Tipped here at 11p just a few days ago and PMG is testing 37p+ today.
Truly astonishing. The rise appears to be attributed to Mr Cross’s bullish statement for 2011 and whilst Cross (ex dana man) has a proven record – at 33p, PMG is looking very heavy on pricing in high expectations.
A 3 bagger in under 2 weeks is not to be sniffed at and locking in profits is sensible.Sold a few today at 28p and 32p as this has exceeded my expectations. To the lucky ones that were holding pre Cross’s involvement at 2p ranges – today is an 18 bagger day! Well Done.
GKP’s intention to move to a FTSE 250 listing was announced in the FT today.
When you are moving into a high profile position from AIM to Ftse 250… you can’t have any skeletons in the cupboard.
I find the ‘timing’ of such news as curious. Surely such issues could have been filed earlier. Why do it now? Iraq government was officially formed last week.
Today’s news is certainly not good at all but will go some way to ensuring GKP avoid takeovers until it is resolved. If the Oil contracts get approved soon, then most expected low ball offers from koreans or chinese to be coming fast. GKP management seem confident that the claim is without merit. GKP need at least another 7 months to appraise Shaikan and bolster their valuation. It’s a race against time and the legal dispute is an unwanted distraction especially as investors had seen many uncertainties disappear in 2010. Interesting times ahead.
From today’s RNS
Rejection of Legal Claims
The Board of Gulf Keystone announces that Gulf Keystone and two of its subsidiaries (referred to for the purposes of this announcement only, as “the Companies”) received notice on 23 December 2010 that an arbitration (“the NYC Arbitration”) was commenced by Excalibur Ventures LLC (“Excalibur”) in New York on 17 December 2010 asserting certain contractual and non-contractual claims against the Companies and claiming that Excalibur is entitled to an interest of up to 30% in the Companies’ blocks in Kurdistan.
On 21 December, 2010, Excalibur applied without notice to the Companies to the Commercial Court in London for a “worldwide freezing injunction” against the Companies’ assets, which was refused by the Commercial Court on the basis that the Judge did not consider there was a risk of dissipation of assets. Excalibur also commenced proceedings in the Commercial Court in London on 17 December 2010 on the same grounds as in the NYC Arbitration (“the Commercial Court Claim”) in order allegedly to protect its position in relation to potential limitation of actions under New York and/or English law. The Companies received notice on 23 December 2010 of the claims, since which time they have been in consultation with their legal advisers.
Ithaca has a habit of exceeding management expectations. Just one little peruse of their past rns’s tells you that.
I like their management style. They don’t over promise and they go about their work with the purpose and reliability that you’d expect from a Swiss watch manufacturer.
The second workover (the first was also a resounding success) adds a further 560bopd to the 2011 production. With recent acquisitions completed, they could be doing close to 6k/7kbopd ‘average’ next year. With North Sea Brent going for around $93 at the moment, they are set for a great cash flow position. The story gets better in 2012 and 2013 with full funding currently all sorted to see them through to circa 22k bopd.
OR: ITHACA ENERGY INC.
TSX VENTURE, AIM SYMBOL: IAE
December 29, 2010
Ithaca Energy Inc.: Beatrice Alpha Second Well Workover Completes
LONDON, UNITED KINGDOM and CALGARY, ALBERTA–(Marketwire – Dec. 29, 2010) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) and its wholly owned subsidiary Ithaca Energy (UK) Limited (“Ithaca” or “the Company”), an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce that stable production from the second workover well (A23) on Beatrice Alpha has increased by approx. 115% to approximately 560 barrels of oil per day (“bopd”) gross (280 bopd net to Ithaca), exceeding management expectations.
Activities will commence in early January 2011 on the third workover well of the campaign (Beatrice Alpha well A28).
Current Poll going well with early indicators suggesting that pi’s have a mixed view of where the FTSE might be in 2011. The Poll is broad but the options given are based on where you think the FTSE will ‘END’ in 2011. So if you think 7000 is where the FTSE is likely to finish up around this time next year… then vote away.
Article in the guardian sheds some light from other pundits and highlights some rollercoaster times ahead.
President petroleum currently drilling their Kafoury 3 well targeting multiple zones.
Drill logs are updated every monday – so news should be coming soon. Have they TD’d and is it good news? Whilst this current drill on K-3 is not the true company maker – it is vital for cash flow. Keep your eyes on the following well log update
Some very interesting developments over the xmas period with several iraq news wires running stories that suggest the PSC’s / oil contracts in Kurdistan may be approved by the central oil ministry in Bagdad sooner than many thought possible.
and with regards to oil production which has also been disputed between the north and south see http://abcnews.go.com/Business/wireStory?id=12476609
DNO which has had production on hold for many months due to the iraq/kurdistan political disputes – has risen strongly in Norway as European markets are open today.
Also note another producer Addax in the newswires
This certainly bodes well for GKP. The last few weeks has seen GKP trade on thin volume and its been a bit like watching paint dry as many wait on the sidelines for confirmation that politics and new government decisions will indeed benefit the kurdistan explorers.
Paint drying? – I think Wednesday could look like a Jackson Pollock!
Exciting times ahead but still some way to go before this country is free from all risk. Investors watching the xmas TOPGEAR special last night will also be pleased to hear Jeremy Clarkson state that he thought Kurdistan was safer than Cheltenham!