Gulf Keystone Irak-Ölperle Deutschland schläft (Seite 24)

[Eulenfoerster]

Antwort auf Beitrag Nr.: 49.546.940 von texas2 am 12.04.15 19:26:43

Einerseits ist man bestrebt die Produktion auf 100.000 Barrel anzuheben, andereseits bietet man sich für eine Übernahme an oder will Anteile veräussern

Weiß nicht, was ich davon halten soll. Sollte die Irakische Regierung die offenen Rechnungen begleichen, könnte GKP selbständig bleiben und der Kurs würde endlich steigen.

[texas2]

Antwort auf Beitrag Nr.: 49.546.940 von texas2 am 12.04.15 19:26:43

und so sieht es bei den Nachbarn aus

Bloomberg
April 10, 2015

Oslo: DNO ASA and partner Genel Energy Plc have increased production at their Tawke field in Iraq’s Kurdistan region to a record 150,000 barrels of oil a day as they expect more regular payments for exports.

Tawke is currently the largest producing field in Kurdistan in northern Iraq and DNO, its Norwegian operator, is on track with expansion plans to boost output and processing capacity to 200,000 barrels a day in the first part of the year, Executive Chairman Bijan Mossavar-Rahmani said in an email on Friday.

A “significant” part of production is exported through Turkey, with the balance sold in the local Kurdish market, he said.

DNO extended gains following the news on DNO’s production, rising as much as 8.2 per cent and trading 7.4 per cent higher at 12.4 kroner a share as of 3:30pm in Oslo.

Genel, which owns 25 per cent of Tawke and is Kurdistan’s biggest producer, said last week it expects a regular export- payment mechanism to be established over the course of 2015 following years of squabbling over oil revenue between the semi- autonomous Kurdistan Regional Government and central Iraqi authorities.

While the KRG and Baghdad struck a deal over exports in December, Kurdish producers have had to resort to discounted local sales to secure cash from operations as authorities hang on to export income amid a costly fight against militants from Islamic State.

“We’re fully confident that we’ll receive payments for our production and exports in line with our contractual terms,” Mossavar-Rahmani said, stopping short of providing a timeline like Genel.

“The operating companies in Kurdistan have made it quite clear that future investments will be driven by the timing and extent of payments.

And it’s in the interest of all parties that these investments be made.”
In the meantime, DNO is selling oil locally at as low as $30 a barrel, according to figures provided last month in a presentation. Mossavar-Rahmani declined to provide the proportion of production being exported.

The share of DNO’s working-interest output being exported reached 54 per cent in 2014, up from 43 per cent in the first three months of that year after Kurdistan boosted exports in the fourth quarter, according to calculations based on company filings. DNO’s Chief Financial Officer Haakon Sandborg said last month the company intends to increase local sales through the year.

“The update on DNO’s production figures probably contributed to the stock’s advance today,” Teodor Sveen Nilsen, an analyst at Swedbank AB, said in an email. “This shows DNO is making progress on ramping up capacity at Tawke. However, we are still concerned about weak first-quarter cash flow and the short term outlook for regular export payments.”

Genel rose 0.7 per cent to 521 pence in London after earlier falling as much as 1.4 per cent.

[texas2]

Antwort auf Beitrag Nr.: 49.520.246 von Eulenfoerster am 08.04.15 19:40:55

9 April 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")

2014 Results Announcement
Gulf Keystone, an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq, today announces its results for the year ended 31 December 2014.

HIGHLIGHTS
Operational

· 2014 gross production of 6,484,391 barrels of oil (2013: 496,921 barrels of oil) with significant growth expected in 2015

· Gulf Keystone's operations in the Kurdistan Region remained secure with production operations and crude oil export deliveries from the Shaikan field uninterrupted throughout 2014

· The first production milestone of 40,000 barrels of oil per day ("bopd") reached in December 2014 following a gradual ramp-up during the year

· Current production in excess of 37,000 bopd is being delivered against the pre-payment of US$ 26 million gross (US$20.8 million net to Gulf Keystone) received for Shaikan crude oil sales on 25 February 2015, with further payments of a similar nature anticipated

Financial - as at 31 December 2014

· Revenues of US$38.6 million achieved (FY13: US$6.7 million); additional revenue in the region of US$100 million owed but not yet recognised for crude oil export sales

