Today’s blog covers an interesting trip to Kurdistan where a good number of investors and analysts saw at close range the oil and gas facilities on the ground. At Genel there is a balanced current portfolio which already provides huge cash flows that not only fund the capex programme but a sizeable dividend as well and profitable at around $30 oil.They have considerable upside at, in the first instance Sarta which the company work with Chevron and where the upside includes the biggest potential field in country. In addition they have the possibility of everything coming together at Bina Bawi plus exploration at Qara Dagh to give substantial cash flow for capex and a generous dividend. Over at Gulf Keystone they have one massive field in Shaikan where they feel that exponential growth is not just possible but deliverable, 38/- b/d could become 55/- b/d, 75/- b/d and then 100/- b/d within 5 years which certainly pays for itself as well as buy-backs and dividends. Both companies are exceptional opportunities and offer returns rarely seen elsewhere in the market.