Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Investor Presentation (October 2026)
25 slides from Gulf Keystone Petroleum's investor presentation, Oct 26, 2026
Slide 1: Corporate presentation
Corporate presentation October 2026
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: Company overview, Financials, Appendix
1 Company overview 2 Financials 3 Appendix
Slide 4: Gulf Keystone Petroleum at a glance
Gulf Keystone Petroleum at a glance Pure play exposure to experienced Kurdistan operator with world class asset Shaikan Field & key peer field locations Tawke DNO: 75%; Genel: 25% International border Oil pipelines ~45 kbopd 416 MMstb Sarsang Shaikan License Gross current well HKN: 62%; ShaMaran: 18
Slide 5: The Shaikan Field
The Shaikan Field Long-life asset with low-cost production track record & significant growth potential Gulf Keystone operates the Shaikan Field Gross production track record (kbopd) with 80% working interest(1), alongside MOL Exports suspension Precautionary shut-in (20%) License period is curre
Slide 6: Recent Shaikan Field investment & activity
Recent Shaikan Field investment & activity Protected asset through recent disruptions while investing in near term growth Field development and drilling programme Net capex ($m) halted following ITP(1) closure and drilling programme Disciplined investment levels since to offset production declin
Slide 7: Path to future field development
Path to future field development Opportunity to more than double production from large reserves & resources base Disciplined, phased and flexible investment to unlock accretive production growth while maintaining a robust balance sheet and shareholder distributions through the development period Inc
Slide 8: Kurdistan crude exports
Kurdistan crude exports Well-functioning interim agreements with path to international prices Pipeline export map Context Tripartite interim export agreements Iraq-Türkiye Pipeline closed in March 2023 due to Agreements in full compliance with Iraqi Budget Law ICC(1) arbitration ruling in Iraq’s
Slide 9: Return to international prices
Return to international prices Unlocking full PSC entitlement to bolster cash flow & enable field development Realised prices in entitlement invoices at Shaikan exports realised prices significantly tighter discounts relative to (cash received & top up to international prices) history Recovery has
Slide 10: Financials
1 Company overview 2 Financials 3 Appendix
Slide 11: Rigorous financial framework
Rigorous financial framework Disciplined approach balances growth, robust balance sheet & shareholder returns Low-cost onshore production & lean corporate platform underpin cash generation 1 2 3 Robust balance sheet Profitable investment Shareholder distributions Grow Shaikan Field Semi-annual d
Slide 12: Conservative financial profile
Conservative financial profile Maintained resilient balance sheet and liquidity levels through periods of volatility Gross production (kbopd) Adj. EBITDA ($m) 44.2 45 43.4 41.6 359 40.7 36.6 32.9 223 21.9 123 122 111 76 57 50 2019 2020 2021 2022 2023 2024 2025 Current 2019 2020 2021 2022 2023 2024 2
Slide 13: Leading low-cost producer
Leading low-cost producer Cost discipline and flexibility underpins cash flow and reduces downside Top quartile Opex and G&A costs relative to GKP vs peers(1): 2025 Opex + G&A per Barrel peers ($/bbl Working Interest) 2025 Gross Opex: $4.3/bbl 2025 G&A: $0.8/bbl Operatorship enables quick mo
Slide 14: Prudent capital allocation
Prudent capital allocation Track record of balancing investment, returns and balance sheet strength Consistent approach to prioritising field Free cash flow & shareholder distributions ($m) reinvestment and a robust balance sheet, Free cash flow Shareholder distributions with excess cash returned
Slide 15: Transformational merger with ShaMaran announced
Transformational merger with ShaMaran announced Statutory merger with GKP as the surviving entity, 50/50 ownership pro forma Key terms and conditions Highly complementary asset portfolio Structured as a statutory merger under Bermuda law, with Gulf Keystone as the surviving entity International bo
Slide 16: Why GKP?
Why GKP? 1 2 3 Experienced operator with world- Resilient cash flow Strong track record class asset and generation through of prudent financial significant growth cycle with upside management potential ahead 16
Slide 17: Appendix
1 Company overview 2 Financials 3 Appendix
Slide 18: Highly experienced management team
Highly experienced management team Supported by a strong Board of Directors Executive committee JON HARRIS GABRIEL PAPINEAU-LEGRIS JOHN HULME CLARE KINAHAN ALASDAIR ROBINSON CEO & CFO & Chief Operating Chief HR Officer Chief Legal Officer & Executive-Director Executive Director Officer Company Secre
Slide 19: Key historical financials
Key historical financials HY FY FY FY FY FY 2026 2025 2024 2023 2022 2021 Gross production (bopd) 14,600 41,560 40,689 21,891 44,202 43,440 Dated Brent ($/bbl)(1) 92.3 69.1 80.8 82.6 101.4 70.8 Realised price ($/bbl)(2) 83.5 33.9 26.8 40.9 74.1 49.7 Discount to Brent ($/bbl) 8.8 35.2 53.9 41.7 27.2
Slide 20: Consolidated income statement
Consolidated income statement H1 2026 2025 2024 $'000 $'000 $'000 Non-IFRS measure Revenue invoiced for the year 82,811 193,093 151,208 Effective recovery of past receivables (25,049) (28,280) - Revenue 57,762 164,813 151,208 IFRS consolidated income statement Revenue 57,762 164,813 151,208 Cost of
Slide 21: Consolidated balance sheet
Consolidated balance sheet 30 June 2026 31 December 2025 31 December 2024 $'000 $'000 $'000 Non-current assets Trade receivables 45,258 84,007 138,175 Intangible assets 171 260 1,255 Property, plant and equipment 349,393 349,404 388,450 Deferred tax asset 1,290 1,365 825 396,112 435,036 528,705 Curr
Slide 22: Consolidated cash flow statement
Consolidated cash flow statement H1 2026 2025 2024 $'000 $'000 $'000 Operating activities Cash generated from operations 18,302 60,381 89,427 Interest received 1,050 2,740 4,116 Interest paid (59) (25) - Net cash generated from operating activities 19,293 63,096 93,543 Investing activities Purchase
Slide 23: Proposed Shaikan PSC amendment
Proposed Shaikan PSC amendment Ongoing discussions with the KRG’s Ministry of Natural Resources GKP has been invoicing based on terms Shaikan Field fiscal terms tentatively agreed in 2017, but never signed GROSS REVENUE PRE-ROYALTY Tentative agreement in 2017 to provide KRG 100% ROYALTY with a 2
Slide 24: Shaikan Field fiscal terms
Shaikan Field fiscal terms As at 30 June 2026 Shaikan Field fiscal take waterfall Calculating GKP net entitlement GROSS REVENUE A PRE-ROYALTY B Stage % Notes 100% ROYALTY Gross production x realised Gross revenue pre-royalty 100 A 10% price C GROSS REVENUE POST-ROYALTY Less: Royalty (10) 10% KRG roy
Slide 25: Thank you
Thank you More resources are available at: www.gulfkeystone.com
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