Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — H1 2021 Earnings Presentation
18 slides from Gulf Keystone Petroleum's earnings presentation, Sep 2, 2021
Slide 1: 2021 Half Year Results
2021 Half Year Results 2 September 2021
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: 2021 Half Year Results highlights
2021 Half Year Results highlights Strong operational and financial performance =" Continued excellent safety performance LTls >600 days " Managing impact of COVID-19 = Strong cash generation and profitability ‘000 bopd 2021 YTD gross * Production towards top end of 2021 guidance production”) * Gross
Slide 4: Operational Review
Operational Review _liyili
Slide 5: Safe and reliable production
Safe and reliable production " Gross average production year to 31 August 2021 of c.42,900 bopd * Tightening 2021 guidance to 42,000 - 44,000 bopd "c.92 MMstb produced to date, with c.500 MMstb of 2P reserves remaining Shaikan gross production 000 bopa i SHO eco hell prrnesnnssaesey 50 [brougnton |
Slide 6: Developing the Shaikan Field
Developing the Shaikan Field Continuing production momentum Wells [5 Facilities Shaikan flowlines Kurdistan oil pipeline — Export pipeline / e River network Kilometres - . 3 ~ . [5 Block licences 1) 55,000 bopd programme " SH-13: Online September = Expect to spud Q4 2021 " SH-14: Expected online Q4
Slide 7: Developing the Shaikan Field: Preparing the Field Development Plan
Developing the Shaikan Field Preparing the Field Development Plan FDP update & components Gross Shaikan reserves & resources” = Constructive engagement with 1000 MNR and MOL =" Target submission in Q4 2021 800 for MNR approval Total 2C: Total 2P + 2C: 293 MMstb 798 MMstb = Continue to optimise scope
Slide 8: ESG
ESG Sustainability underpins our licence to operate & ability to deliver long term value Strategy development GKP’s material ESG focus areas « Aligned to recognised frameworks, such as UN SDG and TCFD *" Underpinned by targets and transparent disclosure * Environmental focus on >50% reduction in CO,
Slide 9: Financial Review
Financial Review _liyili
Slide 10: Adjusted EBITDA
Adjusted EBITDA >3x increase due to leverage to oil price recovery, higher production & low costs Ussm 120 100 80 60 20 40 28 20 0 > Oo ge 8s we F s e@ 10 —_ (3) a a (7) (6) & iy oS Y w cS £ gg F F 2 Ss 8 go x ie; & & 94 * 129% increase in realised price to $43.7/bbl " 17% increase in H1 2021 gross
Slide 11: Cash flow
Cash flow Strong cash flow generation Ussm 250 94 a ia "= 2 — 00 (25) 7 — 190 (6) (1) 150 148 100 50 0 PS Ne x > > > > PS &> £ S$ £ #€ g Ss ss &8 oN & € G Ss s e ° o Lg S & & S gv © oS € 9 g S = S £ oS So © ¢ s $ v8 Nel > & s = S (eo) Oi @ = 11 « Adjusted EBITDA up >3X " Capex weighted to second hal
Slide 12: Remain leading low cost operator
Remain leading low cost operator " Decrease in gross Opex to $2.4/bbl due to slight increase in operating expenses spread over increased production = 2021 gross Opex guidance of $2.5-$2.9/bbl *" Stable H1 2021 Other G&A expenses (excluding share option expense) Operating expenses") Other G&A expense
Slide 13: Crude oil payments
Crude oil payments * Received $120 million net year to date from KRG for crude oil sales and arrears * Current outstanding arrears balance of net $55 million $30 $25 - $4m Sein $3m $20 $5m $3m $15 $241 $10 $22m $21m ” $17m $18m $14m ’ ~ ~ _ Month of Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 J
Slide 14: Shareholder distributions
Shareholder distributions Committed to balancing investment in growth with shareholder returns = $50 million distributed YTD through Annual ordinary dividend Reinstated: 31 March 2021 Paid: 2 July 2021 ordinary and special dividends * Today announcing interim dividend of $50 million for 2021 Special
Slide 15: Outlook
Outlook
Slide 16: Outlook
Outlook Realise long-term Shaikan potential with shareholder returns (C >) =" Gross production guidance: 42 - 44k bopd Achieve 2021 guidance = Net Capex: US$75 - 85 million with SH-G = Gross Opex: USS$2.5 - 2.9/bbl S S f ‘ * Production towards 55k bopd in Q4 2021 Deliver growth * Drill SH-G; expect
Slide 17: Thank you
17 Thank you More resources are available at: www.gulfkeystone.com Lc \ k [P|
Slide 18: Appendix: Key historical financials
| Appendix: Key historical financials H1 2021 H1 2020 FY 2020 FY 2019 FY 2018 FY 2017 Gross production (bopd) 43,516 37,159 ! 36,625 32,883 31,563 35,298 Brent (US$/bbI) 64.9 40.2 42.0 64.6 713 54.9 Discount (US$/bbl) 21.2 21.1 21.1 21.7 22.3 20.3 Realised price (US$/bbl) 43.7 19.1 20.9 42.9 49.0 34
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