Gulf Keystone Petroleum : Standstill Agreement

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20 May 2016

Gulf Keystone Petroleum Ltd. (LSE: GKP)

('Gulf Keystone' or 'the Company')

Standstill Agreement with the Ad Hoc Committee of Holders of Notes and Bonds

US$250,000,000 13.0 per cent. Guaranteed Notes due 2017 (ISINs: Regulation S XS1056559245, Rule 144A XS1056559088) (the 'Notes') and US$325,000,000 6.25 per cent. Convertible Bonds due 2017 (ISIN: XS0841237497, Common Code: 084123749) (the 'Bonds')

Further to the Company's announcement of 29 April 2016, Gulf Keystone confirms that the Standstill Agreement with the Ad Hoc Committee of holders of Notes and Bonds has been extended until 31 May 2016.

A further announcement will be made in due course.

Enquiries:

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 and the operator of the Shaikan block, which is a major producing field.

· Following the establishment of a regular payment cycle for all oil sales and arrears, and a positive economic outlook, Gulf Keystone plans to move into the large-scale phased development of the Shaikan field targeting 110,000 bopd of production capacity.

Disclaimer

This announcement contains certain forward-looking statements. These statements are made by the Company's 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 uncertainties, including both economic and business factors, underlying such forward-looking information. 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.