Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Shareholder Meeting (June 2024)
12 slides from Gulf Keystone Petroleum's shareholder meeting presentation, Jun 21, 2024
Slide 1: 2024 Annual General Meeting
2024 Annual General Meeting
Slide 2: Disclaimer
Disclaimer This proprietary presentation (the “Presentation’) has been prepared by Gulf Keystone Petroleum Limited (the “Company’), Under no circumstances may this presentation be deemed to be an offer to sell, a solicitation to buy or a solicitation of an offer to buy securities of any kind in any
Slide 3: 2024 AGM highlights
2024 AGM highlights Adapted to new operating environment since 2023 AGM Continued robust local sales & FCF generation Maximising shareholder value from local sales Pushing for exports restart solution to unlock additional value Safely transitioned to local sales Aggressively reduced capex & costs St
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Slide 5: Shaikan Field local sales & production
Shaikan Field local sales & production >$100m sales since 2023 AGM: robust 2024 performance and near-term outlook Gross average sales (‘000 bopd) 2024 YTD average: 38.7 37.2 SS 215 21.9 223 Oct-23 Nov-23 Dec-23 Jan-24 Local sales Robust demand in 2024 since volumes rebound at beginning of year Tempo
Slide 6: Significant potential upside to unlock for all stakeholders
Significant potential upside to unlock for all stakeholders Disciplined and incremental approach to investment Significant cash flow generation potential * Selling at international prices could more * Committed to maintaining a strong balance than double current realised prices sheet = Cost recovery
Slide 7: Financial Review
Financial Review
Slide 8: Reflections on GKP's financial strengths
Reflections on GKP’s financial strengths Strong fundamentals underpin track record and current investment proposition | Capital discipline A Low-cost operations zl ee Ze FE BV ty A SS ae Track d of Robust balance sheet se pace recora © vee shareholder returns te a — ~-\ Ac = mene mw ie = SS : te te
Slide 9: Leading low-cost operator in Kurdistan and E&P sector
Leading low-cost operator in Kurdistan and E&P sector Opex and G&A reductions in 2023 partially offset 50% YoY production decrease 2023 Benchmarking: Opex + G&A per Barrel ($/obI Working Interest) 40 35 30 our STRGLEU! 25 20 15 10 Yt — y ) ro 5 i | | I i Li it | 0 Bait _ | MMM Peer company Opex per
Slide 10: Shareholder returns
Shareholder returns Local sales cash generation underpins $25m declared distributions in 2024 = Proven track record of distributions Shareholder distributions track record (Sm) ) =» Announced up to $10m share buyback in May-24 @ Dividends = Objective to reward shareholders and Share buybacks capital
Slide 11: Outlook
Outlook
Slide 12: 2024 outlook
2024 outlook Maximise shareholder value from # + local sales Expect robust local sales demand in near term; longer term market dynamics uncertain Current gross production potential of 45,000- 48,000 bopd with minimal investment Capital & cost discipline to maximise cash generation while maintaining
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