· Loss after tax of US$248.2 million (FY13: US$32.0 million)

· Net proceeds of US$240 million raised from the issue of debt securities and associated warrants in April 2014

Financial - post period end

· US$26 million gross (US$20.8 million net) received as pre-payment for Shaikan crude oil sales in February 2015

· Successful placing of 85.9 million shares on 31 March 2015, raising gross proceeds for the Company of US$40 million

· Discussions ongoing with a number of parties in relation to possible asset transactions or corporate sale

· Book Equity Ratio Put Option successfully removed from the Trust Deed and Conditions of the US$250 million 13.0 per cent Guaranteed Notes due 2017 at the noteholder meeting on 7 April 2015

· Cash balance at 8 April 2015 of US$84.7 million (31 Dec 2014: US$87.8 million) excluding recent share placing proceeds

Outlook

· Establish a regular payment cycle for past and future Shaikan crude oil export sales

· Finalise and implement a pipeline access solution for the Shaikan crude

· Achieve stable Shaikan production rates of 40,000 bopd aiming to maintain a daily average of 36,000 bopd throughout 2015

· Manage expenditure in a responsible and prudent manner, continuing to review and control capital commitments

· Make decisions on investment in additional production facilities, development wells and infrastructure required to increase Shaikan production in line with the approved Shaikan Field Development Plan

· Make a decision regarding early production and development of the Sheikh Adi discovery


Commenting on the Full Year results, Andrew Simon, Interim Non-Executive Chairman, said:

"2014 was a pivotal year for Gulf Keystone as we completed the critical transition from explorer to producer. We started the year with our first crude oil export sales and ended the year by achieving our objective of producing 40,000 barrels of oil per day from the Shaikan field, our flagship asset in the Kurdistan Region of Iraq. This was a significant achievement for an independent E&P company in a country in the midst of a conflict.

We are committed to rebuilding shareholder value. All avenues for doing this are being considered, including expansion plans for Shaikan. As already announced, the Company is continuing to engage in discussions with interested parties in relation to possible asset transactions or a sale of the Company, as well as considering additional routes to secure further funding."

John Gerstenlauer, CEO, said:

"Hitting an important production milestone and achieving a year of regular crude oil export deliveries confirmed another step change year for our operational progress at Shaikan, verifying the presence of a robust international market for our production and demonstrating our commitment to meeting targets against a challenging geopolitical backdrop and low international oil prices.

Following a number of payments received for crude oil exports in 2014 and the most recent pre-payment of US$26 million in February 2015, the arrears amount for crude oil export sales has not increased significantly in the past six months and we believe that we are close to achieving a steady and stable payment cycle for present and future crude oil export sales."

Enquiries:

Gulf Keystone Petroleum:
[phone]
John Gerstenlauer, CEO

Sami Zouari, CFO

Anastasia Vvedenskaya, Head of Investor Relations



Media Relations and Financial PR Adviser:
[phone]
Mark Antelme



or visit: www.gulfkeystone.com


Notes to Editors:

· Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq.
· Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan, the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
· GKPI is the operator of the Shaikan block, which is a major commercial discovery, with a working interest of 75% and is partnered with MOL Kalegran Limited (a 100% subsidiary of MOL Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have working interests of 20% and 5% respectively.
· Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 100,000 bopd of production capacity during Phase 1 of the Shaikan Field Development Plan.

bzw. detailierter unter http://ir1.euroinvestor.com/asp/ir/GulfKeystone/NewsRead.asp…

wichtigstes kurzfristiges Ziel: GKP muss liquider werden dh die Zahlungen vom verkauften Öl von den Kurden bekommen

[Eulenfoerster]

Antwort auf Beitrag Nr.: 49.513.559 von texas2 am 08.04.15 07:27:28

Bei Übernahme gehe ich von den ganzen Reservoire seitens GKP aus. Das müssten doch 9 Mrd. barrel sein m.W.. Somit mal 5$ pro Barrel auch von iii so ausgerechnet sollte GKP ein Übernahmeangebot von 45 Mrd. $ wert sein.

Klar, es dürften ein paar Milliardchen weniger sein, aber das wären sie wert.

Für mich ein glasklarer Kauf! Werde aufstocken !

