Gulf Keystone Petroleum Paid $12 Million By Kurdistan Government

By Alex MacDonald

LONDON--Gulf Keystone Petroleum Ltd. (GKP.LN) said Thursday it has received $12 million out of the $15 million paid by the Kurdistan government of Iraq for crude oil from the Shaikan oil field.

This is the second consecutive monthly payment that the regional government has made for crude oil from the field since announcing in August that it would resume back payments for oil exports from the region.

Gulf Keystone is the field operator with a 75% stake while MOL Hungarian Oil and Gas PLC (MOL.BU) has a 20% stake and Texas Keystone Inc. a 5% stake.

Following the payment, the Gulf Keystone's current cash position is $76.2 million. Gulf Keystone said it's in the process of making interest payments of $26.4 million.

-Write to Alex MacDonald at alex.macdonald@wsj.com

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(END) Dow Jones Newswires

October 15, 2015 03:00 ET (07:00 GMT)

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