Gulf Keystone Petroleum (GKP) Corporate presentation summary

Strategic position and asset overview

• Operates the Shaikan Field in the Kurdistan Region of Iraq, holding an 80% working interest and producing over 145 MMstb since 2013.

• Shaikan Field has an estimated 443 MMstb of gross 2P reserves and a reserve life of approximately 30 years.

• Production guidance for 2025 is 40-42 kbopd, with robust local sales supporting cash flow during export suspension.

• Maintains a leading low-cost position with gross Opex of $4.2/bbl and G&A of $1/bbl in H1-2025.

• Strong management team and board with extensive industry experience.

Operational and financial performance

• H1-2025 gross average production was 44,100 bopd, with a YTD average of 40,600 bopd.

• H1-2025 adjusted EBITDA reached $41.1 million, with free cash flow of $24.6 million.

• Declared $50 million in dividends YTD 2025, maintaining a cash balance of $106 million as of late August.

• Net capex in H1-2025 was $18.1 million, focused on safety, reliability, and production optimisation.

• Cumulative shareholder distributions since 2019 exceed $530 million.

Market context and growth potential

• Local crude sales have averaged $27.8/bbl in H1-2025, with all sales prepaid.

• Exports via the Iraq-Türkiye Pipeline remain suspended; restart is expected to unlock significant upside.

• Field development plan includes expanding Jurassic reservoir production and testing Triassic reservoir.

• Investment in water handling facilities aims to add 17 kbopd of wet oil processing capacity by 2027.

• Kurdistan region offers a proven petroleum jurisdiction with large reserves and significant IOC investment.