Updates

Gulf Keystone

June 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Gulf Keystone's final results showed a pretax loss of US$3.6m, although this is largely irrelevant given that Gulf hasn't started producing oil yet. Nevertheless, with net cash of nearly US$90m its exploration program is well-funded for the next two years. Of more interest was Gulf's recent flurry of success in winning new exploration licences expanding its Algerian acreage to nearly 33,216 square km over nine blocks, compared to one block covering just under 6,000 square km at the time of the float. The most recent award involved two further concessions, blocks 108 and 128, in the Constantine basin in NE Algeria in a joint venture with Sonatrach, Algeria's state-owned oil company. Block 108 is considered quite a catc ...

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Zetar - Easter trade in line with expectations

Lennox Holdings - Final results well worth the wait

Gulf Keystone - Falls through stop-loss (July 2005)

Gulf Keystone - Awarded two new blocks in Algeria (May 2005)

Gulf Keystone - Evolution issues 24 page note (March 2005)

Gulf Keystone (February 2005)

Gulf Keystone - Packed oil drilling program in '05 (December 2004)

Gulf Keystone Petroleum - Drilling hopes in Algeria (November 2004)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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