Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq, announces that the Kurdistan Regional Government has authorised a gross payment of US$15 million (US$12 million net to Gulf Keystone) to the Company.
Further to the KRG's Ministry of Natural Resources ("MNR") press release of 1 February 2016, this payment is being made on the basis of the Company's monthly contractual revenue entitlement under the Shaikan Production Sharing Contract ("PSC") for Shaikan crude oil exports in January 2016 of US$5.8 million gross. In addition to the monthly entitlement, a payment of US$9.2 million gross is being made towards the recovery of the arrears.
Once the payment has been received, the Company will issue a further update.
Commenting on the announcement, Jon Ferrier, CEO, said:
"We are pleased to continue receiving regular monthly payments for Shaikan crude oil exports in 2016, now under the terms of the PSC, as announced by the MNR, which we welcome. We thank the MNR for their support in a programme which accelerates the recovery of the arrears."
