Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
If there is one topic guaranteed to start a row at ShareProphets HQ it is Gulf Keystone Petroleum (GKP). We all know who is on which side and so far I’ve been fighting a losing battle. The collapse in the oil price has hurt this company, but possibly not as much as the specific challenges it faces in getting paid for the oil it produces (oh, and let’s not forget the rampaging nutters currently marauding through the region). On Friday, Gulf disappointed the market with news it had suspended oil exports, pending resolution of a “stable payment cycle”. The share price dropped sharply to settle just above the 52-week low, but are things as bad as the market implies?