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[bThe Board of Gulf Keystone has reviewed DNO ASA's ("DNO") proposal to acquire the total share capital of the Company, which it received by letter late on 28 July 2016.
Gulf Keystone notes that DNO's proposal is conditional upon the successful completion of the ongoing Balance Sheet Restructuring Transaction ("the Restructuring"), announced by Gulf Keystone on 14 July 2016.
The Board has concluded that completion of the Restructuring best serves our stakeholders and we will not engage in any additional process that causes the Company to be distracted from that objective. The Company has responded to DNO accordingly.
In light of the importance of the proposed Restructuring for all stakeholders, the Board continues to strongly recommend that shareholders vote in favour of the resolution to authorise the increase in the Company's share capital, to be proposed at the Special General Meeting ("SGM"), in order to implement the Restructuring.
Shareholders should vote in advance of the SGM to be held on 5 August 2016. Detailed information on the Resolution and voting deadlines can be found in the SGM Notice and Circular at:
http://www.gulfkeystone.com/investor-centre/shareholder-information/shareholder-communications/special-general-meeting-notice-and-circular
GUKYF Did DNO Make A Offer GKP Can't Refuse?
GUKYF_DNO Makes $300m Bid for Gulf Keystone
July 29, 2016 in Iraq Oil & Gas News
DNO ASA, the Norwegian oil and gas operator, this morning unveiled a proposal to acquire for USD 300 million all of the enlarged share capital in Gulf Keystone Petroleum Ltd following the latter’s contemplated financial restructuring announced earlier this month.
The terms of the DNO proposal, which would comprise cash and shares, reflect a 20 percent premium to the share price of USD 0.0109 at which, on 14 July 2016, Gulf Keystone issued shares representing 5.6 percent of its share capital, and also reflect a 20 percent premium to the price at which Gulf Keystone intends to issue further shares in its restructuring.
In addition, for the Gulf Keystone guaranteed noteholders the DNO terms reflect 111 percent of par value compared to 99 percent under the contemplated restructuring, and for the convertible bondholders the DNO terms reflect 18 percent of par value compared to 15 percent under the contemplated restructuring.
By offering USD 120 million in cash (approximately 40 percent of the consideration), DNO would provide an early exit for those noteholders and bondholders who may be unable or unwilling to hold equity for an extended period. The additional offer of 170 million DNO shares (approximately 13.6 percent of the post transaction DNO share capital) would provide Gulf Keystone investors with continued exposure to the Shaikan field in addition to DNO’s wider portfolio of assets, significantly larger market capitalization, more robust cash flow, stronger balance sheet and proven operating and management capabilities.
DNO has been active in the Kurdistan region of Iraq since 2004 and ranks number one among the international oil companies in oil production (50 percent), oil exports (60 percent) and proven oil reserves (50 percent). DNO holds a 55 percent stake in and operates the Tawke oil field at a current production level of around 120,000 barrels of oil per day (bopd) of 27 degree API crude.
Gulf Keystone holds a 58 percent stake in and operates the Shaikan oil field at a current level of around 40,000 bopd of 17 degree API crude. Production from Shaikan is transported daily by road tanker to DNO’s unloading and storage hub at Fish Khabur for onward pipeline transport to export markets.
“Combining these two companies will create further scale and unlock operational synergies that will reinforce DNO’s already formidable presence in Kurdistan,” said Bijan Mossavar-Rahmani (pictured), DNO’s Executive Chairman.
“We understand Shaikan’s challenges and opportunities and we are well positioned to focus financial, technical, commercial and logistical support to maintain and then grow production at this field to the benefit of both Kurdistan and our investors,” he added.
Gulf Keystone, a Bermuda incorporated and London listed company, has called a special general meeting for 5 August 2016 to consider its contemplated financial restructuring. DNO has written to the board of directors of Gulf Keystone to present its proposal and to facilitate immediate engagement with Gulf Keystone’s investors ahead of the meeting to ensure sufficient time for these investors to carefully consider the enhanced terms proposed by DNO.
DNO has retained Pareto Securities AS as financial adviser and Freshfields Bruckhaus Deringer LLP, Advokatfirmaet Thommessen AS and Conyers Dill & Pearman Limited as legal counsel in connection with the transaction.
The Board of Gulf Keystone is currently reviewing this proposal and has said it will update the market on its response in due course.
(Sources: DNO, GKP)
http://www.iraq-businessnews.com/2016/07/29/dno-makes-300m-bid-for-gulf-keystone/
Response to Proposal from DNO ASA
The Board of Gulf Keystone has reviewed DNO ASA's ("DNO") proposal to acquire the total share capital of the Company, which it received by letter late on 28 July 2016.
Gulf Keystone notes that DNO's proposal is conditional upon the successful completion of the ongoing Balance Sheet Restructuring Transaction ("the Restructuring"), announced by Gulf Keystone on 14 July 2016.
The Board has concluded that completion of the Restructuring best serves our stakeholders and we will not engage in any additional process that causes the Company to be distracted from that objective. The Company has responded to DNO accordingly.
In light of the importance of the proposed Restructuring for all stakeholders, the Board continues to strongly recommend that shareholders vote in favour of the resolution to authorise the increase in the Company's share capital, to be proposed at the Special General Meeting ("SGM"), in order to implement the Restructuring.
Shareholders should vote in advance of the SGM to be held on 5 August 2016. Detailed information on the Resolution and voting deadlines can be found in the SGM Notice and Circular at:
http://www.gulfkeystone.com/investor-centre/shareholder-information/shareholder-communications/special-general-meeting-notice-and-circular
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44 (0)20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
http://ir1.euroinvestor.com/asp/ir/GulfKeystone/NewsRead.aspx?storyid=13423279&ishtml=1
Holding Statement
Proposal from DNO ASA
Gulf Keystone confirms that it has received a proposal from DNO ASA.
The Board of Gulf Keystone is currently reviewing this proposal and will update the market on its response in due course.
http://ir1.euroinvestor.com/asp/ir/GulfKeystone/NewsRead.aspx?storyid=13422866&ishtml=1
I dreamed This Green Lighted last night LOL.
No kidding, I dreamed I was checking my stocks and noticed this green lighted and rose .31 cents in one day.
It was funny when I woke up , I ran over to check the stock price.
What a bummer that was, hahahahahahah
But now I think the dream means something.
could be anything, RS, Buyout,who Knows?
any dream interpreters in the house?
GEGYF Receipt of payment for KRI oil exports
Released : 27.07.2016 12:30
RNS Number : 3957F
Genel Energy PLC
27 July 2016
27 July 2016
Genel Energy plc
Receipt of payment for KRI oil exports from Taq Taq field
Genel Energy plc ('Genel') is pleased to announce that the Taq Taq field partners have received a gross payment of $24.91 million from the Kurdistan Regional Government ('KRG') for oil sales during June 2016.
