Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Shareholder Meeting (June 2019)
12 slides from Gulf Keystone Petroleum's shareholder meeting presentation, Jun 21, 2019
Slide 1: Gulf Keystone Petroleum Annual General Meeting – Frankfurt
Gulf Keystone Petroleum 21 June 2019 Annual General Meeting – Frankfurt
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
Slide 3: Intensive operational activity driving growth
Intensive operational activity driving growth • SH-1 and SH-3 workovers delivered material uplift in bopd 2018 31,563 Gross Production production MMstb Gross • Commencement of drilling campaign: SH-12 591 2P Reserves(1) • SH-9 accelerated to assess feasibility of gas US$/bbl 2018 3.2 reinjection int
Slide 4: Intensive operational activity driving growth
Intensive operational activity driving growth • Strong balance sheet supports growth strategy and 670 US$m Market Cap(1) returns to shareholders US$m 290 Cash Balance(2) • First Dividend – $25 million with a $25 million special dividend in 2019 50 US$m Dividend in 2019 • Share Buyback – Expected to
Slide 5: Steady production
Steady production • 2019 gross production guidance – 32,000–38,000 bopd • 55,000 bopd production target now expected to be achieved in Q2 2020 SH-3 workover Pressure gauge End of Export Start SH-1 completed SH-1 workover 40 retrieval domestic pipeline workover & other completed & campaign sales disr
Slide 6: 55,000 bopd expansion progressing
55,000 bopd expansion progressing SH-1 and SH-3 workovers complete Installation of tie-in spools for 55k debottlenecking PF-1 pipeline with export station in PF-1 export pipeline burial background 6
Slide 7: Drilling & workover campaign
Drilling & workover campaign DQE Rig 40 at SH-12 • SH-12 spudded on 7 June 2019 • SH-9 next in campaign • ESPs start Q4 2019 • 55,000 bopd production in Q2 2020 7
Slide 8: Record 2018 figures
Record 2018 figures Revenue EBITDA Profit/(Loss) After Tax US$m US$m US$m 300 175 100 $80m $149m $251m 150 50 250 $14m 125 $194m $108m -- 200 $104m $172m 100 ($17m) (50) 150 75 (100) 50 100 $86m (150) 25 50 (200) -- ($7m) ($214m) 0 (25) (250) 2015 2016 2017 2018 2015 2016 2017 2018 2015 2016 2017 20
Slide 9: Sustained cost optimisation
Sustained cost optimisation Operating Expenses(1) General & Administrative Expenses Operating Expenses 48 35 29 31 (US$m) Bopd Bopd 6 40,000 40 40,000 35,000 35,000 5 US$31m G&A Expenses (US$m) 30,000 30 30,000 Opex per bbl (US$) US$26m 4 25,000 11 25,000 US$21m 9 3 20,000 20 US$18m 20,000 5 5.3 3.8
Slide 10: G&A benchmarking
G&A benchmarking • GKP operates with one of the lowest G&A among international E&P operators(1) 2018 G&A Expenses ($m) 2018 G&A per Barrel Production ($/bbl WI) 100 10 80 8 60 6 40 4 20 2 0 0 GKP GKP 1) The sample of peer companies comprises of 15 international E&Ps with operatorship (incl. Kurdista
Slide 11: GKP has outperformed Kurdistan and UK listed peers YTD
GKP has outperformed Kurdistan and UK listed peers YTD Share Price Performance Year-To-Date 3.0 Share Price (Rebased to GKP (£/share)) 2.5 +27% +22% +21% +19% 2.0 1.5 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 GKP Kurdistan E&Ps Brent UK Listed E&Ps Note: Market data as at 20 June 2019. UK Listed E&P
Slide 12: Questions? Thank you
Questions? Thank you More resources are available at: www.gulfkeystone.com
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