Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Investor Presentation (September 2025)
23 slides from Gulf Keystone Petroleum's investor presentation, September 2025
Slide 1: Corporate presentation
Corporate presentation September 2025
Slide 2: Disclaimer
Disclaimer This proprietary presentation (the “Presentation”) has been prepared by Gulf Keystone Petroleum Limited (the “Company”). Under n o 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: Company introduction
Company introduction Operational overview Financials Appendix
Slide 4: 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 DNO: 75%; Genel: 25% Oil pipelines ~41 kbopd 443 MMstb Sarsang Shaikan Licenses HKN: 62%; ShaMaran: 18% Block Lice
Slide 5: Company highlights
Company highlights ▪ Long -life asset with ~30 years (1) of 2P reserve life and large 2C upside Operator of the giant Shaikan Field ▪ >145 MMstb produced since commercial production began 10+ years ago 1 – a world -class ▪ Low -cost production with Opex of ~$4/ bbl asset ▪ Strong team with operation
Slide 6: Extensive operating history in Kurdistan
Extensive operating history in Kurdistan Consistent operational delivery with resilience through market disruptions Gross production track record ( kbopd ) >145 MMstb produced Maiden dividend; PF -1 tied into export pipeline Completion of PF -2 tied into Covid -19 First Shaikan Field Exports restruc
Slide 7: Highly experienced management team
Highly experienced management team Supported by a strong Board of Directors Executive committee JON HARRIS GABRIEL PAPINEAU -LEGRIS JOHN HULME CLARE KINAHAN ALASDAIR ROBINSON CEO & CFO & Chief O perating Chief HR Officer Chief Legal Officer & Executive -Director Executive Director Officer Company Se
Slide 8: Operational overview
Company introduction Operational overview Financials Appendix
Slide 9: Kurdistan Region of Iraq – a proven oil jurisdiction
Kurdistan Region of Iraq – a proven oil jurisdiction IOC (1) investment has driven production growth with significant further potential ▪ Kurdistan Region of Iraq Overview of Kurdistan Region of Iraq Tawke ▪ Constitutionally recognised semi -autonomous DNO: 75%; Genel: 25% International border polit
Slide 10: Kurdistan crude exports
Kurdistan crude exports Upside potential from restart; free cash flow from local sales in the interim Pipeline export map The Kurdistan Regional Government (KRG) was historically responsible for marketing and exports via the Iraq - Türkiye Pipeline (ITP), which was closed in March 2023 after an ICC
Slide 11: The Shaikan Field
The Shaikan Field Long -life asset with low -cost production track record & significant growth potential ▪ Gulf Keystone operates the Shaikan Field Gross production track record (kbopd) with 80% working interest, alongside MOL Expor ts with 20% suspension 43.4 44.2 ▪ Licence period to expire in 2043
Slide 12: Leading low-cost producer
Leading low -cost producer Cost control underpins fre e cash flow generation ▪ Top quartile Opex and G&A costs relative to GKP vs peers (1): 2024 Opex + G&A per Barrel peers ($/bbl Working Interest) ▪ 2024 Gross Opex : $4/ bbl ; 2024 G&A: $1/ bbl ▪ Cost control with capital discipline supports free
Slide 13: Production & local sales
Production & local sales 2025 gross average production guidance of 40 -42 kbopd Gross average production (kbopd) 2024 average: 40.7 H1 -25 average: 44.1 Local market KRI election (1) PF -1 planned 2025 YTD average: 40.6 disruptions Eid holidays road disruption Market shut -in Temporary oversupply 48
Slide 14: Current Shaikan Field investment & activity
Current Shaikan Field investment & activity Focus on safety, reliability and maintaining & optimising production levels 2025 YTD performance ▪ Cash net capex of c.$13m in H1 -25 ▪ Progressing PF -2 safety upgrades to be tied in during facility shutdown in 2026 ▪ Busy production optimisation programm
Slide 15: Path to future field development
Path to future field development Shaikan Field remains underdeveloped with opportunity for disciplined growth ▪ Prior to the closure of the ITP (1) , GKP had been progressing towards MNR (2) approval Prior FDP components of a Field Development Plan (“FDP”) Jurassic reservoir expansion ▪ Focus on: 1
Slide 16: Sustainability highlights
Sustainability highlights Environment Social Governance ▪ Long -term ambition to ▪ $3bn gross (2) invested in ▪ Robust corporate eliminate flaring and reduce Shaikan and other licences governance and business emissions intensity since 2007 ethics ▪ Focus on protecting air ▪ ~350 locals employed, 86%
Slide 17: Financials
Company introduction Operational overview Financials Appendix
Slide 18: Operational & financial highlights
Operational & financial highlights H1 -2025 and post reporting period Days without Lost Time Incident >950 Strong operational and financial performance H1 -25 gross average production in H1 -2025 44,100 bopd 2025 YTD gross average production (1) Production returned towards full well capacity in Augu
Slide 19: Financial performance highlights
Financial performance highlights Strong free cash flow generation in H1 -2025 Adjusted EBITDA ($m) Net capex ($m) 359 115 223 58 46 76 50 41 18 18 (1) 2021 2022 2023 2024 H1-25 2021 2022 2023 2024 H1-25 Free cash flow ($m) Net cash ($m) (2) 267 120 102 106 82 70 122 65 25 (100) (13) (3) 2021 2022 20
Slide 20: Operating costs & other G&A expenses
Operating costs & other G&A expenses Continued cost control while safely maintaining production capacity (1) ▪ Leading industry cost position maintained Operating costs ($m) with Gross Opex per barrel of $4.2/bbl flat $/bbl relative to H1 -24 5.6 4.4 4.2 4.2 52.4 50 -55 ▪ 13% increase in operating c
Slide 21: Capital allocation & shareholder distributions
Capital allocation & shareholder distributions ▪ Proven track record of balancing Cumulative distributions since 2019 ($m) investment, shareholder returns and a Dividends Buybacks strong balance sheet 50 535 45 215 25 ▪ Capital allocation in local sales: 100 ▪ Essential investment focused on safety,
Slide 22: Why GKP?
Why GKP? 1 2 3 Operator of the Strong performance Consistent strategy giant Shaikan Field – with significant to drive a world -class asset potential upside shareholder value once exports restart 22
Slide 23: Thank you
Thank you More resources are available at: www.gulfkeystone.com
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