Gulf Keystone Petroleum Limited (LON:GKP) told investors it is on course to achieve production guidance of 32,000 to 38,000 barrels of oil per day for the year.
It comes as the company’s flagship Shaikan field, in Kurdistan, reached a major milestone, of producing 40 mln barrels of crude to date.
The company said Shaikan continues to perform in line with expectations, with an average rate of 36,671 barrels of oil per day in the first half.
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"Safe and reliable operations remains a strategic priority and we continue to be strongly encouraged by the stable performance of the Shaikan Field during 2017,” said chief executive Jón Ferrier.
“I am also pleased to report that GKP recently achieved two years with no Lost-time-incidents, a testament to the quality of our field operations."
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Gulf Keystone added that a gross payment of US$15mln (equating to US$12mln net to GKP) has been authorised, relating to Shaikan crude sales from exports in April.