Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Investor Presentation (February 2026)
25 slides from Gulf Keystone Petroleum's investor presentation, February 2026
Slide 1: Corporate Presentation
Corporate Presentation February 2026
Slide 2: Disclaimer (I/II)
Disclaimer (I/II) This proprietary presentation (the “Presentation”) has been prepared by Gulf Keystone Petroleum Limited (the “Company”) solel y f or information purposes in connection with a retail offering of shares in the Company to the public in Norway and Sweden, subject to and in compliance w
Slide 3: Disclaimer (II/II)
Disclaimer (II/II) This Presentation has not been approved, reviewed or registered by or with any public authority, stock exchange or regulated mar ket. This Presentation is not a prospectus within the meaning of the EU Prospective Regulation 2017/1129, as amended, or, in relation to the United King
Slide 4: Summary of risk factors
Summary of risk factors Investing in the Company's shares (the " Shares ") involves a high level of risk and the Group is and will be exposed to numerous risk factors, of which a brief summary is o utl ined below. All prospective investors should carefully consider the full risk factors included on
Slide 5: 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 ~41.6 kbopd 443 MMstb Sarsang Shaikan License HKN: 62%; ShaMaran: 18% Block Lic
Slide 6: Dual listing on Euronext Growth in Oslo
Dual listing on Euronext Growth in Oslo Targeting increased liquidity, investor following and capital markets access Total return last 2 years (1) ▪ Gulf Keystone intends to complete the listing via: 250 120% return ▪ A retail offering of up to c.NOK 11.5 200 18 5p million ( c.EUR 1 million), underw
Slide 7: 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 ▪ >150 MMstb produced since commercial production began 10+ years ago 1 – a world -class ▪ Low -cost production with Opex of ~$4.3/ bbl in 2025 asset ▪ Strong team with
Slide 8: Kurdistan Region of Iraq – a proven oil jurisdiction
Kurdistan Region of Iraq – a proven oil jurisdiction IOC (1) investment has driven production growth with significant further potential ▪ Kurdistan Region of Iraq Overview of Kurdistan Region of Iraq Tawke ▪ Constitutionally recognised semi -autonomous DNO: 75%; Genel: 25% International border polit
Slide 9: The Shaikan Field
The Shaikan Field Long -life asset with low -cost production track record & significant growth potential ▪ Gulf Keystone operates the Shaikan Field with 80% Gross production track record (kbopd) working interest, alongside MOL with 20% Expor ts suspension ▪ Licence period is currently expected to ex
Slide 10: Production: 2025 performance & 2026 outlook
Production 2025 performance & 2026 outlook Gross average production ( kbopd ) 27 -Sep -25 FY -25 average: 41.6 Restart of KRI exports via ITP 47.9 46.4 47.2 46.0 45.2 43.6 44.1 44.0 42.3 40.6 37 -41 39.4 31.8 21.2 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 1-
Slide 11: Capital expenditures & costs
Capital expenditures & costs (1) 2025 performance & 2026 outlook Net capex ($m) (2) Operating costs ($m) (3) $/bbl 115 3.2 5.6 4.4 4.3 55 -60 52 53 58 42 40 -50 36 34 18 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 guidance guidance 2025 performance 2026 outlook (4) ▪ 2025 net capex and costs i
Slide 12: Kurdistan crude exports: recap & status update
Kurdistan crude exports: recap & status update Potential return to international prices on the horizon ▪ Exports restarted on 27 -Sep -25 based on interim Potential evolution of Shaikan realised prices agreements signed with the KRG (1) and FGI (2) $/bbl ▪ Agreements in full compliance with Iraqi Bu
Slide 13: Path to future field development
Path to future field development Shaikan Field organic growth potential remains significant ▪ Prior to the closure of the ITP (1) in March Prior FDP components 2023, GKP had a Field Development Plan (“FDP”) in agreed form with the MNR (2) Jurassic reservoir expansion ▪ Following the suspension of ex
Slide 14: Shareholder distributions
Shareholder distributions History of balancing investment, shareholder returns and a robust balance sheet ▪ $535m returned to shareholders since Cumulative distributions since 2019 ($m) maiden dividend and share buybacks in Dividends Buybacks 2019 50 535 45 ▪ $50 million of dividend payments in 2025
Slide 15: Why GKP?
Why GKP? 1 2 3 Operator of the Path to further Consistent strategy giant Shaikan Field – potential upside to drive a world -class asset following exports shareholder value restart 15
Slide 16: Risk factors
Risk factors An investment in the Company involves inherent risks. Before making an investment decision regarding the Company's shares (th e "Shares"), Applicants should carefully consider the risk factors set out below and all other information contained in the investor documentation, as well as th
Slide 17: Risk factors (cont’d)
Risk factors (cont’d) The Group is subject to risks related to the energy transition and climate change that could significantly impair the Group's bu siness The pace and magnitude of the demand to shift from hydrocarbons to renewables remains unclear and difficult to predict. Civil so ciety and num
Slide 18: Risk factors (cont’d)
Risk factors (cont’d) Sales of the Group's oil to the local Kurdistan market have been difficult to predict and relied on truckin g Future closure or disruption of the ITP could require the Group to revert to selling crude oil from the Shaikan Field to buye rs in the local Kurdistan market at signif
Slide 19: Risk factors (cont’d)
Risk factors (cont’d) Political, social and economic instability may affect the Group, its operations and personnel There has been a history of tension between the political parties in Kurdistan and the FGI. The ruling in February 2022 by th e F ederal Supreme Court of Iraq that the Kurdistan Region
Slide 20: Risk factors (cont’d)
Risk factors (cont’d) The Group disposes of gas through flaring The Group currently relies on flaring as a disposal method for the gas produced as a by -product of its oil production, which cre ates an environmental impact. While the Group's ambition is to eliminate routine flaring through a gas man
Slide 21: Risk factors (cont’d)
Risk factors (cont’d) RISKS RELATING TO FINANCING The Group is subject to credit and liquidity risk The Group may in the future have insufficient working capital to meet short -term operational requirements and may also have insu fficient funding in place to eventually pursue the development of the
Slide 22: Risk factors (cont’d)
Risk factors (cont’d) The Group is exposed to risk related to repayment of proceeds from pre -FDP petroleum sales As of the date hereof, the Company continues to negotiate with the MNR regarding a number of historical outstanding Shaikan c omm ercial, financial and accounting matters. The focus of t
Slide 23: Risk factors (cont’d)
Risk factors (cont’d) Health, safety and environment The Group's operations and assets are affected by numerous international and national laws and regulations concerning health, sa fety and environment ("HSE") matters including, but not limited to, those relating to discharges of hazardous substanc
Slide 24: Risk factors (cont’d)
Risk factors (cont’d) Depending on the structure of any future offering, certain existing shareholders may therefore not be able to purchase additi ona l equity securities, meaning that these shareholders' holding and voting interest may be diluted. The Company's board of directors is authorised to
Slide 25: Thank you
Thank you More resources are available at: www.gulfkeystone.com
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