Iraqi Kurdistan authorises $12m Gulf Keystone payment

Gulf Keystone Petroleum said on Friday the Kurdistan Regional government has authorised a gross payment of $15m - $12m net – to the group for crude exports from the Shaikan field.

The company said $5.8m was for oil exported in January, with $9.2m being paid towards the recovery of arrears.

Chief executive officer Jón Ferrier said: "We are pleased to continue receiving regular monthly payments for Shaikan crude oil exports in 2016, now under the terms of the production sharing contract, as announced by the Ministry of Natural Resources, which we welcome.

“We thank the MNR for their support in a programme which accelerates the recovery of the arrears."

Cantor Fitzgerald reiterated its ‘buy’ rating on the stock, saying: “Whilst today’s announcement is only a small payment in this respect to GKP, it signals the government’s intent this year.”

At 1150 GMT, Gulf shares were up 0.5% to 15.58p.