Gulf Keystone Petroleum (GKP), one of Iraqi Kurdistan’s leading independent oil and gas companies, has not been having the smoothest of rides. After winning a well-publicised legal battle with Excalibur in December 2013, things appeared to be on the up. But, in early March, the release of a third-party audit on the company’s interests in the Kurdish region showed estimated reserves in the Shaikan Block at just 9.38bn bbls, significantly lower than earlier estimates of 13.7bn bbls. London-listed GKP shares tumbled following the news, and have continued to fall since, ending March at 86.25p, having touched 188.5p in January.