[texas2]

Antwort auf Beitrag Nr.: 49.494.419 von Eulenfoerster am 04.04.15 00:05:37

von iii

You are correct that, using the recovery rates that are frequently discussed, one gets a range of estimated recoverable oil attributable to GKP that centres around 1.88 billion barrels. This would imply recoverable oil in the field as a whole of around 3.5 billion bbls. Interestingly enough, this is also consistent with GKP's own long term production target of around 400,000 bbls/day.

My own view, for what it's worth, is that this would be a great outcome, and it is also very achievable from a technical standpoint if nature is not unkind to us.

However, I fear that the appropriate value to apply to those 1.88 billion bbls is not $20/bbl. The reason is not lifting costs, but rather the terms of the production-sharing contract (PSC). Bear in mind that if you have reserves in the US, you will probably be paying some royalties to the land owner and perhaps others, and your lifting costs may be higher, but all the oil is yours. You just have to pay the royalties and lifting costs, and then pay normal US taxes (after deducting your exploration and development costs). So with oil around $100 per barrel, it is easy to see how your netback at the wellhead, after all costs and taxes, can be well in excess of $30/bbl.

But in Kurdistan the oil belongs to the government (whether the KRG or Iraqi) and GKP gets paid via a PSC where its share is around 30% until costs are recovered twice over (the so-called R-factor) after which it falls to around 15%. And this is after a 10% royalty to the KRG off the top. The costs of exploration and development, large as they are, should be recovered quite quickly (and those costs would need to be factored into a net present value calculation anyway). So the value of most of the production to GKP, after cost recovery and assuming those low lifting costs, is likely to be around $12-13/bbl assuming a $100/bbl oil price.

GKP then has to pay a 40% "infrastructure payment" to the KRG, reducing its net receipt to around $8/bbl, in the $100/bbl oil price world.

Things are much the same for Genel. Their infrastructure payment commitment is only 30%, but their PSC terms are otherwise generally similar. This is why, as I recall, they have said that in the current price environment they expect a long term realisation in the range of $9/bbl; and this is why the valuation used in the original Genel merger was between $5-6/bbl -- allowing for the net present value aspect. I think a similar value was ascribed to Addax's interest in TaqTaq at the time Addax was bought by the Chinese. So even though GKP's terms may not be quite as good as Genel's, I think this is probably a good place to start thinking about Shaikan's value.

This would still value GKP's interest in Shaikan in the region of $10 billion based on $100/bbl oil, if the expected recovery factor and export economics can be proved up. This is still pretty good!

Cheers, TM

[Eulenfoerster]

Antwort auf Beitrag Nr.: 49.491.272 von texas2 am 03.04.15 09:22:22

Interessante Sichtweise

Dennoch,Fakt ist, Exxon und die Chinesen haben ein Auge auf die Ölfelder von GKP geworfen. Multipliziert man die Ressourcen mit 5$ pro Barrel, so ergäbe sich ein realistischer Wert von ca 45 Mrd.$. Mehr als das hundertfache am jetzigen Wert. Das kann sich Exxon als auch die Chinesen leisten. Ein Bietergefecht wird es allemal auf ein zweistelliges Mrd.-Sümmchen treiben. Aber noch warten sie wohl alle auf eine bessere Lage im Irak, wobei die ISIS schon ausgespielt hat in meinen Augen.

Der Aktienkurs ist definitiv übeertrieben gefallen in meinen Augen, den wo sollen die Risiken für die Investoren stecken ausser den ständigen Verwässerungen?

[texas2]

Antwort auf Beitrag Nr.: 49.491.272 von texas2 am 03.04.15 09:22:22

PS:
- habe die Türken (die mit den Kurden über Jahrzehnte bewaffnete Konflikte haben) vergessen über deren Land das kurdische/irakische Öl zum Exporthafen geht und damit ebenfalls wichtige Mitspieler, die den GKP Kurs beeinflussen können.