Genel's net share of the payment is $13.70 million.
The payment reflects full settlement of the invoiced amount for June 2016 oil sales, and incorporates $20.82 million towards contractor monthly entitlement and $4.09 million towards recovery of historical receivables.
Gross oil sales from the Taq Taq field in June 2016 averaged 62,979 bopd. The average Brent price applicable for June 2016 was $48.34/bbl. A $5/bbl discount to Brent, including $4/bbl transportation and handling costs, is applied to arrive at the Taq Taq wellhead export netback price.
As agreed with the KRG, sales to the Bazian refinery during June 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG on 1 February 2016.
-ends-
For further information, please contact:
Genel Energy
Phil Corbett, Head of Investor Relations
Andrew Benbow, Head of Public Relations
+44 20 7659 5100
Vigo Communications
Patrick d'Ancona
+44 20 7830 9708
This announcement contains inside information.
Notes to editors:
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Through its Miran and Bina Bawi gas fields, the Company is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement. Genel also continues to pursue further growth opportunities within the Middle East and Africa. For further information, please refer to www.genelenergy.com.
This information is provided by RNS
http://otp.investis.com/clients/uk/genel_energy2/rns/regulatory-story.aspx?cid=338&newsid=766906
http://www.genelenergy.com/
Notice of Major Interest in Shares
http://ir1.euroinvestor.com/asp/ir/GulfKeystone/NewsRead.aspx?storyid=13419387&ishtml=1
http://www.gulfkeystone.com/
Thank You DeafTrader2, Looks like we have no other choice but to approve the Aug. 5th Plan.
I'm losing my passion on GKP
After years of hope and thousands down the drain
With little hope of a break even point for me
and 600M the company bonds due in 2017
I'll be moving on in the next 3 to 4 months here
I have already mourned my loss here and may classify it as a waste of time soon.
IMO it's being sold off at 5 cents to the dollar
GLTU
JD400
What is your prediction for August 5th shareholder voting .. Will they approve reorganization that will save our money or remove GUKYF from the stock market ???
Will add more shares later on next week or after Aug 5th.
LOTTO PLAY
LOL STILETTO PLAY
Because all of us shareholders just got one of those stuck in our backs.
Iraq should stick with what suits them best.
Goat Herding !
GUKYF --- LOTTO PLAY
ONE OF THE BEST CHANCE TO GRAB $$$$
GLTU
UNTIL AUG 5th and SEE WHAT HAPPEN
GUKYF will wipe out common stock shares.
S T R O N G AVOID
This is going private and hostile takeover ...
WONT GO MOMO
ON A DOWNWARD TREND ...
Notice of Special General Meeting
Further to the Company's announcement of 14 July 2016 regarding the proposed Balance Sheet Restructuring Transaction, a Special General Meeting of the shareholders of the Company ("SGM") will be held to approve the following resolution:
That the authorised share capital of the Company be increased by US$219,105,237 from US$73,000,000 by the creation of 21,910,523,665 new Common Shares, ranking pari passu in all respects as one class of shares with the existing Common Shares.
The SGM will take place at the Mövenpick Hotel, 20 Route de Pré-Bois, CH-1215 Geneva 15, Switzerland at 3pm CET on Friday 5 August 2016.
Details of the proposed Resolution are set out in full in the SGM Notice and Circular available on the Company's website at www.gulfkeystone.com.
The SGM Notice and Circular are being posted to shareholders today.
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day
· Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.
GUKYF Gulf Keystone shares spike and plunge after junk bond deal
* Traded volumes hit record high as retail investors pile in
* Junk bond funds set to get large stake after debt swap
By Alasdair Pal and Dmitry Zhdannikov
LONDON, July 19 Gulf Keystone's stock spiked and fell by a third on Tuesday as retail investors flooded chatrooms trying to figure out how junk bond funds led by former JP Morgan and Lehman Brothers traders will help restructure the oil firm.
Last week Gulf Keystone, crippled by low oil prices and non-payments from Iraqi Kurdistan, announced its bondholders had agreed to swap $500 million of debt for equity, all but wiping out some of the world's top funds as shareholders.
Little-known distressed debt funds such as Sothic Capital, co-run by former JPM trader Gertjan Koomen, and CapeView Capital, co-run for former Lehman trader Theo Phanos, are set to receive significant stakes, according to sources close to the firm and bond holders.
GLG Partners, part of hedge fund Man Group, and investment fund Taconic Capital are also likely to become large equity owners: debt-holders are set to get 85.5 percent of Gulf Keystone, while existing shareholders would hold just 4.5 percent unless they buy new shares in the $25 million open offer for 10 percent of the expanded equity.
On Tuesday, Gulf Keystone' stock rose 32 percent before erasing most of the gains. At 6 pence a share it was still at its highest since April, off last week's all-time lows of 2.5 pence. Its all-time high was 465 pence, when the firm was worth over 3 billion pounds ($4 billion).
Traded volumes spiked to an all-time high of 125 million shares, meaning over 10 percent of the firm changed hands on Tuesday driven mainly by retail investors.
Gulf Keystone was the most discussed stock by far on the Interactive Investor and ADVFN message boards, two of the most popular chat tools for retail investors in Britain.
Theories behind the stock jump ranged from an imminent hostile takeover on an improved debt outlook to a major liquidation of short positions by bond holders because they had managed to push the restructuring through last week and no longer needed short positions as hedges for convertible bonds.
"We've had some clients buying into it," said Jonathan Roy, advisory investment manager at Charles Hanover Investments, adding the restructuring had diluted the share price, but had now alleviated funding concerns.
"Their assets on the ground are attractive, in spite of the political instability, and there's often takeover talk surrounding Gulf Keystone," he added. He did not name a prospective bidder.
MORE VOLATILITY
Gulf Keystone's shareholders have yet to approve the debt swap and the drastic dilution. But the company has predicted insolvency if the deal doesn't go through.
That gives the likes of Sothic and CapeView a strong chance of becoming the driving forces behind changes at Gulf Keystone.
The two funds as well as GLG Partners and Taconic declined to comment.
In 2015, Sothic and CapeView both participated in a similarly complicated debt refinancing after low gold prices sapped Russia-focused, London-listed miner Petropavlovsk . The firm has since become a battleground for shareholders including Russian oil-to-metals tycoon Viktor Vekselberg.
Gulf Keystone has said it has had as many as 18 merger and acquisition approaches in the past but most buyers were spooked by heavy debt levels.
