Constant Evolution Shaikan Flagship Asset Most successful explorer Transitioning to in the Kurdistan significant oil producer 1st FDP approved Region of Iraq since 2007 Moving to the Exceptional local Fully funded Main…
investor DAY 4th July 2013
operations John Gerstenlauer Chief Operating Officer
World class assets 5 discoveries in the Kurdistan Region of Iraq Share of estimated 19 billion barrels of gross oil-in-place 18 wells drilled in 4 years across 4 blocks Shaikan is a major oilfield with 40,000 barrels per day…
Operational excellence Largest blocks in Kurdistan One the most active and successful Kurdistan explorers Million barrels of broker consensus recoverable Number of exploration and appraisal resources wells 3,000 28 2,500 24…
OPERATING Timeline overview Key PSC Milestones Key Operating Milestones 2009 Mar: Spudded SH-1, after rebuilding location due to flooding Capex: 44m Headcount: c.64 Jul: Acquired Sheikh Adi and Ber Bahr PSC interests Aug: 1st…
OPERATING Timeline overview Key PSC Milestones Key Operating Milestones 2010 Jan: Begin construction of the EWT facility Capex: 144m Headcount: c.132 Mar: Bijell-1 Discovery May/Dec: Acquired 3D seismic on Shaikan and Sheikh Adi…
OPERATING Timeline overview Key PSC Milestones Key Operating Milestones 2013 Jan: Submitted the Shaikan Development Plan to the MNR (2 Feb: Bakrman-1 discovery Capex: c.200m year effort) Mar: Sidetrack and retest of Ber Headcount:…
Shaikan: a giant Shaikan Greater London Largest discovery in Kurdistan to date 30% of 45 billion barrels of discovered resources in Kurdistan 1,000 meter total Jurassic oil column 3 x London Shardc.300m Approximate area…
WORLD-CLASS development Shaikan - the largest global independent onshore development Expected peak Expected peak production production (kb (kboe/d) Major O&G Major O&G oe/d) player present player 400 not present 350 300 250…
First Production facility complete PF-1 Complete and currently being commissioned Production capacity of 20,000 bopd in the near term Export quality crude using gas stripping PF-1 Shaikan 1 Shaikan 3 Shaikan 4 Source: GKP
Second production facility nearing completion PF-2 Construction nearing completion Modular design similar to PF-1 Efficiency savings in design & installation Production capacity of 20,000 bopd Production in the east of the field…
Shaikan phased development plan Phased development approved in June 2013 MNR-agreed production milestones 40,000 bopd in the near term; 150,000 bopd within 3 years; 250,000 bopd within 5 years Access to export routes via trucking…
Shaikan FDP APPROVAL Production 40,000 bopd immediate, short-term production target 100,000 bopd Phase 1 production target to be achieved 18 months from date of consistent oil sales 150,000 bopd Phase 2 production target to be…
Shaikan FDP APPROVAL Drilling Minimum 3 rig production well drilling programme Shaikan-10 spudding is imminent Aggressive development drilling campaign beginning in 2014 Gulf Keystone has done outstanding work during the…
Shaikan FDP APPROVAL Sour gas injection Agreed way forward for sour gas injection Minimization of gas flaring and associated impact on the environment Shaikan-8 to become first sour gas injection well Gulf Keystone has done…
Shaikan FDP APPROVAL Transportation Agreement on a spur pipeline connection to the key regional line 10 km spur and blending facilities to be built to connect Shaikan to the export oil pipeline to Turkey Completion expected within…
Shaikan FDP concept Complete Production facility Planned Block boundary Potential pad Planned Exploration location Oil flowline Proposed oil connector to export line Source: GKP
Most Active in Kurdistan Region of Iraq 18 wells drilled No dry holes 5 commercial discoveries Shaikan is one of the = strong operating team Share of 19 billion barrels largest onshore focused on delivering of oil in place…
investor DAY 4th July 2013
FINANCIAL RESULTS Ewen Ainsworth Finance Director
Capex summary Inclusive of 2013 expected capex, Gulf Keystone will have invested a total of 780m in Kurdistan over the past 6 years 2013E capex includes PF-1 and PF-2 expenditure 215 c.200 166 144 44 10 2008A 2009A 2010A…
