Gulf Keystone Confirms KRG Payment

Gulf Keystone Petroleum confirmed Tuesday that it received a gross payment of $15 million from the Kurdistan Regional Government on March 4 as part of a monthly contractual revenue entitlement under the Shaikan Production Sharing Contract.

Following the payment, which includes $9.2 million gross to cover arrears, the company's current cash position is $56 million. Gulf announced that the payment had been authorized by the KRG on February 19. With the establishment of a regular payment cycle for oil sales and arrears, Gulf Keystone plans to move into a large-scale phased development of the Shaikan field targeting 110,000 barrels of oil per day.

Gulf Keystone is the operator of the Shaikan block, with a working interest of 75 percent. MOL Kalegran Limited, which is a wholly owned subsidiary of MOL Hungarian Oil and Gas plc, has a 20 percent interest and Texas Keystone Inc holds the remaining 5 percent interest.



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