Gulf Keystone Petroleum Regulatory News (GKP)

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2 June 2016

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Shaikan Payment Update

Further to the Company's announcement of 27 May, Gulf Keystone confirms today that a further gross payment of $7.0 million has been received from the Kurdistan Regional Government ("KRG") for Shaikan crude oil exports in April 2016, bringing the total payment received to date to $13.0 million gross.

In line with the bilateral agreement between Gulf Keystone and the KRG's Ministry of Natural Resources of 16 March 2016, the Company expects the balance to be paid shortly.

Enquiries:

Notes to Editors:

· Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan block, which is a major producing field with 40,000 barrels of production capacity

· Further information on Gulf Keystone is available on its website www.gulfkeystone.com

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.