Long Term Incentive Plan (“LTIP”) Award

Gulf Keystone Petroleum Ltd (GKP) Long Term Incentive Plan (“LTIP”) Award 28-March-2023 / 14:37 GMT/BST 28 March 2023  Gulf Keystone Petroleum Limited (LSE: GKP) ("Gulf Keystone" or "the Company") Long Term Incentive Plan (“LTIP”) Award Issue under the Deferred Bonus Plan ("DBP") Director/PDMR Shareholdings LTIP Gulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf Keystone Long Term Incentive Plan, on 24 March 2023 (the “Award Date”) awards over common shares (“2023 Awards”) were granted to employees and the persons discharging managerial responsibilities ("PDMRs") listed below. The LTIP was approved by Gulf Keystone Petroleum Limited’s shareholders at the Company's Annual General Meeting held on 17 July 2014; this is the sixth award to be made under the LTIP and is in accordance with the agreed annual issue cycle which follows release of the Company’s full year results.  The awards are made to eligible employees of the wider workforce, including to employees in Kurdistan. The quantum of 2023 Awards was determined based on a price of 182.4p being the closing mid-market price of the Company on 23 March 2023. The vesting date for the 2023 Awards is 24 March 2026, being the third anniversary from the Award Date. The 2023 Awards are in the form of nil cost options and vesting of them will be in accordance with performance conditions. No consideration is payable for the grant of an Award.  Performance Conditions Vesting of the 2023 Awards is subject to performance conditions which include the requirement for both absolute and relative total shareholder return (“TSR”) targets being met. TSR will be measured over the period of three years from the Award Date. In accordance with recent governance guidelines, the Remuneration Committee has the discretion to review vesting outcomes to ensure a fair reflection of performance. Awards The following PDMRs have been granted 2023 Awards under the LTIP: Name Position Number of awards Jon Harris Chief Executive Officer 515,351 Ian Weatherdon Chief Financial Officer 317,303 John Hulme Chief Operating Officer 179,605 Gabriel Papineau-Legris Chief Commercial Officer 149,132 Alasdair Robinson Chief Legal Officer 116,815 Clare Kinahan Chief HR Officer 117,434 In addition to the above, 2023 Awards over a total of 2,204,632 shares in aggregate have also been granted under the LTIP to eligible employees who are not PDMRs. DBP At the Company's AGM in June 2019, shareholders approved the DBP. This provides for 30% of the annual bonus attributable to executive directors to be paid in the form of nil cost options. These will vest after three years. There are no performance conditions other than the executive director must continue to be employed for this period (subject to certain limited exceptions). The following awards were made on 24 March 2023 and the vesting date is 24 March 2026, being the third anniversary from the annual bonus payroll date. Name Position Number of awards Jon Harris Chief Executive Officer 67,737 Ian Weatherdon Chief Financial Officer 43,321 Enquiries: Gulf Keystone: [phone]  Aaron Clark, Head of Investor Relations [e-mail] FTI Consulting [phone] Ben Brewerton Nick Hennis [e-mail] 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 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. 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Jon Harris 2 Reason for the notification a) Position/status Chief Executive Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Gulf Keystone Petroleum Limited b) LEI 213800QTAQOSSTNTPO15 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Identification code Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077 b) Nature of the transaction Grant of nil cost award under the 2014 Long Term Incentive Plan c) Price(s) and volume(s) Price(s) Volume(s) Nil 515,351 d) Aggregated information - Aggregated volume - Price Single transaction as in 4c) above. Nil consideration e) Date of the transaction 24 March 2023 f) Place of the transaction Outside a trading venue 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Ian Weatherdon 2 Reason for the notification a) Position/status Chief Financial Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Gulf Keystone Petroleum Limited b) LEI 213800QTAQOSSTNTPO15 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Identification code Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077 b) Nature of the transaction Grant of nil cost award under the 2014 Long Term Incentive Plan c) Price(s) and volume(s) Price(s) Volume(s) Nil 317,303 d) Aggregated information - Aggregated volume - Price Single transaction as in 4c) above. Nil consideration e) Date of the transaction 24 March 2023 f) Place of the