Gulf Keystone Petroleum Limited · LSE:GKP

Gulf Keystone Petroleum — Pareto Conference 2018

14 slides from Gulf Keystone Petroleum's conference presentation, Mar 15, 2018

  1. Slide 1: Gulf Keystone Petroleum

    Gulf Keystone Petroleum 15 March 2018 Pareto Conference – London

  2. Slide 2: Disclaimer

    2 Disclaimer These Presentation Materials are for information purposes only and must not be used or relied upon for the purpose of making any investment decision or engaging in any investment activity and should not be construed as, an offer for sale or subscription of, or solicitation of any offer

  3. Slide 3: Gulf Keystone… Since we met a year ago

    3 Gulf Keystone… Since we met a year ago  Predictable asset with robust production  Safe and reliable operations  Progress towards contractual and commercial clarity  Regular payments leading to positive free cash flow  Ready to increase production capacity to 55k bopd (no funding required)

  4. Slide 4: Robust Shaikan production post restructuring

    4 Robust Shaikan production post restructuring… 30 March 2017 1.6 Pareto Conference 45 Trailing 3 month production average (kbopd) Share Price (Rebased to GKP (GBP/share)) 1.4 40 35 1.2 30 1.0 25 0.8 20 0.6 15 0.4 10 0.2 5 - 0 Oct-16 Dec-16 Mar-17 May-17 Jul-17 Oct-17 Dec-17 Mar-18 Shaikan Productio

  5. Slide 5: …which continued in line with expectations

    5 …which continued in line with expectations 30 March 2017 1.6 Pareto Conference 45 Trailing 3 month production average (kbopd) Share Price (Rebased to GKP (GBP/share)) 1.4 40 35 1.2 30 1.0 25 0.8 20 0.6 15 0.4 10 0.2 5 - 0 Oct-16 Dec-16 Mar-17 May-17 Jul-17 Oct-17 Dec-17 Mar-18 Shaikan Production (

  6. Slide 6: Gulf Keystone… Since we met a year ago

    6 Gulf Keystone… Since we met a year ago  Predictable asset with robust production  Safe and reliable operations  Progress towards contractual and commercial clarity  Regular payments leading to positive free cash flow  Ready to increase production capacity to 55k bopd (no funding required)

  7. Slide 7: Gulf Keystone… Since we met a year ago

    7 Gulf Keystone… Since we met a year ago  Predictable asset with robust production  Safe and reliable operations  Progress towards contractual and commercial clarity  Regular payments leading to positive free cash flow  Ready to increase production capacity to 55k bopd (no funding required)

  8. Slide 8: Working towards contractual and commercial clarity

    8 Working towards contractual and commercial clarity  Active engagement ongoing with MNR to address the past and future  In parallel… two major developments 1 Return to the November 2017 Kurdish Export  MNR resumed exporting the Shaikan crude via the export Pipeline pipeline to Ceyhan as part of

  9. Slide 9: Gulf Keystone… Since we met a year ago

    9 Gulf Keystone… Since we met a year ago  Predictable asset with robust production  Safe and reliable operations  Progress towards contractual and commercial clarity  Regular payments leading to positive free cash flow  Ready to increase production capacity to 55k bopd (no funding required)

  10. Slide 10: On par with other operators

    10 On par with other operators  February 2018 payment comprised of October & November oil sales  c.$150m (net to GKP) received from KRG since March 2017 Payment from MNR – Net to GKP ($m) $35.0 $30.4 $30.0 $25.0 $20.0 $15.0 $12.0 $12.0 $12.0 $12.0 $12.0 $12.0 $12.0 $12.0 $12.0 $12.0 $10.0 $5.0 $0.

  11. Slide 11: Gulf Keystone… Since we met a year ago

    11 Gulf Keystone… Since we met a year ago  Predictable asset with robust production  Safe and reliable operations  Progress towards contractual and commercial clarity  Regular payments leading to positive free cash flow  Ready to increase production capacity to 55k bopd (no funding required)

  12. Slide 12: Shaikan production investment

    12 Staged, risk‐managed approach  Focus remains on value  Potential acceleration of 55k expansion under review Shaikan production capacity (bopd) 110,000 55,000 40,000 First phase Today Near‐term Mid‐ to long‐term plans summary  ESPs on existing wells  Additional modifications to existing  Full

  13. Slide 13: Focus for 2018

    13 Focus for 2018 1 Operations 2 Meet guidance (27‐32k bopd gross) 3 Achieve commercial and contractual clarity 4 Finalise investment plans  0 5 Manage cost base

  14. Slide 14: Thank you

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