Gulf Keystone Provides Shaikan Payment Update

Source: www.gulfoilandgas.com 1/4/2022, Location: Middle East

Gulf Keystone confirms that it has received aggregate gross payments for the combined September 2021 and October 2021 crude oil sales and arrears payments of $89.0 million ($69.7 million net to GKP) from the Kurdistan Regional Government ("KRG").

The September gross payment of $37.8 million ($29.6 million net to GKP) is comprised of gross $31.6 million ($24.7 million net) for Shaikan crude oil sales and gross $6.2 million ($4.8 million net) in relation to the arrears from the outstanding December 2019 to February 2020 invoices.

The October gross payment of $51.2 million ($40.1 million net to GKP) is comprised of gross $41.6 million ($32.6 million net) for Shaikan crude oil sales and gross $9.6 million ($7.5 million net) in relation to the arrears from the outstanding December 2019 to February 2020 invoices.

Following receipt of the arrears payments, the current outstanding arrears balance is $28.6 million net to GKP related to the January and February 2020 invoices.


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