Gulf Keystone Petroleum Regulatory News (GKP)

1 May 2019

Gulf Keystone Petroleum Limited (LSE: GKP)

("Gulf Keystone" or the "Company")

2016 Value Creation Plan

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons in accordance with MAR 19(3).

The Company announces that on 30 April 2019 the following Nil Cost Options to acquire common shares of $1.00 each ("Shares") under the Gulf Keystone Petroleum Limited 2016 Value Creation Plan (the "VCP") have been granted to the following persons discharging managerial responsibilities ("PDMRs"). This grant is pursuant to and in accordance with the terms and conditions of the Conditional Awards made to them under the VCP on 12 December 2016:-

\* The number of Shares over which the Nil Cost Option was granted has been calculated by reference to the 30-day average share price following the announcement of the Company's results for the financial year ending on 31 December 2018 of $3.315 (£2.563).

The Nil Cost Option is subject to the rules of the VCP and will normally vest depending on performance against Total Shareholder Return targets. As defined under the rules of the VCP, up to 50% of the number of Shares granted under the Nil Cost Option will normally vest following the Measurement Date for the financial year ending on 31 December 2019, 50% of the remainder of the number of Shares granted under the Nil Cost Option will normally vest following the Measurement Date for the financial year ending on 31 December 2020 with up to the remainder of the number of Shares granted under the Nil Cost Option vesting following the Measurement Date for the financial year ending on 31 December 2021.

The last date for exercise shall normally be the tenth anniversary of the Conditional Award date (12 December 2016). No dividend or dividend equivalents are payable in respect of the Nil Cost Option in accordance with the rules of the VCP.

Under the VCP rules, the aggregate value of nil cost options granted at all Measurement Dates is subject to an overall cap. This cap has been attained and so no further awards of nil cost options will be made under the VCP henceforth. Furthermore, Mr. Ferrier and Mr. Zouari will not be eligible for any awards under the Company's Long Term Incentive Plan until after the Measurement Date for the financial year ending on 31 December 2021.The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation: