Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Pareto – E&P Independents Conference 2019
11 slides from Gulf Keystone Petroleum's conference presentation, Jan 16, 2019
Slide 1: Gulf Keystone Petroleum
Gulf Keystone Petroleum Pareto – E&P Independents Conference 16 January 2019
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: GKP – A leading Kurdistan independent E&P
GKP – A leading Kurdistan independent E&P • The only pure-play Kurdistan player with operatorship 31,563 bopd 2018 gross – 80% WI in Shaikan, with 40,000 bopd of production capacity production • Revised FDP submitted to increase capacity to 110,000 bopd 591 MMstb Gross 2P – Phased and risk-managed a
Slide 4: Resilient production ahead of expansion to 55,000 bopd
Resilient production ahead of expansion to 55,000 bopd • 2018 gross production at 31,563 bopd – at top end of 27,000-32,000 bopd guidance • Over 56 MMstb produced to date leading to strong reservoir knowledge Pressure gages End of Export Start SH-1 40 retrieval domestic pipeline workover & other cam
Slide 5: Continuous payments strengthening balance sheet
Continuous payments strengthening balance sheet • $225m net to GKP received in 2018 $35 $30 $30 $25 $21 $21 $21 US$m (net) $20 $19 $17 $18 $18 $18 $15 $15 $15 $12 $10 $5 - Payment Received in Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Month of Oct / Sep-17 De
Slide 6: Shaikan Field Development Plan
Shaikan Field Development Plan • Revised FDP submitted for approval to the MNR in October 2018 – Expansion to 55,000 bopd already underway – First four wells of drilling campaign to be completed in Q1 2020 • New intermediary phase after 75,000 bopd: Triassic pilot – Staged approach further de-risks
Slide 7: Shaikan 55,000 bopd expansion underway
Shaikan 55,000 bopd expansion underway • On track with facilities upgrade completion in 2019; well capacity in Q1 2020 – Workover rig at SH-1 to install larger bore tubing, then onto SH-3 – New Jurassic well (SH-H) to spud in March – Only c.3,000 bopd trucking via Fishkhabour – PF-1 pipeline on trac
Slide 8: 2019 activity outlook for 55,000 bopd
2019 activity outlook for 55,000 bopd • After major milestones achieved in 2018 and laying the foundation for the 55,000 bopd expansion, 2019 will be a very active year at Shaikan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Workovers SH-1 – Tubing SH-3 – Tubing SH-5 – ESP SH-10 – ESP SH-11 – ESP
Slide 9: Strong financial & commercial position
Strong financial & commercial position • Net cash position: $294m cash vs. $100m debt at 15 Jan. 2019 – Cash balance up $134m since 1 Jan. 2018 – Flexibility following $100m bond refinancing • Expansion to 55,000 bopd remains fully funded • Timing of next expansion phase to 75,000 bopd will drive fi
Slide 10: Outlook
Outlook • Operational Excellence – Safe operations – Delivery of project milestones – Continued disciplined cost control • Production Growth – Deliver the 55,000 bopd expansion project • Jurassic drilling campaign, workovers, facilities debottlenecking, PF-1 tie-in – Meet 2019 gross production guida
Slide 11: Questions? Thank you
Questions? Thank you More resources are available at: www.gulfkeystone.com
Gulf Keystone Petroleum — Pareto – E&P Independents Conference 2019 on 6ix