Gulf Keystone Petroleum (GKP) investor relations material

Executive summary

• Achieved strong operational and financial performance in H1 2025, with 12% higher gross average production at 44,100 bopd year-over-year, supported by robust local demand and disciplined capital management.

• Production was temporarily disrupted in July due to security incidents, but returned to near full capacity in August after consultation with the Kurdistan Regional Government.

• Declared two interim dividends totaling $50 million for 2025, reflecting strong cash generation and no outstanding debt.

• Advanced field development with the sanctioning and contract signing for water handling facilities at PF-2, expected to unlock 4,000–8,000 bopd incremental production by 2027.

• Focused on unlocking export restart and realizing potential upside, with increased engagement with government stakeholders.

Financial highlights

• Adjusted EBITDA rose 13% year-over-year to $41.1 million, driven by higher production and realized prices.

• Revenue increased 17% to $83.1 million in H1 2025, with realized prices up 6% to $27.8/bbl.

• Free cash flow was $24.6 million, supporting $50 million in dividends, but down 8% from H1 2024 due to higher capex and working capital outflows.

• Cash balance stood at $99 million at June-end, increasing to $106 million by late August 2025.

• Gross OpEx per barrel remained flat at $4.2, with total OpEx up due to higher production and well service costs.

Outlook and guidance

• 2025 gross average production guidance narrowed to 40,000–42,000 bopd, reflecting disruptions from June–August.

• Net CapEx guidance for 2025 increased to $30–$35 million, mainly due to the water handling project.

• OpEx and G&A guidance unchanged at $50–$55 million and under $10 million, respectively.

• Company remains ready to resume exports pending agreements on payment surety, receivables repayment, and contract economics.

• Additional well optimizations planned for H2 2025, subject to local demand and security.