The opening of the West Qurna 2 / day capacity of 120 thousand barrels per day

The opening of the West Qurna 2 / day capacity of 120 thousand barrels per day [Baghdad - where] Production starts on Saturday in the West Qurna oil field / 2 in Basra province in the presence of Prime Minister Nuri al-Maliki. A source in the Iraqi Oil Ministry told all of Iraq [where] that "the field is operated by Russia's Lukoil 75% will begin initial production in which the amount of 100 000 to 150 000 barrels per day and will increase this percentage in the next few days." He said the "oil in the giant field is one of the best types of oil extracted in Iraq." And will attend the start of production of each of Prime Minister Nuri al-Maliki and Vice President for Energy Affairs Hussain al-Shahristani and officials in the Russian company officials as well as local and members of the media. The Russian Lukoil announced at the time of the former near the start of production at the West Qurna / 2 card of elementary [120] thousand barrels per day. The director of the drilling operations of the company Vadim Miller, a reporter [where] "It will be drilled 24 oil wells in the compound of No. 6 has been drilled 8 wells so far is under testing and inspection, and it turned out that the productivity of each well of these wells 7.5-10 thousand barrels per day." He disclosed that "the company will produce in the second phase of 1.5 million barrels of crude oil per day." For his part, deputy director of the oil processing plant project Vitaly Dischof reporter [where] that "the company is implementing its obligations through the implementation of the first phase of development of the project and plans to reach production to 120 thousand barrels per day." The company is developing a giant oil field revealed in 22 of the month of October 2013 its intention to sell oil from the field [the West Qurna-2 in the province of Basra to China. The company acquires 75% of the value of the project, compared to 25% for the Iraqi Southern Oil Company National. The Lukoil signed a contract with the Iraqi Oil Ministry for 20 years to develop the second phase of the West Qurna field in Basra province in a bidding round in December 2009, vowing to produce 1.8 million barrels per day within six years. And Qurna is one of the largest oil fields in Iraq and has proven reserves of 12 billion barrels him from Alinv. http://www.alliraqnews.com/2011-11-25-02-00-52/124829--2-120-.html افتتاح حقل غرب القرنة/2 اليوم بطاقة 120 الف برميل يومياً [بغداد-أين] يبدأ اليوم السبت الانتاج في حقل نفط غرب القرنة/2 بمحافظة البصرة بحضور رئيس الوزراء نوري المالكي. وذكر مصدر في وزارة النفط العراقية لوكالة كل العراق [أين] ان "الحقل الذي تديره شركة لوك أويل الروسية بنسبة 75% سيبدأ الانتاج الاولي فيه بكمية 100 الف الى 150 الف برميل يومياً وستزيد هذه النسبة في الايام القليلة المقبلة". وبين ان "النفط الموجود في الحقل العملاق يعد من افضل انواع النفط المستخرج في العراق". وسيحضر حفل بدء الانتاج كل من رئيس الوزراء نوري المالكي ونائبه لشؤون الطاقة حسين الشهرستاني ومسؤولين في الشركة الروسية فضلا عن مسؤوليين محليين واعلاميين . وكانت لوك اويل الروسية اعلنت في وقت سابقا قرب بدء الانتاج في حقل غرب القرنة/2 بطاقة ابتدائية قدرها [120] الف برميل يوميا. وقال مدير عمليات الحفر للشركة فاديم ملير لمراسل [أين] "انه سيتم حفر 24 بئرا نفطية في مجمع رقم 6 حيث تم حفر 8 آبار حتى الان وهي قيد الاختبار والفحص وظهر ان انتاجية كل بئر من هذه الابار 7.5-10 الاف برميل يوميا". وكشف عن ان "الشركة ستنتج في المرحلة الثانية 1.5 مليون برميل من النفط الخام يوميا". من جانبه قال نائب مدير مشروع محطة معالجة النفط فيتالي ديشكوف لمراسل [أين] ان "الشركة تقوم بتنفيذ التزاماتها من خلال تنفيذ المرحلة الاولى لتطوير المشروع وتخطط ان يصل الانتاج الى 120 ألف برميل يومياً". وتقوم الشركة بتطوير الحقل النفطي العملاق وكشفت في 22 من شهر تشرين الأول 2013 عن نيتها بيع النفط من حقل [غرب القرنة-2] في محافظة البصرة الى الصين. وتستحوذ الشركة على 75% من قيمة المشروع مقابل 25% لشركة نفط الجنوب العراقية الوطنية. يذكر ان لوك أويل وقعت عقدا مع وزارة النفط العراقية لمدة 20 عاما لتطوير المرحلة الثانية من حقل غرب القرنة في محافظة البصرة في جولة عطاءات في كانون الاول 2009 متعهدة بانتاج 1,8 مليون برميل يوميا في غضون ست سنوات. وحقل القرنة هو من أكبر حقول النفط في العراق ويبلغ الاحتياطي المؤكد له 12 مليار برميل من النف. http://www.alliraqnews.com/2011-11-25-02-00-52/124829--2-120-.html ======================== LaoKhao. I will tell you why. I have been investing very successfully for over 40 yrs and I have seen all this before. I have always made the most money when I have simply trusted my own research, decided to buy and held and ignored advice from amateurs and professionals alike. Most people when giving out investment advice have a motive. This board is full of the one line brigade who post negative sentiments