9th Sep 2025 10:20
(Alliance News) - Gulf Keystone Petroleum Ltd on Tuesday said it is pursuing a possible dual listing on Euronext Growth Oslo, operated by the Oslo Stock Exchange.
The Bermuda-registered oil producer is focused on the Kurdistan region of Iraq and currently listed in London. It expects to submit an application to list on Tuesday, and if the listing completes, to uplist to Oslo's Main Market "in due course".
No share issues are planned for the launch, Gulf Keystone said, though the firm is considering "a limited sale of shares through a possible secondary offering" to some of its shareholders.
Gulf Keystone has been eyeing a second listing in an effort to boost liquidity and increase investor access.
The firm said the Norwegian trading venue was identified in a "thorough review" process as a "hub for conventional energy capital markets with a broad group of listed companies within the oil & gas sector".
Non-Executive Chair David Thomas noted: "Oslo’s capital markets have long been supportive of Gulf Keystone, primarily through the historic provision of competitive debt financing, and have a deep understanding of the company, the Shaikan Field and the broader Kurdistan oil and gas industry."
Additionally, most sell-side analysts covering the mining firm work for Norwegian companies, according to Gulf Keystone.
The firm expects further costs from a second listing to be "minimal" but said it will engage further with market participants before making a firm decision.
"The company is in a strong position, with a world-class asset, material free cash flow generated from local sales, a robust balance sheet, a proven commitment to balancing disciplined investment with shareholder returns and significant potential upside from the restart of Kurdistan crude exports via the Iraq-Turkiye Pipeline," Thomas added.
News of the possible dual listing comes after Gulf Keystone swung to a loss of USD7.5 million in the six months ended June 30, from a profit of USD1.1 million the year before. Though revenue was up 17% on-year at USD83.1 million, the oil miner cut its production guidance, citing production delays and export suspensions due to drone attacks near its oil fields.
The firm is aiming to produce between 40,000 and 42,000 barrels of oil in 2025, revised down from the previous 40,000 to 45,000 range.
Gulf Keystone shares were 1.6% higher at 186.81 on Tuesday morning in London.
By Holly Munks, Alliance News reporter
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