Gulf Keystone: Resilient for 12 months despite burning cash

  • Strong FY 19 financial results but, with Brent at US$20/b, they seem like distant memories of a glorious past

  • Gulf Keystone could operate for 12 months if Brent averages US$30/b and there are some payment delays

  • We reiterate a Hold recommendation on the GULFKY 23s (Bloomberg mid-price – 84, YTM – 16.6%)
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