(Clarifying that this is the latest in a series of payments received by Gulf Keystone from the Kurdistan regional government.)
(Alliance News) - Gulf Keystone Petroleum Ltd on Tuesday confirmed it received a payment from the Kurdistan regional government for crude oil sales and outstanding invoices.
The London-listed oil producer, which operates in Iraq, received a gross payment of USD38.5 million. Of the total sum, USD30.1 million is net to Gulf Keystone.
The payment comprised of USD32.1 million for Shaikan crude oil sales during July this year and USD6.4 million related to arrears from outstanding invoices from December 2019 to February 2020.
In May, the Kurdistan regional government had asked the oil producer to reduce the pace at which it is paying arrears. The regional government cited the impact of Covid-19 on Iraq and the improved global price of oil for the amended payment schedule.
The current outstanding arrears balance is USD45.2 million net to Gulf Keystone, it said on Tuesday, adding it continues "engage with the KRG on its proposal" to slow payment of arrears.
Gulf Keystone shares were down 3.9% at 200.44 pence in London early Thursday.
By Josie O'Brien; josieobrien@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Gulf Keystone Petroleum (GKP)