"Hedge funds will usually be on the shareholder register for a shorter period of time compared to longer-term investors, which increases volatility," said Sam Wahab, oil and gas analyst at Cantor Fitzgerald. ($1 = 0.7644 pounds) (Writing by Dmitry Zhdannikov; Additional reporting by Sudip Kar Gupta; Editing by Ruth Pitchford)
http://www.reuters.com/article/gulfkeystone-stocks-idUSL8N1A5531?rpc=401.
If everything folds into place from here we should have no problem going back to one dollar with crazy targets all the way up to $3-$7
GUKYF 65.85% intra
Shares in Gulf Keystone Petroleum (LSE:GKP) have surged 31% higher today after the company's restructuring deal lifted investor sentiment in the northern Iraq-based oil producer. The deal will see investors' stake in the business fall to just 14% in return for a reduction in Gulf Keystone's debt to just $100m. This is a reduction in debt of $500m, with lenders having their debt converted into equity in the company.
Alongside this, Gulf Keystone will have around $95m of cash, with an equity raising of up to $25m helping to boost its balance sheet strength. And with Gulf Keystone having a lucrative asset base that's already producing around 40,000 barrels of oil per day (bopd), it could be argued that its future is now relatively bright.
However, Gulf Keystone is still at risk from a falling oil price. And the potential for disruption in production due to the conflict taking place close to its asset base, as well as the squeeze on equity holders in the restructuring, mean it may be prudent to wait for further news before buying a slice of the business.
Was yesterdays 0.364 the bottom?
Bondholders Take Control of GKP in $500m Restructuring
July 14, 2016 in Iraq Oil & Gas News
By John Lee.
Gulf Keystone Petroleum (GKP) announced this morning that $500 million worth of company bonds are to be converted into equity, diluting current shareholders to a stake of just 5 percent of the company.
The company’s shares fell another 40 percent in early trading, and a new Chairman, Keith Lough, has been appointed to replace Andrew Simon.
Having struggled with cash flow in recent times due to lower oil prices and what it describes as “adverse geopolitical developments“, GKP declared two weeks ago that it was in default on its debt obligations.
Commenting on today’s announcement, Andrew Simon, outgoing Chairman said:
“Our Shareholders, and those of the other Kurdistan focused operators, have suffered significant value destruction over recent months, as a result of the low oil price and extraordinary regional geo-politics. For us this has been further compounded by a debt burden of over US$600 million repayable next year. To address the liquidity and significant leverage situation faced by the Company, we have to restructure the balance sheet now.
A new and strengthened management team and Board have been working tirelessly for the benefit of all stakeholders, to ensure GKP’s survival. Following months of negotiation, and in the absence of deliverable alternatives, the Board believes the proposed restructuring offers the best possible outcome for all.“
Jón Ferrier, CEO, said:
“Without the restructuring and the improved liquidity delivered by the transaction, the Company cannot avoid insolvency or capture the significant future potential of the Shaikan field.
In my view this is the best possible transaction for existing stakeholders in these very challenging circumstances, and I urge stakeholders to support it. For the Shareholders who are able, the opportunity exists to partly offset the dilution of the necessary debt equitisation and capture any future increase in equity value by participating in the open offer. We acknowledge the cooperation of our significant Guaranteed Noteholders and Convertible Bondholders, and are grateful for the continued support of our current largest Shareholders, Capital.
With the support of the MNR, which has established a pattern of payments, and with a stabilising oil price environment and sustainable debt levels, we have the foundations of a strong future equity story for a restructured GKP to develop the Shaikan field and unlock its potential as one of the most significant assets in Kurdistan.
Without a successful consensual restructuring, Shareholders and Convertible Bondholders have no realistic chance of preserving current value or participating in future value.“
http://www.iraq-businessnews.com/2016/07/14/bondholders-take-control-of-gkp-in-500m-restructuring/
Gulf Keystone Petroleum Limited. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Appointment of Chairman
Gulf Keystone Petroleum is pleased to announce that Keith Lough, Non-Executive Director, has been appointed Non-Executive Chairman.
Andrew Simon, currently Non-Executive Chairman, will retire from the Board of Directors of Gulf Keystone with immediate effect.
Commenting on today's announcement, Andrew Simon said:
"Having overseen a renewal of both the Board and the senior management team during the last 15 months, and together with the restructuring announced today, it is now an appropriate time to hand over the Chairmanship to Keith, who has spent a lifetime in the oil industry. His deep industry knowledge at a time of low oil prices and geopolitical challenges has already proved invaluable whilst he chaired the Finance Committee and I am delighted that he has agreed to take on the Chairmanship."
Keith Lough said:
"I would like to thank Andrew for his tireless work on behalf of all of GKP's stakeholders. Over the course of his time on the Board, as a NED and latterly as Chairman, he has overseen the Company through an extremely tough time, not only for all of the Kurdistan operators, but for the Oil & Gas sector as a whole. On behalf of everyone at GKP I would like to wish Andrew the very best in his retirement.
"I look forward to working with my fellow Directors and all at GKP as we focus on restoring value in the Company. I would also like to reiterate what has been said about the proposed restructuring. The deal effectively saves the Company and, whilst not without cost, is the only credible option which allows us to move forward with the Shaikan project."
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44 (0)20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
Keith Lough
Keith Lough (55) read Economics at Edinburgh University before qualifying as a chartered certified accountant with British Gas in 1985. He subsequently obtained an MSc in Finance from London Business School. In 1988 Keith joined LASMO PLC where over the course of the next eleven years he held a range of senior commercial, financial and operational roles, including MD of the North Sea, and then Europe and North Africa before LASMO was sold to ENI.
Keith was CFO of PetroKazakhstan for two years before being headhunted for the CFO role of British Energy, the nuclear power company. At British Energy he oversaw the complex restructuring of the business and the interaction with the UK Government and its creditors. In 2004 Keith founded coal bed methane focused Composite Energy Ltd, which was acquired by Dart in 2011.
The team from Composite spent a year at Hutton Energy, during which time Keith was CEO. Keith is currently a Non-Executive Director of Rockhopper Exploration PLC, Cairn Energy PLC, Papua Mining PLC and the UK Gas and Electricity Markets Authority (Ofgem).
He was appointed to the Board of Gulf Keystone in December 2015.
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day.
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.
This information is provided by RNS
The company news service from the London Stock Exchange
END
http://www.gulfkeystone.com/
The moment of truth has arrived for Gulf Keystone Petroleum Limited
By Motley Fool | Thu, 14th July 2016 - 13:43
Share this
Gulf Keystone Petroleum (LSE:GKP) today announced its long-awaited proposals for a balance sheet restructuring. The shares, which closed yesterday at 4.7p crashed as low as 2.36p in early trading.
