Joint Study Agreement

Gulf Keystone Petroleum Ld
01 February 2005

01 February 2005


                        Gulf Keystone Petroleum Limited
                             Joint Study Agreement

Gulf Keystone Petroleum Limited ("Gulf Keystone" or the "Company"), an
independent oil exploration company operating in the Republic of Algeria, is
pleased to announce that on 31 January 2005 it entered into a Joint Study
Agreement ("the JSA") with Kuwait Foreign Petroleum Exploration Company K.S.C.
("KUFPEC") with respect to further its oil interests in Algeria.

The Company and KUFPEC, a subsidiary of state-owned Kuwait Petroleum
Corporation, have agreed:-

•  to share certain technical and commercial information
regarding their respective interests in oil and gas projects and prospects in
Algeria; and

•  to conduct a regional study of certain technical data
relating to certain open permit areas in Algeria and thereafter where
appropriate to seek to reach agreement with SONATRACH to enter into contractual
documentation to explore, develop and exploit such open permit areas.

Todd Kozel, President & Chief Executive Officer of Gulf Keystone said:

"We are very excited about our agreement with KUFPEC. This agreement represents
a significant milestone for Gulf Keystone and forms an integral part of our
expressed growth strategy.  We have been able to achieve this largely through
our good relationships with KUFPEC and SONATRACH. It will enable us to continue
maximising exploration and development opportunities in Algeria and the
surrounding regions."

Enquiries

Evolution Securities              020 7071 4300
Rob Collins

Citigate Dewe Rogerson            020 7638 9571
Martin Jackson / Kate Delahunty

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