Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Technical Presentation (October 2015)
19 slides from Gulf Keystone Petroleum's technical presentation, Oct 1, 2015
Slide 1: Upgrade of Shaikan Reserves
1 Upgrade of Shaikan Reserves John Stafford, VP Operations 1 October 2015
Slide 2: From oil-in-place to reserves in Kurdistan
from oil-in-place to reserves in Kurdistan 2 • One of the largest acreage holders in Kurdistan with two operated commercial discoveries: Shaikan and Sheikh Adi • Shaikan Field Development Plan (“FDP”) approved by the Kurdistan Regional Government’s Ministry of Natural Resources in June 2013 • Work i
Slide 3: 2015 CPR Summary
2015 CPR Summary 3 • Shaikan Profile and Reserves – Gross 2P Reserves increased by 114% to 639 MMstb(1) – Gross 2C Resources 239 MMstb, as a result of reallocation of 2C to 2P – 142 MMstb recognised beyond the term of the PSC Total Shaikan profile March 2014 1,001 MMstb Total Shaikan profile June 20
Slide 4: Shaikan reserves evolution
Shaikan reserves evolution 4 CPR 1P % increase 1C 1P+1C TRV(1) 1P+1C+TRV Net diluted WI (MMstb) to GKP - 1P March 2014 198 244 442 0 442 108 Sept 2015 306 55% 85 391 90 481 166 2P 2C 2P+2C TRV 2P+2C+TRV Net diluted WI to GKP - 2P March 2014 299 702 1,001 1,001 163 Sept 2015 639 114% 239 878 142 1,02
Slide 5: Kurdistan Peers – net 2P Reserves
KURDISTAN PEERS – net 2P RESERVES 5 484 437 348 215 163 12 4 DNO Genel Gulf Keystone Oryx Gulf Keystone ShaMaran WesternZagros CPR 2015 CPR 2014 Source: Company Filings All values in MMboe
Slide 6: Shaikan Geology & Geophysics Update
Shaikan Geology & Geophysics UPDATE 6 Seismic Interpretation Fracture Model STOIIP Matrix Model
Slide 7: Shaikan Reservoir Performance
Shaikan Reservoir Performance 7 2015 CPR PF-2 start 2014 CPR PF-1 start Production Facilities Cumulative Uptime % 1% Plant uptime 98% 1% Unplanned downtime Planned downtime
Slide 8: Shaikan Reservoir Performance
Shaikan Reservoir Performance 8 2014 Assumption: Water provides pressure support OWC N Aquifer
Slide 9: Shaikan Reservoir Performance
Shaikan Reservoir Performance 9 2015 Assumption: Gas Cap Expansion and Gravity drainage OWC N Aquifer
Slide 10: Shaikan development concept comparison
Shaikan development concept comparison 10 2014 SH11 2015 Gas Reinjection Production wells (deviated or short horizontal)
Slide 11: Shaikan development concept - Jurassic
Shaikan development concept - Jurassic 11 International border Syria Turkey Shaikan block Ber Bahr Discovery Sheikh Adi Export pipeline Proposed spur line • New central facility Shaikan development flowline • Gas and water treatment Well • Gas reinjection Planned well PF-1 Production facility PF-2 P
Slide 12: Shaikan 2P Production Profile
Shaikan 2P Production Profile 12 Additional Process trains for Triassic and Cretaceous Continued Drilling • Additional process trains • Wells to Jurassic and Triassic • Gas and water treatment • ESPs Existing wells and facilities • Gas reinjection
Slide 13: Forecast for existing wells & facilities
Forecast for existing wells & facilities 13 Production from the existing wells and facilities can be sustained over 10 years Average Reserves per well for the first 9 wells is 25-30 MMstb Investment to sustain an average 40,000 bopd is modest (<US$100M)
Slide 14: Shaikan: increased dataset and reserves
Shaikan: increased dataset and reserves 14 Shaikan - Increased dataset • Produced 15 MMstb (<2%) of 2P+2C Reserves • Excellent communication between wells implies fewer wells required to develop the field • Surveillance data suggest little aquifer movement and imply a gas cap that will expand in tim
Slide 15: Sheikh Adi: appraisal area & new prospect
Sheikh Adi: appraisal area & new prospect 15 Ber Bahr Crest 112 MMstb of 2C Contingent Resources NW Area 169 MMstb of Prospective Resources Initial Appraisal Area Upside SA-3 SA Licence Boundary Footwall communication Top Barsarin with Shaikan • Additional resources identified from new seismic data
Slide 16: Thank you
=) e) > m4 Cc ©O = ke
Slide 17: Disclaimer
disclaimer 17 This presentation has been produced by Gulf Keystone Petroleum Ltd (which includes any member of its "group" as defined in the Bemuda Companies Act 1981 (“the Company”). The Company is making this presentation in connection with the release of an updated independent third party audit o
Slide 18: Disclaimer
disclaimer 18 The content of the presentation has not been approved by an authorised person within the meaning of FSMA. Reliance on the presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets inv
Slide 19: Upgrade of Shaikan Reserves
Upgrade of Shaikan Reserves John Stafford, VP Operations 1 October 2015
Gulf Keystone Petroleum — Technical Presentation (October 2015) on 6ix