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Gulf Keystone - Evolution issue research note

February 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.

Evolution has issued the long awaited first research note since Gulf listed last September. Based on existing reserves Evolution sets a short term share price target of 86p a share. Including risked exploration (variously risked at 1-in-5 to 1-in-7) this rises to 149p. But obviously success will lead to something much higher.Gulf’s block 126a has 2P recoverable reserves of 106.7m barrels. In terms of newsflow that shareholders can expect in the next few months, Evolution highlights that a workover at the GKN-1 well is complete and Gulf will gain access to this production in H1. The next two wells, GKS2 and GKS3, will see work-over drilling this month. Gulf is to thereafter drill its first exploration prosp ...

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Domino's Pizza

Spice Holdings

Gulf Keystone Petroleum (September 2005)

Gulf Keystone - Shares soar ahead of imminent exploratory well drilling (August 2005)

Gulf Keystone Petroleum (June 2005)

Gulf Keystone - New Algerian licences won (May 2005)

Gulf Keystone - Awaiting Evolution note in next week (December 2004)

Gulf Keystone - Exciting prospect for 2005 (November 2004)

Gulf Keystone - Algerian oil and gas debutant (September 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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