Gulf Keystone Provides Shaikan Payment Update

Source: www.gulfoilandgas.com 11/16/2021, Location: Middle East

Gulf Keystone confirms that a gross payment of $35.4 million ( $27.7 million net to GKP) has been received from the Kurdistan Regional Government ("KRG"). The payment is comprised of gross $30.0 million ( $23.5 million net) for Shaikan crude oil sales during August 2021 and gross $5.4 million ( $4.2 million net) in relation to the arrears from the outstanding December 2019 to February 2020 invoices.

Following receipt of the arrears payment calculated based on the KRG's proposed amendment to arrears repayment terms as announced on 13 May 2021, the current outstanding arrears balance is $41.0 million net to GKP. The Company continues to engage with the KRG on its proposal.


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