Gulf Keystone Petroleum Limited · LSE:GKP

Gulf Keystone Petroleum — Investor Presentation (October 2015)

21 slides from Gulf Keystone Petroleum's investor presentation, Oct 22, 2015

  1. Slide 1: Meet the team

    0 Meet the team 22 October 2015

  2. Slide 2: Chief Executive Officer

    1 Chief Executive officer Jón Ferrier

  3. Slide 3: CEO Priorities

    CEO PRIORITIES 2 Safe and Reliable Operations  Our “licence to operate”  Maintain safe production at plant capacity Commercial Sustainability  Regular payments  Diversified marketing strategy Stakeholder Engagement  Kurdistan – MNR, others  IOCs  Shareholders Governance  Strong Leadership te

  4. Slide 4: Highlights

    highlights 3 Security and HSE  Security situation remains stable  No significant HSE incidents Production  4.7 million barrels produced in H1 2015, a 102% increase over H1 2014  Total production to date over 16 million barrels  Current production in excess of 40,000 bopd  2015 production guida

  5. Slide 5: VP Operations

    4 VP Operations John Stafford

  6. Slide 6: 2015 CPR Summary

    2015 CPR Summary 5 (1)MMstb – Million stock tank barrels Shaikan Profile and Reserves Gross 2P Reserves increased by 114% to 639 MMstb(1) Gross 2C Resources 239 MMstb, as a result of reallocation of 2C to 2P 142 MMstb recognised beyond the term of the PSC Total Shaikan profile March 2014 1,001 MMstb

  7. Slide 7: Shaikan Reserves Evolution

    Shaikan Reserves Evolution 6 CPR % 1C 1P+1C TRV(1) 1P+1C+TR Net diluted 1P (MMstb) increase V WI to GKP - 1P March 2014 198 244 442 0 442 108 Sept 2015 306 55% 85 391 90 481 166 2P+2C+TR Net diluted 2P 2C 2P+2C TRV V WI to GKP - 2P March 2014 299 702 1,001 1,001 163 Sept 2015 639 114% 239 878 142 1,

  8. Slide 8: Shaikan Development Concept Comparison

    Shaikan development Concept Comparison 7 2014 SH11 2015 Gas Reinjection Production wells (deviated or short horizontal)

  9. Slide 9: Kurdistan Peers - Net 2P Reserves

    Kurdistan peers - Net 2P Reserves 8 484 437 348 215 163 12 4 DNO Genel Gulf Keystone Oryx Gulf Keystone ShaMaran WesternZagros CPR 2015 CPR 2014 Source: Company Filings All values in MMboe

  10. Slide 10: Legal and Commercial Director

    Legal and Commercial director Tony Peart

  11. Slide 11: Shaikan Diversified Marketing Strategy

    Shaikan diversified marketing strateGY 10 Kurdistan Export Pipeline Tawke Tawke Taq Taq Taq Taq  Diversified marketing strategy where Shaikan oil sales can be split between two offtake routes  Export deliveries by truck to Fyshkhabour for injection into export pipeline for sale at Ceyhan  Sales t

  12. Slide 12: Export Pipeline Access Achieved

    export pipeline access achieved 11 In July 2015 pipeline exports of Shaikan crude commenced Trucking to the DNO offload facility at Fyshkhabour for injection into the export pipeline Sold as part of the Kirkuk blend at Injection Ceyhan point Assume Ceyhan netted back price at Shaikan based on Brent

  13. Slide 13: Chief Financial Officer

    Chief financial officer Sami Zouari

  14. Slide 14: 1H 2015 Financial Highlights

    1H 2015 Financial Highlights 13 13  Cash position at 15 October 2015 of US$76.2 million  Revenues of US$30.1 million for 1H 2015  Total arrears net to Gulf Keystone of US$283 million  Cash spend on capital items in H1 2015 US$28.8 million  Placing of 85.9 million shares, raising gross proceeds

  15. Slide 15: Committed Capex Schedule

    Committed capex schedule 14 14 2015 Spend by block (actual and forecast) USD million Shaikan Sheikh Adi Ber Bahr 40.0 37.2 35.0 30.0 25.0 22.0 20.0 15.2 15.0 10.0 5.0 0.0 1H 2015 2HE 2015 2015 Total * excludes additions to decommissioning assets and borrowing costs capitalisation  Shaikan: construc

  16. Slide 16: Shaikan Gross Investment

    Shaikan Gross Investment 15 15 Gross Shaikan spend to-date USD million 250 197 200 178 166 150 124 100 69 64 39 50 26 12 - 2007 2008 2009 2010 2011 2012 2013 2014 H1 2015  Includes capital, operational and general and administrative expenditure  Total gross investment in Shaikan field to 30 June 2

  17. Slide 17: Financial Position: Significant Arrears

    Financial position: significant arrears 16 16 30 June 2015 Source Notes net to GKP Value depends on pricing assumptions used. Unrecognised revenues $117m Further clarity required on price achieved and exact amounts lifted at port in addition to payment schedule Shaikan Government option past costs $

  18. Slide 18: Chief Executive Officer

    17 Chief Executive officer Jón Ferrier

  19. Slide 19: Outlook

    Outlook 18  Continue safe and reliable operations  Progress towards 100,000 bopd  Secure regular payments and pursue arrears  Complete strategic review process 18

  20. Slide 20: Thank you

    19 Thank you 19

  21. Slide 21: Meet the team

    20 Meet the team 22 October 2015

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