Gulf Keystone Says Kurdistan Paid $15 Million For Shaikan Oil Exports
April 12 2016 - 2:51AM
Dow Jones News
By Alex MacDonald
LONDON--The Kurdistan regional government of Iraq has made a
gross payment of $15 million for March crude oil exports from the
Shaikan field, the field operator Gulf Keystone Petroleum
Ltd.(GFKSY) said on Tuesday.
The payment comprises the company's monthly contractual revenue
entitlement under the Shaikan Production Sharing Contract for crude
oil exports in March of $4.3 million net to Gulf Keystone, net $0.4
million towards the recovery of outstanding entitlements for past
deliveries and $8.9 million towards the recovery of Gulf Keystone's
past costs associated with the Shaikan government participation
option.
Following the payment, the company's current cash position is
$69.5 million, up from $56 million just over a month earlier.
Gulf Keystone owns a 75% stake in the field while MOL Hungarian
Oil and Gas PLC (MOL.BU) has a 20% stake and Texas Keystone Inc. a
5% stake.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
April 12, 2016 02:36 ET (06:36 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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