London-listed Gulf Keystone Petroleum (GKP), the third largest foreign producer in Iraqi Kurdistan is struggling to keep its head above water. The firm's share price crashed by 21% on 17 March after its Q4 2015 conference call. Its sole upstream assets are in the KRG, with its sole source of revenue its 58% working interest, operator’s stake in the 37,000 b/d Shaikan field.

Payments for its share of output have been sporadic. Though the KRG has paid GKP most of its ongoing dues...