Drilling update

RNS Number : 4059O

Gulf Keystone Petroleum Ld

05 March 2009

Not for release, publication or distribution in or into jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction

5 March 2009

Gulf Keystone Petroleum Ltd.

("Gulf Keystone" or "the Company")

Drilling Update

RM-2 Well, Algeria

Gulf Keystone Petroleum Ltd (AIM: GKP), an independent oil and gas exploration company with interests in Algeria and Kurdistan, announces that drilling of the RM-2 appraisal well on the Hassi Ba Hamou Perimeter ("HBH Permit"), has been completed.

The RM-2 appraisal well was drilled to the north of the RM-1 discovery to a depth of 919 metres on a separate and Lower Devonian structure but the reservoir was shown to be water bearing. The well will be plugged and abandoned. Additional 2D seismic is currently being acquired which will contribute to our understanding of the RM discovery.

Two further wells are required to complete the obligations on the HBH Permit and plans with regard to these wells will be announced in due course. Development planning of the HBH and RM gas fields based on previously discovered gas volumes is continuing.