Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Shareholder Meeting (June 2021)
12 slides from Gulf Keystone Petroleum's shareholder meeting presentation, Jun 18, 2021
Slide 1: 2021 Annual General Meeting
E PETROLEUM 2021 Annual General Meeting 18 June 2021
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: Well positioned to deliver significant value
Well positioned to deliver significant value = 2020: Solid delivery in challenging conditions LTls >540 days =" Exemplary safety performance ‘000 bopd 2021 YTD gross production") =" Managing impact of COVID-19 = Strong 2021 production MMstb Gross one: eae }) « Early restart of drilling activities 2p
Slide 4: Strong 2021 production
Strong 2021 production " 2021 year-to-date average gross production ~43,600 bopd = Expect average gross production towards upper end 40,000 - 44,000 bopd range " Gross production expected to increase towards 55,000 bopd in Q4 2021 Shaikan gross production ‘000 bopd | SH-9 | {Planned well: ' broughto
Slide 5: 55,000 bopd programme and beyond
55,000 bopd programme and beyond = 55,000 bopd programme * Rigorous focus on safety as we continue to navigate COVID-19 challenges =" Commencement of SH-13 completion ahead of schedule * SH-I drilling, PF-2 debottlenecking & workovers to install electric submersible pumps (“ESPs”) to follow *" FDP p
Slide 6: ESG
ESG Sustainability underpins our licence to operate & ability to deliver long term value 2020 highlights & outlook GKP’s material ESG focus areas * 2020 highlights = Zero LTls = 92% solid waste recycled * Community development initiatives = 84% staff localisation ratio = Re-envisioned purpose, value
Slide 7: 2020 financial performance
2020 financial performance Decisive action mitigated oil price decline and preserved liquidity Adjusted EBITDA = 35% decline in Brent oil price us$m to US$42/bblI impacted 140 revenue 123 120 100 = 11% increase in gross average production to 36,625 bopd slightly mitigated Brent 60 PR 6 ma 57 impact
Slide 8: GKP remains a leading low-cost operator
GKP remains a leading low-cost operator " Delivery of 2020 cost reduction targets further improved competitive position " GKP the lowest cost producer in Kurdistan Region of Iraq versus peers 2020 benchmarking: Opex + G&A per barrel (USS/bbI WI) $30 ™ Peer G&A per bbl I GKP G&A per bbl wee ee ) li P
Slide 9: Crude oil payments
Crude oil payments * $78.9 million net received year-to-date from KRG * Outstanding arrears balance of $65.2 million net *" Engaging KRG regarding proposal to amend arrears repayment terms $25 _ $20 $5m o $3m £ € $15 07 3 $10 $22m $17m $18m $14m $5 $10m $8m $8m $8m $8m som Month of Jun-20 Jul-20 Aug
Slide 10: Strong balance sheet
Strong balance sheet Resilience through the cycle, flexibility to fund growth and returns " Manage risk with phased development approach = US$100 million bond maturity July 2023; significant covenant headroom Cash balance Equity ratio ussm % 350 90 $296m 300 80 72 73 250 7 - = 4 69 70 es 200 $191m $
Slide 11: Shareholder returns
Shareholder returns Committed to balancing investment in growth and returns to shareholders TSR (Since June 2020 AGM)") 2021 dividend yield vs KRI peers!) o\kK/e ee CULF KEVSTONE PETROLEUN 9, Brent Crude 76% 6.9% 6.6% ‘a Kurdistan 9 - Peers LJ 40% | 17% folk [> Kurdistan Peers | (2%) ‘ULE KEYSTONE P
Slide 12: Outlook
Outlook Realise long-term Shaikan potential with shareholder returns * ESG principles embedded in GKP’s ethos = Reduce CO, emissions/bb! >50% by 2025 Y S © Sustainable approach C >) = Gross production: upper end 40 - 44k bopd Achieve 2021 guidance = Net Capex: US$55 - 65 million " Opex: US$2.5 - 2.9
Gulf Keystone Petroleum — Shareholder Meeting (June 2021) on 6ix