Operational & Corporate Update

Gulf Keystone Petroleum reported strong 2025 performance with gross average production of 41,560 bopd, towards the upper end of guidance, and generated material free cash flow underpinning $50 million in dividend payments. Pipeline exports resumed in September 2025, with regular payments continuing into 2026. The company collected $122 million for 2025 crude sales, with net capex at $34 million and operating costs at $53 million. For 2026, production is guided between 37,000 to 41,000 bopd, with net capex projected at $40-$50 million, and net operating costs between $55-$60 million. Drilling is expected to restart later in 2026, and the company is considering a potential listing on Euronext Growth Oslo.