Aug. 3, 2015, 10:48 AM
- Shares of Gulf Keystone (OTCPK:GUKYF +20%), Genel Energy (OTCPK:GEGYF +7.1%) and DNO (OTCPK:DTNOF) are surging after the government of Iraqi Kurdistan said it would start paying them for oil exports next month.
- The Kurdistan Regional Government says it will begin allocating part of revenue from oil exports to producers on a monthly basis from September to cover their running expenses, and may make additional revenue available to the companies to start paying dues for past exports as shipments rise next year.
- The payments would be the first stable compensation for the companies’ exports, which have been caught for years in a dispute over revenue sharing between the KRG and Iraq’s federal government.
Jun. 1, 2015, 8:14 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) appoints Jon Ferrier, a senior VP for business development at Maersk Oil, as its new CEO, replacing John Gerstenlauer, who will leave the job later this year.
- Kurdistan-based Gulf Keystone promoted Gerstenlauer from COO in July last year, and the company credits him with achieving its operational target of 40K bbl/day production at the end of 2014.
Apr. 9, 2015, 8:48 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF) reports a $246M pretax loss for 2014 vs. a $32M loss in 2013, and says it is considering a range of options including a sale of the company.
- Full-year revenues rose to $38.6M from $6.7M in the prior year, and current production is running above 37K bbl/day, and the company says it hopes to achieve an average rate of 36K bbl/day through 2015.
- Gulf Keystone says it is in discussions regarding possible asset transactions or a sale of the company, as well as considering additional routes to secure further funding.
Apr. 1, 2015, 12:57 PM
- Former Gulf Keystone (OTCPK:GUKYF) Chairman Simon Murray tells Reuters he was talking to several parties, including Exxon Mobil (NYSE:XOM), about a rescue for the oil company before being forced to quit under pressure from an investor.
- Gulf Keystone, which has been hit hard by falling oil prices and delayed payments for crude by Kurdistan, said earlier this week that Murray had retired, but Murray claims he was effectively forced to quit after he disagreed with the company's decision to raise $41M through an equity issue at a 21% to the market to avoid breaching debt covenants.
- XOM, which in 2012 became the first major oil company to invest in Kurdistan, is not responding to the comments.
Feb. 25, 2015, 7:45 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) surges nearly 70% in London trading after confirming it is talking to a number of parties about selling either assets or the entire company.
- Gulf Keystone, like many other foreign oil companies operating in Kurdistan, has suffered from the Kurdish government's struggle to catch up with a backlog of oil export payments; earlier this month, the company suspended all crude oil exports by truck from Shaikan, its only oil producing field in the region, due to continued non-payment by the local government.
- The talks are preliminary and there is no certainty of an offer being received, the company says.
Jan. 5, 2015, 10:38 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) says it achieved record daily production and export sales last month at its Shaikan oilfield in Iraqi Kurdistan.
- The company says oil production gradually increased since early December to reach its 40K gross bbl/day target on Dec. 27.
- Gulf says it is now producing from seven wells at the Shaikan field with an eighth well expected to come online this month; it also has drilled an 11th well, which it plans to connect to existing production facilities in the near term.
Nov. 13, 2014, 7:59 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) says it is on track to meet its FY 2014 production target of 40K bbl/day at its key oil field in Iraqi Kurdistan, but shares are -10% in London trading amid uncertainty around how much money the company would receive from the Kurdistan government for oil exports.
- The government says it would pay $75M to oil producing companies for their exports in November and make further payments on a regular basis.
- Gulf Keystone says exports by truck to the Turkish coast have continued uninterrupted since Nov. 2013.
Aug. 28, 2014, 9:58 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) says it is sending staff back to Iraqi Kurdistan after U.S. airstrikes eased the threat from Islamic State militants that prompted a mass evacuation of expatriate oil workers three weeks ago.
- Gulf Keystone says it plans to nearly double production in Kurdistan to 40K bbl/day from 22K by the end of the year; it has a 75% stake in the Shaikan oil field, one of the largest in the Kurdish region.
- The oil explorer says Weatherford International (NYSE:WFT), its partner in the area, is sending personnel back to rigs in the region today or tomorrow.
Jul. 17, 2014, 8:33 AM
- Gulf Keystone Petroleum (OTCPK:GUKYF, OTCQX:GFKSY) names former COO John Gerstenlauer as its new CEO after serving as interim CEO since replacing Todd Kozel last month.
