London-listed independent Gulf Keystone is managing to slowly strengthen its cash reserves on the back of relatively-stable payments from Iraq’s Kurdistan Regional Government (KRG). However, its balance sheet remains considerably weaker than 12 months ago, and absent a sizeable boost in payments from the KRG, neither this nor its share price are likely to regain the lost ground (see graph).
 
The latest, 6 January, payment (MEES, 8 January) was Gulf Keystone’s fourth...