with no rational explanation. I have invested a huge sum with GKP because I believe the oil will eventually be sold and the reserves will gradually increase. I also believe GKP will be sold in the next 12/24 months. =================== You have to ask yourself why these people expend so much time and effort posting nothing but negativity, bile and vitreole and belittling others who would rather look forward instead of stewing over the past. If they are indeed still invested then they need to sell and move on for the sake of their own health. Sadly, call me cynical but I don't believe many of these individuals are invested, it just makes no sense to post 24/7 about how the end is nigh !? Perhaps one or two of these disingenuous posters could actually explain the reasoning behind their campaign of hate and their desire to impose their supposed superior view point on others ? I suspect they are either very bitter at sitting on a substantial paper loss, which whilst perfectly understandable doesn't excuse their incessant need to trash the share and shout down anyone with a remotely optimistic outlook, or they have an ulterior motive, which, if so, is embarrassingly obvious and transparent not to mention tiresome. Sadly I've put one or two previously respected posters on ignore, along with more than a number of not so respected ones, for the sake of my own sanity. This share is too stressful enough without having to contend with the psychological water torture of a few clearly unhealthily obsessed individuals waging their campaign of doom. The fact remains, if you don't like/trust the company or don't believe in their prospect, sell up, move on and get on with your life, for the sake of everyone's sanity. ============= Nobody is going to be interested in buying GKP - we have been told that daily here for years and it therefore I finally accept it must be true. Any serious IOC would rather spend years $'bns drilling all around our sludge find. Why anybody would be interested in buying the largest and locked oil sorry sludge find for a generation is beyond belief ? The best thing to do is sell these pronto if you haven't already. The CB's at 273 will never convert so when the cash runs out these funders have done $ 325m in as well- the greedy and clearly stupid BOD setting their options at 275 325 and 375 are also clueless, as they will never see these options in the money. Simon Murray even though he is still a director on Li Ka Shing's holding company and was responsible for building Orange and selling it to Mannesman for $30bn is also away with the fairies buying 160,000 at £ 2 - he's done his nuts in too - whacko. Li Ka Shing - I don't give a flying faaark if he is the most astute and wealthy Asian businessman of the past 50 years ............................well he is clueless and ..............his 30m+ will be down the khazi here soon as well. As for dumbnuts Asher still holding 15m+++ as our deputy chairman ( former head of Global oil at Glencore and chief exec PA Consulting ) - well he has already dropped £ 18m in 6 months. So he has another £15m to toss away soon too. Those heady days £ 4+++ when Ren was still in bromance with Todd - B77 was a GKP millionaire - was a 'fit up' by Todd of course. Just because since those heady SP days when a takeover was a foregone conclusion and we are now 70% cheaper in the market ,and we now have > 200% more OIP - clean title - revenues - physical export route - production - some very prospective drills - a conservative CPR - massively improved politics -and the best CG in the sector - means diddley squat to our possible takeover prospects. I'd sell mine but I am romantically attached to GKP so just can't. Sooner these go negative the better IMO. I'm then going to pile into Tesco. ============================ Mon 23:26 Irrational fear investor48 30 Hello Everyone, I woke up this morning to see the SP hammered down.It really beats me that this fund raising for production is causing so much fear to everyone. The way we have been sold down,looks as if we are raising monies for the next well that is so critical that if no oil is found,GKP would have to close shop!! GKP is sitting on OIP of 12.5billion barrels across 4blocks of it's concession.We have AB that we could sell,may be not at USD350million but below USD200million.We have the BIRS that we have carried for the KRG and exports worth approximately USD100million. This irrational fear has driven many to sell,triggered by an institution selling,margin calls or fearful PI's. Not long ago we were fearful of Excalibur and if they had won they would have gain 30percent of Shaikan GKP's prize asset.During that fearful period the SP was well above 100p.May be on hindsight it