Iraqi Kurdistan: GKP warns it could run out of money by May

Gulf Keystone Petroleum (GKP), one of Iraqi Kurdistan’s leading independent oil and gas companies, has not been having the smoothest of rides. After winning a well-publicised legal battle with Excalibur in December 2013, things appeared to be on the up. But, in early March, the release of a third-party audit on the company’s interests in the Kurdish region showed estimated reserves in the Shaikan Block at just 9.38bn bbls, significantly lower than earlier estimates of 13.7bn bbls. London-listed GKP shares tumbled following the news, and have continued to fall since, ending March at 86.25p, having touched 188.5p in January.