7th Sep 2015 11:11
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd on Monday said that a multimillion dollar payment has been authorised by the Kurdistan Regional Government to the oil and gas exploration and production company.
In a statement, Gulf Keystone, which operates the Shaikan field in the Kurdistan Region of Iraq, said it is set to receive USD12 million net after a USD15 million gross payment was authorised by the KRG.
The payment is to be wired to Gulf Keystone's account during the next seven days, according to the company.
"At this critical time for our company and for the entire oil industry in the Kurdistan Region, we welcome the announcement of this payment of USD15 million gross for Shaikan export oil sales and we appreciate the support from our partner, the Kurdistan Regional Government," Chief Executive Jón Ferrier said in a statement.
Shares in Gulf Keystone were up 5.1% at 34.41 pence on Monday shortly after midday in London.
By Samuel Agini; [email protected]; @samuelagini
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