By Ben Turney | Thursday 1 October 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
At 32p Gulf Keystone (GKP) is worth £313million. This morning, the company announced its updated Competent Persons Report (CPR) for its oil & gas interests in Kurdistan. The numbers are impressive, but the market reaction has been muted, with Gulf now trading flat on the day. When a company increases its 1P Reserves by a better than expected 55% this would normally be cause for celebration, even in today’s oil price environment. However, as we all know, Gulf’s main challenge isn’t getting oil out of the ground. It is ensuring it gets paid.
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