of the cash flows of the company that still has oil dues from the Government of the region.

The company said that under the new contract Gulf Keystone will supply between 12 thousand and 40 thousand barrels per day to a local buyer but did not reveal his name.

The company added that it has already received an amount of $ 4.9 million for the first oil shipments to the buyer but did not mention his name.

This transaction will help Gulf Keystone to strengthen its budget which recorded a cash flow of $ 68.7 million as of June 26.

The oil company indicated that it continues discussions with Kurdistan Regional Government to develop a plan for regular payment of dues for purchases of crude oil.

Gulf Keystone said that Sheikhan oil field operated currently produces more than 40 thousand barrels per day after the repair of a technical failure.