Gulf Keystone Provides Shaikan Payment Update

Source: www.gulfoilandgas.com 6/28/2021, Location: Middle East

Gulf Keystone confirms that a gross payment of $35.1 million ( $27.4 million net to GKP) has been received from the Kurdistan Regional Government ("KRG").

The payment includes gross $27.0 million ( $21.1 million net) for Shaikan crude oil sales during April 2021 . It also includes gross $4.2 million ( $3.3 million net) for the March 2021 arrears payment and gross $3.9 million ( $3.0 million net) for the April 2021 arrears payment, calculated based on the KRG's proposed amendment to arrears repayment terms as announced on 13 May 2021 . The Company continues to engage with the KRG on this proposal.

Following receipt of the arrears payments, the current outstanding balance is $58.9 million net to GKP.


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