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.
Enquiries:
Gulf
Keystone:
|
+44 (0) 20 7514
1400
|
Aaron Clark, Head of Investor
Relations
& Corporate
Communications
|
aclark@gulfkeystone.com
|
FTI
Consulting
|
+44 (0) 20 3727
1000
|
Ben Brewerton
Nick Hennis
|
GKP@fticonsulting.com
|
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. Further information on
Gulf Keystone is available on its website www.gulfkeystone.com
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.