Gulf Keystone Update

Bijell-2, a deep appraisal well targeting the Triassic horizons of the Bijell discovery, is currently drilling 12 ¼” hole below 4,750 metres in the Kurre Chine Anhydrite formation.

Bijell-4, an appraisal well targeting the Jurassic horizons of the Bijell discovery, is drilling ahead below 2,800 metres in the Tanjero formation.

Move to the Main Market

As previously announced, the Company expects that its common shares will be admitted to the Standard Segment of the Official List of the United Kingdom Listing Authority (the “Official List”) and commence trading on the London Stock Exchange plc’s (“LSE”) main market for listed securities effective at 8.00 a.m. on or after 24 March 2014 (the “Admission Date”) (together the “Admission”), subject to the receipt of the necessary approvals from the UK Listing Authority and the LSE.  Trading in the Company’s common shares on the AIM market of the LSE (“AIM”) will be cancelled simultaneously with the Admission. The Company will issue a prospectus in connection with the Admission prior to the Admission Date.

As part of the Company’s move from AIM to the Official List, it is today publishing the Competent Person’s Report on the petroleum interests of Gulf Keystone Petroleum Ltd and its subsidiaries in the Kurdistan Region of Iraq (“CPR”), which has been completed by ERC Equipoise Ltd.  This is the first third party evaluation of the Company’s Reserves, Contingent Resources and Prospective Resources for the Shaikan field and its other petroleum interests in the Kurdistan Region of Iraq (Sheikh Adi, Ber Bahr and Akri-Bijeel blocks).  It is available on the Company’s website.

Todd Kozel (pictured), Gulf Keystone’s Chief Executive Officer commented:

Progress achieved since July 2013, when we commenced commercial production from Shaikan, demonstrates that Gulf Keystone is evolving from an oil and gas exploration company to a production company targeting production capacity of 40,000 barrels of oil per day in 2014.

“Another significant milestone in this journey is our forthcoming move from AIM to the Main Market of the London Stock Exchange and we are another step closer to achieving this goal after publishing the Competent Person’s Report today.

“We see significant upside to this important baseline third party estimate of reserves and contingent resources, which will be targeted through the implementation of the approved Shaikan Field Development Plan in the coming months and years.”

(Source: GKP)

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