Gulf Keystone Irak-Ölperle Deutschland schläft (Seite 95)

[Falke7]

Demnächst dürfte es mit der Exploration von Ber Bahr durch Genel Energy losgehen

Gruß Falke7

[gabbo62]

UPDATE: Gulf Keystone Petroleum releases positive drilling results on two Shaikan wells
10:47 am by Ian Lyall
http://bit.ly/onjAfv

The Shaikan oilfield is located in the Kurdistan region of Northern Iraq and is currently estimated to contain between 5 and 10 billion barrels of oil-in-place.
----Adds broker comments----
Gulf Keystone Petroleum (LON:GKP) revealed this morning that the payzone for the upper Jurassic reservoirs of its Shaikan-4 well is “significantly better” than the net pay count of its two earlier wells.
The update came as the well hit a measured depth of 2,850 metres and was released alongside news on the Shaikan-2 test well, drilled nine kilometres south-east of the original Shaikan discovery.
The company has just completed flow tests on the lower section of the Kurre Chine B zone and Upper Triassic at Shaikan-2, which achieved a rate of 2,600 barrels a day of 40 degree API oil along with gas.
This brings the maximum aggregate flow rate to in excess of 15,000 barrels a day, with Gulf Keystone still to perform up to five additional tests as part of the in the Triassic and Jurassic.
The next test will be conducted on the upper section of the Kurre Chine B.
Chief operating officer John Gerstenlauer said: "This latest in a series of successful Shaikan-2 well tests follows the announcement of the new Triassic discovery made with this well earlier this month.
“Together with the progress in the Shaikan-4 drilling operations and the oncoming spudding of Shaikan-5, it is a confirmation of Gulf Keystone's success in both drilling and proving the value of the giant Shaikan field, which is our immediate focus."
The Shaikan oilfield, located in the Kurdistan region of Northern Iraq, is currently estimated to contain between 5 and 10 billion barrels of oil-in-place.
But Gulf Keystone’s latest discovery, in a deeper Triassic age reservoir that could not be reached in previous wells, will add to this impressive tally.
“Today's announcement illustrates that GKP continues to make strong progress in Kurdistan, with the Shaikan field yielding further discoveries and better data than originally anticipated,” said Dougie Youngson, oil and gas analyst at City broker Arbuthnot.
The update comes amid a period of intense speculation about the company’s future and as the political backdrop in Kurdistan begins to improve.
Last week Gulf Keystone was forced to deny a report that it is preparing a beauty parade of potential buyers, and said it wants to continue exploiting the untapped value of its projects in Kurdistan.
However analysts say it may have to bring on board a partner with deep pockets in order to do this.
The approval last weekend by the Iraqi cabinet of the long-delayed draft oil law is being interpreted as positive by analysts assessing its impact on companies working in semi-autonomous Kurdistan
It will now be sent to parliament for final passage. And when enacted it will provide foreign explorers a more solid legal framework for their activities.
The law is also seen as pivotal to reconciling Iraq's factions - especially Iraqi Arabs and Kurds - as the country rebuilds after years of war.
It is good news for companies already operating in Kurdistan such as Gulf Keystone Petroleum, Heritage Oil (LON:HOIL) and DNO Exploration, as well as newcomers to the region including Petroceltic (LON:PCI) and Afren (LON:AFR), which have recently landed production sharing contracts.
“The possibility that Baghdad will recognise Kurdish production sharing agreements by the end of this year has been mooted to us by the company in recent meetings, and we view any resolution of this issue as an important catalyst for the stock as it would substantially reduce the country risk associated with the assets,” said Angus McPhail, of Investec Securities.
“This may explain why M&A has come into media headlines recently regarding this stock.”
The shares – which high a year-high of 202.75 pence last autumn – were changing hands virtually unchanged at 135.29 pence this morning. Investec reckons GKP is worth 208 pence a share, while Arbuthnot has set a rather more punchy 279 pence price target.

[gabbo62]

5 September 2011

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Kurdistan Operational Update

Gulf Keystone today provides an update on its ongoing exploration and appraisal programme for the Shaikan block in the Kurdistan Region of Iraq. Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels to 10.8 billion barrels calculated on the P90 to P10 basis with a mean value of 7.5 billion barrels.

