Gulf Keystone, has been paid $15mn ($12mn net to Gulf Keystone) for Shaikan crude oil exports.
The October 2015 payment follows a similar payment in September 2015 and is in line with the statements made by the Kurdistan Regional Government in August and September 2015 regarding regular payments to the exporting international oil companies in the region.
Following the payment, the company’s current cash position is $76.2mn. In line with its existing debt payment obligations, the company is in the process of making interest payments of $26.4mn.
He company also said that exports from the Shaikan field has now surpassed 15mn barrels with the current daily average production in excess of 40,000 barrels of oil.
In July 2015, at the request of the Kurdistan Regional Government’s (“KRG”) Ministry of Natural Resources (“MNR”), the company commenced trucking Shaikan crude oil a distance of 120 km to Fyshkhabour on the Turkish border for injection into the export pipeline to Ceyhan in Turkey.
In anticipation of regular payments for pipeline export sales announced by the KRG earlier this month and at the request of the MNR, the company is in the process of transferring all crude oil deliveries to the export pipeline.
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