GKP Confirms July Oil Payment from KRG

By John Lee.

Gulf Keystone (GKP) has confirmed today that a gross payment of $15.0 million has been received from the Kurdistan Regional Government (KRG) for Shaikan crude oil export sales in July 2016.

The company said in a statement that it and the KRG’s Ministry of Natural Resources (MNR) continue to work towards agreeing the final form of the May, June, and July 2016 invoices in parallel with the negotiation and finalisation of the Second Amendment to the Shaikan Production Sharing Contract (“Second Shaikan Amendment”), as per the Bilateral Agreement between the Company and the MNR announced on 17 March 2016.

Following receipt of the payment, the Company’s current cash position is $79.6 million.

(Source: GKP)

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