REG-Gulf Keystone Petroleum Ltd Potential Dual Listing in Oslo

Gulf Keystone PetroleumAnnouncement

Yesterday 07:00

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   Gulf Keystone Petroleum Ltd (GKP)
   Potential Dual Listing in Oslo

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

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   9 September 2025    

                                        

                                        

                    Gulf Keystone Petroleum Ltd. (LSE: GKP)

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

                                        

                                        

                         Potential Dual Listing in Oslo

                                        

   Gulf  Keystone,  a  leading  independent  operator  and  producer  in  the
   Kurdistan Region of Iraq  (“Kurdistan”), announces that  it is pursuing  a
   potential dual listing of its shares  on Euronext Growth Oslo operated  by
   the Oslo Stock Exchange (“OSE”).

    

   As part of the Company’s efforts  to increase the liquidity of its  issued
   share capital,  attract  new  institutional and  retail  shareholders  and
   improve its access to capital markets, Gulf Keystone’s Board of  Directors
   (“the Board”) has conducted a thorough review of potential initiatives  to
   supplement the Company’s existing listing  on the London Stock  Exchange’s
   Main Market for listed securities. The Board sees several attractions  and
   potential benefits of a dual listing on the OSE, including:

    

     • The OSE is a leading hub for conventional energy capital markets  with
       a broad group of listed companies within the oil & gas sector
     • The Company is well known by  equity and debt capital markets in  Oslo
       where investors have an excellent  understanding of the Kurdistan  oil
       and gas industry and extensive track record of support for the Company
       and other international oil companies with operations in the region
     • The Company has broad equity research coverage in Oslo, with Norwegian
       firms accounting  for the  majority  of sell-side  analysts  currently
       covering the Company
     • Additional reporting requirements and ongoing costs associated with  a
       potential secondary listing are expected to be minimal

    

   David Thomas, Non-Executive Chair, said:

    

   “Oslo’s capital  markets  have  long been  supportive  of  Gulf  Keystone,
   primarily through the  historic provision of  competitive debt  financing,
   and have a deep  understanding of the Company,  the Shaikan Field and  the
   broader Kurdistan oil and gas industry.

    

   Following an extensive review of options  to improve the liquidity of  the
   Company’s existing  share capital,  we are  today announcing  that we  are
   actively considering  a  dual listing  on  the Oslo  Stock  Exchange.  The
   Company is in a strong position,  with a world-class asset, material  free
   cash flow generated  from local sales,  a robust balance  sheet, a  proven
   commitment to balancing  disciplined investment  with shareholder  returns
   and significant  potential  upside from  the  restart of  Kurdistan  crude
   exports via the Iraq-Türkiye Pipeline.

    

   On behalf of the  Company, we look forward  to engaging more closely  with
   market participants to discuss Gulf Keystone’s compelling equity story and
   to further explore the potential for a dual listing in Oslo.”

    

    

   Gulf Keystone is in the  process of completing the necessary  preparations
   for carrying out a  dual listing and will  submit today an application  to
   list on the OSE’s Euronext Growth market. If the listing is completed, the
   Company intends to uplist to the OSE’s Main Market in due course.

    

   The Company has a strong financial  position and does not intend to  issue
   shares in connection with a potential  dual listing. The Company plans  to
   engage with certain shareholders  to explore the  potential for a  limited
   sale of shares through  a possible secondary  offering in connection  with
   the  listing,  to  facilitate   initial  investor  interest  and   trading
   liquidity.

    

   No decision to complete the potential listing on Euronext Growth Oslo  has
   been made at this stage. The Company’s management and Board plan to engage
   in dialogue with market participants prior to making a final decision.

    

   The potential listing would remain subject to, among other considerations,
   prevailing market conditions, the OSE approving the Company's  application
   for listing and fulfilment of all listing requirements, and the  Company’s
   ongoing assessment of its strategic  priorities. The Company will  provide
   further  updates  as  appropriate   and  in  accordance  with   applicable
   disclosure requirements.

    

   DNB Carnegie,  a part  of  DNB Bank  ASA, and  SB1  Markets AS  have  been
   appointed as advisers (the "Advisers").  Wikborg Rein Advokatfirma AS  has
   been appointed as Norwegian legal counsel to the Company.

    

    

   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”).

    

   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 and  is not and does not form a  part
   of any offer  of securities for  sale, or  a solicitation of  an offer  to
   purchase, any securities of the Company in the United States or any  other
   jurisdiction. Copies of this announcement are  not being made and may  not
   be distributed or sent  into any jurisdiction  in which such  distribution
   would be unlawful or would require registration or other measures.