[texas2]

Antwort auf Beitrag Nr.: 49.490.999 von texas2 am 03.04.15 08:05:37

ein wenig sortieren:
Todd Kozel ein damals kleiner Ami Ölprinz mit Chuzpe gründet zusammen mit arabischem Geld (die Retourkutsche der Kuwaitis für den Saddam Einmarsch in Kuwait) eine Ölfirma, steigt damit im N-Irak ein und hat einige lange Jahre später den Dussel einige Millarden bbl Öl zu finden, bei reinen Produktionskosten, die mit den saudischen vergleichbar sind (niedrigsten weltweit) - Jackpot! Die Milliarden bbl öl kann jeder selber mit dem Ölpreis multiplizieren und einen Bruchteil davon nehmen, je nachdem wie man die Kosten einschätzt, wie viel der Staat, die Kurden abziehen etc. Todd Kozel übertreibt es aber ein wenig, sieht zB einige Milliarden bbl Öl zu viel (sag ich: kann schon passieren in solch einem Glücksrausch ) und übertreibt auch bei seinem Gehalt, der mit über 20 Mio $/a über dem vom Shell Chef liegt, obwohl GKP noch nix verdient. Kann man auch verstehen, wenn die alt gewordene Ehefrau, die in den USA geblieben ist, 100 Mio $ für die Scheidung will. Aber das Verständnis hört bei den Aktionären und Partnern auf und sie setzten Todd Kozel vor die Tür, der damit zusammen mit seiner Familie "nur" noch Aktionär ist. Es folgt der schillernde Simon Murray aus Hong Kong kommend und GKP braucht dringend Geld um weiter zu machen. Man verschuldet sich mit 250 Mio $ und jede Menge Leuten wollen die Milliarden bbl Öl, die GKP jetzt in Kurdistan neu entdeckt hat. GKP selber stellt sich zum Verkauf dh man sagt GKP will nicht selber großer Ölproduzent werden und wahrscheinlich unterm Strich nicht mehr $ sehen sondern durch den Verkauf der Firma schnellere aber unterm Strich weniger $ sehen. Wenig später wird Murray vor die Tür gesetzt, weil einige größer Aktionäre (M&G sollte über 50 Mio Aktien von GKP haben)eine andere Linie als Murray fahren wollen. Wer will jetzt also alle seine Anteile am Milliarden bbl GKP Ölkuchen haben:
- Die Kurden selber, ist immerhin ihr Land, sind ein geschundenes Volk, das seinen eigenen Staat haben möchte. Mit den verschiedenen mehr oder weniger korrupten Clans, Parteien. Stellen zur Zeit die bewaffneten Wachen auf dem Ölfeld (mit Gewehren aus Deutschland)und somit in einer relativ starken Position, die viele $ sehen wollen
- Der Irak, ist immerhin ihr Staat, politisch zur Zeit von Shiiten dominiert, mit ein wenig zu kurz gekommen Suniten und einer ISIS die die Christen umbringt und mit dem Rest im Clinch liegt. Machen zur Zeit den korrupteren Eindruck als die Kurden. Aber mit Isis ist man voneinander abhängig und sie befürchten die vielen $ zu verlieren. Haben deshalb zB den griechischen Öltankerreeder verklagt, damit der nicht mehr das von den Kurden verkaufte Öl transportieren soll.
- Kozel und die Aktionäre, schießlich war das die Idee der GKP Gründung. Andere Aktionäre wie der M&G Fond kämpfen aber auch mit harten Bandagen um einen möglichst hohen Anteil von GKP zu bekommen.
- Kreditgeber: Weil das aber mit der Bezahlung der ersten geförderten zehntausenden bbl/d nur schlecht läuft (Irak/Kurden/Isis Problem) muss Kredit genommen werden. Die Kreditgeber denke ich wollen ebenfalls ein möglichst großes Ölkuchenstück von GKP und natürlich ihr Geld zurück (aus Sicht der Aktionäre, die nicht bei den Kreditgebern dabei sind: schlecht verhandelt)
- Und dann gibt es noch die möglichen Käufer wie die Majors (zB Exxon) und Staatlichen Ölfirmen (Chinesen etc), für die GKP mit den Millarden bbl Öl ein sehr fetter Brocken wäre, der die Geschäfte über viele Jahre, ja Jahrzehnte weiter sichern könnte, wenns klappt. Die wollen natürlich so billig wie möglich kaufen.
- Partner wie die MOL - kann zumindest eine wichtige Hilfe fürs GKP Überleben sein. Wenn irgendwie möglich werden die aber ebenfalls versuchen, ihr Filetstück zu vergrößern wenn was geht.

