Shares in Gulf Keystone Petroleum (GKP) traded up almost 10 percent in early trading on Thursday, after the company confirmed that a gross payment of US$15 million (US$12 million net to Gulf Keystone) for Shaikan crude oil exports had been received.
This October 2015 payment follows a similar payment in September 2015 and is in line with the statements made by the Kurdistan Regional Government in August and September 2015 regarding regular payments to the exporting international oil companies in the region.
Following the payment, the Company’s current cash position is US$76.2 million. In line with its existing debt payment obligations, the Company is in the process of making interest payments of US$26.4 million.
(Sources: GKP, Yahoo!)