Gulf Keystone Petroleum Ltd (LON:GKP) has confirmed the receipt of crude oil payments for exports in March.
The company told investors that a US$15mln gross payment was received for the Shaikan field, in the Kurdistan region of northern Iraq.
GKP said its cash position will amount to US$69.5mln following the payment from the Kurdistan Regional Government (KRG).
The KRG’s payment comprises US$5.5mln (US$4.3mln net to GKP) as the contractual revenue entitlement, under production sharing contract, for the month of March, as well as US$0.6mln towards outstanding entitlements for past deliveries and US$8.9mln towards the recovery of Gulf Keystone’s past costs associated with the Shaikan Government Participation Option.