Gulf Keystone Petroleum Limited · LSE:GKP

Gulf Keystone Petroleum — Shareholder Meeting (June 2023)

17 slides from Gulf Keystone Petroleum's shareholder meeting presentation, Jun 16, 2023

  1. Slide 1: 2023 Annual General Meeting

    2023 Annual General Meeting 16 June 2023

  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: Strategy & operational review

    Strategy & operational review

  4. Slide 4: Strong operational & financial performance prior to shut-in

    Strong operational & financial performance prior to shut-in Disciplined strategy of balancing growth, distributions & balance sheet strength 2022 Lost Time Incidents Strong  Rigorous focus on safety & ESG operational &  Record profit & cash flow in 2022 0 financial  2022 CPR confirmed significant

  5. Slide 5: 2022 sustainability highlights

    2022 sustainability highlights Environment Social Governance  Disclosures fully  $515m revenues net  Robust corporate consistent with TCFD(1) generated for KRG(2) governance and recommendations  Almost 350 Kurdistan business ethics  Progressed development nationals in workforce  100% Code of B

  6. Slide 6: The Shaikan Field

    The Shaikan Field 2022 CPR confirmed long-life, low-cost asset Shaikan Field Reserves & Resources (Gross) Shaikan gross 2P reserves reconciliation (31-Dec-22) (2022 CPR vs 2020 CPR) Jurassic Triassic Cretaceous 900 Total 2C: Total 2P + 2C: 311 MMstb 817 MMstb 800 100% reserves 53 53 replacement 700

  7. Slide 7: Overview of current situation

    Overview of current situation  Iraq-Turkey Pipeline shut-in on 25 March, following reported award to Iraq in its Kurdistan crude ICC(1) arbitration against Turkey dating back to 2014 exports remain  Shaikan Field produced into storage tanks at reduced rates prior to full shut-in on suspended 13 Ap

  8. Slide 8: Production & operational activity

    Production & operational activity  Shaikan Field production remains shut-in  Gross production deferment to date of c.4.3 million barrels, or c.11,800 bopd on a full-year basis  2023 production and gross Opex per barrel guidance suspended  Almost all activity halted while maintaining safe operati

  9. Slide 9: Financial review

    Financial review

  10. Slide 10: 2022 financial performance highlights

    2022 financial performance highlights Continued to balance profitable growth, distributions and balance sheet strength Adjusted EBITDA ($m) 359 Profit/(loss) after tax ($m) 266 165 223 80 150 123 44 57 (47) 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Net cash balance(1) ($m) Shareholder distri

  11. Slide 11: Leading low-cost operator in Kurdistan and E&P sector

    Leading low-cost operator in Kurdistan and E&P sector $35 2022 Benchmarking: Opex + G&A per Barrel ($/bbl Working Interest) $30 $25 $20 $15 $10 $5 $0 Peer company Opex per bbl Peer company G&A per bbl Kurdistan operators GKP Opex per bbl GKP G&A per bbl  Lowest cost operator in Kurdistan  Second l

  12. Slide 12: KRG payments

    KRG payments Track record of ultimately paying & honouring GKP receivables KRG payment timing track record(1) Outstanding receivables Days $1.4bn net received for Mar-16 to Sep-22 invoices 250 Nov-19 to Feb-20 arrears 200 fully repaid by May-22 150 100 50 0 * Oct-17 Oct-20 Nov-17 Mar-18 Oct-18 Nov-1

  13. Slide 13: Focused on preserving liquidity since exports suspension

    Focused on preserving liquidity since exports suspension Cash balance evolution ($m) (31-Dec-22 to 15-Jun-23)  Reducing capex, opex and G&A to average monthly run rate of c.$6m from July 2023  Further reduced 2023 net capex guidance to $70-$75m  Original guidance of $160-$175m subsequently reduce

  14. Slide 14: Shareholder returns

    Shareholder returns Reinstatement of distributions will be considered once regular KRG payments resume  Final 2022 ordinary dividend cancelled to Strong track record of shareholder returns preserve liquidity balanced with disciplined investment ($m)  Reinstatement of distributions to be considered

  15. Slide 15: Summary & outlook

    Summary & outlook

  16. Slide 16: Preserving liquidity ahead of anticipated exports restart & payments normalisation

    Preserving liquidity ahead of anticipated exports restart & payments normalisation Strong  Record profit & cash flow in 2022 performance &  34% production growth 2019-2022 track record  $440m distributions since 2019 prior to ITP(1) closure  Debt-free post bond redemption in 2022 Production  Ex

  17. Slide 17: 2023 Annual General Meeting

    2023 Annual General Meeting 16 June 2023

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