2nd Jun 2016 06:42
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd Thursday said it has secured a second payment from the Kurdistan regional government for the oil exported out of its Shaikan field during April.
Gulf Keystone received a payment in late May of USD6.0 million for exports made during April and a further USD7.0 million payment was made on Thursday, pushing the total gross payment for the month to USD13.0 million.
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. Previously, monthly payments have been made in one single tranche, but Gulf Keystone and fellow London-listed Genel Energy PLC both received April payments in two tranches.
Gulf Keystone said it expects to make progress with the regional government about reclaiming revenue arrears it is owed for past oil exports "shortly", alongside recouping past costs spent on its field after the government exercised an option to take a stake in the Shaikan field.
By Joshua Warner; [email protected]; @JoshAlliance
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