Gulf Keystone Petroleum (GKP) investor relations material

Shaikan asset and operating profile

• Shaikan is a long-life asset with 416 MMstb gross 2P reserves, >155 MMstb cumulative gross production and 2025 opex of $4.3/bbl; current working interest is 80%, expected to fall to 61.5% under the second PSC amendment.

• The license is expected to run to 2043, with extensions permitted under the PSC; estimated reserves life is 27 years, more than 2x the closest listed Kurdistan peer.

• Gross current well capacity is ~45 kbopd; the asset also has 311 MMstb gross 2C resources, alongside 416 MMstb gross 2P reserves.

Field investment and growth

• PF-2 water handling targets 4–8 kbopd of incremental gross production, with start-up expected in Q2 2027 and field capacity rising to ~77 kbopd.

• Field development preparations target a 2027 restart, conditional on full PSC entitlement at international prices; the Jurassic expansion targets up to 85 kbopd gross plateau production.

• The Jurassic plan includes a two-rig programme targeting up to 8 wells annually and estimated net capex of $500–600m; facilities expansion and upgrades add $125–150m.

• A three-well Triassic test targets up to 10 kbopd gross production, with estimated net capex of $90–110m; Jurassic and Triassic plans indicate 85–95 kbopd gross production expansion.

• Total Shaikan 2P reserves plus 2C resources are estimated at 727 MMstb; capex and schedules remain estimates subject to supply chain.

Export framework and entitlement

• Kurdistan exports restarted on 27 September 2025 under tripartite interim agreements; crude is marketed through a nominated trader with $16/bbl compensation for production and transportation.

• Interim agreements are described as operating effectively, with no payment delays following lifted cargoes; reconciliation to full PSC entitlement began after an independent consultant review was submitted in June 2026.

• A maiden top-up cargo was lifted after SOMO allocated additional barrels; recovery of the outstanding top-up receivable began with October 2026 cargoes.

• Priorities are recovery of outstanding top-up receivables and replacing interim agreements with longer-term arrangements providing full PSC entitlement for ongoing sales.