Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Investor Presentation (April 2015)
25 slides from Gulf Keystone Petroleum's investor presentation, April 2015
Slide 1: Investor Presentation
Investor Presentation April 2015
Slide 2: Overview
overview Shaikan commercial production and sales pending projects financial highlights
Slide 3: A leading Kurdistan independent E&P company
A leading Kurdistan independent E&P company • Public company, moved to Standard Segment of Official List of the London Stock Exchange in March 2014 • One of the largest acreage holders in Kurdistan, 1,632 km2 across four contiguous blocks • Total investment in Kurdistan of over USD 810 million • Fiv
Slide 4: Management team
Management team John Gerstenlauer – Chief Executive Officer Joined the Company as Chief Operating Officer in October 2008 and was appointed Chief Executive Officer in July 2014 • Started his oil and gas career with Shell in 1978 • Significant international experience with Pecten, Canadian Occidental
Slide 5: Proven drilling track record
Proven drilling track record 4 Non-Core Asset Shaikan-1 Bijell-1 Shaikan-3 Shaikan-2 Shaikan-4 Shaikan-5 Sheikh Adi-2 Bakrman-1 Ber Bahr-1 Discovery Discovery Appraisal Appraisal Appraisal Appraisal Discovery Discovery Discovery Aug-09 Mar-10 Jan-11 Mar-11 Dec-11 Dec-11 Nov-12 Feb-13 May-13 Spud Spu
Slide 6: Reserves and resources summary
Reserves and resources summary • 12,506 mmbbls of gross hydrocarbons in place Reserves and resources Net, diluted WI to GKP • Gross 2P + 2C of 1,219 mmbbls GKP diluted STOIIP/GIIP Oil (mmbbls) Gas (bcf) mmboe(1) WI Shaikan 54.4%(2) 5,013 537 5,103 • 3P + 3C unrisked valuation Sheikh Adi 80.0% 1,805
Slide 7: Company strategy
Company strategy Ramp-up commercial oil production from Shaikan Reinvestment of cash flows Become a cash generating Increase reserves and production business and maintain financial through further exploration and flexibility appraisal across the portfolio Monetisation proceeds Exit non-core assets/o
Slide 8: Strong stakeholder relationships
Strong stakeholder relationships Stakeholder relationships • Over 300 employees and contractors in the Kurdistan Region of Iraq • 93% of employees are Kurdish nationals, receiving regular training in the region and abroad • Approximately 30% of expenditure represents business done with local vendors
Slide 9: Shaikan commercial production and sales
overview Shaikan commercial production and sales pending projects financial highlights
Slide 10: Shaikan: 40,000 bopd and beyond
Shaikan: 40,000 ibopd and ibeyond • 40,000 bopd reached in December 2014 • Total gross commercial production from Shaikan is over 9 mln barrels • Two production facilities PF-1 and PF-2 and 9 production wells • Focus on ensuring stable production rates of 40,000 bopd aiming to maintain a daily avera
Slide 11: Shaikan commercial production since July 2013
Shaikan commercial production since July 2013 PF-1 PF-2 Shaikan 1 Shaikan 3 Shaikan 4 Shaikan Shaikan 2 Shaikan 5 Shaikan 10 Shaikan 11 Well Well Well 7 and 8 Well Well Well Well Wells (bbls/d) 10
Slide 12: Current Export Route by truck
Current Export Route iby truck Shaikan 11
Slide 13: Near-term export pipeline access
Near-term export pipeline access Expected injection point Possible twinned Heavy Oil Line Atrush PF -1 PF -2 12
Slide 14: Shaikan pipeline connection
Shaikan pipeline connection Atrush PF -1 PF -2 13
Slide 15: Pending projects
overview Shaikan commercial production and sales pending projects financial highlights
Slide 16: Priorities versus pending projects
Priorities versus pending projects Priorities Maintain stable production and sales of 40,000 bopd and beyond through debottlenecking Finalize a pipeline access solution for Shaikan Establish a steady flow of revenues before making decision on further investment Pending projects Drilling of a Shaikan
Slide 17: Shaikan: Phase 1 (CPR 2P) Wells
Shaikan: Phase 1 (CPR 2P) Wells 16 • Shaikan Phase 1 is focused on the first 26 development wells targeting 299MMstb of 2P reserves Flowline Source: GKP
Slide 18: Shaikan: Full field development: beyond phase 1
Shaikan: Full field development: IbeyOnd phase 1 17 • Shaikan Full Field Development envisages approximately 109 wells targeting 1,001MMstb of 2P + 2C reserves and contingent resources • Further reserves are fully expected in time Full field development Flowline Well locations are well approximate S
Slide 19: Financial highlights
overview Shaikan commercial production and sales pending projects financial highlights
Slide 20: Financial Highlights
Financial Highlights 19 • Cash balance of US$118.8 million at 13 April 2015 including: • 31 March 2015 net placing proceeds of US$39.0 million • US$26.0 million gross pre-payment for crude oil export sales received in February 2015 • Removal of Book Equity Ratio Put Option in 13.0% Senior Unsecured
Slide 21: Funding development
Funding development 20 1H FY 2014 1H 2014 FY 2014 Source 2014 Notes gross net net gross Value depends on pricing assumptions used. Assumed $23/bbl Shaikan crude discount to Brent and $22/bbl transportation costs throughout 2014 Unrecognised revenues $44m $128m $35m $102m Further clarity required on
Slide 22: Capex schedule
Capex schedule 21 Shaikan 2015 (US$m net to GKP) 70,000 bopd Comments firm (24 months) Shaikan Drilling of an additional well to tie into PF-2 completed Shaikan-11 11.0 - under budget PF 1 Change orders and debottlenecking 9.7 - Maximising capacity & sustaining plant operation PF 2 Change orders and
Slide 23: Thank you
Thank you 22
Slide 24: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: The information in this document has been prepared by Gulf Keystone Petroleum Limited (the "Company") solely for use at a presentation to be
Slide 25: Investor Presentation
Investor Presentation April 2015
Gulf Keystone Petroleum — Investor Presentation (April 2015) on 6ix