Gestern nachdem offiziell klar war, dass die Bondhalter jetzt GKP nicht die Unterhose ausziehen zur Lasten der Aktionäre, stieg der GKP Kurs um danach zu fallen, meine Interpretation weil gleichzeitig die Nachricht kam, dass die Wahrscheinlichkeit steigt, dass mehr billiges iranisches Öl auf den Markt kommen könnte

Eine äußerst interessante, auch im Ölgeschäft nicht alltägliche Melange - viel Spass beim spekulieren

[texas2]

Antwort auf Beitrag Nr.: 49.490.972 von texas2 am 03.04.15 07:49:10

Die, denen GKP 250 Mio $ schuldet haben ihre Bedingungen gestellt, wie zB dass GKP immer mindestens 50 Mio $ auf dem Konto haben muss etc.



2 April 2015

Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")


Consent Solicitation Update

US$250 million 13.0 per cent. Guaranteed Notes due 2017
(Regulation S Notes: ISIN XS1056559245 / Common Code 105655924;
Rule 144A Notes: ISIN XS1056559088 / Common Code: 105655908)
(the "Notes")


Further to the Company's RNS of 12 March 2015, Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today announces that it has received confirmation that its Consent Solicitation has received the successful support of noteholders. The Consent Solicitation will expire at 3.00 p.m. (London time) on 2 April 2015.

Noteholders have submitted the requisite proxies to remove the book equity ratio covenant from the trust deed constituting the Notes (the "Trust Deed"), and the Company has agreed to the following terms: (i) retaining the Company's Debt Service Reserve Account at one year of scheduled interest payments for the Notes (instead of stepping down to six months of interest payments in October 2015); (ii) granting a security interest in favour of the holders of the Notes and the Company's 6.25 per cent. Convertible Bonds due 2017 (the "Convertible Bonds") over the shares of Gulf Keystone Petroleum International Limited, subject to negotiation of the terms of the security and intercreditor documentation; (iii) reducing certain of the Company's grace periods under the Trust Deed for certain events of default and including additional notifications to the Trustee; and (iv) beginning a dialogue with a committee of holders of the Notes if and when the Company's cash balance drops below US$50 million (including amounts in the Debt Service Reserve Account) for a period of five consecutive business days. Certain of the foregoing features will have to be formally approved at an additional meeting of holders of the Notes and if applicable the Convertible Bonds, to be called by the Company within 15 business days of the successful completion of the Noteholder Meeting scheduled for 7 April 2015. For the avoidance of doubt, the removal of the book equity ratio covenant is not subject to the result of such additional noteholder meetings and the Company expects the supplemental trust deed that will give effect to the removal of the book equity ratio covenant to be executed following the first noteholder meeting on 7 April 2015, subject to confirmation of the final results of the Consent Solicitation following its expiration.

The Placing of New Common Shares announced by the Company on 31 March 2015 is conditional on, inter alia, the consent from the holders of the Notes to the removal of the book equity ratio covenant from the Trust Deed.

The other terms and conditions of the Consent Solicitation remain unchanged. The complete terms and conditions of the Consent Solicitation are described in the Consent Solicitation Memorandum dated 12 March 2015 issued by the Company, as supplemented by the Supplements dated 24 March 2015 and 30 March 2015 (together, the "Consent Solicitation Memorandum"), copies of which may be obtained by contacting D.F. King Limited, the information and tabulation agent for the Consent Solicitation, as set out below. Additional information concerning the Consent Solicitation may be obtained by contacting the solicitation agents.

Capitalised terms have the meanings assigned to them elsewhere in this release or in the Consent Solicitation Memorandum, as applicable.

This RNS is for informational purposes only, and the Consent Solicitation is being made only pursuant to terms of the Consent Solicitation Memorandum. The Consent Solicitation is not being made to, and Consents are not being solicited from, holders of Notes in any jurisdiction in which it is unlawful to make such solicitation or grant such Consent. None of the Company, the guarantor of the Notes, the solicitation agents, the information and tabulation agent or the trustee under the Trust Deed makes any recommendation as to whether or not holders of Notes should deliver any Consents. Each holder of Notes must make its own decision as to whether or not to deliver a Consent.