What do the proposals mean for existing shareholders? And could a restructured Gulf Keystone be an attractive opportunity for new investors.
Debt for equity swap
At the core of the balance sheet restructuring is a debt-for-equity swap that would see debt reduced from $600m to $100m through the conversion of $500m of existing debt into equity. What this means is that shareholders who yesterday owned 100% of the company would end up owning just 5%, though if they want to stump up more cash, they will have the chance to participate in a $25m open offer at 0.82p a share for 10% of the post-restructuring equity.
Chairman Andrew Simon, who today announced he would be retiring with immediate effect, acknowledged that shareholders had suffered "significant value destruction," blaming the low oil price, the political situation in Kurdistan and the company's debt burden.
The restructuring deal requires approval from both shareholders and bondholders, and chief executive Jón Ferrier warned: "Without the restructuring and the improved liquidity delivered by the transaction, the company cannot avoid insolvency or capture the significant future potential of the Shaikan field".
'New' Gulf Keystone
Clearly, the massive dilution is bad news for long-suffering shareholders, many of whom have already seen the value of their shares fall from pounds to pence. However, failure to approve the deal would be, as the company puts it, "likely to lead to zero value for the shareholders".
Galling though it is, shareholders will surely accept the deal with the carrot of the 0.82p open offer providing the potential to mitigate losses if 'new' Gulf Keystone goes on to exploit its undoubtedly valuable asset, the Shaikan field.
The company would certainly become a more attractive proposition with its strengthened balance sheet and improved liquidity. The maturity on the retained $100m debt has been put back from next year to 2021, while the $25m from the open offer and the freeing-up of $32.5m will add to cash resources that are "expected" to be sufficient for near-term investment to maintain production at 40,000 barrels of oil per day with "potential" to increase production to 55,000 barrels.
Valuation
I'm inclined to value Gulf Keystone conservatively on its recent cash flows, running at around $15m a month coming in and $6m going out, less a monthly average of $0.83m for the 10% cash coupon on the retained bonds. That gives positive monthly cash flow of $8.17m, or just about $100m a year. With the company being valued at $250m based on the open offer at 0.82p, we're looking at a multiple of just two-and-a-half times cash flow.
As such, the open offer for existing shareholders looks attractive to me, while new investors may also have an opportunity to buy well below the current 3.25p if, as I suspect, there's heavy post-restructuring selling by bondholders who ended up shareholders out of necessity rather than by design.
G A Chester has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.
Restructure is the only hope at this point.
Not paying the bondholders on time is like having a war within the company.
Until this restructures the PPS will continue to be controlled as we have seen late. won't give a .04 and takes a .07* Total control.
Seems the company has found a way to grow GKP during these rough times and the bondholders were left to holding the bag.
They still have the .03s and .02s left before it's so "F"_ed up that even genl won't want it.
``````````````````````````````````````
1 July 2016
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Update on Discussions with the Ad Hoc Committee of Holders of Notes and Bonds
US$250,000,000 13.0 per cent. Guaranteed Notes due 2017 (ISINs: Regulation S XS1056559245, Rule 144A XS1056559088) (the "Notes") and US$325,000,000 6.25 per cent. Convertible Bonds due 2017 (ISIN: XS0841237497, Common Code: 084123749) (the "Bonds")
Further to the Company's RNS of 14 June 2016, Gulf Keystone announces today that the current Standstill Agreement between the Ad Hoc Committee of holders of the Notes and the Bonds and the Company expired on 1 July 2016 at 5pm BST and has not been extended.
The Company is currently discussing the terms of an agreement with certain restricted members of the Ad Hoc Committee and other stakeholders. These restructuring discussions remain ongoing notwithstanding the expiration of the Standstill Agreement.
At this stage, the Company does not intend to make the April 2016 Coupon Payments. The holders of not less than one-quarter of the principal amount of the Notes or the Bonds, as the case may be, outstanding, may request the relevant Trustee to declare the principal amount of the Notes or the Bonds, as the case may be, immediately due and payable. Whilst these coupons remain unpaid, and absent a new Standstill Agreement executed by 75% of the principal amount of each of the Notes and the Bonds, an Event of Default will subsist under both the Notes and the Bonds.
A further announcement will be made in due course.
ir1.euroinvestor.com/asp/ir/GulfKeystone/NewsRead.aspx?storyid=13404785&ishtml=1
Yeah I noticed the amounts are way down this year, at least they're paying something... Is production ever going back to last year levels? Probably not, sometimes I think ISIL works for Saudi's (or maybe they are editing out attacks in Saudiland by ISIL to keep prices down, I still think they are trying to destroy the American economy.
Update on Discussions with the Ad Hoc Committee of Holders of Notes and Bonds
US$250,000,000 13.0 per cent. Guaranteed Notes due 2017 (ISINs: Regulation S XS1056559245, Rule 144A XS1056559088) (the "Notes") and US$325,000,000 6.25 per cent. Convertible Bonds due 2017 (ISIN: XS0841237497, Common Code: 084123749) (the "Bonds")
Further to the Company's RNS of 14 June 2016, Gulf Keystone announces today that the current Standstill Agreement between the Ad Hoc Committee of holders of the Notes and the Bonds and the Company expired on 1 July 2016 at 5pm BST and has not been extended.
The Company is currently discussing the terms of an agreement with certain restricted members of the Ad Hoc Committee and other stakeholders. These restructuring discussions remain ongoing notwithstanding the expiration of the Standstill Agreement.
At this stage, the Company does not intend to make the April 2016 Coupon Payments. The holders of not less than one-quarter of the principal amount of the Notes or the Bonds, as the case may be, outstanding, may request the relevant Trustee to declare the principal amount of the Notes or the Bonds, as the case may be, immediately due and payable. Whilst these coupons remain unpaid, and absent a new Standstill Agreement executed by 75% of the principal amount of each of the Notes and the Bonds, an Event of Default will subsist under both the Notes and the Bonds.
A further announcement will be made in due course.
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day
· Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Shaikan Production Milestone
Gulf Keystone is pleased to announce that cumulative production from the Shaikan field has reached 25 million barrels.
In line with the terms of the Shaikan Production Sharing Contract ("PSC"), a production bonus in the amount of $10 million is due to be paid to the Kurdistan Regional Government's Ministry of Natural Resources ("MNR").
The Company is currently in discussions with the MNR regarding the payment and offset mechanism of the production bonus available under the Shaikan PSC.
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day
· Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Shaikan Payment Update (2)
Further to the Company's announcement of 27 June 2016, Gulf Keystone confirms today that a further gross payment of $7.0 million has been received from the Kurdistan Regional Government for Shaikan crude oil exports in May 2016, bringing the total payment received to date to $15.0 million gross.
