Gulf Keystone Cash Position Slowly Improves on KRG Payments

London-listed independent Gulf Keystone is managing to slowly strengthen its cash reserves on the back of relatively-stable payments from Iraq’s Kurdistan Regional Government (KRG). However, its balance sheet remains considerably weaker than 12 months ago, and absent a sizeable boost in payments from the KRG, neither this nor its share price are likely to regain the lost ground (see graph).

The latest, 6 January, payment (MEES, 8 January) was Gulf Keystone’s fourth consecutive “monthly” payment from the KRG for oil exports from the Shaikan field it operates. Each payment was $15mn gross, with Gulf Keystone receiving net payments of $12mn. The previous payment had been received on 2 December. In the interim period, the company’s cash balance increased slightly from $54.6mn to $58.4mn.


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE