The share price of Gulf Keystone Petroleum (GKP) extended its downward slide on the release of an interim management statement highlighting uncertainty in the timing of revenue recognition and guidance for 2014.
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This is hardly a unique problem for GKP; other operators have shipped crude via pipelines through Iraq and payments from Baghdad have been subject to lengthy delays. The company has been trucking oil exports into Turkey since late last year, yet it has received just $6.46m (£3.87m) for the exports, leaving $24m outstanding. Nevertheless, mid-range revenue guidance for this year has been set at $165m