REG-Gulf Keystone Petroleum Ltd Restart of Kurdistan crude exports via the Iraq-Türkiye Pipeline

Gulf Keystone PetroleumAnnouncement

26/09/2025 07:02

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   Gulf Keystone Petroleum Ltd (GKP)
   Restart of Kurdistan crude exports via the Iraq-Türkiye Pipeline

   26-Sep-2025 / 07:00 GMT/BST

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   26 September 2025    

                                        

                                        

                                        

                    Gulf Keystone Petroleum Ltd. (LSE: GKP)

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

                                        

        Restart of Kurdistan crude exports via the Iraq-Türkiye Pipeline

                                        

                                        

   Gulf Keystone is pleased to announce that the Company, along with  several
   other International  Oil Companies  (“IOCs”)  operating in  the  Kurdistan
   Region of Iraq  (“Kurdistan”), has  signed agreements  with the  Kurdistan
   Regional Government (“KRG”) and the Federal Government of Iraq (“FGI”)  to
   enable the restart of international crude exports from Kurdistan.

    

   Pipeline exports from  the Shaikan Field  are expected to  restart in  the
   coming days.

    

   The agreements to restart Kurdistan  crude exports are in full  compliance
   with Iraq’s  2023-2025  Budget  Law  while  maintaining  the  sanctity  of
   Kurdistan’s Production Sharing Contracts (“PSCs”). The Budget Law provides
   for an interim period,  currently anticipated to  be around three  months,
   during which IOCs will be compensated for exported production to cover the
   costs of production and transportation.  As a result, the Company  expects
   an improvement in Shaikan Field realised  prices to above $30/bbl in  this
   interim period  compared to  $27-28/bbl in  local sales.  Subsequently,  a
   reconciliation to full PSC  entitlement at international prices  (adjusted
   for crude quality and transportation costs) is expected following a review
   of IOC invoices and contractual costs conducted during the interim  period
   by an international independent consultant.

    

   The Iraqi State Organization for Marketing of Oil (“SOMO”) will  transport
   the crude from Fishkhabour in Kurdistan to Ceyhan in Türkiye while the KRG
   and the IOCs  will market  Kurdistan crude  at the  Kirkuk blend  official
   selling price. The Company and  other IOCs will be  paid from the sale  of
   their allocation at  Ceyhan via a  nominated trader who  will deposit  the
   sales proceeds into an escrow account at an international bank before  the
   funds are disbursed to  the IOCs. During the  interim period, the  Company
   will continue to engage with the KRG regarding a payment mechanism for the
   outstanding October  2022 to March  2023 receivable  balance  as  part  of
   broader ongoing negotiations to resolve other Shaikan commercial  matters.
   A further announcement will be made if and when appropriate.

    

    

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

    

   “The restart of Kurdistan crude exports via the Iraq-Türkiye Pipeline is a
   historic milestone for Gulf Keystone, Kurdistan and Iraq that is  expected
   to  unlock  significant   value  for   all  stakeholders.   A  return   to
   international sales prices will be  transformative for the Company’s  cash
   flow while we believe  the signed agreements with  the KRG and FGI,  along
   with  the  Production  Sharing   Contracts,  will  facilitate  long   term
   profitable investment in Kurdistan’s  oil and gas  reserves, of which  the
   Shaikan Field accounts for a significant portion. We are delighted to have
   reached this successful resolution and  are looking forward to the  future
   as we remain focused on driving value for Gulf Keystone shareholders.”

    

    

    

    

   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 

    

    

   Disclosure regulation

    

   This announcement contains inside information  for the purposes of the  UK
   Market Abuse Regulation (“UK MAR”).  This information is considered to  be
   inside information pursuant to the  EU Market Abuse Regulation (“EU  MAR”)
   and is subject to the disclosure  requirements pursuant to EU MAR  article
   17 and section 5-12  of the Norwegian Securities  Trading Act. This  stock
   exchange announcement  was  published by  Aaron  Clark, Head  of  Investor
   Relations and Corporate Communications of  Gulf Keystone, at the date  and
   time as set out above.

    

   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: MSCM
   TIDM:          GKP
   LEI Code:      213800QTAQOSSTNTPO15
   Sequence No.:  403279
   EQS News ID:   2204126


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:aclark@gulfkeystone.com
   2. mailto:GKP@fticonsulting.com
   3. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=8d526d3701dabe9a2ff9507b71394df8&application_id=2204126&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=6965f2bb1ddcf50ad2dd09b21a93cfc7&application_id=2204126&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news


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