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Message: NR spu Gulak by MOL

23 July 2012

Gulf Keystone Petroleum Ltd. (AIM: GKP)

("Gulf Keystone" or "the Company")

Kurdistan Operational Update

Spudding of Gulak-1 Exploration Well

Gulf Keystone notes today's announcement by MOL Hungarian Oil and Gas Plc., the operator regarding the spudding of the Gulak-1 exploration well on the Akri-Bijeel block in the Kurdistan Region of Iraq.

Gulak-1 is the fourth exploration well to be drilled on the Akri-Bijeel block and the first exploration well to target the Gulak anticline at the extreme eastern end of the block. The well is being drilled 21.4 km to the east from the Bijell-1 discovery well and 28.3 km to the east-southeast from the Bijell-3 (Aqra-1) appraisal well, which is also drilling ahead. Gulak-1 will target prospective intervals in the Jurassic and Triassic drilling to a planned total depth of approximately 3,658 metres in the Triassic Kurra Chine formation.

Gulf Keystone has a 20 per cent working interest in the Akri-Bijeel block, operated by Kalegran Ltd., a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc., which holds 80 per cent working interest in the block. The operator's P50 resource estimate for the Bijell discovery is 2.4 billion barrels of oil-in-place, while the ongoing 2012/13 exploration and appraisal programme is targeting existing and identified hydrocarbon prospects in the Akri-Bijeel block.

John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented:

"Gulak-1 is part of the operator's extensive exploration and appraisal programme on the massive Akri-Bijeel block and the fourteenth well to be drilled across Gulf Keystone's four blocks in the Kurdistan Region of Iraq. In addition to three wells currently drilling on the Akri-Bijeel block (Bijell-3, Bakrman-1 and Gulak-1), the programme also includes the drilling of three additional appraisal wells (Bijell-2, Qalati-1 and Qandagul-1)."

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