Kurdistan-Focused Oil Explorers Restore Shareholder Payouts

Investing in small-cap oil and gas explorers has never been for the faint-hearted. But few companies have experienced as much drama in the past five years as the international energy groups with assets in the autonomous Kurdistan region of northern Iraq, the Financial Times reported. Once described by Tony Hayward, the former chief executive of BP and a co-founder of Kurdistan-focused Genel Energy, as “the last big onshore ‘easy’ oil province”, operating in the region proved to be anything but simple. Companies in the region had to weather a series of challenges in the middle part of the decade. These ranged from the oil price crash, to a period between mid-2014 and September 2015 when they struggled to secure regular payments from the Kurdistan Regional Government in return for their exports. Read more