Market Reaction: neutral. While production guidance in 2016 is below our expectations this is offset by a much lower level of spending. We carried Ber Bahr at £0.06 per share. In the context of current commodity prices and assuming sustained payment from the KRG at current levels, Genel would have a stable balanced sheet with over US$450 mm cash and a balanced budget in 2016. The main risk remains geopolitics and development in the region.