Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Gulf Keystone Pet Ord New — H1 2025 Earnings Presentation
19 slides from Gulf Keystone Petroleum's earnings presentation, Aug 28, 2025
Slide 1: Gulf Keystone Petroleum 2025 Half Year Results
GULF }KE TONE PETROLEUM 2025 Half Year Results 28 August 2025
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 j
Slide 3: Operational & financial highlights
Operational & financial highlights H1-2025 and post reporting period Strong operational and financial performance in H1-2025 GSES Production returned towards full well capacity in August following shut-in : Declaration of $25 million interim dividend to be paid in September : Gf. Investment decision
Slide 4: Operational review
Operational review
Slide 5: Production & local sales
Production & local sales Gross average production (kbopd) 5 H1-25 average: 44.1 46.0 Jan-25 Feb-25 Mar-25 Apr-25 May-25 2025 YTD performance 12% rise in H1-25 production enabled by robust local sales & reservoir performance June impacted by market disruptions; precautionary shut-in in July due to dr
Slide 6: Shaikan Field investment & activity
Shaikan Field investment & activity = Cash net capex of c.$13m in H1-25 = Progressing PF-2 safety upgrades to be tied in during facility shutdown in 2026 = Busy production optimisation programme = Investment decision taken to install facilities at PF-2 = Commissioning expected beginning of 2027 = Ad
Slide 7: Update on Kurdistan exports
Update on Kurdistan exports Significant potential value to unlock from achieving restart solution Current status Potential value for GKP Increased engagement with Operating leverage to higher realised government stakeholders in recent prices weeks ' Potential upside from the full GKP ready to restar
Slide 8: Financial review
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Slide 9: Financial performance highlights
Financial performance highlights Strong free cash flow generation in H1-2025 Adjusted EBITDA ($m) Net capex ($m) 359 115 223 58 76 50 36 41 Oo 18 3 18 2021 2022 2023 2024 H1-24 H1-25 2021 +2022 2023 2024 = H1-24 H1-25" Free cash flow ($m) Shareholder distributions ($m) @ Dividends 267 Share buybacks
Slide 10: Adjusted EBITDA
Adjusted EBITDA $m 60 50 4 8 La 40 a 30 20 10 0 HY-24 Adj. | Production Realised price Capacity EBITDA Building Payment (3) Operating costs "= 13% increase in Adjusted EBITDA vs H1 2024 * Higher production, stronger realised prices and lower other G&A expenses more than offset the increase in operat
Slide 11: Operating costs & other G&A
Operating costs & other G&A Continued cost control while safely maintaining production capacity i 1) = Leading industry cost position Operating costs (Sm} maintained with Gross Opex per barrel @ @ @ 42 of $4.2/bbl flat relative to H1-24 S/bbl 52.4 tn = 13% increase in operating costs driven 364 by h
Slide 12: Cash flow
Cash flow $m 160 140 120 100 12 Free cash flow: $25m a —_ = (13) 102 Opening Adjusted Interest Working Net capex cash EBITDA income capital (cash) (31-Dec-24) & other FX EBT share purchases 106 99 (25) Dividends Closing Cash cash balance (30-Jun-25) (27-Aug-25) Material free cash flow driven by high
Slide 13: Capital allocation & shareholder distributions
Capital allocation & shareholder distributions 13 Consistent track record of balancing Net capex & shareholder distributions ($m) investment with shareholder returns and robust balance sheet Capital allocation in local sales: Essential investment to safely maintain me) existing production capacity a
Slide 14: Outlook
Outlook
Slide 15: 2025 outlook
2025 outlook = Production recovered towards full well capacity in August following July shut-in 2024 Tightened 2025 gross average production Production! guidance to 40-42 kbopd (kbopd) 40.7 Sanctioned water handling at PF-2, leading to small increase in 2025 capex guidance Net capex?) 183 2025 Opex
Slide 16: Appendix
Appendix
Slide 17: Key historical financials
Key historical financials HY HY 2025 2024 ma 98 five IPR Gross production (bopd) 44,100 Dated Brent ($/bbl)") 71.9 Realised price ($/bbl)!?) 27.8 Discount to Brent (S/bbl) 44.1 Revenue ($m) 83.1 Gross Opex ($/bbl) 4.2 Other G&A (Sm) 4.6 Adjusted EBITDA ($m) 41.1 (Loss)/profit after tax (Sm) (7.2) Ne
Slide 18: Shaikan Field fiscal terms
Shaikan Field fiscal terms As at 30 June 2025 Shaikan Field fiscal take waterfall Calculating GKP net entitlement GROSS REVENUE B Stage % Notes A PRE-ROYALTY 100% Ee ROYALTY Gross revenue pre-royalt yoo | Cross production x realised 10% Pp yaity price GROSS REVENUE Pos ROYALTY Less: Royalty (10) | 1
Slide 19: Thank you
Thank you More resources are available at: www.gulfkeystone.com > BWa
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