Times are tough in the Kurdistan Region of Iraq. The low oil price has added to the Kurdistan Regional Government's financial woes. As a result Kurdistan focused companies have suffered from a lack of payments from the KRG and recent reserve downgrades along with low oil prices have increased the strain. Yet we expect the Kurdistan focused IOCs with the possible exception of Gulf Keystone to survive in the short term. However more will struggle if the climate doesn t improve over the coming two to three years.