Shaikan-2 Well Test Update

Further to the announcement of 18 August on the new Triassic discovery with the Shaikan-2 Appraisal Well, the Company has completed a flow test in the lower section of the Kurre Chine B zone in the Upper Triassic zone of the Shaikan-2 Appraisal Well drilled approximately nine km to the south-east of the Shaikan-1 discovery well.

The Kurre Chine B flow test in Shaikan-2 achieved flow rates of 2,600 barrels of 40 degree API oil per day with associated gas of 5.4 MMcf per day through a 48/64"choke.

So far, the Company has conducted three wells tests on Shaikan-2 with the maximum aggregate flow rate in excess of 15,000 barrels of oil per day ("bopd") with up to five additional tests still to be performed as part of the ongoing Shaikan-2 testing programme in the Triassic and Jurassic. The next test will be conducted on the upper section of the Kurre Chine B.

Shaikan-4 Drilling Update

The Shaikan-4 Appraisal Well, drilled six km to the west of the Shaikan-1 discovery well, is currently drilling ahead at a measured depth (MD) of 2,580 meters. Preliminary well logs through the upper Jurassic (down to the top of the Butmah formation) indicate that the net pay count on this well for the upper Jurassic reservoirs is significantly better than those achieved with either Shaikan-1 or Shaikan-2.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented:

"This latest in a series of successful Shaikan-2 well tests follows the announcement of the new Triassic discovery made with this well earlier this month. Together with the progress in the Shaikan-4 drilling operations and the oncoming spudding of Shaikan-5, it is a confirmation of Gulf Keystone's success in both drilling and proving the value of the giant Shaikan field, which is our immediate focus".

Enquiries:

Gulf Keystone Petroleum:
[phone]

Todd Kozel, Executive Chairman and

Chief Executive Officer

Ewen Ainsworth, Finance Director


http://www.iii.co.uk/investment/detail/?display=news&code=co…

[gabbo62]

Mitschrift CNBC-Interview CEO Todd Kozel:

Name: Todd Kozel
Position: CEO
Company: Gulf Keystone Petroleum
Date: 31/8/2011
Time: 08:10 CET

Channel: CNBC in Europe
Duration: 5 mins 31 secs

Interview with Todd Kozel

Steve Sedgwick
Joining us now is Todd F. Kozel, who is the CEO of Gulf Keystone Petroleum and I mean just to tell people a little bit about yourselves, there is a potential deal in the offing. People are looking at whether you are looking to sell yourself and what the latest is there. Just tell us on that one to start off if we may.

Todd Kozel
Well to start off, those were rumours in the press over the weekend. There are absolutely no deals in the offing for Gulf Keystone.

Steve Sedgwick
You are not looking to sell yourself. This is what Reuters reported

Todd Kozel
We are not.

Steve Sedgwick
on August 28th.

Todd Kozel
We are not up for sale, no.

Steve Sedgwick
OK. So what are you looking to do? Organic growth, Kurdistan base, tell us a bit about the company.

Todd Kozel
Yeah, Gulf Keystone's a 100% Kurdistan focused exploration company. We have discovered to date, 12 billion barrels of oil in place on 3 licences. The good news is it just keeps getting bigger and bigger. We've got upside on those licences of 15 to 18 billion, with a third licence with a potential of another 20 billion. So for an AIM listed company we've got a potential of upwards of 20 billion barrels of oil in place in Kurdistan, which is by any means world class.

Steve Sedgwick
That is a staggering number but as we all know round there, and our viewers know as well because they're a smart bunch, the international oil companies are struggling to find that kind of level of reserves without paying an enormous cost to the national companies, to the states such as Kurdistan as well. That
is one question I have for you, and the second is cost of extraction and getting this to consumer because costs of oil do you have to pay to the state, and costs of oil that you have extract are 2 key issues.

Todd Kozel
Well the big issues are if you're headline news today we're not drilling in the Arctic. We're not deep water Gulf of Mexico. It is one of the few places, and the last places, onshore that you can access reserves of this size. The cost is minimal. We're in a position, our finding costs is 25 cents a barrel, our lifting cost, processing cost, transportation cost, we're $2.90 cents a barrel in, at $100 a barrel as project economics work and they work in a big way.

Steve Sedgwick
I'm sorry. I know Edmund's going to come in, but if you're getting this stuff out of the ground at 25 cents a barrel?

