Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Shareholder Meeting (June 2020)
13 slides from Gulf Keystone Petroleum's shareholder meeting presentation, Jun 19, 2020
Slide 1: 2020 Annual General Meeting
. . Bue GULF KEYSTONE PETROLEUM —_ 2020 Annual == General Meeting 19 June 2020
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: GKP successfully adapting to new market conditions
GKP successfully adapting to new market conditions Operational focus on production remains... : . : ‘000 bopd Steady production despite unprecedented 2020 YTD gross challenges imposed by COVID-19 production MMstb Gross 2P Reserves") * With macro environment improvement and continuous payments from K
Slide 4: GKP successfully adapting to new market conditions: conservative financial strategy
GKP successfully adapting to new market conditions ..with a conservative financial strategy Uussm = Significant progress has been made on reducing Cash Balance") the cost structure * On track to achieve Opex and G&A run-rate reductions of c.30% * 2020 Capex remains at USS40-48 million (net) Uussm Bo
Slide 5: Stable production following suspension of activity
Stable production following suspension of activity » When activities were suspended in March, GKP was on track to deliver 55,000 bopd in Q3 2020 " Despite challenges presented by COVID-19, production continues at steady levels Shaikan gross production (‘000 bopd) one ‘Start of PF-1 ean —— erste ene
Slide 6: Strong focus on ESG
Strong focus on ESG Doing the right thing acting responsibly Environment Sustainability / Societal Governance = Target to more than halve CO, emissions by 2025, contingent on investment restart = Effective waste management - c.90% of waste recycled during 2019 = Remediation of inactive drilling site
Slide 7: 2019 financials
2019 financials Solid operational performance (including production growth meeting guidance) offset by oil price decline Revenue EBITDA Profit /(Loss) after tax us$m us$m ussm 300 160 S1s0m 400 $251m 140 $80m 250 50 $122m 120 $207m 200 $194m $108m $104m 60 $44m $172m 100 40 150 80 20 $14m . || 100 C
Slide 8: Continued focus on costs in 2019
Continued focus on costs in 2019 Both Opex and G&A in line with guidance =" GKP remains financially resilient to manage through the current macro environment as a low cost operator Operating expenses") General & administrative expenses Operating expenses [35 } [29 | [3 | [37] (Ussm) Bopd Bopd 5 40,0
Slide 9: GKP continues to be a leading low-cost operator
GKP continues to be a leading low-cost operator " Despite the planned increase in costs in 2019, GKP remains one of the lowest G&A and Opex amongst international E&P operators") 2019 benchmarking: Opex + G&A per barrel (USS$/bbI WI) $25 $20 $15 $10 ! | ; | : | | $o mOpex per bbl m G&A per bbl 1) The
Slide 10: Significant cost savings on track
| Significant cost savings on track Swift actions already delivering results = Savings driven by continued rationalisation of the organisation, expenditures and contract renegotiations r =" GKP remains on track to achieve Opex and G&A savings of: +) = >20% in 2020 (compared to 2019) = c.30% ona run-
Slide 11: Share Price Performance
Share Price Performance Since 1 July 2019 3.0 2.5 Share Price (Rebased to GKP (£/share)) 2.0 1.5 (37%) (57%) 1.0 (58%) (59%) 0.5 - Jul-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 GKP Kurdistan E&Ps Brent UK Listed E&Ps 11
Slide 12: Outlook
Outlook GKP positioned to capture the long-term value in Shaikan = Robust financial position * Cash balance of US$144 million” * Thorough cost reduction initiatives to preserve liquidity =" Focus on value preservation « Adapting operations in response to the challenging environment * Closely monitor
Slide 13: Thank you
13 Thank you More resources are available at: www.gulfkeystone.com > Lc \ kJ
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