A "strategy for value creation"

An interesting day was had, up at Park plaza Victoria hotel where Todd Kozel and board faced the baying barbarian hordes. Didn't quite turn out that way - much to the annoyance, no doubt, of M&G, Asher and the numerous derampers and whisperers that have slithered out of the woodwork over the last year.

Have to say it was a slick presentation - JG was exceptional in my opinion.

We started off with some introductory speel from Todd emphasising how we were moving from the explorer phase to being a producer, the aim being to monetise the OIP in addition to continuing further explo.

TK highlighted GKP's operational success - 18 wells drilled, not a single duster. Quite incredible for an Oil explorer.

Regarding Adnan Sammarai's move - apparently he's moved to the MNR to be a special adviser to Hawrami..

PF1 is due to go "live Oil" in next day or two.The delay has been down to technical delays. PF2 due to go live October.

The CC has been an annoying diversion, and they expect a result on 23rd August at the latest.

The aim for Full list is September/October, with the appointment of a non exec chairman the first step along that road. This means the CPR will be due September ish as well, and a final declaration of "Reserves"

Vis M&G - apparently M&G have not approached GKP, nor discussed their move according to TK. Regarding their 4 proposed NED's TK described them " small company men", not suitable for a Ftse company. The fruits of independent background searches into these four will be revealed in a soon to be released RNS.

JG then took the stand for an Operational review. And what a presentation. It's clear he is very passionate about GKP and a worthy member of the board.

OIP 19bn barrels with significant upside potential in the permian
19th well will be spudding soon, Shaikan 10.Development &Production well.

PF1 complete and ready for commissioning. 40,000bopd by end 2013. All in a short space of time. Compared to Kashagan this was remarkable - 15 years, $45bn and still no production.

As an idea of how big Shaikan was we had…

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