Todd Kozel
Well discovering costs are 25 cents a barrel.

Steve Sedgwick
I cannot believe that big majors

Todd Kozel
Total costs are 2.90.

Steve Sedgwick
aren't circling. Are you not talking to any of them?

Todd Kozel
Recently. Kurdistan is a headline in the oil industry. Recent attraction to Kurdistan, we were one of the first companies into Kurdistan, so early mover advantage. Now you have Hess, you have Repsol, the likes of Marathon are all descending upon Kurdistan. The licensing rounds are everything's pretty much
taken. So the next round in Kurdistan is consolidation. But consolidation is something we've got a lot of work to do. We've got a lot of reserves to discover, we've got a lot of reserves to prove up and until that consolidation happens we're marching on as a company.

Steve Sedgwick
Edmund.

Edmund Shing
Well when you talk about the 12 billion barrels of reserves, is that 1P, 2P, 3P I mean?

Todd Kozel
That's oil in place.

Edmund Shing
That's oil in place. That's oil that's definitely there?

Todd Kozel
We're still...absolutely. Absolutely.

Edmund Shing
But in that case, on any valuation why wouldn't oil majors just buy you, just for the almost as a warrant value? It would seem to me that frankly given the amount of money it would cost an oil company, given the amount they're spending everywhere else, it's a very limited additional cost. Unless, of course, the
Kurdistan government is up for taking a huge slice of any excess over, you know, like in a production sharing agreement. I mean how would it work for anyone coming in?

Todd Kozel
Well the Kurdistan contrasts, the PSEs in Kurdistan are pretty much standard for worldwide PSEs. There's no magical smoking gun in any of them. What has been pretty much the poison pill in Kurdistan so far has been the lack of a petroleum law and a lack of an agreement between Baghdad and Kurdistan.
That has moved on significantly in the last couple of months and everybody, the local authorities believe that between now and the end of the year there will be some resolution. I view that and the issue that the majors preferred to go south, preferred to look at larger existing fields for development possibilities versus exploration as the reason why they haven't gone to Kurdistan yet, but now they are.

Geoff Cutmore
What is the I mean the other issue I guess on the table is how easy it is actually to get it away from Kurdistan and to the marketplaces where it needs to be used. Because again, you know, the reports that we read coming into this interview all say that you've taken on advisors and that you are up for sale and
it's a beauty parade and we're again back to Edmund's point, the maths look like you should be a takeover, but there is obviously something holding the oil companies back. Is it the difficulty of transporting the Kureem Pass?

Todd Kozel
Transporting isn't an issue. In the north you have the Kirkuk Jehan Turkey pipeline, which has space. Two other operators are currently exporting significant amounts of oil like a 150,000 barrels a day from Kurdistan. They're receiving payment for that oil from Baghdad. So that isn't an issue. So far it is strictly in my opinion been lack of clarity on a petroleum law for Iraq itself, which Iraq needs to benefit all Iraqis.

Geoff Cutmore
It's been a pleasure

Steve Sedgwick
Yeah, absolutely.

Geoff Cutmore
finding out a bit more about the business.

Steve Sedgwick
We've got to leave it there, but Todd come and join us again.

Todd Kozel
Gentlemen, thank you very much.

Steve Sedgwick
if anything interesting happens on the corporate front as well.

Todd Kozel
Thank you very much.

Steve Sedgwick
Not that it will. Not that it will but

Geoff Cutmore
Let us know first anyway.

Steve Sedgwick
Yeah. Todd F. Kozel, the CEO of Gulf Keystone Petroleum, which is exploring, it looks very profitably, in Kurdistan.

Quelle: http://www.iii.co.uk/investment/detail/?display=discussion&c…

[gabbo62]

Kurdistan One of Last Onshore Oil Prospects: CEO
Thu, 1 Sep 2011
IKJ Writers

http://ikjnews.com/?p=1399

“Those were rumors in the press over the weekend. There are no deals in the offing, we are not looking to sell ourselves,” Todd Kozel, CEO of the AIM-listed company, told CNBC on Wednesday.

The company has discovered 12 billion barrels of oil across three license blocks, and Kozel said that the company is sitting on potential reserves of upwards of 20 billion barrels.

“Recently. Kurdistan is a headline in the oil industry. We were one of the early movers into Kurdistan, and we have early mover advantage,” Kozel said.