This is the second instalment of the invoiced amount for May 2016 with the balance expected to be paid shortly.
A further announcement will be made in due course.
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Shaikan Payment Update 1
Gulf Keystone Petroleum is pleased to announce that a gross payment of $8.0 million has been received from the Kurdistan Regional Government for Shaikan crude oil exports in May 2016.
This is a partial payment of the invoiced amount and the balance is expected to be paid shortly.
A further announcement will be made in due course.
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan block, which is a major producing field with 40,000 of production capacity
· Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Heard today that last nuclear plant in California is going to be replaced by solar energy by 2025.
PG&E reaches agreement to close California's last nuclear plant by ...
abc7news.com/news/deal-will-close-californias-last-nuclear-plant-by.../1394735/
23 hours ago - California's last nuclear power plant will close by 2025 under an accord announced Tuesday, ending three decades of safety debates that ...
BNEF Report Says Solar Energy, Batteries, Wind Will Dominate, Fossil Fuel Usage to Collapse
" rel="nofollow" target="_blank" >Bondholders Don't Scare Me
Posted by mishgea | June 13, 2016 2:12:58 | Economics
A Bloomberg New Energy Finance (BNEF) report plots out global power markets for the next 25 years.
If accurate, solar energy will soon dominate, and electric cars will go mainstream.
The forecast states coal and gas are in terminal decline because of the “beautiful math” of declining solar and wind costs.
Peak Fossil Fuel Usage
In contrast to peak oil forecasts that have been in vogue, BNEF says the World is on the Brink of Peak Fossil Fuels for Electricity.
It’s not that we running out, but rather solar and wind will become so cheap, it will cost too much to use fossil fuels.
Here are the eight shifts BNEF sees coming.
1. There Will Be No Golden Age of Gas
The cost of wind and solar power are falling too quickly for gas ever to dominate on a global scale. “You can’t fight the future,” said Seb Henbest, the report’s lead author. “The economics are increasingly locked in.” The peak year for coal, gas, and oil: 2025.
2. Renewables Attract $7.8 Trillion
Already in many regions the lifetime cost of wind and solar is less than the cost of building new fossil fuel plants, and that trend will continue. But by 2027, something remarkable happens. At that point, building new wind farms and solar fields will often be cheaper than running the existing coal and gas generators. “This is a tipping point that results in rapid and widespread renewables development,” according to BNEF. By 2028, batteries will be as ubiquitous as rooftop solar is today.
3. Electric Cars Rescue Power Markets
By 2028, batteries will be as ubiquitous as rooftop solar is today.
4. Batteries Join the Grid
The scale up of electric cars increases demand for renewable energy and drives down the cost of batteries. And as those costs fall, batteries can increasingly be used to store solar power. In expensive electricity markets like Hawaii, battery storage for solar already makes economic sense, and it won’t be long before that becomes the norm.
5. Solar and Wind Prices Plummet
The chart below is arguably the most important chart in energy markets. It describes a pattern so consistent, and so powerful, industries set their clocks by it. It’s the beautiful math of declining solar costs.
The chart is on a logarithmic scale, so the declines are even more profound than at first glance. For every doubling in the world’s solar panels, costs fall by 26 percent, a number known as solar’s “learning rate.”
6. Capacity Factors Go Wild
One of the fast-moving stories in renewable energy is the shifts in what’s known as the capacity factor. That’s the percentage of a power plant’s maximum potential that’s actually achieved over time.
Consider a wind farm. Even at high altitudes, the wind isn’t consistent and varies in strength with the time of day, weather, and the seasons. Here’s a watercolor plot of wind power capacity factors over time. Some wind farms in Texas are now achieving capacity factors of 50 percent, according to BNEF.
7. A New Polluter to Worry About
China, the biggest and fastest-growing polluter, became a major global concern over the last few decades. But that perception is changing fast. China’s evolving economy and its massive shift from coal to renewables mean it will have the greatest reduction in carbon emissions of any country in the next 25 years, according to BNEF. That’s good news for the climate and is a significant change for the global energy outlook.
That leaves India, which is emerging as the biggest threat to efforts to curb climate change. India’s electricity demand is expected to increase fourfold by 2040, and the country will need to invest in a variety of energy sources to meet this overwhelming new demand. India has hundreds of millions of people with little or no access to electricity, and the country sits atop a mountain of coal. It intends to use it.
8. The Transformation Continues
Without additional policy action by governments, global carbon dioxide emissions from the power sector will peak in the 2020s and remain relatively flat for the the foreseeable future. That’s not enough to prevent the surface of the Earth from heating more than 2 degrees Celsius, according to BNEF. That’s considered the point of no return for some of the worst consequences of climate change.
Seven of Eight
That was one of the best Bloomberg articles I have seen in a long time.
BNEF laid out some nice ideas to consider, marred slightly with global warming nonsense in point eight.
If the report is even close to being accurate, geopolitical questions and concerns hit the spotlight.
Geopolitical Questions and Consequences
How much carnage did the US needlessly cause in the Middle-East over oil?
How quickly will the oil producing countries be in serious trouble?
Are tensions with India about to pick up?
Other than India (and perhaps even India), countries sitting on stockpiles of coal, may have little use for those stockpiles.
It remains to be seen if things play out that way, but if so, huge changes are coming, by 2025.
For trends of a different nature, please see Mary Meeker on Internet Trends – An Excellent Presentation.
Mike “Mish” Shedlock
https://mishtalk.com/
Shaikan Payment Update#3 15M Gross Total
7 June 2016
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Shaikan Payment Update
Further to the Company's announcements of 27 May and 2 June, Gulf Keystone confirms today that a further gross payment of $2.0 million has been received from the Kurdistan Regional Government, settling the total invoiced amount of $15.0 million gross for April 2016.
Gross crude oil export sales from the Shaikan field in April 2016 averaged 40,840 barrels of oil per day.
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan block, which is a major producing field with 40,000 barrels of production capacity
· Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.
This information is provided by RNS
The company news service from the London Stock Exchange
Crude tanker storage fleet off Singapore points to stubborn oil glut
http://www.reuters.com/article/us-asia-oil-storage-idUSKCN0YA129
"the volume of crude in floating storage has risen sharply in recent months," adding that the phenomenon was global, with floating storage up 19.5 percent between the first quarters of 2015 and 2016.
"There is clearly still far too much physical crude going around for the glut to be over," said the European oil trader after flying in to Singapore. "And the paper market seems blissfully unaware of it."
