GKP: First top-up barrels reconciling Q4 2025 export sales to international prices

15 October 2026

Gulf Keystone Petroleum Ltd. (LSE & OSE: GKP)
("Gulf Keystone", "GKP", "the Group" or "the Company")

First top-up barrels reconciling Q4 2025 export sales to international prices

Gulf Keystone understands that a first cargo was recently lifted following the
allocation of additional barrels by Iraq's State Oil Marketing Organisation
("SOMO") to compensate the Company and other IOCs party to the tripartite
interim export agreements. The top-up barrels reconcile export sales during Q4
2025 to international prices and begin to repay the Company's outstanding
top-up receivables.

Jon Harris, Gulf Keystone's Chief Executive Officer, said:

"The commencement of the top-up payments is a significant positive milestone
for the Company and the Kurdistan oil industry. The receipt of full PSC
entitlement at international prices for our export sales is aligned with the
amended budget law and our contracts. We welcome the commitment shown by the
Kurdistan Regional Government and the Government of Iraq in taking this
important step, which reinforces Kurdistan and Iraq as attractive destinations
for international oil industry investment.

As the precedent for payment has now been established, we will continue to
pursue recovery of the remaining balance of our top-up receivables. This
maiden top-up payment will boost GKP's momentum towards development of the
Shaikan Field's large, low-cost reserves and resources base."

Enquiries:

+----------------------------------------------+------------------------------+
| Gulf Keystone:                               | +44 (0) 20 7514 1400         |
+----------------------------------------------+------------------------------+
| Aaron Clark, Head of Investor Relations      | aclark@gulfkeystone.com      |
| & Corporate Communications                   |                              |
|                                              |                              |
+----------------------------------------------+------------------------------+
| FTI Consulting                               | +44 (0) 20 3727 1000         |
+----------------------------------------------+------------------------------+
| Ben Brewerton                                | GKP@fticonsulting.com        |
| Nick Hennis                                  |                              |
+----------------------------------------------+------------------------------+

or visit: www.gulfkeystone.com (http://www.gulfkeystone.com/)

Notes to Editors:

Gulf Keystone Petroleum Ltd. (LSE & OSE: 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
(http://www.gulfkeystone.com/)
website www.gulfkeystone.com\
(http://www.gulfkeystone.com/)\