Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Pareto Securities 30th Energy Conference 2023
14 slides from Gulf Keystone Petroleum's conference presentation, Sep 20, 2023
Slide 1: Pareto Securities 30th Energy Conference
E PETROLEUM Pareto Securities 30% Energy Conference 20 September 2023
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: Introducing Gulf Keystone Petroleum
Introducing Gulf Keystone Petroleum TURKEY IRAN = Operator (80% WI) of the Shaikan Field = c.60km north-west of Erbil in Kurdistan Region of Iraq (“Kurdistan”) FISHKHABOUR IRAQ-TURKEY PIPELINE * Shaikan Production Sharing Contract awarded in 2007 " First oil discovered in 2009 with SH-1 well = First
Slide 4: The Shaikan Field
The Shaikan Field Large, long-life asset confirmed by 2022 Competent Person’s Report Shaikan Field Reserves & Resources (Gross) Shaikan gross 2P reserves reconciliation (31-Dec-22) (2022 CPR vs 2020 CPR) MJurassic MTriassic Cretaceous 505 34 506 Total 2C: Total 2P + 2C: 200 311 MMstb 817 MMstb (EE)
Slide 5: Leading low-cost operator in Kurdistan and E&P sector
Leading low-cost operator in Kurdistan and E&P sector $35 2022 Benchmarking: Opex + G&A per Barrel ($/bbI Working Interest) $30 $25 $20 $15 = —_ $10 | $5 $0 lM Peer company Opex per bb! fll Peer company G&A per bbl I ‘ ME GKP Opex per bbl ll GKP G&A per bbl ——ee ee ee - — I ses — ——e — — I z- = Lowe
Slide 6: Track record of balancing growth, returns & financial strength
Track record of balancing growth, returns & financial strength Total Shareholder Return of 238% 2018-2022") 40% gross average production growth 2018-2022 Consistent net cash balance sheet $440m dividends & buybacks 2019-2023 196 @ Net cash @$100m bond @ Dividends Share buybacks 91 70 . a 20 (100) (1
Slide 7: Long history of delivering strategy in volatile environment
Long history of delivering strategy in volatile environment Navigated political disputes, armed conflict, a global pandemic, oil price shocks and inconsistent payments cs ee 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Kurdistan Oil & Gas Law Kurdistan-Export Pipel
Slide 8: Overview of current operating environment
Overview of current operating environment KRG exports KRG payments Local market GKP response lraq-Turkey Pipeline shut-in on 25 March, following ICC”) award to Iraq Negotiations active between the KRG, Iraq and Turkey regarding restart No official timeline announced Outstanding receivables for Oct-2
Slide 9: 2023 operational activity
2023 operational activity Rapid shift from profitable production growth to liquidity preservation & local sales 2023 gross average production / sales (‘000 bopd)) H1 2023 gross average production: 23,256 bopd (H1 2022: 44,941 bopd) 55kbopd exceeded on 5 days in Mar-23 1 lraq-Turkey Pipeline shut-in
Slide 10: Local sales in pictures
| Local sales in pictures Smooth transition from pipeline to trucking operations at PF-1 and PF-2
Slide 11: Swift response to preserve & bolster liquidity
Swift response to preserve & bolster liquidity Average monthly net capex & cost run rate ($m) " Reduced H2 2023 net capex, opex and G&A to average monthly run rate of c.S6m = 65% reduction vs Q1 2023 run rate = 2023 capex guidance: $60-S65m (previously $70- $75m) = Estimated <$15m capex remaining in
Slide 12: Outlook
Outlook Increasing local sales cover cost run rate Moving towards exports restart & payment normalisation Continued focus on cost reduction, accounts payable management and inventory sales c.$6m H2 2023 monthly cost run rate”) - <$15m net capex remaining in H2 2023 Further liquidity actions without
Slide 13: Our investment case
Our investment case ; GKP EV/2P\) Large, long-life asset confirmed by 2022 (Pre ITP closure vs 18-Sep-23) Competent Person’s Report 0.8x Leading low-cost producer 0.4x Track record of profitable production growth Demonstrated commitment to shareholder distributions 24-Mar-23 18-Sep-23 >) Source: Fac
Slide 14: Thank you
14 Thank you More resources are available at: www.gulfkeystone.com > Lc \ kJ
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