- Kozel was expected to remain as an executive director on the board, but he has turned it down; he will remain as an officer but the specifics of the job are not clear.
Jun. 27, 2014, 1:20 PM
- Gulf Keystone Petroleum (GUKYF +12.6%) COO John Gerstenlauer will take over the company until a permanent replacement is found following the retirement of the CEO earlier this week, according to a letter to shareholders.
- Gulf Keystone shares have surged ~40% since Wednesday when the Kurdistan-focused company said CEO Todd Kozel was resigning after shareholders had expressed concerns over executive pay.
- A statement from the Kurdistan government that it had won a court ruling in Baghdad over oil exports also may be helping to lift shares.
Jun. 13, 2014, 8:29 AM
- Gulf Keystone (GUKYF, GFKSY) climbs as much as 6% in London trading after saying production from its key asset in Iraq's Kurdistan region was proceeding as planned.
- The company expects production from its Shaikan field to rise to 40K bbl/day of oil by the end of the year, and eight cargoes so far have been sold into the international market.
- Shares had lost 14% in the first four days of this week on concerns of spreading violence in Iraq.
Jan. 9, 2014, 5:12 PM
- Iraqi Kurdistan has started commercial shipments of oil through a new crude export pipeline to Turkey in defiance of the federal government, and the region’s Ministry of Natural Resources says the first shipment of 2M barrels will be sold by the end of January.
- The first exports on the route started flowing earlier this month from the Tawke oil field operated by DNO International (DTNOF, DTNOY), with output from the Taq Taq field operated by Genel Energy (GEGYF) and other producing fields entering the pipeline soon.
- Gulf Keystone (GUKYF, GFKSY), which earlier said it had started exports of oil from its Shaikan oilfield in Kurdistan by truck to Turkey, plans to achieve output of 100K bbl/day in 2015.
- Monthly flows through the pipeline to the Turkish port of Ceyhan are set to rise to 4M barrels next month and 6M in March before reaching 10M-12M by year-end.
Dec. 9, 2013, 12:41 PM
- Shares of Gulf Keystone Petroleum (GUKYF, GFKSY) are higher after Excalibur Ventures says it will not appeal a court judgment which dismissed all claims asserted against the company's Kurdistan operations.
- Excalibur's decision not to appeal ends a long period of uncertainty for Gulf Keystone, during which its 30% interest in the Shaikan oil field was in jeopardy.
- Gulf Keystone also is plotting a boardroom shakeup that could jeopardize a fragile truce between the company and leading investors, Sky News reports.
Sep. 10, 2013, 8:21 AM
- Gulf Keystone Petroleum (GUKYF.PK, GFKSY.PK) wins its legal case which saw its position in Iraqi Kurdistan oilfields challenged, as the English Commercial Court ruled against a U.S. company which had claimed a right to a 30% stake in the Kurdish assets.
- Excalibur Ventures, founded by a U.S. soldier serving in Iraq, lacks financial resources that prevent it from being able to fulfill its financial obligations and thus has no valid claim, the judge rules.
- Gulf Keystone’s Shaikan oil fields will produce 250K/day by 2018, according to the company.
Aug. 15, 2013, 3:59 PM
- Gulf Keystone (GUKYF.PK, GFKSY.PK), sitting on Iraqi's Kurdistan's giant Shaikan discovery that could produce 250K bbl/day by 2018, is seen as a takeover target as the world’s biggest oil companies look for untapped fields.
- Gulf Keystone has spent $780M so far toward completion of a pipeline for direct exports to Turkey; analysts say offers could come soon because the new pipeline may boost the company's value by 40%, and a ruling is expected in a London lawsuit brought by a former associate claiming 30% of the pipeline.
- Exxon Mobil (XOM), Chevron (CVX) or an Asian national oil company are considered candidates to snap up the company.
Jun. 4, 2013, 11:58 AM
Goldman Sachs upgrades a batch of smaller European energy companies to Buy - including Coastal Energy (CENJF.PK), Gulf Keystone Petroleum (GUKYF.PK) and Heritage Oil (HGOCF.PK) - after underperforming larger peers in the past two years due to falling spot oil prices. The difference between their value and long-dated oil prices is the widest since 2009, “wide enough to offer compelling valuations," the firm says.| Jun. 4, 2013, 11:58 AM