Gulf Keystone Petroleum (LON:GKP) has told investors that the Kurdistan Regional Government has authorised a $15mln gross payment for crude oil produced from the Shaikan field.
It will be the latest monthly payment from the regional authorities, and it is being paid in accordance with contracted revenue terms.
Gulf Keystone is to receive $12mln net. And it explained that $5.8mln is for oil exported in January, while $9.2mln represents payment towards the recovery of arrears.
“We are pleased to continue receiving regular monthly payments for Shaikan crude oil exports in 2016, now under the terms of the PSC, as announced by the MNR, which we welcome,” said chief executive Jon Ferrier.
“We thank the MNR for their support in a programme which accelerates the recovery of the arrears."
The company added that it will release a further stock market statement once the payment has been received.