Gulf Keystone Petroleum Limited · LSE:GKP

Gulf Keystone Petroleum — H1 2026 Earnings Presentation

21 slides from Gulf Keystone Petroleum's earnings presentation, Aug 25, 2026

1. Slide 1: 2026 Half Year Results

   2026 Half Year Results 25 August 2026

2. 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

3. Slide 3: Operational & financial highlights

   Operational & financial highlights Resilient performance through period of significant regional disruption Protected assets, workforce Gross production Focused on unlocking full and balance sheet while continuing to ramp up to PSC entitlement for export returning cash to prior levels following recen

4. Slide 4: Operational review

   Operational review

5. Slide 5: Production

   Production Performance impacted by precautionary shut-ins related to the security environment Gross average production (kbopd) H1 2026 average: 14.6 2026 YTD average: 15.5(1) 40.8 41.0 24.8 10.3 6.9 -- -- -- Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 1-23 Aug-26  2026 YTD production impacted

6. Slide 6: Shaikan Field investment & activity

   Shaikan Field investment & activity Continued to progress safety critical & strategic projects while reducing expenditures  H1 2026 net capex reflects investment in Net capex ($m) projects to enhance production and improve facility safety  PF-2 water handling installation 58  Well optimisation pr

7. Slide 7: Kurdistan crude exports

   Kurdistan crude exports Unlocking full PSC entitlement for export sales could bolster cash flow in H2 2026  Tripartite interim export agreements have Shaikan exports realised prices worked as expected, despite disruptions (cash received & top up to international prices)  Improvement in remuneratio

8. Slide 8: Path to future field development

   Path to future field development Draft FDP targets more than doubling of production and elimination of flaring  Shaikan Field remains large, long-life asset Draft FDP components with significant growth potential:  416 MMstb of internally estimated gross 2P Jurassic reservoir expansion reserves(1)

9. Slide 9: Financial review

   Financial review

10. Slide 10: Financial performance highlights

    Financial performance highlights Resilient performance in H1 2026 despite headwinds Adjusted EBITDA ($m)(1) Net capex ($m) 111 58 76 39 50 52 41 18 18 18 (2) (2) 2023 2024 2025 H1-25 H1-26 2023 2024 2025 H1-25 H1-26 Free cash flow ($m) Shareholder distributions ($m) 65 Dividends Share buybacks 29 10

11. Slide 11: Adjusted EBITDA

    Adjusted EBITDA(1) $m 120 100 55 80 60 2 3 52 7 41 0.1 40 (0.4) (56) 20 0 HY-25 Adj. Realised Production Capacity Operating Other Share Other HY-26 Adj. EBITDA price Building costs G&A option EBITDA Payment expense  26% increase in Adjusted EBITDA vs H1 2025 based on invoiced revenue  Impact of pr

12. Slide 12: Operating costs & other G&A

    Operating costs & other G&A Decisive action to reduce costs while maintaining full production capacity Operating costs ($m)(1)  25% decrease in operating costs in H1 2026 reflecting production shut-in and cost $/bbl reduction measures 5.6 4.4 4.3 4.2 9.6 52.4 52.6  6% reduction in other G&A expens

13. Slide 13: Cash flow

    Cash flow $m Free cash flow: $(2) million 140 52 1 120 100 (36) 80 78 0 1 (18) (4) 64 61 60 (13) 40 20 0 (1) Opening Adjusted Interest Working Net capex FX EBT OSE listing Dividends Closing Cash cash EBITDA income capital (cash) share placing cash balance (31-Dec-25) & other purchases proceeds (30-J

14. Slide 14: Capital allocation & shareholder distributions

    Capital allocation & shareholder distributions  Robust balance sheet & flexible Net capex & shareholder distributions ($m) cost base enabled GKP to weather disruptions in H1 2026 while Dividends Buybacks Net capex paying a $12.5m dividend  $10m dividend announced, to be paid on 28 September 2026 3

15. Slide 15: Summary & outlook

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16. Slide 16: Summary & outlook

    Summary & outlook Protected assets, Focused on workforce and Production and unlocking full PSC Total 2026 balance sheet while exports ramping up entitlement for dividends increased returning cash to to prior levels export sales at to $22.5 million shareholders international prices 1 2 3 4 Remain foc

17. Slide 17: Appendix

    Appendix

18. Slide 18: Gulf Keystone Petroleum at a glance

    Gulf Keystone Petroleum at a glance A leading independent operator and producer in the Kurdistan Region of Iraq (KRI) Shaikan Field & key peer field locations Tawke International border ~41.6 kbopd 416 MMstb DNO: 75%; Genel: 25% Oil pipelines Sarsang Shaikan License HKN: 62%; ShaMaran: 18% Block Lic

19. Slide 19: Key historical financials

    Key historical financials HY HY FY FY FY FY 2026 2025 2025 2024 2023 2022 Gross production (bopd) 14,600 44,100 41,560 40,689 21,891 44,202 Dated Brent ($/bbl)(1) 92.3 71.9 69.1 80.8 82.6 101.4 Realised price ($/bbl)(2) 83.5 27.8 33.9 26.8 40.9 74.1 Discount to Brent ($/bbl) 8.8 44.1 35.2 53.9 41.7

20. Slide 20: Shaikan Field fiscal terms

    Shaikan Field fiscal terms As at 30 June 2026 Shaikan Field fiscal take waterfall Calculating GKP net entitlement GROSS REVENUE A PRE-ROYALTY B Stage % Notes 100% ROYALTY Gross production x realised Gross revenue pre-royalty 100 A 10% price C GROSS REVENUE POST-ROYALTY Less: Royalty (10) 10% KRG roy

21. Slide 21: Thank you

    Thank you More resources are available at: www.gulfkeystone.com

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