Posted on May 30, 2016
LONDON,— Gulf Keystone Petroleum, a leading independent operator and producer in Iraq’s Kurdistan Region has confirmed Friday the receipt of a gross payment of $6.0 million from the Kurdistan Regional Government for Shaikan crude oil exports in April 2016.
LONDON,— Gulf Keystone Petroleum, a leading independent operator and producer in Iraq’s Kurdistan Region has confirmed Friday the receipt of a gross payment of $6.0 million from the Kurdistan Regional Government for Shaikan crude oil exports in April 2016.
A GKP statement said it is a partial payment of the invoiced amount and the balance is expected to be paid shortly.
Last April GKP has receipt of a gross payment of US$15 million from Kurdistan Regional Government KRG for Shaikan crude oil exports in March 2016.
The company said last March it was still owed $178 million by the KRG for oil exports and costs related to the Shaikan oil field. The KRG still owes oil companies billions of dollars for oil exports.
Gulf Keystone shares crashed on April 14 after the cash strapped Kurdistan oil producer revealed output from the Shaikan field would go into decline without new investment.
The company said it needs $71 mln to maintain production from the Shaikan field at 40,000 bopd, whereas a plan to grow production to 55,000 bopd requires a total of US$88mln.
Later the GKP said it has reached an agreement with most of its bondholders to make use of a grace period for April coupon payments.
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan block, which is a major producing field with 40,000 of production capacity.
(With files from gulfkeystone.com | proactiveinvestors.co.uk)
http://ekurd.net/gulf-keystone-receives-6-million-2016-05-30?
Last April GKP has receipt of a gross payment of US$15 million from Kurdistan Regional Government KRG for Shaikan crude oil exports in March 2016.
The company said last March it was still owed $178 million by the KRG for oil exports and costs related to the Shaikan oil field. The KRG still owes oil companies billions of dollars for oil exports.
Gulf Keystone shares crashed on April 14 after the cash strapped Kurdistan oil producer revealed output from the Shaikan field would go into decline without new investment.
The company said it needs $71 mln to maintain production from the Shaikan field at 40,000 bopd, whereas a plan to grow production to 55,000 bopd requires a total of US$88mln.
Later the GKP said it has reached an agreement with most of its bondholders to make use of a grace period for April coupon payments.
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan block, which is a major producing field with 40,000 of production capacity.
(With files from gulfkeystone.com | proactiveinvestors.co.uk)
http://ekurd.net/gulf-keystone-receives-6-million-2016-05-30?