OREANDA-NEWS.  Oil explorer Gulf Keystone Petroleum warned a lag in payments for crude from its Shaikan oil field in Iraqi Kurdistan meant its revenue outlook was uncertain as it is still owed USD 24 million for oil sales from the field.

The company, which moved its shares to the main London Stock Exchange from the Alternative Investment Market in March, said it was on track to increase production from its key Shaikan PF-1 and PF-2 fields by year end to 40,000 barrels of oil per day (bopd) from 15,000-16,000 bopd currently.

Gulf Keystone said it had received USD 6.46 million for crude oil exports from Shaikan since its start-up in January but that it was still owed around USD 24 million for crude already delivered on trucks.

"This therefore gives rise to uncertainty in the timing of revenue recognition and guidance for 2014," the company said in a statement.

It gave a full-year revenue guidance of USD 150-180 million, reflecting cash payments and production outlook.

A dispute between the central Iraqi government and the government of Iraqi Kurdistan on whether the region can export its own crude has led to a complete halt in exports via state pipelines for more than a year.