Gulf Keystone Petroleum Regulatory News (GKP)

10 December 2019

Gulf Keystone Petroleum Ltd. (LSE: GKP)

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

Share Buyback Programme

As set out in the operational update announced today, Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq, announces its intention to launch a share buyback programme for a further $25million (the "Further Buyback Programme"), following completion of its orginal $25million buyback programme as announced on 9 October 2019.

The Further Buyback Programme will use the Company's existing cash resources to make market purchases of Gulf Keystone common shares for a maximum consideration of $25 million (the "Maximum Amount"), with the first stage of that programme being initiated now to purchase Gulf Keystone shares for an initial amount of $15 million (the "Initial Amount").

The Buyback Programme is aligned with the Company's focus on capital allocation and will be an accretive use of funds whilst not impacting the Company's ability to continue the execution of its existing investment programme. The Buyback Programme will be executed in accordance with the Company's general authorities to make on market purchases which was approved by shareholders at the Company's AGM on 21 June 2019.

The Company has entered into an agreement with its brokers Canaccord Genuity Limited ("Canaccord Genuity") and Peel Hunt LLP ("Peel Hunt") (together the "Brokers") to carry out purchases of the Initial Amount under the Further Buyback Programme on its behalf on an irrevocable and non-discretionary basis. The Brokers will make their trading decisions under the Further Buyback Programme independently of, and uninfluenced by, the Company. The Company has agreed the Further Buyback Programme for the Initial Amount will commence immediately and run to no later than 30 April 2020. Once the Initial Amount is completed (or timeframe for the Initial Amount expired) the Company expects to provide further instruction to the Brokers for the purchase of the balance of the Buyback Programme.

The Buyback Programme will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters, including the safe harbour provisions set out in the Market Abuse Regulation 596/2014 ("MAR") the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of the London Stock Exchange. The Buyback Programme will be undertaken until the earlier of the Maximum Amount being repurchased or the 2020 AGM. Any shares repurchased will be held in treasury.

The Company will make announcements in due course following the completion of any share repurchases.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain and the Company confirms that it currently has no inside information.

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.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.