LONDON--Gulf Keystone Petroleum Ltd. (GKP.LN) said Wednesday 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.

The payment satisfies the company's invoice for the month of November. Following the payment, the company's cash position will be $54.6 million.

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.

Shares at 1206 GMT trading 2.5% lower at 19 pence each.

Write to Tapan Panchal at tapan.panchal@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

December 02, 2015 07:24 ET (12:24 GMT)

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