Gulf Keystone Petroleum Limited (LSE:GKP) told investors it has received a US$62mln gross payment, US$48.5mln net, from the Kurdistan Regional Government (KRG).
The payment is for oil sales from the Shaikan field in the month of March, it noted in a brief statement.
Earlier this year, in March, the company repeated its guidance for 44,000 to 50,000 barrels oil production per day for 2022, subject to bring online the new Shaikan 15 well online in the second quarter.
At that time, in its results statement for 2021, the company reported US$122mln of cash flow generation, US$301mln of revenue and US$222mln of earnings (adjusted EBITDA).
Revenue receipts from the KRG (which normally lag the date of crude deliveries by a number of months) amounted to US$221mln in 2021, and, it noted the receipt of US$106mln of payments related to older outstanding payments from the KRG from invoices between September and November 2021. At that time, the arrears balance stood at US$21.9mln and by May the arears had been fully recouped by GKP.