The outlook for Gulf Keystone Petroleum (LSE: GKP) continues to be relatively uncertain. This's reflected in the company's share price performance, with weak investor sentiment sending Gulf Keystone's valuation downwards by 70% since the turn of the year.
Gulf Keystone is in the tightest of tight corners. It is overloaded with debt, which is due to be repaid next year, and only a trickle of cash is coming in from the Kurds, who are struggling to fund a war against Islamic State and a migrant crisis.
Shares of Kurdistan-based Gulf Keystone Petroleum (LSE: GKP) hit new lows following the release of its annual results last week, while a payment update this week has done little to alleviate the pressure.
The oil sector is still reeling from the oil price slump, which started more than 12 months ago. The slump has hit some producers harder than others, with smaller exploration and production companies taking the brunt of the pain.
Today's trading update from Cape(LSE: CIU) shows that its operating environment remains tough. On the one hand, order intake was solid and the company's order book is marginally higher than it was at the same time last year.