On September 10, Kurdistan-focused upstream company Gulf Keystone Petroleum (GUKYF, GFKSY) presented its 1H19 results. Unfortunately, there is no reason to feel elated as 1H19 performance was mediocre due to "operational delays" and workovers that took a toll on the production and added pressure on margins amid weak oil price. At the same time, higher capex, together with one-off payment related to the exit from Algeria, significantly reduced FCF, but it still remained well above zero.
On the London Stock Exchange, the stock was down in the morning hours on September 10,