Gulf Keystone Petroleum (LON:GKP) has confirmed the receipt of a US$15mln gross payment from the Kurdistan authorities.
It said the payment satisfies the company’s invoice for the month of November, and following payment the company’s cash position will be US$54.6mln.
The company added that it has now received a total of US$86mln in payments for oil export sales from the Shaikan field since December 2014.
As a result of consecutive monthly payments - for September, October and November - Gulf Keystone said it has been able to meet its debt payment obligations.
It also highlight public statements made by the Kurdistan authorities in which it is said that regular payments to oil companies would continue through 2016 and that amounts owed in arrears would be considered for payment.
Gulf Keystone said it is currently owed a total of US$298.4mln.
Jón Ferrier, Gulf Keystone chief executive, said: "We continue to drive the Company forward with three principal strategic objectives: safe and reliable operations, commercial sustainability of the business achieved through regular monthly payments and addressing of the arrears, and constructive relationships with our host government, shareholders and bondholders.”
The company repeated production guidance of 30,000-34,000 barrels of oil per day for the full year.