5th Oct 2021 09:56
(Alliance News) - Gulf Keystone Petroleum Ltd on Tuesday confirmed it received a second payment from the Kurdistan regional government regarding crude oil sales and outstanding invoices.
The London-listed oil producer, which operates in Iraq, received a gross payment of USD38.5 million. Of the total sum, USD30.1 million is net to Gulf Keystone.
The payment comprised of USD32.1 million for Shaikan crude oil sales during July this year and USD6.4 million related to arrears from outstanding invoices from December 2019 to February 2020.
In May, the Kurdistan regional government asked the oil producer to reduce the pace at which it is paying arrears.
The regional government cited the impact of Covid-19 on Iraq and the improved global price of oil for the amended payment schedule.
The amendment was applied from its March invoices. So far, Gulf Keystone has received a gross payment of USD35.1 million for crude oil sales during March and April, which was USD27.4 million net to the company.
The current outstanding arrears balance is USD45.2 million net to Gulf Keystone.
"The company continues to engage with the Kurdistan regional government on its proposal," the company commented.
Gulf Keystone shares were up 2.9% at 211.00 pence in London on Tuesday.
By Josie O'Brien; [email protected]
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