Genel and Gulf Keystone face late payments from Kurdistan

Genel Energy and Gulf Keystone shares fell after the oil companies said the Kurdistan government was delaying payments due in late 2019 until January 2020.

Genel, whose operations are in Iraqi Kurdistan, said: "Genel Energy plc has been informed by the Kurdistan regional government's Ministry of Natural Resources that payments relating to invoices for August and September oil production, due in November and December, will be received in January 2020."

Gulf Keystone released a similarly worded statement in relation to its Shaikan field in Kurdistan. Genel shares were down 6.4% to 174.3p at 1143 GMT. Gulf Keystone shares fell 5.3% to 195.63p.