Gulf Keystone has received $7.5million from the Kurdistan Regional Government (KRG) for Shaikan crude oil exports in February 2016.
This gross payment comprises the company’s monthly contractual revenue entitlement under the Shaikan Production Sharing Contract for crude oil exports in February 2016 of $3.4million gross ($2.7 million net to Gulf Keystone), $0.4million gross ($0.3million net) towards the recovery of outstanding entitlements for past deliveries and $3.7million net towards the recovery of the past costs associated with the Shaikan Government Participation Option.
The February payment, which predates the agreement with the KRG’s Ministry of Natural Resources MNR of 16 March 2016, is reduced compared to January as a result of the temporary closure of the Kirkuk-Ceyhan export pipeline from 16 February until 11 March.
Following the payment, the company’s current cash position is $57.2million.