Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Gulf Keystone to get $12mln from next Shaikan crude payment

It will be the latest monthly payment from the regional authorities, and it is being paid in accordance with contracted revenue terms.
Gulf Keystone to get $12mln from next Shaikan crude payment
Gulf Keystone is to receive $12mln net

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.

Jamie_55a91591db06b.jpg


Register here to be notified of future GKP Company articles
View full GKP profile View Profile

Gulf Keystone Petroleum Limited Timeline

Related Articles

Egyptian pyramids
June 01 2017
The AIM-listed group transformed itself at the start of the year with the US$30mln acquisition of the Egyptian and Moroccan assets of failed fellow AIM firm Circle Oil
Offshore oil operations, North Sea
August 18 2016
Premier Oil told investors it now expects to produce between 68,000 to 73,000 barrels oil equivalent per day in 2016.
trader celebrating
August 26 2016
San Leon is issuing new shares at 45p which is a 54% premium to the last price before trading was suspended in January.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use