on retail discussion boards 24/7 since Restructuring 4 years ago.Why?Goldman Sachs JPMorgan etc who now hold 95% in nominees, needed to force stock out of retail hands pre takeoverTick tock https://t.co/tPa8Um3WkO

[antondec] 27/7/2020 11:15

Most attractive E&P on earth !!

Loving it - up there with the “Trump won’t allow GKP to be sold to the Chinese” delusion

Where next oh insane one? Elon Musk wants it? They’ve found unobtainium under the 53 Shards of oil. Warren Buffet seen at Erbil airport wearing a “I ❤️ GKP “ hat?

[thicktony] 27/7/2020 10:30

#GKP most attractive E + P indy on earth had its share price drilled into dirt and held there allowing JPM etc to load up massively but discretely over 4 years.Gulf rebuffed Sinopec 4 yrs ago, no doubt they and others will have to go hostile sooner or later.https://t.co/8XAhrs4V5w

[thicktony] 27/7/2020 10:30

#GKP 35% of shares in issue are unaccounted for Charlie Co subject to Bermuda Companies Act 1981 so owners of big chunks under no legal OBLIGATION to discloseNo doubt potential acquirers stakes make up lions shareLikely to go hostile as reserves hugely attractive to IOC

[thicktony] 27/7/2020 10:30

#GKP Sentiment against company been systematically battered on retail discussion boards 24/7 since Restructuring 4 years ago.Why?Goldman Sachs JPMorgan etc who now hold 95% in nominees, needed to force stock out of retail hands pre takeoverTick tock https://t.co/tPa8Um3WkO

[thicktony] 27/7/2020 09:45

#GKP most attractive E + P indy on earth had its share price drilled into dirt and held there allowing JPM etc to load up massively but discretely over 4 years.Gulf rebuffed Sinopec 4 yrs ago, no doubt they and others will have to go hostile sooner or later.https://t.co/8XAhrs4V5w

[thicktony] 27/7/2020 09:45

#GKP 35% of shares in issue are unaccounted for Charlie Co subject to Bermuda Companies Act 1981 so owners of big chunks under no legal OBLIGATION to discloseNo doubt potential acquirers stakes make up lions shareLikely to go hostile as reserves hugely attractive to IOC

[thicktony] 27/7/2020 09:45

#GKP Sentiment against company been systematically battered on retail discussion boards 24/7 since Restructuring 4 years ago.Why?Goldman Sachs JPMorgan etc who now hold 95% in nominees, needed to force stock out of retail hands pre takeoverTick tock https://t.co/tPa8Um3WkO