transaction Outside a trading venue 1 Details of the person discharging managerial responsibilities/person closely associated a) Name John Hulme 2 Reason for the notification a) Position/status Chief Operating Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Gulf Keystone Petroleum Limited b) LEI 213800QTAQOSSTNTPO15 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Identification code Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077 b) Nature of the transaction Grant of nil cost award under the 2014 Long Term Incentive Plan c) Price(s) and volume(s) Price(s) Volume(s) Nil 179,605 d) Aggregated information - Aggregated volume - Price Single transaction as in 4c) above. Nil consideration e) Date of the transaction 24 March 2023 f) Place of the transaction Outside a trading venue 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Gabriel Papineau-Legris 2 Reason for the notification a) Position/status Chief Commercial Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Gulf Keystone Petroleum Limited b) LEI 213800QTAQOSSTNTPO15 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument  Identification code Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077 b) Nature of the transaction Grant of nil cost award under the 2014 Long Term Incentive Plan c) Price(s) and volume(s) Price(s) Volume(s) nil 149,132 d) Aggregated information - Aggregated volume - Price Single transaction as in 4c) above. Nil consideration e) Date of the transaction 24 March 2023 f) Place of the transaction Outside a trading venue  1 Details of the person discharging managerial responsibilities/person closely associated a) Name Alasdair Robinson 2 Reason for the notification a) Position/status Chief Legal Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Gulf Keystone Petroleum Limited b) LEI 213800QTAQOSSTNTPO15 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Identification code Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077 b) Nature of the transaction Grant of nil cost award under the 2014 Long Term Incentive Plan c) Price(s) and volume(s) Price(s) Volume(s) Nil 116,815 d) Aggregated information - Aggregated volume - Price Single transaction as in 4c) above. Nil consideration e) Date of the transaction 24 March 2023 f) Place of the transaction Outside a trading venue 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Clare Kinahan 2 Reason for the notification a) Position/status Chief HR Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Gulf Keystone Petroleum Limited b) LEI 213800QTAQOSSTNTPO15 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Identification code Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077 b) Nature of the transaction Grant of nil cost award under the 2014 Long Term Incentive Plan c) Price(s) and volume(s) Price(s) Volume(s) Nil 117,434 d) Aggregated information - Aggregated volume - Price Single transaction as in 4c) above. Nil consideration e) Date of the transaction 24 March 2023 f) Place of the transaction Outside a trading venue 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Jon Harris 2 Reason for the notification a) Position/status Chief Executive Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Gulf Keystone Petroleum Limited b) LEI 213800QTAQOSSTNTPO15 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Identification code Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077 b) Nature of the transaction Grant of nil cost award under the Deferred Bonus Plan c) Price(s) and volume(s) Price(s) Volume(s) Nil 67,737 d) Aggregated information - Aggregated volume - Price Single transaction as in 4c) above. Nil consideration e) Date of the transaction 24 March 2023 f) Place of the transaction Outside a trading venue 1 Details of the person discharging managerial responsibilities/person closely associated a) Name Ian Weatherdon 2 Reason for the notification a) Position/status Chief Financial Officer b) Initial notification/Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Gulf Keystone Petroleum Limited b) LEI 213800QTAQOSSTNTPO15 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Identification code Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077 b) Nature of the transaction Grant of nil cost award under the Deferred Bonus Plan c) Price(s) and volume(s) Price(s) Volume(s) Nil 43,321 d) Aggregated information - Aggregated volume - Price Single transaction as in 4c) above. Nil consideration e) Date of the transaction 24 March 2023 f) Place of the transaction Outside a trading venue Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

ISIN:	BMG4209G2077
Category Code:	MSCM
TIDM:	GKP
LEI Code:	213800QTAQOSSTNTPO15
Sequence No.:	233235
EQS News ID:	1594701

End of Announcement	EQS News Service