GKP Secures Extension of Bondholder Agreement
June 1, 2016 in Investment, Iraq Oil & Gas News
Shares in Gulf Keystone Petroleum (GKP) were trading down 4 percent on Wednesday despite an announcement that the company had secured a two-week extension of its standstill agreement with its bondholders:
Further to the Company’s announcement of 20 May 2016, Gulf Keystone announces today that, as discussions with the Ad Hoc Committee of holders of Notes and Bonds are continuing and as the previous Standstill Agreement was due to expire on 31 May 2016, the Ad Hoc Committee has entered into a new standstill agreement with the Company until 13 June 2016.
The signatories to the new Standstill Agreement are substantially the same as to the prior standstill. They hold a significant proportion (but less than 75% by principal amount) of each of the Company’s Notes and Bonds.
Whilst the Standstill Agreement remains in effect, the Company does not intend to make the April 2016 Coupon Payments. The continuing failure to make those payments constitutes an Event of Default under the Bonds and Notes, respectively.
At a time when an Event of Default subsists the holders of not less than one-quarter of the principal amount of the Notes or the Bonds, as the case may be, then outstanding may request the relevant Trustee to declare the principal amount of the Notes or the Bonds, as the case may be, immediately due and payable.
The signatories to the Standstill Agreement will agree not to vote in favour of any resolution of the Noteholders or Bondholders to instruct the relevant Trustee to take such a step.
A further announcement will be made in due course.
(Sources: GKP, Yahoo!)
http://www.iraq-businessnews.com/2016/06/01/gkp-secures-extension-of-bondholder-agreement/
Thanks Doc big volume over there today
Maybe investors coming back
This courtesy Mikey
http://screencast.com/t/vd6hQbZkX4
Thanks for the updates... its a shame that the share price is still down,is that from ISIL or creditors jumping the 2017 gun... pure BS in my sheltered knowledge opinion.
Genel Energy Receipt of payment 16.3 Million for April KRI oil exports from Tawke field
Their total for April received is 32.3 Million
Genel Energy plc ('Genel') notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $16.3 million from the Kurdistan Regional Government for oil sales during April 2016.
The payment follows the receipt of $16 million as announced on 27 May 2016.
The payment completes settlement of the invoiced amount of $32.3 million for April 2016 Tawke oil sales, an amount that incorporates $27.1 million towards contractor monthly entitlement and $5.2 million towards recovery of historical receivables.
The payment will be shared pro-rata by DNO and Genel.
-ends-
Shaikan Payment Update(2) 13 Million for April Received
Further to the Company's announcement of 27 May, Gulf Keystone confirms today that a further gross payment of $7.0 million has been received from the Kurdistan Regional Government ("KRG") for Shaikan crude oil exports in April 2016, bringing the total payment received to date to $13.0 million gross.
In line with the bilateral agreement between Gulf Keystone and the KRG's Ministry of Natural Resources of 16 March 2016, the Company expects the balance to be paid shortly.
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan block, which is a major producing field with 40,000 barrels of production capacity
· Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.
This information is provided by RNS
The company news service from the London Stock Exchange
Shaikan Payment Update
Gulf Keystone Petroleum is pleased to announce that a gross payment of $6.0 million has been received from the Kurdistan Regional Government for Shaikan crude oil exports in April 2016.
This is a partial payment of the invoiced amount and the balance is expected to be paid shortly.
A further announcement will be made in due course.
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan block, which is a major producing field with 40,000 of production capacity
· Further information on Gulf Keystone is available on its website www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.
This information is provided by RNS
The company news service from the London Stock Exchange
GE to Invest $1.4 Billion in Saudi Arabia
Gen Electric (NYSE:GE)
Intraday Stock Chart
Today : Monday 23 May 2016
Click Here for more Gen Electric Charts.
DUBAI—General Electric Co. on Monday announced a raft of investments worth at least $1.4 billion in Saudi Arabia as the Persian Gulf kingdom seeks to reduce its oil dependence by further opening up its economy to international businesses.
The Connecticut-based conglomerate said it was teaming up with two partners, including Saudi state-owned oil giant Aramco, to build a $400 million manufacturing facility for the energy and marine sector that is expected to create 2,000 new jobs in the kingdom.
GE also signed a memorandum of understanding to jointly invest $1 billion in several sectors such as water and aviation by 2017, alongside a Saudi entity comprising the country's biggest petrochemicals company, its public investment fund and Aramco. GE said also it would consider an additional $2 billion worth of investments in the same sectors after 2017.
"The joint investment and collaboration will be a game changer for the kingdom's industrial and digital sectors," said GE Chief Executive Jeffrey Immelt, who was meeting with ministers and business leaders in the coastal city of Jeddah on Monday.
GE's investments come at a time when the Saudi government is trying to completely overhaul the country's oil-dependent economy after the collapse in crude prices. The economy has a bloated public sector and is predominantly fueled by oil revenue.
As part of its new economic strategy, Saudi Arabia is trying to attract more international investors and their know-how to help create jobs for its growing population, while also trying to boost sectors that don't rely on the country's oil wealth. It also envisages a greater role for the private sector to provide jobs for Saudi citizens.
"This strategic alliance with GE is an ideal fit to deliver on these goals, and together we will contribute to the long-term economic competitiveness and diversified growth of the Saudi economy," said Abdullatif Al-Othman, chairman of SAIIC, the entity with which GE is planning the investments.
GE already employs around 2,000 people in Saudi Arabia as it has three offices and seven facilities there. The company also has the world's largest gas turbine service facility in Dammam. It was opened in 2011.
Write to Nicolas Parasie at nicolas.parasie@wsj.com
(END) Dow Jones Newswires
May 23, 2016 08:35 ET (12:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
http://ih.advfn.com/p.php?pid=nmona&article=71549542
Standstill Agreement with the Ad Hoc Committee of Holders of Notes and Bonds
US$250,000,000 13.0 per cent. Guaranteed Notes due 2017 (ISINs: Regulation S XS1056559245, Rule 144A XS1056559088) (the "Notes") and US$325,000,000 6.25 per cent. Convertible Bonds due 2017 (ISIN: XS0841237497, Common Code: 084123749) (the "Bonds")
Further to the Company's announcement of 29 April 2016, Gulf Keystone confirms that the Standstill Agreement with the Ad Hoc Committee of holders of Notes and Bonds has been extended until 31 May 2016.
A further announcement will be made in due course.
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan block, which is a major producing field.
· Following the establishment of a regular payment cycle for all oil sales and arrears, and a positive economic outlook, Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 110,000 bopd of production capacity.
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.
This information is provided by RNS
The company news service from the London Stock Exchange
http://ir1.euroinvestor.com/asp/ir/GulfKeystone/NewsRead.aspx?storyid=13376551&ishtml=1
KRG Oil Exports Increase to 512k bpd for April
May 6, 2016 in Iraq Oil & Gas News
The Kurdistan Regional Government (KRG) today publishes the monthly crude oil export report for April 2016.
