Today Falklands Oil and Gas (FOGL) released its Final Results, and said that 2013 marks a year of quiet but very significant achievement for the company. In fact it has been a transformational year.
Recently we have seen the value of Xcite Energy (XEL) plummet by 30% with the release of its annual report, a document which clearly flies in the face of what was set out in the UK government’s recent Wood Review.
Small cap oil companies have taken a thrashing from the market since 2011. Many companies have seen their share prices slashed by 60 or 70% during the past 3 years. Investors have had a torrid time and many are capitulating and fleeing the market altogether. There is no hiding the fact that the retail investor favourites have been the hardest hit of all. Many of these investment have simply failed to live up to the promises of management.
In light of the publication of Gulf Keystone Petroleum’s Competent Persons Report, and the subsequent market crash it seems prudent to review the valuation work I completed on this company just 10 months ago. I warned you then…
Today we finally see the much anticipated Field Development Plan from Gulf Keystone Petroleum (GKP).
Today I was delighted to have been forwarded numerous copies of a letter from Mr Dalesmann. Finally he has corrected his errors and he now concurs with my valuation calculations for the assets of Gulf Keystone Petroleum.
I have received lots of letters from confused investors over the past few days, who have simply been unable to derive any sense from the Shaikan Production Sharing Contract, some examples of which are contained below from a passage I was forwarded several times originally inked by a Mr Dalesmann.
There was a great response from the investment community following my analysis last week. But a couple of points really stick out amongst all the comments I read.
AIM listed Gulf Keystone Petroleum (GKP) is the darling of many private investors in the UK and further afield.
