Sold up andean, fair play I feel in no man's land myself, good luck, we or at least I fooooked up major holding this share. Believed the hype from BB and didn't take my chance of financial security when it happened, I don't believe il get another chance. I just hope I font lose what's left. All the best K
Keep your friends close but your enemies closer. Todd Kozel relinquished his Directorship of Gulf Keystone Petroleum shortly before the company would have announced the results of a vote on his re-election at the annual meeting.
Last month, Mr Kozel quit as Chief Executive but was down to remain as a board Director. And he will still be employed by Gulf Keystone as an “officer”. Simon Murray, former foreign legionnaire and Chairman, who is also under investor fire, said Mr Kozel was “essential” to negotiations with the Kurdistan government over leases.
The problem now for shareholders will be gaining an insight into how Mr Kozel is rewarded for being essential. Companies do not have to publish the pay of employees below board level. Shareholders may wish they had kept Mr Kozel where they could see him. Now they need to remind the board that out of sight is not out of mind.
It is always extremely difficult to pass comment on companies from the outside, without really knowing what has happened behind closed boardroom doors. Even so, I am as certain as I can be that my call last month, that M&G Investment Management was preparing to dump Todd Kozel from Gulf Keystone’s (GKP) board at today’s AGM, has come to pass. We’ve just heard that Mr Kozel has withdrawn his bid for re-election to Gulf’s board, but with this announcement coming immediately before the AGM, I think we can all be fairly safe in assuming it was a case of his jumping before being pushed. Even though Mr Kozel is going to remain as an officer of the company, his departure from the board is a welcome step in the right direction and I am more bullish on Gulf’s prospects as a result.
On June 12th, I suggested that Gulf was a buy at 75p, on misplaced concerns about the latest Iraqi insurgency. A month later, and despite the ongoing troubles in the region, I now wonder if the intraday low of Gulf’s share price on that day (72.25p) marks the bottom for this stock. Much will depend on the rest of the year’s production figures, but I am now looking at a new entry point into Gulf, based on the MIDAS Method.
It has been a while since I used the MIDAS Method to analyse Gulf’s share price. I have been waiting for a chance to pick a bottom in the stock price, which I have a degree of confidence in. Now that I have this, you can see the new JUN2014 support line I have created below; The first thing you will note is that Gulf currently trades below JUN2014 support, currently projected at 95.1p. The last price I saw for Gulf was 92.75p.
If you’ve followed my MIDAS analysis in the past, you will know the optimal time to purchase a stock using this method is when the price rises positively through support. In this case, it probably would be best to wait for such a move, but I am sorely tempted by the price today as there could be great news around the corner.
So far, Tom’s scoop about the JV with Chevron hasn’t come to pass. Even though he remains tight lipped on the details (rightly so), Tom remains confident in his source (I asked him today). Now that Mr Kozel is nearly out of the way, I wonder if this might prove to be the catalyst for a JV to happen. I must stress this is pure speculation on my part, but the more Gulf looks and feels like a proper listed company (I think you all know what I mean) the greater the likelihood it becomes an attractive commercial partner.
With momentum apparently building in the background for Kurdish independence, this really is an exciting time Gulf. It is going to be very interesting to see how the company reinvigorates its board after the director culls of today (non-exec Mark Hanson has also retired today from the board) and a few weeks ago. Assuming it manages to recruit some genuinely independent heavyweights, this could be a very encouraging sign.
Well, I said it yesterday and I see nothing to change my mind, this morning, in that I cannot see the sp moving more than a few pence in either direction for another 12 months UNLESS a T/O or sale of asset is announced, we will continue to flounder as an undervalued Co, which to say the least is seriously frustrating considering all we have been through IMO
PS: It was mentioned on Twitter last night that TK was to get a 200,000,000 pay off ? whether factual or sarcasm I dont honestly know but lots of *****ing and biting... Cuba did you see / read them ? :)
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