Company Announcements

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

 

or visit: 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 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.