Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Pareto Conference 2018
11 slides from Gulf Keystone Petroleum's conference presentation, Sep 13, 2018
Slide 1: Gulf Keystone Petroleum
Gulf Keystone Petroleum 12-13 September 2018 Pareto Conference
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: A leading Kurdistan independent oil & gas company
A leading Kurdistan independent oil & gas company GKP is the only pure-play Kurdistan player with operatorship Introduction to Gulf Keystone Petroleum Shaikan key information • Gulf Keystone interest: 80% (58%2)) • Kurdistan focused independent E&P company • Partner: MOL 20% – Listed on the main boa
Slide 4: Half Year 2018 Highlights
Half Year 2018 Highlights • Strong financial performance – Record profit after tax of $26.7m (H1 2017: $0.7m) – Regular payments – $147m cash receipts YTD – Continuous disciplined cost control – $3.0 per barrel Opex • Commercial milestones – Return to investment at Shaikan – expansion to 55,000 bopd
Slide 5: A high-performing asset with a strong HSSE track record
A high-performing asset with a strong HSSE track record Shaikan gross production (‘000 bopd) • Production on track to meet annual guidance 40 – YTD1): 31,743 bopd 34.8 35.3 31.9 – Plant uptime: over 99% 30.5 30 2018 • Cumulative production Guidance exceeded 50 MMbbl in June 2018 20 17.8 • Steady pro
Slide 6: Expansion to 55,000 bopd underway
Expansion to 55,000 bopd underway Realising the potential of Shaikan with a phased, risk-managed approach • PF-1 pipeline tie-in initiated • Phased approach de- risks and progressively 110,000 unlocks value bopd 75,000 55,000 bopd bopd • On track to increase Shaikan production to Capex $200–230m1) g
Slide 7: Shaikan 55,000 bopd expansion project
Shaikan 55,000 bopd expansion project PF-2 SH-2 SH-5 SH-10 SH-11 SH‐11 SH‐10 SH‐5 SH‐4 SH‐1 SH‐7 SH‐2 SH‐3 SH‐6 SH‐8 PF‐2 tie‐in line PF‐1 tie‐in operational PF-1 line route Atrush pipeline SH-1&3 SH-4 SH-7 SH-8 5 km New Jurassic well location Temporary unloading facility at PF-2 under construction
Slide 8: GKP has outperformed E&P peers
GKP has outperformed E&P peers Share Price (Rebased to GKP (GBP/share)) 3.0 2.5 + 98% 2.0 + 43% + 27% 1.5 + 17% 1.0 0.5 Sep-17 Nov-17 Dec-17 Feb-18 Apr-18 May-18 Jul-18 Sep-18 GKP Kurdistan E&Ps Brent UK Listed E&Ps Note: Market data as at 10 September 2018 (performance in local currencies). UK list
Slide 9: Converging P/NAV valuation with peers
Converging P/NAV valuation with peers P / NAV Evolution (LTM) 140% 120% 100% 80% 80% 76% 69% 64% 60% 40% 20% Sep 17 Nov 17 Jan 18 Mar 18 May 18 Jul 18 Sep 18 GKP Genel DNO ShaMaran Source: Equity Research, FactSet as at 10 September 2018 9
Slide 10: Outlook
Outlook • Operational Excellence – Safe operations – Meeting 2018 gross production guidance of 27,000-32,000 bopd – Delivering on project milestones – Continued disciplined cost control • Production Growth – Deliver the expansion project: Jurassic drilling campaign, workovers, facilities debottlenec
Slide 11: Questions? Thank you
Questions? Thank you More resources are available at: www.gulfkeystone.com