The report details: All oil export volumes through the KRG-Ceyhan crude oil pipeline; all crude oil cargoes lifted from Ceyhan by the buyers; and the revenues received on account by the KRG during the month.
The Kurdistan Regional Government (KRG) exported 15,356,651 barrels of crude oil (an average of 511,888 barrels per day (bpd)) in the month of April through the Kurdistan pipeline network to the port of Ceyhan in Turkey.
During the month of April there were approximately 7 hours of downtime for the export pipeline.
The buyers of the KRG crude oil lifted 17 cargoes in Ceyhan (totaling 15,267,542 barrels) according to the volumes allocated to them under their contracts.
The KRG received $376,395,901 on account in April from its crude oil export, of which $58,895,901 was allocated to the producers. In addition, one cargo of 1,025,828 barrels of oil was allocated to contractor no. 3 against its 2015 prepayments, so no new payment was payable against this cargo. So in summary the month of April position was as tabulated below:
Number of crude oil barrels sold in Ceyhan: 14,241,714
Number of crude oil barrels lifted in Ceyhan against 2015 debt: 1,025,828
Gross export revenue received in April: $376,395,901
http://www.iraq-businessnews.com/2016/05/06/krg-oil-exports-increase-to-512k-bpd-for-april/
Just another day
All the oil is mine
No I want all the oil
If I don't get all the oil I'm going back to Goat Herding
Oh yeah take this
Kids at Play
" rel="nofollow" target="_blank" >All the oil is Mine Arrrgh
Caught On Tape: Massive Brawl Breaks Out In Turkish Parliament
Tyler Durden's picture
Submitted by Tyler Durden on 05/03/2016 14:35 -0400
A massive brawl broke out between the ruling Justice and Development Party (AKP) and the Peoples' Democratic Party (HDP) during a Turkish parliament meeting recently. According to Russia Today, the fight started as the two sides debated a constitutional amendment that would strip lawmakers of their legal immunity.
Tensions were already high as Turkish president Erdogan has been accusing HDP of ties to the outlawed Kurdistan Workers' Party (PKK), and the constitutional amendment that was being debated was allegedly worrying members of the HDP that they'd potentially be open to prosecution for any opposition of the ruling party.
Here is the footage of the chaos...
http://www.zerohedge.com/news/2016-05-03/caught-tape-massive-brawl-erupts-during-turkish-parliament-meeting?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
LSE Bank Holiday On Monday and another Genel
article
----------------
Genel Energy courts Turkey with Kurdish gas to reduce reliance on Russia
LONDON - Reuters
Genel Energy, chaired by former BP head Tony Hayward, is betting on a major deal with Turkey to jointly develop gas fields in Kurdistan Regional Government (KRG) which will help Ankara reduce its reliance on Russian supplies after relations soured with Moscow.
The deal, if it goes through, could help London-listed Genel regain investor confidence after it steeply downgraded its oil reserves two months ago - leading to it losing a third of its market value, contributing to its biggest-ever annual loss and piling pressure on Hayward.
The company, which owns most of the Bina Bawi and Miran fields, is in talks to sell a stake to TEC, a joint venture that includes the international arm of state-owned Turkish Petroleum (TPAO), according to several sources involved in the negotiations.
“(TEC) wants to invest in the entire value chain of the project,” one source said. The sources did not disclose the size and price of the stake being discussed.
The deal would provide a new source of gas for Turkey, which has scrambled to find alternatives after relations with major supplier Russia deteriorated sharply after the Turkish air force downed a Russian warplane late last year.
Entering the partnership, which would also include the construction of a pipeline and storage facilities to connect the field to Turkey, would also reinforce ties between Ankara and KRG, two neighbors battling Islamic State of Iraq and the Levant.
Genel hopes to complete the negotiations with the partner by the end of the year, Chief Executive Murat Özgül said at the company’s annual general meeting in London on April 27. He did not name the partner.
Genel, one of the main oil producers in KRG, has made no secret of plans to bring in a partner for the fields, which it operates and holds an 80 percent stake in.
Its growing focus on Turkey was underlined when Turkish renewable energy company Bilgin Enerji bought a 10.5 percent stake in the company this month to become its second largest shareholder after Turkish billionaire Mehmet Emin Karamehmet.
Genel plans to export up to 20 billion cubic meters of natural gas per year from the fields, located some 300 km (186 miles) from Turkey and with gas reserves of around 11 trillion cubic feet. It has said it expects the fields to take around three years to develop and to start production in early 2020.
Turkey currently consumes approximately 50 billion cubic meters of gas per year, of which more than half is provided by Russia, according to Genel’s website.
http://www.hurriyetdailynews.com/genel-energy-courts-turkey-with-kurdish-gas-to-reduce-reliance-on-russia.aspx?pageID=238&nID=98453&NewsCatID=348
Gulf Keystone secures stay of execution
By Harriet Mann | Fri, 29th April 2016 - 12:48
Gulf Keystone Petroleum debt Kurdistan Regional Government Iraq bonds
With the grace period on its $26.4 million (£18.2 million) coupon payments just days away, hard-up oil company Gulf Keystone Petroleum (GKP) has secured a stay of execution. Bondholders have agreed to delay the payment deadline from next week to the end of May so management can continue critical discussions despite effectively defaulting on debt. The bills still need to be paid, however, and time is running out.
Gulf Keystone has agreed with a "significant proportion" of its bondholders, although less than three-quarters of the principal amount, to enter into a Standstill Agreement for three weeks, which can be extended to 31 May.
None of the April coupons will be paid while the Standstill Agreement is in place, but failure to stump up the cash after the deal has expired will result in default. At this point, if at least a quarter of Gulf Keystone's bondholders demand payment, Gulf will be required to pay what's due.
Its net assets outweighed total liabilities by $245.6 million at 31 December, but most of this is locked up in non-current assets - it will take over a year to turn this into cash. While it had $138.6 million of liabilities due to be paid in the next 12 months, Gulf only had $78.7 million to hand. Add $25.9 million of cash paid from the Kurdistan Regional Government for its Shaikan crude oil exports since the period end and this still comes up short.
Nervous shareholders have been bailing out of the shares over the last year, with asset manager Prudential (PRU) the latest to dump its entire 5% stake after a long and troubled relationship with the firm. Gulf's shares slipped again on Friday to 5.05p, 97% below 2014's highs of over 180p.
It's easy to draw parallels with FTSE 250 darling-turned-corporate reprobate Afren. Its share price collapsed after its chief executive and others were sacked for unauthorised payments. A hugely expensive recapitalisation process and bond defaults eventually killed off Afren.
