Board Changes

24 Jul 2007 07:01

Gulf Keystone Petroleum Ld24 July 2007 Board Changes Gulf Keystone Petroleum (AIM: GKP), the independent oil & gas explorationcompany operating in the Republic of Algeria, today announces a re-structuringof its board and management: Board and senior management resignations: • Mr Roger Parsons, non-executive Chairman, has resigned from theBoard of the Company with immediate effect. • Dr Jon Cooper has given notice of his resignation as FinanceDirector and from the Board of the Company. He will leave the Company and theBoard on expiration of the contractual six month notice period. • Mr Bill Guest, President, has resigned his executive role and fromthe Board of the Company with immediate effect to resume his independentupstream advisory activities. He will provide advisory support to the Companygoing forward on an ad hoc basis. • Sheikh Sultan Bin Saqr Al-Qassimi, has resigned as a non-executivedirector with immediate effect. • Mr. Iain Patrick has resigned as Director of Commercial & LegalAffairs of Gulf Keystone Petroleum (UK) Limited and will leave Gulf KeystonePetroleum (UK) Limited on expiration of an agreed notice period. The Board has appointed: • Mr Todd Kozel, co-founder, shareholder and Chief Executive of theCompany, as Executive Chairman with immediate effect. Mr Kozel is directlyinterested in 20,050,000 Common Shares of Gulf Keystone. Mr Kozel is also ashareholder in Gulf UAE which is interested in 40,000,000 Common Shares. • Mr Ali Al-Qabandi (CPA, ICPA), as a director of the Company. MrAl-Qabandi, a co-founder of Gulf Keystone, has been serving the Company in thecapacity of Business Development Officer. He has extensive senior experience ofthe oil & gas industry including as co-founder and CFO of the Company, numerousexecutive positions and committee chairmanships for the Kuwait Oil Company andKuwait National Petroleum Company. Mr Al-Qabandi is directly interested in5,000,000 Common Shares of Gulf Keystone. Mr Al-Qabandi is also a shareholderin Gulf UAE which is interested in 40,000,000 Common Shares. The Board intends to appoint two new independent non-executive directors and aFinance Director. The Board is actively searching for suitable candidates tothese positions and will update shareholders in due course. • Mr David Mackertich remains Executive Vice President Exploration andTechnical. Mr Mackertich is an exploration geologist with 19 years experienceincluding with the British Geological Survey and Amerada Hess. David has adegree in Geology, an M.Sc in Petroleum Geology and an MBA. Mr Todd Kozel, Executive Chairman, said: "I believe that Gulf Keystone is well positioned to grow as an independent oil &gas company. We have in place a highly experienced core management and technicalteam on which we will build further and we are confident of making strong andrapid progress towards our twin objectives of crystalising further value fromour Algerian portfolio and diversifying our activities outside Algeria." Enquiries Gulf Keystone Petroleum: 020 7514 1400Todd Kozel, Executive Chairman Hoare Govett Limited: 020 7678 8000Andrew Foster Citigate Dewe Rogerson: 020 7638 9571Media: Martin JacksonAnalysts: Kate Delahunty or visit: www.gulfkeystone.com Notes to Editors In accordance with Schedule 2 (g) of the AIM Rules, the following information inrelation to the appointment of Mr Ali Abdulla Ali Ahmed Al-Qabandi (56) as adirector of Gulf Keystone is disclosed: Current directorships and partnerships: Kuwait Gulf Oil CompanyUnited Oil Projects Company Directorships and partnerships held in the past five years: Kuwait Oil CompanyKuwait National Petroleum CompanyGulf Keystone Petroleum Company LTDGulf Keystone Petroleum Company (UAE) Save for the information disclosed above there is no other information fallingto be disclosed under Schedule 2(g) of the AIM Rules. This information is provided by RNS The company news service from the London Stock Exchange