Gulf Keystone Petroleum Limited · LSE:GKP

Gulf Keystone Petroleum — Pareto Securities 29th Energy Conference (September 2022)

15 slides from Gulf Keystone Petroleum's conference presentation, Sep 14, 2022

  1. Slide 1: Pareto Securities 29th Energy Conference

    Pareto Securities 29th Energy Conference 14 September 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  c.$600m market cap(1); UK listing  Est. 489 MMstb gross 2P reserves(3)  Debt free with $112m cash(2)  2

  4. Slide 4: ESG

    ESG Safety & sustainability underpin our business Recent performance highlights Hydroponic fodder project  Rigorous focus on safety  0 LTIs for 328 days  Progressing Gas Management Plan tender  Underpins >50% reduction in emissions intensity by 2025  Working towards full compliance with TCFD (1

  5. Slide 5: The Shaikan Field

    The Shaikan Field Long-life asset with significant growth potential  Est. 2P reserves life index of c.30 years  Focus on driving Jurassic production growth and testing Triassic reservoir Reservoir geology Gross Shaikan reserves & resources(1) MMstb Jurassic Triassic Cretaceous 900 Total 2C: Total

  6. Slide 6: Production performance

    Production performance Track record of driving growth  >100 MMstb production to date from Jurassic reservoir  2022 YTD gross average production of c.45,000 bopd(1)  2022 gross average production guidance of 44,000 – 47,000 bopd Production track record Recent production performance 44-47 ‘000 bopd

  7. Slide 7: Delivering 2022 work programme

    Delivering 2022 work programme  Completed SH-15  Constructed SH-16 & SH-N well pad  Spud SH-16 targeting start-up towards year-end  Progressing water handling and facilities expansion  Increased 2022 net capex guidance to $110-$120 million  Addition of SH-16 and initial procurement activities

  8. Slide 8: Preparing for future sustainable growth

    Preparing for future sustainable growth Field Development Plan overview  FDP Phase 1 components:  Expand Jurassic gross production plateau up to 85,000 bopd  Test Triassic reservoir, targeting gross production plateau of up to 10,000 bopd  Gas Management Plan (“GMP”) to eliminate routine flaring

  9. Slide 9: Preparing for future sustainable growth

    Preparing for future sustainable growth Recent activity at Shaikan 9

  10. Slide 10: Recent financial performance

    Recent financial performance Track record of balancing profitable growth with returns to shareholders Adjusted EBITDA ($m) Profit/(loss) after tax ($m) 223 165 163 209 65 123 44 94 57 (47) 2019 2020 2021 H1 21 H1 22 2019 2020 2021 H1 21 H1 22 Shareholder distributions ($m) Net Capex ($m) Dividends 9

  11. Slide 11: Committed to maintaining leading low-cost position

    Committed to maintaining leading low-cost position  Rigorous focus on cost control underpins cash generation  GKP is a leading low-cost operator  2022 gross opex per bbl guidance: US$2.9–3.3/bbl 2021 benchmarking: Opex + G&A per barrel (US$/bbl WI) $25 $20 $15 $10 $5 $0 Peer G&A per bbl GKP G&A p

  12. Slide 12: Robust balance sheet

    Robust balance sheet Resilience through commodity price cycle with downside protection  Strong free cash flow in H1 2022  Redemption of $100m bond in August 2022 – now debt-free Free cash flow ($m) Net cash balance(1) ($m) 177 Net cash $100m bond 150 132 122 112 100 91 70 48 67 50 0 -50 (26) (23)

  13. Slide 13: Sector leading shareholder returns

    Sector leading shareholder returns  $215 million dividends declared in 2022, more than double 2021  $25 million interim dividend declared on 1 September, payable on 7 October  Continuing strong free cash flow provides flexibility to consider further distributions and increased capex while preserv

  14. Slide 14: Our investment case

    Our investment case Long life asset with Safety & sustainability proven track record of underpin our business low-cost production Balancing sustainable Robust growth with financial position shareholder returns 14

  15. Slide 15: Thank you

    Thank you More resources are available at: www.gulfkeystone.com 15

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