Gulf Keystone has managed to bring itself back from the brink before: it axed the book equity ratio covenant on its bonds last year, a requirement for the $40.7 million institutional equity placing. Without bondholder backing, the group would have had to offer to buy back the $250 million notes at 101% plus interest.
But even if the company can keep its head above water for the second time in as many years, it has another $26.4 million due in October and a debt repayment of $575 million scheduled for 2017. It's not looking good.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
GUKYF Strategic Update-Standstill Agreement with the Ad Hoc Committee of Holders of Notes and Bonds
US$250,000,000 13.0 per cent. Guaranteed Notes due 2017 (ISINs: Regulation S XS1056559245, Rule 144A XS1056559088) (the "Notes") and US$325,000,000 6.25 per cent. Convertible Bonds due 2017 (ISIN: XS0841237497, Common Code: 084123749) (the "Bonds")
Further to the Company's disclosure on 14 April 2016, Gulf Keystone confirms that constructive dialogue continues with a number of its stakeholders on the Company's need for near-term fundraising and the restructuring of the Company's balance sheet ("Stakeholder Discussions"). The grace periods for the 18 April 2016 coupon payments in respect of the Company's Bonds and Notes ("April 2016 Coupon Payments") expire on 2 May and 3 May, 2016, respectively.
In this context Gulf Keystone announces today that the Company has reached an agreement with the Ad Hoc Committee of holders of Notes and Bonds, that they will enter into a Standstill Agreement with the Company until 20 May 2016, extendable until 31 May 2016. The signatories represent a significant proportion (but less than 75% by principal amount) of the holders of each of the Company's Notes and Bonds. The purpose of the Standstill Agreement is to provide the Company with an extended period to continue the Stakeholder Discussions beyond the expiry of the grace periods for the April 2016 Coupon Payments.
Whilst the Standstill Agreement remains in effect, the Company does not intend to make the April 2016 Coupon Payments. After the expiry of the relevant grace period on 2 May and 3 May, respectively, the continuing failure to make those payments under the Bonds and the Notes will constitute an Event of Default under the Bonds and Notes, respectively. At a time when an Event of Default subsists the holders of not less than one-quarter of the principal amount of the Notes or the Bonds, as the case may be, then outstanding may request the relevant Trustee to declare the principal amount of the Notes or the Bonds, as the case may be, immediately due and payable.
The signatories to the Standstill Agreement will agree not to vote in favour of any resolution of the Noteholders or Bondholders to instruct the relevant Trustee to take such a step.
A further announcement will be made in due course.
Enquiries:
Gulf Keystone Petroleum:
+44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Anastasia Vvedenskaya, Head of Investor Relations
+44 (0) 20 7514 1411
Celicourt Communications:
+44(0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan block, which is a major producing field.
· Following the establishment of a regular payment cycle for all oil sales and arrears, and a positive economic outlook, Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 110,000 bopd of production capacity.
Disclaimer
This announcement contains certain forward-looking statements. These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.
This information is provided by RNS
The company news service from the London Stock Exchange
END
GEGYF UPDATE 1-Genel courts Turkey with Kurdish gas to reduce reliance on Russia
" rel="nofollow" target="_blank" >Good Morning Greenel
* Genel in talks with Turkish state-backed firm on stake in fields
* Deal would help Turkey diversify supplies after Russian dispute
* Could help Genel and Chairman Hayward regain investor confidence (Recasts, adds details, background)
By Ron Bousso
LONDON, April 27 Genel Energy, chaired by former BP head Tony Hayward, is betting on a major deal with Turkey to jointly develop gas fields in Iraqi Kurdistan which will help Ankara reduce its reliance on Russian supplies after relations soured with Moscow.
The deal, if it goes through, could help London-listed Genel regain investor confidence after it steeply downgraded its oil reserves two months ago - leading to it losing a third of its market value, contributing to its biggest-ever annual loss and piling pressure on Hayward.
The company, which owns most of the Bina Bawi and Miran fields, is in talks to sell a stake to TEC, a joint venture that includes the international arm of state-owned Turkish Petroleum, according to several sources involved in the negotiations.
"(TEC) want to invest in the entire value chain of the project," one source said. The sources did not disclose the size and price of the stake being discussed.
The deal would provide a new source of gas for Turkey, which has scrambled to find alternatives after relations with major supplier Russia deteriorated sharply after the Turkish airforce downed a Russian warplane late last year.
Entering the partnership, which would also include the construction of a pipeline and storage facilities to connect the field to Turkey, would also reinforce ties between Ankara and Iraqi Kurdistan, two neighbours battling Islamic State.
Genel hopes to complete the negotiations with the partner by the end of the year, Chief Executive Murat Ozgul said at the company's annual general meeting in London on Wednesday. He did not name the partner.
Genel, one of the main oil producers in Iraqi Kurdistan, has made no secret of plans to bring in a partner for the fields, which it operates and holds an 80 percent stake in.
Its growing focus on Turkey was underlined when Turkish renewable energy company Bilgin Enerji bought a 10.5 percent stake in the company this month to become its second largest shareholder after Turkish billionaire Mehmet Karamehmet.
Genel plans to export up to 20 billion cubic metres of natural gas per year from the fields, located some 300 km (186 miles) from Turkey and with gas reserves of around 11 trillion cubic feet. It has said it expects the fields to take around three years to develop and to start production in early 2020.
Turkey currently consumes approximately 50 billion cubic metres of gas per year, of which more than half is provided by Russia, according to Genel's website. (Editing by Jane Merriman and Pravin Char)
http://uk.reuters.com/article/genel-energy-gas-turkey-idUKL5N17U5QE
Southern Oil Exports running at Record High
April 27, 2016 in Iraq Oil & Gas News
By John Lee.
Oil exports from southern Iraq have reportedly reached a record rate of 3.43 million barrels per day so far in April.
If sustained for the full month, Reuters reports that this would exceed the record of 3.37 million bpd reached in November.
The increase partly reflects an easing of delays in the loading of Basra Heavy crude.
Northern shipments of crude from the Kurdistan region have risen to 420,000 bpd so far in April, up from 327,000 bpd in March.
(Source: Reuters)
General Electric (GE) has signed a “strategic framework agreement” with Iraq’s Oil Ministry on Sunday.
The projects are planned to generate more than 400 megawatts of power for oil installations by summer.
Other initiatives are to maintain existing generating infrastructure and reduce gas flaring from oil fields.
The ministry did not specify the agreement’s value or timeframe.
(Sources: Reuters, Oil Ministry) http://www.iraq-businessnews.com/2016/04/25/ge-signs-power-deal-in-iraq/
GUKYF GEGYF
Thanks Belek GEGYF Made it back, Good Sign~
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