REG-Gulf Keystone Petroleum Limited Report on Payments to Governments for 2025

Gulf Keystone PetroleumAnnouncement

Today 07:02

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   Gulf Keystone Petroleum Limited (GKP)
   Report on Payments to Governments for 2025

   02-Apr-2026 / 07:00 GMT/BST
   The issuer is solely responsible for the content of this announcement.

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   2 April 2026

                                        

                                        

                 Gulf Keystone Petroleum Ltd. (LSE: GKP & OSE)

                   (“Gulf Keystone”, “GKP” or “the Company”)

                                        

                   Report on Payments to Governments for 2025

                                        

    

   Introduction

   This report sets out details of  the payments made to governments by  Gulf
   Keystone Petroleum Ltd and  its subsidiary undertakings (‘Gulf  Keystone’)
   for the  year ended  31 December  2025 as  required under  Disclosure  and
   Transparency Rule  4.3A issued  by the  UK’s Financial  Conduct  Authority
   (‘DTR 4.3A’) and in accordance with The Reports on Payments to Governments
   Regulations 2014  (as amended  in  2015) (the  ‘UK Regulations’)  and  our
   interpretation of the Industry  Guidance on the  UK Regulations issued  by
   the International Association of  Oil & Gas  Producers. DTR 4.3A  requires
   companies listed  on a  stock exchange  in  the UK  and operating  in  the
   extractive industry to  publicly disclose payments  to governments in  the
   countries  where  they  undertake  exploration,  prospection,   discovery,
   development and extraction of minerals, oil, natural gas deposits or other
   materials.

    

   Basis for preparation

   Total payments below £86,000 made to  a government are excluded from  this
   report, as permitted under the UK Regulations.

    

   All of the  payments made in  relation to the  Shaikan Production  Sharing
   Contract (‘Shaikan PSC’) in the Kurdistan Region of Iraq have been made to
   the Ministry  of  Natural  Resources (“MNR”)  of  the  Kurdistan  Regional
   Government (“KRG”).

    

   Production entitlements

   Production entitlements  are the  host  government’s share  of  production
   during the  reporting  period from  the  Shaikan Field  operated  by  Gulf
   Keystone. The figures reported have been produced on an entitlement basis,
   rather than on a liftings basis. Production entitlements are paid  in‑kind
   and the monetary  value disclosed is  derived from management’s  estimates
   based on the monthly oil sales invoices.

    

   Royalties

   Royalties represent royalties paid in-kind to governments during the  year
   for the extraction of oil. The terms of the royalties are described within
   the Shaikan  PSC. Royalties  have been  calculated on  the same  basis  as
   production entitlements.

    

   Licence fees and capacity building payments

   These include licence  fees, rental  fees, entry  fees, capacity  building
   payments,  security  fees  and   other  considerations  for  licences   or
   concessions.

    

   Summary of payments

                                                                     2025
   Production entitlements in-kind(1) (’000 bbl)                    5,670
   Production entitlements in-kind(1) ($’000)                     199,191
   Royalties in-kind(1) (’000 bbl)                                  1,214
   Royalties in-kind(1) ($’000)                                    40,593
   Licence fees and capacity building payments in-kind(2) ($’000)  10,341
   Total (’000 bbl)                                                 6,884
   Total ($’000)                                                  250,125

    

    1. For  the  purposes  of  the   reporting  requirements  under  the   UK
       Regulations, Gulf Keystone  is required to  characterise the value  of
       the KRG's production entitlements  under the PSC as  a payment to  the
       KRG. During 2025 crude oil produced by Gulf Keystone was sold to local
       buyers up to 26 September 2025, during which time the KRG received its
       share of profit oil  in accordance with the  PSC and sold the  volumes
       directly to local buyers with the estimated value of such sales  being
       included as a payment to the KRG. From 27 September 2025, all  Shaikan
       production was  exported  via pipeline  to  Ceyhan in  Türkiye  to  be
       exported to international markets and, similarly, an estimate is  made
       of the value of the bbls allocated  in accordance with the PSC to  the
       KRG (or  Federal Government  of Iraq)  which are  sold under  its  own
       export agreements.
    2. Capacity building payments  are deducted  from the  monthly crude  oil
       sales invoice, no  direct payment  is made to  the KRG.  The value  of
       licence, rental and security fees has been accrued and is not expected
       to be cash settled.

    

    

    

    

    

   Enquiries:

   Gulf Keystone:                          +44 (0) 20 7514 1400  
   Aaron Clark, Head of Investor Relations

   & Corporate Communications               1 aclark@gulfkeystone.com

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

    

   or visit:  3 www.gulfkeystone.com

    

   Notes to Editors:

    

   Gulf Keystone Petroleum  Ltd. (LSE: GKP  & OSE) is  a leading  independent
   operator and producer in the Kurdistan Region of Iraq. Further information
   on Gulf Keystone is available on its website  4 www.gulfkeystone.com

    

    

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   Dissemination of a Regulatory Announcement, transmitted by  5 EQS Group.
   The issuer is solely responsible for the content of this announcement.

   View original content:  6 EQS News

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   ISIN:          BMG4209G2077
   Category Code: MSCL
   TIDM:          GKP
   LEI Code:      213800QTAQOSSTNTPO15
   Sequence No.:  422883
   EQS News ID:   2302578


    
   End of Announcement EQS News Service

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References

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