Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Investor Presentation (January 2023)
13 slides from Gulf Keystone Petroleum's investor presentation, Jan 30, 2023
Slide 1: Corporate Presentation
Corporate Presentation
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 an
Slide 3: Introducing Gulf Keystone Petroleum
Introducing Gulf Keystone Petroleum Overview = Pure-play Kurdistan E&P " Operatorship (80% WI) of the Shaikan Field " Estimated 473 MMstb gross 2P reserves") " 2023 YTD gross average production of c.47,800 bopd?) * c.$530 million market cap®); UK listing Investment case " Long life asset with proven
Slide 4: Shaikan - One of the Largest Oil Fields In Kurdistan
Shaikan - One of the Largest Oil Fields In Kurdistan * Significant growth potential, 2P reserves to production ratio of c.29 years * Current focus on driving Jurassic production growth Reservoir geolo oss Shaikan reserves & resources) MMstb Jurassic — Mi Triassic Cretaceous 900 Total 2C: Total 2P +
Slide 5: A Proven Track Record of Production Growth
| A Proven Track Record of Production Growth "c.115 MMstb produced since first commercial production in 2013") = 34% production growth from 2019 to 2022 = 2022 production within guidance = 2023 production guidance of 46,000-52,000 bopd equating to 11% growth at mid-point Production performance Gross
Slide 6: Production and Payments
| Production and Payments = Midpoint 2023 production guidance drives 11% increase over 2022 * Considering timeliness of KRG payments, opportunity to continue drilling after SH-18 and review guidance 2022 Quarterly Production (‘000 bopd) Days to KRG Payment by Month of 2022 Prod. 150 Invoice Paid Ml
Slide 7: Investing for the Future with a Flexible Capital Programme
Investing for the Future with a Flexible Capital Programme = Investing in the Jurassic reservoir while progressing FDP to drive profitable production growth " 2023 net capex guidance of $160-$175 million = $30-$35 million: Completion of SH-17, drilling of SH-18 (previously SH-P) and well workover pr
Slide 8: FDP: Targeting Step Change in Production & Reduced Carbon Intensity
FDP: Targeting Step Change in Production & Reduced Carbon Intensity * Draft FDP Phase 1 components: = Expand Jurassic gross production plateau up to 85,000 bopd = Test Triassic reservoir, targeting gross production of up to 10,000 bopd = Gas Management Plan ("GMP") to eliminate majority of routine f
Slide 9: Ongoing Drilling & Facilities Expansion to Drive Production Growth
| Ongoing Drilling & Facilities Expansion to Drive Production Growth SH-17 drilling SH-16 & SH-17 flowline installation PF-1 flare knock out drum preparation 7 —
Slide 10: Safety & Sustainability Underpin Our Business
Safety & Sustainability Underpin Our Business * Rigorous focus on safety: * OLTIs in 2022 * 1 LT in Jan-23 during drilling operations * Environment: = Gas Management Plan will enable >50% reduction in emissions intensity * Social: * Generating economic value for Kurdistan * Investing in local jobs,
Slide 11: Proven Track Record of Delivering Strong Financial Performance
Proven Track Record of Delivering Strong Financial Performance Flexible capital programme Leading low cost operator Net capex ($m) $160m-$175m Opex + G&A per barrel ($/bbl) nt 20 115 15 — — 90 10 = = = , a 0 EE 2019 2020 2021 2019 2020 2021 2022” 2023 —HGKP = Kurdistan median" = International median
Slide 12: Disciplined Financial Framework
Disciplined Financial Framework Balancing growth, distributions & liquidity levels to maximise shareholder returns = Dividend policy: * Ordinary dividend of at least $25 million per annum * Distribution of excess cash via dividends or buybacks * Distribution considerations include: * Liquidity and c
Slide 13: GKP's Investment Case
GKP’s Investment Case Long life asset with proven Balancing growth with a track record of low-cost sustainable shareholder i] . | production returns = er ee ee eee Robust financial position with Safety & sustainability flexible capital programme underpin our business ==
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