Gulf Keystone Gets Part Payment for Shaikan Oil Exports in May

By Alex MacDonald

LONDON--Kurdistan-based oil and gas exploration company Gulf Keystone Petroleum Ltd. (GKP.LN) said Monday the Kurdistan regional government has paid $8 million for May oil exports from the Shaikan oil field in northern Iraq.

This is a partial payment of the invoiced amount with the balance forecast to be paid shortly, the U.K.-listed oil and gas firm said.

The Shaikan oil field is 75% owned by Gulf Keystone, 20% owned by Kalegran Ltd., a unit of MOL Hungarian Oil and Gas PLC and 5%-owned by Texas Keystone Inc.

Gulf Keystone's shares were up 6.1% at 5.04 pence a share as of 0739 GMT, resulting in a market capitalization of GBP49 million ($66 million). Gulf Keystone's shares are down 68% since the start of the year.

The company's shares fell sharply in March after it said there were "significant" doubts about the company's ability to continue operating amid low oil prices, political tensions and a severe cash crunch.

Write to Alex.MacDonald@wsj.com