GKP - Research

Gulf Keystone to kick off rights issue as bidders circle

Matthew Goodman Published: 22 March 2015

GULF KEYSTONE, the London-listed producer of oil in Kurdistan, is set to raise up to £30m from a share sale this week in an attempt to tackle its £384m debt.

Last month, the company revealed that it was in takeover talks with a number of unnamed parties. It also said that as well as negotiations to sell the entire business, it was exploring options to offload various assets. It hired two investment banks, Deutsche Bank and Perella Weinberg, to advise on the discussions.

At the same time, Gulf Keystone revealed that it had started a review of its financing options. Earlier this month it said that an equity fundraising was one of the possibilities being considered.

Investors are likely to be asked to pay 33p to 34p a share."

sure...

i'll post this chart that i posted several months ago....see line in the sand comment...




dl.dropboxusercontent.com/u/40497882/Gul...B%29March%202015.png

although price recovered need to see it continue to take out that 46p level and not look back. whilst price remain below that 45/46p, lower prices i.e 28p & 14p are distinct possibility.

I dont now the ins and out the daily stuff that goes on with this share, but on the whole structure of this move alone suggest's there will be a decent upside, when, the price must start trading abv some key levels...(see yearly chart)




dl.dropboxusercontent.com/u/40497882/Gul...%292015%20Yearly.png


rgds WS

Wavesurfer:

"new low today, one more poss...no 46 no higher. 14/28p reamin in sight"

Hi W, the 'new low today' bit I understand (as in 33), but the rest of that sentence isn't very clear to me. Particularly the 'no 46 no higher' bit. Could you please elucidate/break that down a little further?

Many thanks in advance,

EGH

man what a share. new low today, one more poss...no 46 no higher. 14/28p reamin in sight, nice prices ocean. on the pnf update.... kudos!


really like to see price closing abv nov highs.... for upside momentum to kick in.

It's not looking very smart after yesterdays sell off. Be aware of the for sale sign over GKP's head, could send it in either direction if a bid comes in or fails to materialise.

Cheers,
M.

I have also looked at the daily candlestick and if my interpretation of Elliott Wave from a recent high is correct, then is there is a good chance that we can see 25.78.
Given that I find Elliot Wave quite complex, if anyone has a different view or if the counts are incorrect please do let me know. Thank you.

DYOR
Ocean