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.
A difficult week for Gulf Keystone’s (GKP) shareholders finished off with what looks like a positive production update concerning the company’s prolific Shaikan license in Kurdistan. Yesterday, I spoke with the company to confirm a few facts surrounding the latest RNS. In particular I wanted to seek clarification concerning the issues I raised a month ago about the discrepancy between Gulf’s CPR production target for 2014 and the targets the company has since provided, after a few months of operations. In short there has been a reduction in expectations, but this isn’t necessarily bad news, as I explain below. The main point I took away from my conversation was that the company genuinely believes it is on course to deliver its 40,000bopd production target by the end of this year.
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