UK-listed oil and gas exploration company Genel Energy, which mainly focuses on oil and gas assets in Iraqi Kurdistan, is preparing to publish a trading update on 19 October.

The update comes amid increasing uncertainty in the Iraqi Kurdistan region.

Fighting has been reported between the Iraqi army and Kurdish peshmerga fighters after Baghdad sent troops towards Kirkuk, a disputed province that is currently held by the Kurds and has significant oil reserves.

Genel Energy is involved in several major projects in the Kurdistan region.

These include the Miran gas field development project, which has an estimated budget of $2.5bn.

The front-end engineering and design (feed) for this project was completed in 2015, but the project has seen significant disruption over recent years and it is unclear when the contract will be awarded.

Genel Energy also has two producing fields in the region: Taq Taq and Tawke.

The company owns a 44 per cent stake in Taq Taq and a 25 per cent stake in Tawke.

In response to a request from MEED, a spokesperson for Genel Energy said the firm's executives would not be available for interviews until the “situation in Kurdistan stabilises”.

Amid the deteriorating security situation, the company announced that its chief operating officer, Paul Schofield, would be stepping down on 16 October.

Schofield will be replaced by William Higgs, a former chief operating officer at Ophir Energy.

In a statement released on 13 October, Murat Ozgul, CEO of Genel, said: “I would like to thank [Schofield] for his efforts at Genel and wish him all the best for the future. I look forward to working with [Higgs] as we continue to maximise the value of our assets in the Kurdistan region of Iraq.”

Genel Energy’s share price dropped 8 per cent on16 October after the clashes between the Kurdish peshmerga and the Iraqi army were announced.

The firm’s share price has dropped by more than 35 per cent since 6 September.