5 February 2024

Gulf Keystone Petroleum Ltd. (LSE: GKP)

(“Gulf Keystone”, “GKP”, “the Group” or “the Company”)

Management & Board changes

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, announces that the Company’s Chief Financial Officer (“CFO”) Ian Weatherdon, after a distinguished international career of 35 years, has decided to retire as CFO and a Director and will not be standing for re-election at the Company’s upcoming Annual General Meeting (“AGM”) in June 2024. Ian will be replaced as CFO by Gabriel Papineau-Legris, the Company’s current Chief Commercial Officer (“CCO”) following the AGM. 

Ian has been CFO of GKP since January 2020 in charge of financial, information technology and investor relations activities. Since joining, he has played a key role in building and developing high performing teams whilst overseeing industry leading returns to shareholders during a period of strong production growth and elevated oil prices and maintaining a strong balance sheet. Ian was instrumental in managing the company through the difficult periods of Covid and from the Iraq-Turkey Pipeline (“ITP”) shut-in since March 2023 which necessitated GKP having to pause its development program and focus on costs, accounts payable and maintaining its liquidity. Ian is passionate about people and has built a very strong team which will be an enduring legacy.

We are pleased to announce that Gabriel Papineau-Legris, GKP’s Chief Commercial Officer, will be appointed CFO and Executive Director after the AGM in conjunction with Ian stepping down. Ian will work with Gabriel to ensure an effective and timely transition and handover. Gabriel joined GKP in 2016 with strong private equity and investment banking credentials(1). Gabriel’s contribution over the last 7 years since the company’s restructuring has been pivotal and makes him the natural successor to Ian as CFO.

Martin Angle, Chairman of the Company, said: "On behalf of the Board, I would like to thank Ian for his substantial contribution over the past four years. He has played a key role in strengthening GKP’s balance sheet and achieving industry leading returns to shareholders during our profitable growth phase. He has also managed the Company’s liquidity very successfully during difficult times, including Covid and the ITP shut-in. We wish Ian well for his deserved retirement and welcome Gabriel as the new CFO and Board member."

Jon Harris, Chief Executive Officer, said: "It has been a privilege to work with Ian who has played a key role in building the Company. His legacy will be a very strong team and the robust financial position GKP enjoys today despite having been through a very difficult year. I look forward to continuing to work closely with Ian over the coming months, at what remains an important time for us as we preserve liquidity. I echo the Chairman’s thanks for his important contribution to the Company throughout his tenure as CFO and have no doubt that he will enjoy his retirement."

Kimberley Wood, who is currently the Senior independent Director, has advised the company she will be resigning from the Board. She will step down on the earlier of a replacement being appointed or the date of the 2024 AGM. Kimberley has recently accepted an executive appointment and is therefore required to reduce her Board commitments in order to meet the corporate governance guidance. A process has commenced to find her successor and an announcement will be made in due course.

Martin Angle, Chairman of the Company, said: "On behalf of the Board, I would like to thank Kimberley for her valued contribution to the company during her 5 year tenure. Kimberley has, during this time, acted as chair of the Remuneration Committee, Senior Independent Director and Deputy Chair, and has offered wise counsel in these roles. We wish her well in her new executive role”.  

(1) There is no information to disclose under LR 9.6.13 pertaining to the appointment of Gabriel Papineau-Legris.

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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  

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.