The share price of Genel Energy (GENL) has hit a record low after the Kurdistan-based driller revealed that average full-year production through 2015 would be just shy of the low-end of guidance at 84,900 barrels per day, although that's still up by over a fifth on the average rate through 2014.
The production miss was understandable, as Genel pulled in the reins in response to a temporary payment hiatus from the Kurdistan Regional Government (KRG), which has had to fund the security effort in northern Iraq and deal with an influx of refugees. The KRG has had to meet these demands in the middle of a dispute with Baghdad over budget transfers.
Genel reported revenues of $342m (£239m) for 2015, but has guided a mid-point fall in the top line of around a third for this year, assuming Brent oil price at $45 per barrel. In light of recent falls in Brent crude, that last assumption is being seen by the market as optimistic.
