Gulf Keystone Owed $283 mln for Iraqi Kurdistan Oil

Gulf Keystone Petroleum, one of a handful of foreign oil producers in Iraqi Kurdistan, said on Thursday it was owed $283 million for oil sales and other costs from the Kurdistan Regional Government.

The company posted a $77.7 million loss in the first half of the year and held $63.9 million in cash, but more than half of that was needed to pay off its debt, it said.

"Gulf Keystone are cautiously optimistic about the future," Chief Executive Jon Ferrier said in a statement.

Its Shaikan oil field was expected to hit a full-year average production target of 30,000-34,000 barrels per day, the company said.

Reporting by Karolin Schaps