Long-term investors in many Iraq-focused oil companies have had their patience amply rewarded, as shares in companies such as Gulf Keystone Petroleum (GKP) and DNO have registered significant gains.
Tony Hayward, CEO of Genel Energy, puts this down in part to ExxonMobil's entry into Kurdistan, which has highlighted the opportunities in the region. So much so, in fact, that he now regards GKP and DNO as overpriced.
Outside fo the direct oil sector, Egypt's Orascom Construction has also hit new recent highs following its contract win in Baiji.
It's a different story for Iraq's indigenous quoted companies, however, which are down about 11% on average year-to-date, but as Mark deWeaver writes there are some technical factors that could cause that fall to correct itself rapidly.