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, supported by robust local demand and reservoir performance.

• Production ramped back to full capacity in August after a temporary shutdown in July due to regional security incidents and drone attacks.

• Declared and paid $50 million in dividends year-to-date, including a $25 million interim dividend.

• Sanctioned installation of water handling facilities at PF-2, expected to add 4,000–8,000 bopd incremental production from 2027 and reduce reservoir risk.

• Focused on unlocking export restart and maximizing shareholder value, 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 average realized price at $27.8/bbl.

• Free cash flow was $24.6 million, down from $27 million a year ago, due to higher capex and working capital outflows.

• Cash balance stood at $99 million at end of June, improving to $106 million by late August.

• Reported a net loss after tax of $7.2 million, mainly due to an $8.9 million expected credit loss provision on overdue export receivables.

Outlook and guidance

• 2025 gross average production guidance narrowed to 40,000–42,000 bopd, reflecting recent temporary disruptions.

• Net capital expenditure guidance increased to $30–35 million, mainly for water handling investment.

• Operating cost guidance unchanged at $50–55 million; G&A expenses expected under $10 million.

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