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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.
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