Gulf Keystone Petroleum (lon:gkp)
Do People See The Old Or The Current Gulf Keystone Petroleum?


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Title: Do People See The Old Or The Current Gulf Keystone Petroleum?
Company: GKP - Gulf Keystone Petroleum
Share Price Then: 100p
Author: Ian Smith
Date: Mon 26 Jun 2017
Comments: I have been following GKP for a few years as they were a private investors darling that had a long period of worsening debt and decreasing lack of confidence in the management.

So much so that by Oct 2016 there was a debt for equity swap that pretty much wiped out the existing shareholders but left the company reasonably well funded and with a share price of a few pence.

As part of the plan to regain credibility in Dec 2016 there was a 100 for 1 share swap bring the share price back to the 100p - 150p range, the same as it was before the debt for equity swap.

However it appears that the old reputation hasn't been forgiven, the share price is continually falling droping to below 100p,

Yes they are an oil producer in Kurdistan reliant on the Kurdistan Regional Government for payment, who are making regular payments of $12 milllion and yes they were vulnerable to ISIS. Yet if if these were the driving factors then surely we would be seeing shares rise as the region becomes more stable?

Also we are not seeing the volumes that might suggest that those who swapped their debt for equity are selling off, instead it is small volumes on a continual basis.

It is certainly not a sure fire winner with no risk, but is it time for a careful look at the company as it is now.
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