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LONDON (Alliance News) - Gulf Keystone Petroleum Ltd Tuesday confirmed the USD15.0 million gross payment has been received from the Kurdistan regional government for the oil exported out of Iraq from the company's operations.
The confirmation follows on from the company's announcement last month that the government had authorised the payment, which is being made on the basis of the monthly, contractual revenue entitlement for Gulf Keystone under its Shaikan production sharing contract for crude oil exports from the Shaiken project.
Gulf Keystone said USD5.8 million of the payment falls under the ongoing contract, with a further USD9.2 million being paid towards the recovery of arrears. The regional government has started paying foreign producers this year for oil previously exported out of the country.
Producers in Kurdistan worked relentlessly in 2015 to create a formal payment structure for oil exports, with Gulf Keystone and fellow London-listed company Genel Energy PLC both receiving consistent payments from the government, some of which have included backpayments, over the last four to five months.
Gulf Keystone said its cash balance stands at USD56.0 million following the payment.
Gulf Keystone shares were up 2.4% to 15.10 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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