Genel Energy plc (OTCPK: GEGYF) (OTCPK: GEGYY), a small-cap London-listed oil company focused on production & exploration in Kurdistan, has recently presented its 2019 results. The figures and the company's decision not to cut the dividend impressed the investor community, and the stock quickly recuperated after touching a multi-year valuation nadir on March 18.
With a sizable cash pile and negative net debt together with capex flexibility and ultra-low production costs, the company is not on a shaky footing. However, delays in payments from Kurdistan are somewhat worrisome.
The top line
In 2019,