Financial highlights (1) (1) Source: GKP actuals & estimates (1) Based on 100/bbl Brent with 20/bbl discount and 54.4% GKP working interest
Sources and uses Objective: To achieve a self funding business Current status: Approval of the Shaikan FDP and the resultant oil production and sales will enable GKP to take a significant step towards achieving this objective 800…
Finance summary Self financing in sight from production revenues Currently no plan to increase approved equity of the Company (no AGM resolution) Increasingly diversified base of funding opportunities Quality investor base 100,000…
investor DAY 4th July 2013
APPOInTMENT of NON EXECUTIVE CHAIRMAN Lord Guthrie Non-Executive Director
investor DAY 4th July 2013
Great Track Record Exciting Future 40,000 bopd by year end Transitioning to Strong exploration significant oil producer growth 150,000 bopd in 2015 Great operating team Strengthening Board Exceptional local with with…
investor DAY 4th July 2013
Questions & answers
Executive REMUNERATION POLICY Policy adopted in 2009 before the Shaikan discovery Salaries at or below median of similar-sized UK companies frozen since 2009 with no pension benefits Strong bias towards variable, performance-related…
LONG TERM INCENTIVE PLAN All LTIP Options vest over 3 years subject to the Vesting Performance Conditions Vesting Performance Conditions 2009 LTIP (a) (b) (c) (c)(i) (c)(ii) (c)(iii) 50% of 30% of 1/3 1/3 1/3 20% of 1/3 Market…
TRANSITION FROM EXPLORATION TO PRODUCTION COMPANY 2011 2012 10.49% 5.63% 0.39% 10.59% 1.04% 26.29% Salaries and fees Salaries and fees Benefits Benefits Annual share bonus Annual share bonus Annual cash bonus Annual cash…
investor DAY 4th July 2013
Great Track Record Exciting Future 40,000 bopd by year end Transitioning to Strong exploration significant oil producer growth 150,000 bopd in 2015 Great operating team Exceptional local Strengthening Board with relationships…
investor DAY 4th July 2013
Strategy to become a key producer Implement large-scale phased Shaikan development, targeting 1 40,000 bopd in 2013 2 Achieve self-funding business and maintain financial flexibility Continue exploration, appraisal and early…
Move up from aim to the official list Have announced move-up to Standard Segment of the Official List Competent Persons Report to be completed Engaged a large Bank as financial advisers: Board Changes to be implemented: New…
Strong fund raising record 272.0p Convertible bonds Mirabaud BNP Paribas Mirabau 200m 275m d Yorkville 175m 20.0m Fox-Davies 24m 140.0p 140.0p 91.4p Mirabau 76.5p d 165m Equest 11.3m 75.0p 9.0p
Operated discoveries: sheikh adi Sheikh Adi Oil indications in SA-1 well confirmed with the Sheikh Adi-2 exploration well Jurassic discovery in 2012 Benefits from access to infrastructure in adjacent Shaikan 3D seismic over…
Non-operated discoveries Ber Bahr Akri-Bijeel In May 2013, a successful side track of the original 2010 Bijell discovery continues to be appraised Ber Bahr-1 exploration well was announced by Genel with 5 wells planned for 2013 Energy,…
Exploration continues Successful side track of the original Ber Bahr-1 exploration Field Development Plan is Drilling of 5 additional well flowed at 2,100 bopd from being discussed with MNR appraisal wells, Bijell-2, -4, - the…
Shaikan Deep exploration upside Major reservoirs are prognosed beneath the deepest current horizon Deeper resources are being targeted with Shaikan-7 The deep Triassic is a commercial reservoir Potential for significant quantities…
Sheikh Adi exploration upside 5 Kilometers Potential extension of Atrush & Swara Tika anticlines Potential extension of Ber Bahr anticline Sheikh Adi appraisal area boundary Source: GKP
Oil and gas pricing and demand The price of and demand for oil and gas is highly dependent on a number of factors, including both domestic and international supply and demand levels, energy policies, weather, competitiveness of…
Such factors may negatively affect the market price of the shares. In addition, the risks described elsewhere in this Risk Factors section could materially and adversely affect the price of the shares. AIM is less liquid and more volatile…
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