Successful completion of SH-12 workover

23 November 2020

Gulf Keystone Petroleum Ltd. (LSE: GKP)

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

Successful completion of SH-12 workover

Current flowrate of over 5,000 bopd

Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq, announces that the planned workover on the SH-12 well has been completed safely.

Jón Ferrier, Gulf Keystone's Chief Executive Officer, said:

"We continue to successfully manage the challenging macro backdrop and make operational progress. I am pleased to report the successful planned workover of the SH-12 well, which is currently producing at over 5,000 bopd, driving an approximately 15% increase in production from the field.

As announced in our half-year results, the SH-12 workover was one of a series of opportunities identified which in aggregate were expected to increase gross production by c.5,000 bopd. With the very successful SH-12 workover result and work to bring SH-9 online and the debottlenecking of PF-1 proceeding as planned, we now expect to exceed our original incremental production expectation.

We are also pleased to confirm that we expect average production from the Shaikan Field this year to be at the top end of our guidance range for 2020. I look forward to updating all our stakeholders in December 2020 on the wider progress we have made as a business."

Initial production from SH-12 was from the Lower Jurassic Butmah reservoir providing valuable information for future development planning. The workover involved moving up hole, perforating and producing from the main SAM reservoir.

SH-12 returned to production on 15 November 2020 and the well is currently flowing at a stable rate of over 5,000 bopd. The additional production flows to the PF-2 production facility, where there is spare production capacity. The workover design allowed the original Electronic Submersible Pump ("ESP") completion to remain in place during the operation and the ESP is now back-in service. The operation came in ahead of schedule and on budget.

The Company is pleased to confirm that average 2020 gross production is expected to be at the upper end of the previously disclosed guidance range of 35,000 - 36,000 bopd, with the field currently producing at c.39,000 bopd.

The Company intends to publish an Operational & Corporate Update in December 2020.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

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.

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