The recent Kurdistan independence referendum, which returned an overwhelming majority in favour of independence, has, in our view, brought the political volatility in the KRI into focus for the market. For us, the ongoing negative impact of this counteracts the value of Tawke and Taq Taq, and makes material progress on the Miran/Bina Bawi gas project less likely. For these reasons, we are moving our recommendation from Add to Neutral, and moving our price target from 170p to 120p.