Genel recently reported its H1 results and released updated fiscal terms for its Miran/Bina Bawi gas development in Kurdistan. We have now updated our model for all of this leading to an earnings downgrade on changes to our assumptions on revenues and addition of exploration expense to our adjusted P&L in 2015, and lower forecast production and oil price deck in 2016. Our valuation also falls for a cut to our Brent oil price deck and our assumptions on onstream timing for Miran and Bina B