Further Information

A complete description of the terms and conditions of the Consent Solicitation is set out in the Consent Solicitation Memorandum. Further details about the transaction can be obtained from:

The Solicitation Agents

Deutsche Bank AG, London Branch
Tel: [phone]
Tel: [phone]

[texas2]

Antwort auf Beitrag Nr.: 49.490.954 von texas2 am 03.04.15 07:43:09

Mr. Murray erzählt jetzt ein wenig von seiner Version der Geschichte. Bringt zumindest ein wenig Licht hinein, was wie vielleicht gelaufen ist in den letzten Monaten, Tagen

Gulf Keystone ex-chairman says was forced out, tried to lure Exxon
Reuters
April 1, 2015 11:11 AM


By Dmitry Zhdannikov

LONDON, April 1 (Reuters) - The former head of oil company Gulf Keystone said he was talking to several parties, including ExxonMobil, about a rescue for the firm before being forced to quit under pressure from an investor.

Gulf Keystone, which has been hit hard by a fall in oil prices and delayed payments for crude by Kurdistan, said this week that Chairman Simon Murray, a former chairman of commodities trader Glencore, had retired.

But Murray said he was effectively forced to quit after he disagreed with the firm's decision to raise $41 million through an equity issue at a 21 discount to the market to avoid breaching debt covenants.

Murray said he believed the capital increase this week was a bad short-term solution and had been pushing for a longer-term option, such as an offer from investment group T5 led by former Tullow Oil chairman Pat Plunkett.

He said there had been other options on the table too.

"We had two offers. Pat Plunkett was offering a slightly complicated but interesting solution. Exxon and a Chinese company was looking at us as well. I told the board we should be looking for a long-term solution," Murray told Reuters.

"Instead the board opted for a panic-mode decision."

Related Quotes
XOM
84.30
-0.19%
GKP.L
36.00
-0.69%
Exxon Mobil Corporation Watchlist
84.30-0.16(-0.19%)
NYSEThu, Apr 2, 2015 4:01 PM EDT

WTI Is under Pressure as Cushing Inventories Approach Capacity Market Realist 10 hrs ago
Exxon Mobil (XOM) Stock Declines Today as Oil Price Take a Sharp Downturn TheStreet q 11 hrs ago
More
A spokesman for Gulf Keystone said the company believed it took the best decision for its shareholders this week and declined to discuss details of Murray's departure or talks with individual parties.

"It is not appropriate to comment on individual conversations, beyond saying that the company, supported by its advisers, will continue to select what it views as the best course of action in order to see it through its short-term liquidity issues, and to ensure the greatest value can be achieved for all stakeholders..." the spokesman said.

Exxon Mobil, which in 2012 became the first major oil company to invest in Kurdistan despite opposition from the central government in Baghdad, declined to comment. "We never comment on potential business opportunities," a spokesman said.

INVESTOR ROLE

The dispute between Kurdistan and Baghdad over oil export rights and payments has had far reaching implications for firms working in Kurdistan, including Gulf Keystone.

The firm is owed $200 million by Kurdistan, which has been waiting for money from Baghdad, carries a debt of $575 million and faces a liquidity squeeze ahead of an April deadline to pay $26 million to lenders.

Even before the Kurdish Regional Government left bills unpaid, Gulf Keystone had been going through turmoil.

Murray became chairman in July 2013 amid a campaign by investors M&G and Capital Group to put new directors on the board due to their concerns about corporate governance and Chief Executive Todd Kozel's large compensation package. Kozel quit in 2014.

M&G and Capital Group hold more than five percent each in Gulf Keystone, making them the second and third largest shareholders behind Barclays Wealth, according to Reuters data.

Murray said it was M&G which had asked Gulf Keystone's board in a letter to force him out if the company wanted M&G to participate in the new $41 million share issuance this week.

M&G, which agreed to subscribe to the new share issue, declined official comment.

A source familiar with the M&G strategy said the fund was convinced management changes were needed at Gulf Keystone to improve company performance.

"You don't enter into sale negotiations with the position of weakness. The company needed to address short-term liquidity problems first," the source said.

Murray said he felt different: "I said I did not want to stand in the way of receiving the money if that is how the board felt. Even though I felt this was not the way".

(Editing by David Clarke and David Evans)