Gulf Keystone Petroleum Limited · LSE:GKP

Gulf Keystone Petroleum — Merger or Acquisition (October 2026)

12 slides from Gulf Keystone Petroleum's merger presentation, Oct 20, 2026

  1. Slide 1: Gulf Keystone to combine with ShaMaran Petroleum

    Gulf Keystone to combine with ShaMaran Petroleum 20 October 2026

  2. Slide 2: Disclaimer

    Disclaimer This proprietary presentation (the “Presentation”) has been prepared by Gulf Keystone Petroleum Limited (the “Company”). Under n o 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: Strong strategic rationale

    Strong strategic rationale Creating a leading independent oil producer focused on Kurdistan and Federal Iraq ▪ Nearly doubles GKP’s WI (1) production to 53 (2) kbopd pro forma, ranking in the top 10 of Europe’s listed independents (3) Scale and 1 diversification ▪ Diversified across four world -clas

  4. Slide 4: Transaction structure

    Transaction structure Statutory merger with GKP as the surviving entity, 50/50 ownership pro forma Key terms and conditions Post -transaction ownership structure ▪ Gulf Keystone (“GKP”) and ShaMaran (“SNM”) to combine ▪ Structured as a statutory merger under Bermuda law, with Gulf 50% 37.2% Keystone

  5. Slide 5: Material increase in pro forma key figures

    1 Material increase in pro forma key figures Nearly doubles production and creates pro forma >$1bn market cap company Production (1) (WI, kbopd ) 2P reserves (1) (WI, MMbbl ) 2P + 2C (1) (WI, MMbbl ) Market cap (3) ($m) Excl. ShaMaran Hamrin 1.90x 1.26x 1.78x 1.85x 53 323 794 1,202 256 447 651 28 Gu

  6. Slide 6: Positioning GKP as a top 10 European independent

    1 Positioning GKP as a top 10 European independent WI production per company (1),(2),(3) (kboepd) 1.90x Pro forma GKP 53 28 25 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Peer 17 Peer 18 Peer 19 Peer 20 (1) Among European -li

  7. Slide 7: Leading low-cost production

    2 Leading low -cost production GKP pro -forma vs peers (1): 2025 Opex + G&A per Barrel Peer Opex /bbl Peer G&A/ bbl ($/bbl Working Interest) 35 30 25 20 15 10 Pro forma GKP 5 5.1 4.6 4.3 - Int. Int. Int. Int. Int. Int. Int. Int. Int. Int. Int. Int. Int. Int. Int. Int. KRI Int. Int. Int. KRI Int. KRI

  8. Slide 8: Highly complementary asset portfolio

    2 Highly complementary asset portfolio Diversified across four world -class fields in Kurdistan and Federal Iraq GKP Shaikan (1) International border ▪ 28 kbopd production (WI) Oil pipelines Gulf Keystone license ▪ 256 MMbbl 2P reserves (WI) ShaMaran licenses ▪ 191 MMbbl 2C resources (WI) SARSANG ▪

  9. Slide 9: Profitable production growth

    3 Profitable production growth Significant upside potential from expansion of Shaikan and ShaMaran Hamrin Jurassic expansion & Triassic test Pro forma WI production potential ( kbopd ) ▪ Increase WI production from ~28 kbopd +15 -30 kbopd currently to 52 -58 kbopd ▪ 256 MMbbl estimated WI 2P reserve

  10. Slide 10: Enhanced platform for value creation

    4 Enhanced platform for value creation Complementary portfolio supports growth, returns and a robust balance sheet GKP distributions since 2019 ($m) Scale, diversification S hareholder Dividends Buybacks and growth distributions 50 22.5 560 35 25 215 Larger, more resilient Positioned to deliver more

  11. Slide 11: Transformational merger with ShaMaran

    Transformational merger with ShaMaran 1 2 3 4 Low -cost, cash Significant Enhanced Scale and generative growth platform for diversification assets potential value creation

  12. Slide 12: Thank you

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

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