“We are not drilling in the arctic; we are not deep drilling in the Gulf of Mexico. It is one of the last places onshore where you can access reserves of this size,” he explained.

“The cost is minimal. Our finding cost is 25 cents per barrel. Our lifting cost, processing cost, transportation cost is $2.90 a barrel. At $100 a barrel, the project economics work, and they work in a big way.”

The world’s largest oil company, Exxon [XOM 73.96 0.05 (+0.07%) ], signed a deal with Rosneft of Russia on Tuesday to exploit possible assets in the arctic north of the country, and other majors are increasingly looking to deepwater or non-permissive environments for their growth.

Some within Kurdistan, an area which spans the north of Iraq, the north west of Iran and the south east of Turkey, continue to agitate for independence. The Turkish air force has flown a number of sorties into Iraqi airspace in recent weeks, targeting separatists based there.

Iraqi Kurdistan is an autonomous region of Iraq, and Kozel said that the principal reason that oil majors have yet to make a jump into the area is the lack of a petroleum law.

“The [production sharing agreements] (PSAs) in Kurdistan are pretty much standard for worldwide PSAs. There’s no magical smoking gun in any of them,” he said.

“What has been the poison pill in Kurdistan so far has been the lack of a petroleum law and the lack of an agreement between Baghdad and Kurdistan.

That has moved on significantly in the last couple of months, and the local authorities believe that between now and the end of the year there will be a resolution.”

[gabbo62]

http://www.energy-pedia.com/article.aspx?articleid=146942

Gulf Keystone Petroleum responds to press speculation regarding potential sale of Company
30 Aug 2011

[gabbo62]

http://www.energy-pedia.com/article.aspx?articleid=146918

Gulf Keystone looking at company sale
29 Aug 2011

Kurdistan-focused explorer Gulf Keystone Petroleum is looking to sell itself in a deal that could value it at up to 1.4 billion pounds ($2.3 billion), the Sunday Times newspaper reported, citing sources. The paper said Chief Executive Todd Kozel had told investment banks he will launch a 'beauty parade' for advisers next month to help assess the company's strategic options. The Sunday Times cited bankers as saying the search for advisers amounted to 'hanging a 'for sale' sign' up at the company.
The company said in May it was preparing to export oil from Kurdistan after a long argument over payments between the semi-autonomous region of Iraq and Baghdad looked to be easing, after it more than doubled oil estimates for its key exploration block in Kurdistan in April.
Shares in Gulf Keystone closed at 130.5 pence on Friday, valuing the business at just under 1 billion pounds.

Kurdistan operations

Gulf Keystone is focused on exploration and production in the Kurdistan Region of Iraq where a world-class discovery has been made on the Company’s Shaikan Block in 2009. The Company’s four Production Sharing Contracts in the region are underpinned by a long-standing cooperation with the host Kurdistan Regional Government and a consistent story of success with two exploration wells resulting in two discoveries, Shaikan-1 and Bijell-1 on the Akri-Bijeel Block.
The Company’s ambitious exploration and production programme for 2011-2012 includes five appraisal wells on the Shaikan Block (two of them are contingent) and three exploration wells on the Sheikh Adi, Akri-Bijeel and Ber Bahr Blocks.
In preparation for higher production volumes and long-term exports, the Company has launched an engineering study on a pipeline route to the main Kirkuk-Ceyhan oil export line and an upgrade of the existing Shaikan Extended Well Test facilities with the current potential to produce of up to 20,000 barrels of oil per day.
Original article link
Source: Reuters / energy-pedia

[gabbo62]

NR vom 18.08.11:
Iraq: Gulf Keystone announces new Triassic discovery with the Shaikan -2 appraisal well

http://www.energy-pedia.com/article.aspx?articleid=146793

[gabbo62]

News von heute:

http://online.hemscottir.com/ir/gkp/news_xml.jsp?item=753075…

[Falke7]

Antwort auf Beitrag Nr.: 41.393.230 von franz991 am 20.04.11 09:50:53

Laut Mitteilung vom 23.5.2011 wird von GKP der erste Ölexport aus Kurdistan
vorbereitet.Zunächst bis zu 5000 bopd von der Testanlage von Shaikan.
Das ist doch was!

Gruß Falke7