Gulf Keystone Petroleum on Thursday flagged doubts about its ability to continue as a going concern after the oil producer announced that it has cut 55% of its expat jobs to slash costs amid the suspension of Kurdistan crude exports.
The London-listed company, focused on Iraqi Kurdistan, said it was reviewing further job cuts following the hit to its business after the closure of the Iraq-Turkey Pipeline in March.
"While no official timeline has been announced, we continue to believe that the suspension of exports will be temporary and that the KRG will resume oil sales payments in due course," Gulf Keystone CEO Jon Harris said in a statement.
Last week Turkey's foreign and energy ministers met the head of Iraq's semi-autonomous Kurdistan regional government (KRG) for talks, including on oil exports, but neither official said if a deal had been reached to resume crude flows through Turkey.
In March, Turkey had stopped the oil flows after losing a long-standing arbitration case brought by Iraq. Bagdad deems exports from the region via Turkey's Ceyhan port as illegal.
(Reporting by Anchal Rana and Yadarisa Shabong in Bengaluru; Editing by Savio D'Souza and Sherry Jacob-Phillips)