It’s been quiet on the broker notes front on Gulf Keystone which probably has more to do with the current benign news period due to the ongoing court case.
However, that hasn’t stopped VSA Capital extolling the virtues of the stock.
Also worth noting is that MOL have acknowledged that they plan to issue a Kurdistan drilling update towards the end of January (or thereabouts).
This could be quite important for GKP who hold a 20% working interest (12.5% diluted/inc birs) in the AB licence. The company have their interests up for sale but appear to be holding off on offers until MOL have completed the 2012 campaign.
It’s certainly feasible that a sale can soon be concluded if the numbers have indeed been firmed up by MOL’s recent multi-well campaign.
This would be very timely considering GKP are due to submit their Shaikan FDP which will require a strategy/plan on funding the full development of the licence.
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Bid favourite Gulf Keystone Petroleum rose 10.25p more to 206.25p on a VSA Capital recommendation and target price of 475p. The broker is bullish about its Shaikan field in Kurdistan, Iraq, with production of 40,000 barrels of oil per day rising to 100,000 in 2014.
via MARKET REPORT: Defence group Chemring still under siege | Mail Online.