GKP Announces Full-Year Results

Forward [sic] Strategy

• Complete appraisal programme of the Shaikan field and explore deep undrilled horizons with Shaikan-7
• Increase Shaikan EWT production facilities output to 30,000 - 40,000 bopd to ramp up export and domestic sales and generate steady revenues
• In the course of the Shaikan EWT, manage associated gas through re-injection at Shaikan-8, the first gas injection well to be drilled in 2012
• Design and construct a pipeline to bring increasing Shaikan production to international markets
• Complete and submit the Shaikan Field Development Plan, select development concept, obtain required approvals and prepare to move to the large-scale staged development in 2013 with the goal of achieving 400,000+ bopd plateau production
• Continue aggressive exploration and appraisal of the Sheikh Adi, Ber Bahr and Akri-Bijeel blocks to prove up resource base with test production from the Bijell discovery to follow in 2012
•  Complete the ongoing process of the sale of the Company's 20% interest in the Akri-Bijeel block
• Successfully remove the uncertainty caused by the claims asserted by Excalibur
• Move from AIM to the premium segment of the Official List of the London Stock Exchange as part of establishing the Company as one of the major independent exploration and production players listed on the London Stock Exchange