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Gulf Keystone Petroleum Ltd.: Payment Confirmed For Shaikan Crude Oil Exports

Gulf Keystone now looks forward to the establishment of regular payments for Shaikan export sales.

Gulf Keystone, an independent oil and gas exploration and production company and operator of the world class Shaikan field in the Kurdistan Region of Iraq, is pleased to announce that, further to the statement by the Kurdistan Regional Government of today regarding regular payments to the exporting international oil companies in the region, a payment of US$15 million gross (US$12 million net to Gulf Keystone) has been authorised by the KRG to be wired to the Company's account during the next seven days.

Gulf Keystone now looks forward to the establishment of regular payments for Shaikan export sales.

Commenting on today's news, Jón Ferrier, Gulf Keystone's Chief Executive Officer, said:

"At this critical time for our company and for the entire oil industry in the Kurdistan Region, we welcome the announcement of this payment of US$15 million gross for Shaikan export oil sales and we appreciate the support from our partner, the Kurdistan Regional Government."

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