Gulf Keystone Petroleum (LON:GKP) told investors it has US$73mln of cash, following the start of regular oil payments from the Kurdistan Regional Government (KRG) earlier this month.
It comes as GKP revealed operations at the Shaikan oil field had reached a major milestone, surpassing 15mln barrels of commercial production.
Currently, GKP said that daily production from Shaikan was averaging 40,000 barrels.
The KRG in July requested that GKP direct its crude trucking operation to deliver the oil 120 kilometres to Fyshkhabour on the Turkish border, where it is injected into an export pipeline to the Turkish port of Ceyhan.
GKP said it is currently in the process of transferring all its crude deliveries to the export pipeline.
The oil company’s share price was, at around 3:00pm, up just over 4% at 30p.