Gulf Keystone Petroleum (GKP) Status update summary

Strategic developments and dual listing

• Proceeding with a dual listing on Euronext Growth Oslo to increase liquidity and broaden the investor base, with trading expected to start around 18 February 2026, subject to regulatory approvals and a private placement.

• Private placement of up to the NOK equivalent of EUR 1 million, fully underwritten by a major shareholder, targets retail investors in Norway and Sweden, with shares priced at a 10% discount to the London Stock Exchange average during the application period.

• Major shareholders support the listing, with intentions to transfer significant shareholdings to the Oslo exchange to meet requirements.

• Oslo listing is seen as a stepping stone to a main market listing, leveraging strong analyst coverage and energy sector expertise in Norway.

• Arrangements will enable cross-border transfers of shares between Euronext Growth Oslo and the London Stock Exchange, with further details expected in mid-February 2026.

Operational performance and asset potential

• Shaikan Field has produced over 150 million barrels, with 2P reserves of 443 million barrels and a reserves-to-production ratio of 30 years.

• 2025 gross production averaged 41.6 kbopd, near the top end of guidance, with 2026 guidance set at 37,000–41,000 barrels per day due to scheduled maintenance and natural declines.

• Operating costs are low at $4.3 per barrel, with a lean corporate structure and strong safety record.

• Water handling train to be operational by end of 2026/early 2027, enabling an additional 4,000–8,000 barrels per day.

• 2026 capex guidance is $40–50 million, focused on well workovers, facility upgrades, and water handling.

Financial position and shareholder returns

• Debt-free with a cash position of $88 million and a market cap of about $540 million.

• $50 million in dividends paid in 2025, with $535 million returned to shareholders since 2019.

• Plans to maintain semi-annual dividends and consider opportunistic buybacks, with future policy clarity tied to international pricing and CapEx visibility.

• Net proceeds from the private placement will be used for general corporate purposes.