would have been better to have Excalibur win because they would have had a share of Shaikan and thus required to put in at least USD250million,and we would not have required to carry out this fearful fund raising that the city has used to spread fearful rumours!! Now we have production and exports happening and just because GKP has to raise monies to continue with our increased production,our SP is 86p!! It really beats me,how market rumours can drive people to being fearful or exuberant.Most Majors and NOC's spent billions for exploration and there are no certainties that they will find any oil. The SP is still very volatile and we just have to ride this wave of irrational fear. Goodluck and best wishes to all =================== Mon 23:26 Irrational fear Investor48 Author's posts Hello Everyone, I woke up this morning to see the SP hammered down.It really beats me that this fund raising for production is causing so much fear to everyone. The way we have been sold down,looks as if we are raising monies for the next well that is so critical that if no oil is found,GKP would have to close shop!! GKP is sitting on OIP of 12.5 billion barrels across 4 blocks of it's concession. We have AB that we could sell,may be not at USD350 million but below USD 200 million.We have the BIRS that we have carried for the KRG and exports worth approximately USD 100 million. This irrational fear has driven many to sell,triggered by an institution selling,margin calls or fearful PI's. Not long ago we were fearful of Excalibur and if they had won they would have gain 30 percent of Shaikan GKP's prize asset.During that fearful period the SP was well above 100p.May be on hindsight it would have been better to have Excalibur win because they would have had a share of Shaikan and thus required to put in at least USD250 million, and we would not have required to carry out this fearful fund raising that the city has used to spread fearful rumours!! Now we have production and exports happening and just because GKP has to raise monies to continue with our increased production,our SP is 86p!! It really beats me,how market rumours can drive people to being fearful or exuberant. Most Majors and NOC's spent billions for exploration and there are no certainties that they will find any oil. The SP is still very volatile and we just have to ride this wave of irrational fear. Goodluck and best wishes to all ============= Hi Nordel I personally feel that there's too much of a big deal beng made about us having to raise exactly 250 mil. So what happens if we only raise 200 mil? Does that mean we're going to go bust at the end of May? I think the chances of us going bust at the end of May are extremely slim. The market seems to feel that our jugular is currently exposed and that they can dictate terms and give us a rough ride. We have very few shares in treasury and this needs to be increased so come the AGM I would hope and expect that the company raises the number of shares so if it wishes to do a placing, it would have the ability to do so. Now a lot of people will say they don't want a placing but I think I would have preferred to take some slight dilution as opposed to the drop in the price that we've recently had. I think that because of some of the mismanagement we've been left with limited funding options which doesn't make for a strong company so I'm quite happy to deal with any shortfall in funding later in the year by which time I think we will be in a much stronger negotiating position with hopefully a much strengthened share price. That's not to say I think there will be a shortfall just dealing with the fears that are being spread in the market. All the best Oilman63 ================= 10,000 shares bought at well over double today's price. That is not a small amount of money and yes it is devastating. Although why you would feel the need to dig at someone who is losing money on a purchase of GKP shares baffles me. Having now read the CPR from front to back, I have every right to feel let down, disappointed and devastated by what has happened here. Particularly the in depth analysis of water contacts, inflow and financial projections. I don't know if the BOD directly misled shareholders or not, particularly on OWCs and self funding to 100K+ bpd, but I certainly do look forward to Gram's analysis on at least the former point. But then Toby, you and I originally disagreed as you felt my £5 per share 2015 target was deramping. £5 a share by 2015. Negative. Uh huh. Do we need to go over your ramping and projections again? That you seem to delight in this low share price and investors losing money, while still proclaiming massive share price increases from here says a lot. =================