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Gulf Keystone Provides Update on Shaikan Field

Source: www.gulfoilandgas.com 6/29/2015, Location: Middle East

Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, today confirms that it continues to produce in excess of 40,000 barrels of oil per day (bopd) following the successful completion of de-bottlenecking operations at PF-1.

As a result of the continuing dialogue with the Kurdistan Regional Government's Ministry of Natural Resources ("MNR") to establish a regular payment cycle for all oil sales, both current and historic, the Company has now adopted a diversified marketing strategy. Currently, sales of Shaikan oil comprise crude oil export deliveries by truck to the Turkish coast and sales to a domestic buyer under a new six months contract which provides for offtake of between 12,000 and 40,000 bopd.

The Company has recently received total payments of US$9.8 million in respect of domestic deliveries, comprising US$4.9 million for crude oil sales previously delivered in 2014 and US$4.9 million as the first payment for deliveries under the new six months domestic offtake contract.

As of 26 June 2015, the Company's cash position was US$68.7 million with further payments anticipated as a result of the continuing dialogue with the MNR.

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