Gulf Keystone Petroleum Ltd (GUKYF)

[JD400]

Issue of common shares under the 2011 Executive Bonus Scheme

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone" or "the Company")

Issue of common shares under the 2011 Executive Bonus Scheme

23 December 2014

Gulf Keystone announces today that at a meeting of the Independent Non-Executive Directors of the Company held on 22 December 2014 it was resolved to issue, in aggregate, 3,305,004 new common shares of USD 0.01 ("common shares") to the trustee ("EBT Trustee") of the Company's Employee Benefit Trust ("EBT") pursuant to and in accordance with the terms of the Company's 2011 Executive Bonus Scheme ("Award Shares"), representing the final instalment of this legacy bonus scheme for employees at various levels of the Company.

Applications have been made to the UK Listing Authority and the London Stock Exchange for 3,305,004 common shares to be admitted to the standard segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities, respectively. The shares issued will rank pari passu with the existing issued common shares. It is expected that admission will become effective on 30 December 2014.

Following the issue of the Award Shares, the total issued share capital of Gulf Keystone will be 892,238,061 common shares. The Company does not hold any common shares in treasury and so the total number of voting rights in Gulf Keystone is 892,238,061.

The aforementioned figure of 892,238,061 common shares may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the Company's Bye-Laws.