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.
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.
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.
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.
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.
Gulf Keystone Petroleum Limited is an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq. The Company is registered in Bermuda with further offices in Erbil, Kurdistan Region of Iraq, Algiers, Algeria and London, UK. The Company was... More
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