Gulf Keystone Petroleum (GKP) Corporate presentation summary

Strategic positioning and operations

• Leading independent operator in the Kurdistan Region of Iraq, managing the giant Shaikan Field with 80% interest and over 145 MMstb produced since commercial production began more than a decade ago.

• Shaikan Field has an estimated 443 MMstb gross 2P reserves and a reserve life of approximately 30 years, with significant 2C resource upside.

• Maintains low-cost production with gross Opex of ~$4/bbl and a lean corporate platform targeting G&A below $10 million for 2025.

• Strong operational, technical, and emerging market expertise supports ongoing and future field development.

Financial performance and capital allocation

• Achieved $25 million in free cash flow in H1-2025 and holds $81 million in net cash, with a market cap of $600 million as of October 2025.

• Paid $50 million in dividends in 2025, with over $530 million returned to shareholders via dividends and buybacks since 2019.

• Maintains a debt-free balance sheet and prioritizes disciplined investment in profitable production growth.

• Capital allocation focuses on safety, reliability, and optimizing production, with semi-annual dividend reviews and opportunistic buybacks.

Export developments and market access

• Restarted Kurdistan crude exports in September 2025 after historic agreements with the KRG and Federal Government of Iraq, following a 2.5-year pipeline closure.

• Agreements ensure IOC compensation of $16/bbl during an interim period, with subsequent reconciliation to full PSC entitlement at international prices.

• Immediate step up in realized prices and reduced credit risk through IOC marketing and escrow payments.

• Exports restart expected to provide free cash flow uplift and enable resumption of field development.