Gulf Keystone Petroleum Regulatory News (GKP)

Not for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction. This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.

23 October 2015

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Notice to Noteholders

US$250,000,00013.0 per cent. Guaranteed Notes due 2017

(ISINs: Regulation S XS1056559245, Rule 144A XS1056559088)

Further to the Company's announcement of 15 October 2015, Gulf Keystone confirms today that the Company has made the coupon payments on its US$250 million 13.0 per cent. guaranteed notes due 2017 ("Guaranteed Notes") and US$325 million 6.25 per cent. convertible notes due 2017 ("Convertible Notes") in an aggregate amount of US$26.4 million, which were due in October 2015.

Following the coupon payments, the Company confirms it is in full compliance with all terms and conditions of its Guaranteed Notes and Convertible Notes agreements. This includes provisions agreed during the April 2015 Consent Solicitation as announced on 2 April 2015.

As of 23 October 2015, the Company's cash position is US$48.4 million.

A notice to the holders of the Guaranteed Notes was published on the website of the Luxembourg Stock Exchange on 23 October 2015, a copy of which is appended.

Commenting on today's announcement, Sami Zouari, CFO, said:

"As per the terms agreed during the April 2015 Consent Solicitation, today's announcement concerns a technical requirement to notify holders of the Guaranteed Notes that our cash balance has been below US$50 million for over five consecutive business days. In practice, we are pleased to have recently met our debt obligations with the US$26.4 million interest payments and we continue to manage expenditure prudently, working to restore value in the business and continuing a constructive dialogue with all our stakeholders.

Shaikan continues to perform well and we are encouraged by the progress being made towards the establishment of a regular payment cycle for Shaikan crude exports."

Enquiries:

or visit: www.gulfkeystone.com

Notes to Editors:

· Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq.

· Gulf Keystone Petroleum International (GKPI) holds Production Sharing Contracts for four exploration blocks in Kurdistan, the Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.

· GKPI is the operator of the Shaikan block, which is a major commercial discovery, with a working interest of 75% and is partnered with MOL Kalegran Limited (a 100% subsidiary of MOL Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have working interests of 20% and 5% respectively. 

· Following the establishment of a regular payment cycle for all oil sales and arrears, Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 100,000 bopd of production capacity during Phase 1 of the Shaikan Field Development Plan.

Disclaimer

This announcement contains certain forward-looking statements. These statements are made by the Company's 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 uncertainties, including both economic and business factors, underlying such forward-looking information. 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.

GULF KEYSTONE PETROLEUM LIMITED(incorporated in Bermuda with limited liability)

US$250,000,00013.0 per cent. Guaranteed Notes due 2017

(ISINs: Regulation S XS1056559245, Rule 144A XS1056559088) (the "Notes")

Notice of Total Cash Amount

To the holders of the outstanding Notes (the "Noteholders)

NOTICE IS HEREBY GIVEN to the Noteholders in accordance with Condition 4.16.1 of the trust deed constituting the Notes (the "Trust Deed") that the Total Cash Amount has been less than US$50,000,000 in the aggregate for a period exceeding five consecutive Business Days. Capitalised terms used but not defined in this notice have the meanings ascribed to them in the Trust Deed.

Dated 23 October 2015