Gulf Keystone Petroleum Limited · LSE:GKP

Gulf Keystone Petroleum — Investor Presentation (June 2022)

13 slides from Gulf Keystone Petroleum's investor presentation, June 2022

  1. Slide 1: Corporate presentation June 2022

    Corporate presentation June 2022

  2. 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

  3. Slide 3: Introducing Gulf Keystone Petroleum

    Introducing Gulf Keystone Petroleum Overview The Shaikan Field  Pure-play Kurdistan E&P  One of the largest fields in  Operator of Shaikan Field (80% WI) Kurdistan by reserves & production  ~$800m market cap(1); UK listing  Estimated 489 MMstb gross 2P reserves(2)  $100m Nordic bond (due July

  4. Slide 4: ESG: Safety & sustainability underpin our business

    ESG Safety & sustainability underpin our business 2021 performance highlights Our sustainability strategy priorities  Approved sustainability strategy & roadmap  Focused on continuous HSE improvement;  Address climate risk 0 LTIs for >230 days as at 10 June 2022 E  Minimise impact on environment

  5. Slide 5: The Shaikan Field

    The Shaikan Field Long-life asset with significant growth potential  Est. 2P reserves life index of ~30 years, assuming 2021 average production  Focus on driving Jurassic production growth and testing Triassic reservoir Shaikan Field geology Reservoir 1P(1) 2P(1) 2C(1,2) Quality Heavy / 56 Cretace

  6. Slide 6: Production track record & performance

    Production track record & performance  PSC awarded 2007, first commercial production in 2013  >100 MMstb production to date from Jurassic reservoir  2021 gross average production of 43,440 bopd, towards upper end of guidance  2022 YTD gross average production, as at 28-Mar-22, of c.45,500 bopd P

  7. Slide 7: 2022 work programme

    2022 work programme  2022 net Capex guidance of $85-$95 million  Targeting start-up of SH-15 in Q2 2022  Well interventions and workovers to optimise production  Executing activity that enables us to expedite the FDP following approval:  Preparation for expansion of production facilities to inc

  8. Slide 8: Draft Field Development Plan

    Draft Field Development Plan Drive profitable production growth while more than halving carbon intensity  Expected components of Phase 1 of draft FDP:  Expand Jurassic gross production plateau up to 85,000 bopd  Test Triassic reservoir, targeting gross production plateau of up to 10,000 bopd  Ga

  9. Slide 9: Crude oil payments

    Crude oil payments  $225 million net received in YTD 2022(1) for crude oil sales and arrears, exceeding total net payments received in 2021 (2) of $222 million  Outstanding arrears balance fully recovered with Feb-22 payment Revenue 16% 20% 25% 32% 38% 44% 51% 61% 70% 77% 89% 100% arrears recovere

  10. Slide 10: Continuing focus on strict cost control

    Continuing focus on strict cost control  4% increase in gross Opex to $2.7/bbl in 2021  2022 gross Opex guidance of $2.9-$3.3/bbl, reflecting increased operational activity and catch-up of previously deferred work programmes  Higher Other G&A expenses in 2021 driven by increasing operational acti

  11. Slide 11: Robust balance sheet

    Robust balance sheet Balance sheet strength provides resilience and downside protection  Capital discipline and low cost structure supports strong cash generation  $100 million bond maturity July 2023; significant covenant headroom  Cash balance consistently in excess of outstanding bond  No cur

  12. Slide 12: Shareholder distributions

    Shareholder distributions Balancing investment in sustainable growth with shareholder returns  $190 million dividends declared Total declared dividends & buybacks 2022 YTD: 400 $390 million  $115m dividends paid 350  $75m dividends for approval at AGM on 24-Jun-22, to be paid in July 300 190  20

  13. Slide 13: Why invest in Gulf Keystone Petroleum?

    Why invest in Gulf Keystone Petroleum? Long life asset with Balancing sustainable proven track record of growth with low-cost production shareholder returns Robust Safety & sustainability financial position underpin our business 13

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