Gulf Keystone Petroleum Ltd. (LSE: GKP): Potential Dual Listing in Oslo

09 Sep 2025 08:11 CEST

9 September 2025


Gulf Keystone Petroleum Ltd. (LSE: GKP)
(“Gulf Keystone”, “GKP” or “the Company”)


Potential Dual Listing in Oslo

Gulf Keystone, a leading independent operator and producer in the Kurdistan
Region of Iraq (“Kurdistan”), announces that it is pursuing a potential dual
listing of its shares on Euronext Growth Oslo operated by the Oslo Stock
Exchange (“OSE”).

As part of the Company’s efforts to increase the liquidity of its issued share
capital, attract new institutional and retail shareholders and improve its
access to capital markets, Gulf Keystone’s Board of Directors (“the Board”) has
conducted a thorough review of potential initiatives to supplement the Company’s
existing listing on the London Stock Exchange’s Main Market for listed
securities. The Board sees several attractions and potential benefits of a dual
listing on the OSE, including:

• The OSE is a leading hub for conventional energy capital markets with a broad
group of listed companies within the oil & gas sector
• The Company is well known by equity and debt capital markets in Oslo where
investors have an excellent understanding of the Kurdistan oil and gas industry
and extensive track record of support for the Company and other international
oil companies with operations in the region
• The Company has broad equity research coverage in Oslo, with Norwegian firms
accounting for the majority of sell-side analysts currently covering the Company

• Additional reporting requirements and ongoing costs associated with a
potential secondary listing are expected to be minimal

David Thomas, Non-Executive Chair, said:

“Oslo’s capital markets have long been supportive of Gulf Keystone, primarily
through the historic provision of competitive debt financing, and have a deep
understanding of the Company, the Shaikan Field and the broader Kurdistan oil
and gas industry.

Following an extensive review of options to improve the liquidity of the
Company’s existing share capital, we are today announcing that we are actively
considering a dual listing on the Oslo Stock Exchange. The Company is in a
strong position, with a world-class asset, material free cash flow generated
from local sales, a robust balance sheet, a proven commitment to balancing
disciplined investment with shareholder returns and significant potential upside
from the restart of Kurdistan crude exports via the Iraq-Türkiye Pipeline.

On behalf of the Company, we look forward to engaging more closely with market
participants to discuss Gulf Keystone’s compelling equity story and to further
explore the potential for a dual listing in Oslo.”


Gulf Keystone is in the process of completing the necessary preparations for
carrying out a dual listing and will submit today an application to list on the
OSE’s Euronext Growth market. If the listing is completed, the Company intends
to uplist to the OSE’s Main Market in due course.

The Company has a strong financial position and does not intend to issue shares
in connection with a potential dual listing. The Company plans to engage with
certain shareholders to explore the potential for a limited sale of shares
through a possible secondary offering in connection with the listing, to
facilitate initial investor interest and trading liquidity.

No decision to complete the potential listing on Euronext Growth Oslo has been
made at this stage. The Company’s management and Board plan to engage in
dialogue with market participants prior to making a final decision.

The potential listing would remain subject to, among other considerations,
prevailing market conditions, the OSE approving the Company's application for
listing and fulfilment of all listing requirements, and the Company’s ongoing
assessment of its strategic priorities. The Company will provide further updates
as appropriate and in accordance with applicable disclosure requirements.

DNB Carnegie, a part of DNB Bank ASA, and SB1 Markets AS have been appointed as
advisers (the "Advisers"). Wikborg Rein Advokatfirma AS has been appointed as
Norwegian legal counsel to the Company.
Enquiries:

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

FTI Consulting +44 (0) 20 3727 1000
Ben Brewerton
Nick Hennis GKP@fticonsulting.com


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.

Disclosure regulation:
This announcement contains inside information for the purposes of the UK Market
Abuse Regulation (“UK MAR”).

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 and is not and does not form a part of any offer
of securities for sale, or a solicitation of an offer to purchase, any
securities of the Company in the United States or any other jurisdiction. Copies
of this announcement are not being made and may not be distributed or sent into
any jurisdiction in which such distribution would be unlawful or would require
registration or other measures.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering in the United
States or to conduct a public offering of securities in the United States. Any
sale in the United States of the securities mentioned herein will be made solely
to "qualified institutional buyers" (QIBs) as defined in Rule 144A under the
Securities Act, pursuant to an exemption from the registration requirements
under the Securities Act, as well as to major U.S. institutional investors under
SEC Rule 15a-6 to the United States Exchange Act of 1934, as amended.

In any EEA member state, this communication is only addressed to and is only
directed at qualified investors in that member state within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive any offering
of securities referred to in this announcement without an approved prospectus in
such EEA member state. "EU Prospectus Regulation" means Regulation (EU)
2017/1129, as amended (together with any applicable implementing measures in any
EEA member state).

In the United Kingdom, this communication is only addressed to and is only
directed at qualified investors within the meaning of the UK Prospectus
Regulation who are (i) investment professionals falling within Article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as
amended (the "Order") or (ii) persons falling within Article 49(2)(a) to (d) of
the Order (high net worth companies, unincorporated associations, etc.) or (iii)
persons to whom it may otherwise be lawfully communicated (all such persons
together being referred to as "Relevant Persons"). These materials are directed
only at Relevant Persons and must not be acted on or relied on by persons who
are not Relevant Persons. Any investment or investment activity to which this
communication relates is available only to Relevant Persons and will be engaged
in only with Relevant Persons. Persons distributing this communication must
satisfy themselves that it is lawful to do so. "UK Prospectus Regulation" means
Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European
Unition (Withdrawal) Act 2018, as amended and supplemented.

The information, opinions and forward-looking statements contained in this
communication speak only as at its date and are subject to change without
notice. Each of the Company, the Advisers and their respective affiliates
expressly disclaims any obligation or undertaking to update, review or revise
any statement contained in this communication whether as a result of new
information, future developments or otherwise.

The Advisers are acting exclusively for the Company and no one else in
connection with the listing and will not be responsible to anyone other than the
Company for providing the protections afforded to their respective clients, or
for advice in relation to the contents of this announcement or any of the
matters referred to herein. Neither the Advisers nor any of their respective
affiliates makes any representation as to the accuracy or completeness of this
announcement and none of them accepts any responsibility for the contents of
this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Advisers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.
Specifically, neither this announcement nor the information contained herein is
for publication, distribution or release, in whole or in part, directly or
indirectly, in or into or from the United States (including its territories and
possessions, any state of the United States and the District of Columbia),
Australia, Canada, Hong Kong, Japan or any other jurisdiction where to do so
would constitute a violation of the relevant laws of such jurisdiction.

More information:
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654920_GKP - Potential Dual Listing in Oslo.pdf