Member Info for Wiseman72

I know what you mean this BoD has been a disaster and the sheer lack of interest in shareholders is shocking. I have emailed investor relations numerous times and never had a response. I do not trust this BoD at all but looking at the fundamentals I feel more confident than ever in getting my original investment back and some.

GL

So Chevron walked away clearly disappointed they couldn’t get their hands on proven reserves to bolster there declining resources.

I know a small company with massive potential and decent proven reserves at a fraction of the cost :)

The AGM date hasn’t been confirmed yet but normally takes place in June so we should get an announcement over the next few weeks. The proposed dividend for this year is $25m plus a supplementary dividend of another $25m so total of $50m split between the number of shares in issue (229.47m) which works out when converted to sterling around 17p.

A third should be paid soon after AGM late June/early July and the rest after half year results probably around late Sept/early Oct.

GLA

Correction: next months payment will be lower too due to work over work then we get back to higher payments for volumes sold during March. All in all quite a decent payment considering the drop in volumes due to workovers and the oil price drop during them months.

Look forward to seeing some hefty payments in the year ahead.

As expected slightly less than last month due to lower volumes with work being completed, payments should increase significantly next month with higher volumes.

Hopefully a good day ahead.

If you read this article its quite interesting, yes alot has changed since then both postive (route to market, fully funded, dividends etc) and negative (dilution of us shareholders, handing back of other fields and paying for the privilage etc). But one this that has been constant is the operational performance of the field barring the usual natural declines (without investment) the oil is still there and we now have a plan to get it to market. Interesting read anways.

https://seekingalpha.com/article/739961-gulf-keystone-petroleum-what-is-the-14-billion-barrel-shaikan-field-worth

GLA

I tend to agree in that we are now in such a strong position to be taken out now would NOT represent best value for us shareholders unless it was as such a massive premium. There is such a big disconnect between the share price and a fair valuation based on:

- the asset (unfortunately just the one now although it is the 'jewel in the crown'
- strong balance sheet with cash holdings over $300m (approx $200m net)
- great free cash flow with regular payments
- strong oil price
- fully funded to develop to 110k bopd
- dividend payments in excess of 7% with alot of scope to increase

I will personally feel more comfortable once we are sitting at a fairer valuation of around 1.5-2bn then a nice bidding war would be great but would be happy to hold and take the dividends.

GLA

https://oilprice.com/Energy/Energy-General/Chevron-And-Occidental-Start-Bidding-War-For-Anadarko.html

If only this was happening for GKP

GLA

Blackrock above 5% again, interesting to see :)

Well with the Rising oil price due to the USA sanctions on Iran and us due another payment it should be a strong week for us fingers crossed, should also have news regarding the pipeline due along soon.

GLA

https://www.fool.co.uk/investing/2019/04/11/these-recovery-stocks-are-flying-should-i-buy/

After enduring the 2 hour webcast I am now a lot more comfortable that we have gone from a sell me outfit to a fully fledged producer. For years I think two much emphasis has been placed on us getting taken out which eventually I think will happen but the difference now is that instead of hoping waiting to be taken out we are moving forwards as an independent producer that will become one hell of a cash cow.

As a long term holder who has suffered like many I am feeling more confident than ever that not only will I get my original investment back over time I will also be getting a regular income off a steady dividend. The future is bright...three big ticket items today:

- self funded (no need for cash calls)
- dividend policy
- reserves stable and becoming more proven

Not many companies with our valuation can put a tick against the above.

GLA

Well some really positive news and some less so:

- lovely to see dividend policy introduced
- great news about being fully funded for total expansion
- encouraging news about increased 1P and no decrease in 2P (at least where not doing a Genel)

Could do better:

- FDP needs rework before being accepted
- PSC still not agreed (although the contents of this seem to becoming less important given sales agreement in place and all latest presentations indicate 80WI)

We are massively undervalued at the moment and I would hope people will no recognise this given the free cash flow being generated and hugely exciting future.

GLA

Hopefully there should be some Clarity provided on Thursday regarding the PSC, according to the half year results the capital strategy was only going to be announced following clairification, see below:

‘Once the revised FDP is submitted to the MNR and there is clarity around the PSC, we look forward to providing further details to investors, including capital strategy’

Let’s hope we have a positive week this week, I thought the last operational update was very encouraging although I found it strange that new commercial arrangement was for two years and no mention of the PSC (is this no longer needed). I would expect a good strong set of financial results to be delivered on Thursday but am hoping for more including:

- update CPR
- utilisation of cash (possible special dividend)
- update on MNR buy in or not including back costs
- possible farm in?

I don’t think we will get all of the above but here hoping :) regardless we are definitely in an upward trajectory with so much potential positive news to come. The BoD must deliver though and if this starts to happen confidence will return and even without any of the above I suspect a rerate will naturally happen to reflect a more true valuation even based on the very low CPR numbers currently.

Good luck and here’s to an exciting week ahead!

Some crazy share prices being talked about, whilst it’s nice to see us rise I would to see us back to more realistic valuations. Remember this has been valued at over £3.5bn previously when we were producing next to nothing. First target back over £1bn then hopefully true value will start to show with updated CPR and delivery of the expansion project.

#shares. Valuation. Share price
229430000 1500000000 6.53794185590376
229430000 2000000000 8.71725580787168
229430000 2500000000 10.8965697598396
229430000 3500000000 15.2551976637754

GLALTH

Good positive RNS :)

First of all thanks for the feedback from those who attended the oil society meeting, as suspected nothing really new although I find it puzzling that they are now referring to 80% working interest yet no RNS (surely this is significant enough to warrant an official announcement).

I find it shocking the complete disregard for us PI’s I have emailed IR twice enquiring about the latest progress on PSC negotiations and have not even received an acknowledgment. Whilst I didn’t really expect a direct answer to completely ignore the very people who have invested significant sums of money to fund the salaries of those who are meant to be working for us is disgraceful. I have invested in much larger and complex companies before and have always received a professional response from any queries raised.

The sad truth is that we just don’t matter anymore, the company is in fantastic shape financially and should be valued well north of where we are even based on a low out of date CPR. This and other previous BoD have failed us PI’s the promises turn into silences. JF has failed on many fronts including his repeated expectations of PSC negotiations, improved communications etc. The fact a lot of large II have not forced him out yet surprises me, maybe just maybe they do know what’s coming.

Personally the talk of imminent takeover doesn’t help in my opinion as it distracts from what we should be focussing on which is ensuring this current BoD deliver value organically by using the high cash holding and free cash flow. Think about it even the average guy in the street would probably get 5% return on 300m cash which would add approx 1.2m a month!!

For me I have no confidence in JF anymore I do however be still believe we have control of a fantasic asset in Shaikan.

GLALTH

Share in Issue Mkt Cap Sh.Price
229430000 367000000 1.59961644074445
229430000 400000000 1.74345116157434
229430000 465000000 2.02676197533017
229430000 575000000 2.50621104476311
229430000 600000000 2.6151767423615
229430000 690000000 3.00745325371573
229430000 700000000 3.05103953275509
229430000 800000000 3.48690232314867
229430000 900000000 3.92276511354226
229430000 940000000 4.09711022969969
229430000 1150000000 5.01242208952622
229430000 1250000000 5.4482848799198
229430000 1500000000 6.53794185590376
229430000 2000000000 8.71725580787168
229430000 2500000000 10.8965697598396
229430000 3500000000 15.2551976637754

Link to presentation

https://www.gulfkeystone.com/media/113628/investor-presentation-march-2018.pdf