Gulf Keystone listed on FTSE
Wants to improve liquidity
Oslo ‘is energy market hub’
Gulf Keystone Petroleum, a London-listed oil and gas producer in Iraq’s Kurdistan region, is pursuing a dual listing in Norway.
The company is exploring the option as part of its plan to improve liquidity, attract new institutional and retail shareholders, and gain better access to capital markets.
The Oslo stock exchange is a major centre for conventional energy capital markets with a broad group of listed companies within the oil and gas sector, Gulf Keystone said in a statement.
The company will submit an application to list on the OSE’s Euronext Growth market on Tuesday, non-executive chair David Thomas said.
Gulf Keystone has a strong financial position and does not intend to issue shares in connection with a potential dual listing, he said.
However, the oil producer intends to engage with certain shareholders to explore the potential for a limited sale of shares through a secondary offering.
The company’s flagship Shaikan field was temporarily shut following drone attacks on several oilfields close by and elsewhere in Kurdistan in July. It is one of the largest oil discoveries in Iraq’s northern region, located 60km northwest of Erbil.
Further reading:
According to the company’s first-half 2025 financial statement, gross average production this year reached 40,600 barrels per day of oil until August 26.
Gulf Keystone has tightened its 2025 gross average production guidance to 40,000-42,000 bpd, reflecting production losses from the temporary disruptions.
The business was founded by a consortium of UAE, Kuwaiti and US private equity firms and has been registered in Bermuda since 2001.
Listed on the London Stock Exchange in 2004, its share price has risen by around a third in the year to date.