The UK-based player received $12 million from the Kurdistan Regional Government (KRG) for oil exports from its producing Shaikan heavy oil field.
As a result the company’s cash position has been bolstered to $76.2 million and Gulf Keystone is now “in the process of making interest payments of $26.4 million,” it said.
Shares in the company went up around 7% by 8:30am in London on Thursday.
Shares
