Gulf Keystone Petroleum today warned $24million of delayed payments cast uncertainty over its revenue outlook.
The oil explorer is still owed the massive sum for crude taken from its Shaikan oil field in Iraqi Kurdistan.
The firm has received an initial $6.46m payment for crude oil exports but is still awaiting the final sum.
A spokesman said: “The time lag can be significant with an approximate $24 million net outstanding to the company, after the first payment of $6.46 million gross received in May 2014, from the commencement of oil sales in January 2014 to date.
“This therefore gives rise to uncertainty in the timing of revenue recognition and guidance for 2014. At this time, revenue guidance for 2014 is in the range of $150 million to US$180 million which reflects the company’s current view on cash payment and current production levels.”
Gulf Keystone is on track to more than double production from the Shaikan PF-1 and PF-2 fields to 40,000 barrels of oil per day (bopd).
A long-running dispute between the central Iraqi government and the government of Iraqi Kurdistan has disrupted exports in recent years.
Kurdistan stopped piping through the Iraqi-controlled pipe to Ceyhan around 19 months ago over disputed oil payments, and has since built its own pipe while trucking smaller quantities over the border.
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