GKP warns on payment lag

Suzie Neuwirth
GULF Keystone Petroleum’s share price plunged over seven per cent yesterday, after the oil explorer warned there would be a delay receiving payments from exports and that it had technical issues at its flagship Shaikan field in Kurdistan.

With $24m (£14.3m) outstanding on crude oil sales, this gives uncertainty to revenue guidance for 2014, said the company, which recently moved to a main market listing in London.