    

   The securities referred to in this announcement have not been and will not
   be registered  under the  U.S. Securities  Act of  1933, as  amended  (the
   "Securities Act"),  and accordingly  may not  be offered  or sold  in  the
   United States  absent registration  or an  applicable exemption  from  the
   registration requirements of  the Securities  Act and  in accordance  with
   applicable U.S.  state securities  laws. The  Company does  not intend  to
   register any part of  the offering in  the United States  or to conduct  a
   public offering of securities in the United States. Any sale in the United
   States  of  the  securities  mentioned  herein  will  be  made  solely  to
   "qualified institutional buyers" (QIBs) as defined in Rule 144A under  the
   Securities  Act,   pursuant  to   an  exemption   from  the   registration
   requirements  under  the  Securities  Act,  as  well  as  to  major   U.S.
   institutional investors under SEC Rule 15a-6 to the United States Exchange
   Act of 1934, as amended.

    

   In any EEA member  state, this communication is  only addressed to and  is
   only directed  at qualified  investors  in that  member state  within  the
   meaning of the EU Prospectus Regulation,  i.e., only to investors who  can
   receive any  offering  of  securities referred  to  in  this  announcement
   without an approved prospectus  in such EEA  member state. "EU  Prospectus
   Regulation" means Regulation (EU) 2017/1129, as amended (together with any
   applicable implementing measures in any EEA member state).

    

   In the United Kingdom, this communication is only addressed to and is only
   directed at qualified investors  within the meaning  of the UK  Prospectus
   Regulation who  are (i)  investment professionals  falling within  Article
   19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
   Order 2005,  as  amended (the  "Order")  or (ii)  persons  falling  within
   Article  49(2)(a)  to  (d)  of  the  Order  (high  net  worth   companies,
   unincorporated associations,  etc.)  or  (iii)  persons  to  whom  it  may
   otherwise be  lawfully  communicated  (all  such  persons  together  being
   referred to as "Relevant Persons").  These materials are directed only  at
   Relevant Persons and must not be acted on or relied on by persons who  are
   not Relevant Persons. Any investment or investment activity to which  this
   communication relates is available  only to Relevant  Persons and will  be
   engaged  in  only  with   Relevant  Persons.  Persons  distributing   this
   communication must satisfy  themselves that  it is  lawful to  do so.  "UK
   Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of
   UK law by virtue of the European Unition (Withdrawal) Act 2018, as amended
   and supplemented.

    

   The information, opinions and forward-looking statements contained in this
   communication speak only as at its date and are subject to change  without
   notice. Each of the Company, the Advisers and their respective  affiliates
   expressly disclaims any  obligation or  undertaking to  update, review  or
   revise any statement contained in  this communication whether as a  result
   of new information, future developments or otherwise.

    

   The Advisers are  acting exclusively for  the Company and  no one else  in
   connection with the listing  and will not be  responsible to anyone  other
   than  the  Company  for  providing  the  protections  afforded  to   their
   respective clients, or  for advice  in relation  to the  contents of  this
   announcement or  any  of  the  matters referred  to  herein.  Neither  the
   Advisers nor any of their  respective affiliates makes any  representation
   as to the accuracy or completeness  of this announcement and none of  them
   accepts any responsibility for  the contents of  this announcement or  any
   matters referred to herein.

    

   This announcement is for information purposes only and is not to be relied
   upon in substitution for the exercise  of independent judgment. It is  not
   intended as investment advice and under no circumstances is it to be  used
   or considered as an offer  to sell, or a solicitation  of an offer to  buy
   any securities or a  recommendation to buy or  sell any securities of  the
   Company. Neither  the  Advisers nor  any  of their  respective  affiliates
   accepts any liability arising from the use of this announcement.

    

   The distribution  of  this  announcement  and  other  information  may  be
   restricted by law in certain jurisdictions. Persons into whose  possession
   this announcement or such  other information should  come are required  to
   inform themselves about and to observe any such restrictions. Any  failure
   to comply  with  these restrictions  may  constitute a  violation  of  the
   securities laws  of  any  such jurisdiction.  Specifically,  neither  this
   announcement nor  the information  contained  herein is  for  publication,
   distribution or release, in whole or  in part, directly or indirectly,  in
   or  into  or  from  the  United  States  (including  its  territories  and
   possessions, any state of the United States and the District of Columbia),
   Australia, Canada, Hong Kong, Japan or any other jurisdiction where to  do
   so would constitute a violation of the relevant laws of such jurisdiction.

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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.:  401128
   EQS News ID:   2194528


    
   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=2194528&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=2194528&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news


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