Gulf Keystone Says Kurdistan Paid $15 Million For Shaikan Oil Exports

By Alex MacDonald

LONDON--The Kurdistan regional government of Iraq has made a gross payment of $15 million for March crude oil exports from the Shaikan field, the field operator Gulf Keystone Petroleum Ltd.(GFKSY) said on Tuesday.

The payment comprises the company's monthly contractual revenue entitlement under the Shaikan Production Sharing Contract for crude oil exports in March of $4.3 million net to Gulf Keystone, net $0.4 million towards the recovery of outstanding entitlements for past deliveries and $8.9 million towards the recovery of Gulf Keystone's past costs associated with the Shaikan government participation option.

Following the payment, the company's current cash position is $69.5 million, up from $56 million just over a month earlier.

Gulf Keystone owns a 75% stake in the field while MOL Hungarian Oil and Gas PLC (MOL.BU) has a 20% stake and Texas Keystone Inc. a 5% stake.

Write to Alex MacDonald at [e-mail]

(END) Dow Jones Newswires

April 12, 2016 02:36 ET (06:36 GMT)

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