11th Aug 2016 11:13
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd on Thursday said it has received a further payment of USD15.0 million from the Kurdistan regional government for June crude exports from the Shaikan field in Iraq.
The regional government has been paying foreign oil producers for oil exports on a consistent monthly basis since late last year, but no formal payment system is yet in place.
Gulf Keystone said it was continuing to work with the Kurdistan's Ministry of Natural Resources to agree the final form of the May and June invoices, as well as negotiating and finalising a second amendment to its production sharing contract with the ministry.
Gulf Keystone did not give any further information regarding the amendment.
Following receipt of the payment, Gulf Keystone said its cash position stood at USD79.5 million.
Shares in Gulf Keystone were up 5.4% at 4.69 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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