Payment warning whacks Gulf Keystone shares

|By:, SA News Editor

Gulf Keystone Energy (GUKYF -6.8%) warns that delays in receiving payments for exports could hold back revenues this year.

While Gulf Keystone confirms receipt of $6M this month as first payment for exports from its Shaikan field in the Kurdistan region of Iraq, the company sees revenues for the year of $150M-$180M, below the $230M analyst consensus estimate.

CEO Todd Kozel insists the persistent decline in shares is unwarranted: "We are a company producing 16.5K and on its way to producing 40K bbl/day of oil and has roughly 9.5B barrels of oil in place, but it’s a depressed share price... I scratch my head a little bit."