26 September 2025

Gulf Keystone Petroleum Ltd. GKP
(“Gulf Keystone”, “GKP” or “the Company”)

Restart of Kurdistan crude exports via the Iraq-Türkiye Pipeline

Gulf Keystone is pleased to announce that the Company, along with severalotherInternational Oil Companies (“IOCs”) operating in the Kurdistan Region of Iraq(“Kurdistan”), has signed agreements with the Kurdistan Regional Government(“KRG”) and the Federal Government of Iraq (“FGI”) to enable the restart ofinternational crude exports from Kurdistan.

Pipeline exports from the Shaikan Field are expected to restart in the comingdays.

The agreements to restart Kurdistan crude exports are in full compliance withIraq’s 2023-2025 Budget Law while maintaining the sanctity of Kurdistan’sProduction Sharing Contracts (“PSCs”). The Budget Law provides for an interimperiod, currently anticipated to be around three months, during which IOCswillbe compensated for exported production to cover the costs of production andtransportation. As a result, the Company expects an improvement in ShaikanFieldrealised prices to above $30/bbl in this interim period compared to $27-28/bblin local sales. Subsequently, a reconciliation to full PSC entitlement atinternational prices (adjusted for crude quality and transportation costs) isexpected following a review of IOC invoices and contractual costs conductedduring the interim period by an international independent consultant.

The Iraqi State Organization for Marketing of Oil (“SOMO”) will transport thecrude from Fishkhabour in Kurdistan to Ceyhan in Türkiye while the KRG and theIOCs will market Kurdistan crude at the Kirkuk blend official selling price.TheCompany and other IOCs will be paid from the sale of their allocation atCeyhanvia a nominated trader who will deposit the sales proceeds into an escrowaccount at an international bank before the funds are disbursed to the IOCs.During the interim period, the Company will continue to engage with the KRGregarding a payment mechanism for the outstanding October 2022 to March 2023receivable balance as part of broader ongoing negotiations to resolve otherShaikan commercial matters. A further announcement will be made if and whenappropriate.

Jon Harris, Gulf Keystone’s Chief Executive Officer, said:

“The restart of Kurdistan crude exports via the Iraq-Türkiye Pipeline is ahistoric milestone for Gulf Keystone, Kurdistan and Iraq that is expected tounlock significant value for all stakeholders. A return to international salesprices will be transformative for the Company’s cash flow while we believe thesigned agreements with the KRG and FGI, along with the Production SharingContracts, will facilitate long term profitable investment in Kurdistan’s oiland gas reserves, of which the Shaikan Field accounts for a significantportion.We are delighted to have reached this successful resolution and are lookingforward to the future as we remain focused on driving value for Gulf Keystoneshareholders.”

Enquiries:

Gulf Keystone: Aaron Clark, Head of Investor Relations & Corporate Communications

+44 (0) 20 7514 1400 aclark@gulfkeystone.com

FTI Consulting: Ben BrewertonNick Hennis

+44 (0) 20 3727 1000GKP@fticonsulting.com

or visit: www.gulfkeystone.com

Notes to Editors:
Gulf Keystone Petroleum Ltd. GKP is a leading independent operator and
producer in the Kurdistan Region of Iraq. Further information on Gulf Keystone
is available on its website www.gulfkeystone.com

Disclosure regulation

This announcement contains inside information for the purposes of the UKMarketAbuse Regulation (“UK MAR”). This information is considered to be insideinformation pursuant to the EU Market Abuse Regulation (“EU MAR”) and issubjectto the disclosure requirements pursuant to EU MAR article 17 and section 5-12ofthe Norwegian Securities Trading Act. This stock exchange announcement waspublished by Aaron Clark, Head of Investor Relations and CorporateCommunications of Gulf Keystone, at the date and time as set out above.

Disclaimer

This announcement contains certain forward-looking statements that are subjectto the risks and uncertainties associated with the oil & gas exploration andproduction business. These statements are made by the Company and itsDirectorsin good faith based on the information available to them up to the time oftheirapproval of this announcement but such statements should be treated withcautiondue to inherent risks and uncertainties, including both economic and businessfactors and/or factors beyond the Company’s control or within the Company’scontrol where, for example, the Company decides on a change of plan orstrategy.This announcement has been prepared solely to provide additional informationtoshareholders to assess the Group’s strategies and the potential for thosestrategies to succeed. This announcement should not be relied on by any otherparty or for any other purpose.

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