REG-Gulf Keystone Petroleum Ltd Management & Board changes

Gulf Keystone PetroleumAnnouncement

05/02/2024 07:15

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   Gulf Keystone Petroleum Ltd (GKP)
   Management & Board changes

   05-Feb-2024 / 07:00 GMT/BST

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   5 February 2024

                                        

                                        

                    Gulf Keystone Petroleum Ltd. (LSE: GKP)

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

                                        

                           Management & Board changes

                                        

   Gulf  Keystone,  a  leading  independent  operator  and  producer  in  the
   Kurdistan Region of  Iraq, announces  that the  Company’s Chief  Financial
   Officer (“CFO”) Ian Weatherdon, after a distinguished international career
   of 35 years, has decided to retire as  CFO and a Director and will not  be
   standing for re-election at the Company’s upcoming Annual General  Meeting
   (“AGM”)  in  June  2024.   Ian  will  be  replaced   as  CFO  by   Gabriel
   Papineau-Legris, the Company’s  current Chief  Commercial Officer  (“CCO”)
   following the AGM. 

    

   Ian has  been  CFO of  GKP  since January  2020  in charge  of  financial,
   information technology and investor  relations activities. Since  joining,
   he has played a key role in building and developing high performing  teams
   whilst overseeing industry leading returns to shareholders during a period
   of strong  production growth  and elevated  oil prices  and maintaining  a
   strong balance sheet. Ian was instrumental in managing the company through
   the difficult periods of Covid  and from the Iraq-Turkey Pipeline  (“ITP”)
   shut-in since  March  2023 which  necessitated  GKP having  to  pause  its
   development program and focus on  costs, accounts payable and  maintaining
   its liquidity. Ian is passionate about people and has built a very  strong
   team which will be an enduring legacy.

    

   We are  pleased  to announce  that  Gabriel Papineau-Legris,  GKP’s  Chief
   Commercial Officer, will be appointed CFO and Executive Director after the
   AGM in conjunction with Ian stepping  down. Ian will work with Gabriel  to
   ensure an effective and timely transition and handover. Gabriel joined GKP
   in 2016 with strong private equity and investment banking  credentials(1).
   Gabriel’s  contribution  over  the  last  7  years  since  the   company’s
   restructuring has been pivotal and makes him the natural successor to  Ian
   as CFO.

    

   Martin Angle, Chairman of  the Company, said: "On  behalf of the Board,  I
   would like to  thank Ian for  his substantial contribution  over the  past
   four years. He has played a key role in strengthening GKP’s balance  sheet
   and  achieving  industry  leading  returns  to  shareholders  during   our
   profitable growth phase. He has also managed the Company’s liquidity  very
   successfully during difficult times, including Covid and the ITP  shut-in.
   We wish Ian well  for his deserved retirement  and welcome Gabriel as  the
   new CFO and Board member."

    

   Jon Harris, Chief  Executive Officer, said:  "It has been  a privilege  to
   work with Ian  who has  played a  key role  in building  the Company.  His
   legacy will be a  very strong team and  the robust financial position  GKP
   enjoys today despite  having been through  a very difficult  year. I  look
   forward to continuing to work closely with Ian over the coming months,  at
   what remains an important time for us as we preserve liquidity. I echo the
   Chairman’s thanks for his important contribution to the Company throughout
   his tenure as CFO and have no doubt that he will enjoy his retirement."

    

   Kimberley Wood,  who is  currently the  Senior independent  Director,  has
   advised the company she  will be resigning from  the Board. She will  step
   down on the earlier of  a replacement being appointed  or the date of  the
   2024 AGM. Kimberley has recently accepted an executive appointment and  is
   therefore required to reduce  her Board commitments in  order to meet  the
   corporate governance  guidance.  A  process  has  commenced  to  find  her
   successor and an announcement will be made in due course.

    

   Martin Angle, Chairman of  the Company, said: "On  behalf of the Board,  I
   would like to thank Kimberley for  her valued contribution to the  company
   during her 5 year tenure. Kimberley has, during this time, acted as  chair
   of the  Remuneration Committee,  Senior  Independent Director  and  Deputy
   Chair, and has offered wise  counsel in these roles.  We wish her well  in
   her new executive role”.  

    

    

   (1) There is no information to disclose under LR 9.6.13 pertaining to  the
   appointment of Gabriel Papineau-Legris.

    

    

   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) 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 

    

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

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   ISIN:          BMG4209G2077
   Category Code: MSCH
   TIDM:          GKP
   LEI Code:      213800QTAQOSSTNTPO15
   Sequence No.:  301518
   EQS News ID:   1829699


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:aclark@gulfkeystone.com
   2. mailto:GKP@fticonsulting.com
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   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=6965f2bb1ddcf50ad2dd09b21a93cfc7&application_id=1829699&site_id=refinitiv&application_name=news


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