Gulf Keystone to receive $12m from Kurdistan Regional Government

Gulf Keystone said the Kurdistan Regional Government has authorised the payment of $12m to be wired to the company’s account in the next seven days.

The independent oil and gas exploration and production company, which operates the Shaikan field in the Kurdistan region of Iraq, said it now looks forward to the establishment of regular payments for Shaikan export sales.

Chief executive officer Jon Ferrier 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 $15 million gross for Shaikan export oil sales and we appreciate the support from our partner, the Kurdistan Regional Government."

The announcement from Gulf Keystone came as Iraq’s Kurdistan region said that it has allocated $75m of revenue from its direct crude oil sales to Gulf, Genel Energy and DNO.

At 1246 BST, Gulf Keystone shares in the company were up 1.4% at 33.20p.