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Gulf Keystone receives a further $15 million for the Shaikan Field

Following the payment, the Company's current cash position is US$76.2 million. In line with its existing debt payment obligations

Gulf Keystone, the operator of the world class Shaikan field in the Kurdistan Region of Iraq, is pleased to confirm that a gross payment of US$15 million (US$12 million net to Gulf Keystone) for Shaikan crude oil exports has been received. 

This October 2015 payment follows a similar payment in September 2015 and is in line with the statements made by the Kurdistan Regional Government in August and September 2015 regarding regular payments to the exporting international oil companies in the region. 

Following the payment, the Company's current cash position is US$76.2 million. In line with its existing debt payment obligations, the Company is in the process of making interest payments of US$26.4 million.

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