Gulf Keystone plans fundraising share placing

LONDON, March 30 (Reuters) - Iraqi Kurdistan-focused oil producer Gulf Keystone Petroleum plans to raise new funds via a placing of up to 85.9 million new shares to strengthen its balance sheet at a time of irregular payments for its crude oil.

Gulf Keystone could raise about 30 million pounds ($44.42 million), assuming the placing is carried out at a slight discount to Monday's closing share price of 40.5 pence.

Like other oil producers in Iraqi Kurdistan, Gulf Keystone is owed money by the Kurdistan Regional Government for oil exports produced from its giant Shaikan field.

"Whilst we continue to work closely with the Kurdistan Regional Government, our host and partner, on establishing a stable payment cycle for Shaikan production, we need to maintain and enhance our liquidity in the near term," Chief Financial Officer Sami Zouari said in a statement. ($1 = 0.6754 pounds) (Reporting by Sarah Young; Editing by David Goodman)