Gulf Keystone Petroleum, a leading independent operator and producer 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) has been received by the Company for Shaikan crude oil export sales.
This payment satisfies the Company's invoice for the month of December 2015 submitted to the Kurdistan Regional Government's Ministry of Natural Resources ("MNR").
Following the payment, the Company's current cash position is US$58.4 million.
Commenting on today's announcement, Jón Ferrier, CEO, said:
"We are pleased to start 2016 with confirmation of payment for December's Shaikan crude oil export sales. This is the fourth consecutive monthly payment, for which we would like to state our thanks to our partner the MNR."
Source: Gulf Keystone