Operational & Corporate Update

20 October 2026

Gulf Keystone Petroleum Ltd. (LSE & OSE: GKP) ("Gulf Keystone", "GKP", "the Group" or "the Company")

Operational & Corporate Update

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq ("Kurdistan"), today provides the following operational & corporate update.

* Production and export operations continue with full well capacity of approximately 45,000 bopd * As previously reported, a maiden top-up cargo was recently lifted following the allocation of additional barrels by Iraq's State Oil Marketing Organisation ("SOMO") to reconcile a portion of Q4 2025 export sales to international prices * The Company continues to prepare for a return to drilling and field development in 2027 while progressing the installation of water handling facilities at PF-2 to unlock incremental production. Due to supply chain constraints, the Company now expects the water handling project to start-up in Q2 2027 * The Company's balance sheet is currently debt-free, with cash of $48.2 million as at 19 October 2026 * Separately, GKP and ShaMaran Petroleum have today announced that they have agreed to merge to create a leading independent oil producer focused on the Kurdistan Region of Iraq and Federal Iraq

Enquiries:

+----------------------------------------------+------------------------------+ | Gulf Keystone: | +44 (0) 20 7514 1400 | +----------------------------------------------+------------------------------+ | Aaron Clark, Head of Investor Relations | aclark@gulfkeystone.com | | & Corporate Communications | | | | | +----------------------------------------------+------------------------------+

or visit: www.gulfkeystone.com (http://www.gulfkeystone.com/)

Notes to Editors:

Gulf Keystone Petroleum Ltd. (LSE & OSE: 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 (http://www.gulfkeystone.com/)