Gulf Keystone says that a payment of US$15 million gross (US$12 million net to Gulf Keystone) has been authorised by the KRG to be wired to the Company's account during the next seven days.

Gulf Keystone now looks forward to the establishment of regular payments for Shaikan export sales.

Jón Ferrier, Gulf Keystone's Chief Executive Officer, said,'At this critical time for our company and for the entire oil industry in the Kurdistan Region, we welcome the announcement of this payment of US$15 million gross for Shaikan export oil sales and we appreciate the support from our partner, the Kurdistan Regional Government.'

Tags: Gulf Keystone Petroleum