31 March 2023

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone", "GKP" or "the Company")

Update on Shaikan Field production

Gulf Keystone is providing an update on its announcement dated 27 March 2023 regarding the shut-in of the Iraq-Turkey pipeline on 25 March 2023 and suspension of exports. GKP announces that it expects to shut-in production processed at Production Facility 1 ("PF-1") today, while production flowing into Production Facility 2 ("PF-2") will continue into storage tanks at reduced rates for around another two weeks before also being shut-in. The combined storage capacity at PF-1 and PF-2 is approximately 150,000 barrels.

The Company understands that discussions between the Kurdistan Regional Government and the Iraqi Ministry of Oil are ongoing and continues to believe that the suspension of exports will be temporary.

GKP is closely monitoring the situation and will provide further updates to the market, as appropriate.

Enquiries:

or visit: www.gulfkeystone.com

Notes to Editors:

Gulf Keystone Petroleum Ltd. (LSE: 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

Disclaimer

This announcement contains certain forward-looking statements that are subject to the risks and uncertainties associated with the oil & gas exploration and production business.  These statements are made by the Company and its Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent risks and uncertainties, including both economic and business factors and/or factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy.  This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed.  This announcement should not be relied on by any other party or for any other purpose.