Gulf Keystone Petroleum AIM: GKP May 2010 Investor Presentation
Corporate
Highlights Gulf Keystone focused on O&G opportunities in Kurdistan Two wells drilled two discoveries Shaikan and Akri Bijeel Independent report by DGA on Shaikan-1 oil in place of 1.9 to 7.4 billion bbls (P90 to P10) 165m capital…
Investment Case Highly experienced management team Prospective acreage Safe & supportive with multi-billion barrel operating environment potential Onshore, low cost Recent discovery of development and oil at Shaikan-1…
Use of Proceeds Proceeds of the placing will be used to fund: Exploration, appraisal and early development programme in Kurdistan during the remainder of 2010 and early 2011 comprising; 3 Shaikan appraisal wells 54mm Shaikan-1…
Management Todd Kozel John Gerstenlauer Ewen Ainsworth Ali Al-Qabandi Executive Chairman & Business Development Chief Executive Officer Chief Operating Officer Finance Director Director Co-founder Appointed October 2008 Appointed…
Gulf Keystone Structure Corporate structure Gulf Keystone (GKP) Listed on AIM (2004) 100% Gulf Keystone Petroleum Interests in Algerian assets International (GKPI) Held for sale Interests in Kurdistan assets(1)…
Assets
Kurdistan Region Highly prospective oil province of Kurdistan in Northern Iraq Several recent major discoveries (Heritages Miran West; GKPs Shaikan-1) Over 25 international oil companies in the region Many undrilled surface…
Kurdistan Licences Asset summary for GKPI Block Working interest Summary acreage position Terms/Commitments Status 51% GKPI (Fully diluted) (1) z Operator: GKPI z 3 yr Phase 1 (6) ends Nov 2010 9 171 km 2D seismic acquired in 2008 z…
Shaikan ASSET SUMMARY Working Interest GKPI 75% 0.2 S N Fully diluted working interest(1) GKPI 51% 0.4 Operator GKPI 0.6 0.8 Other partners MOL 20%, TKI 5%(2) 1.0 Estimated oil in place(3) 1.9 (P90) 7.4 (P10) billion barrels…
Setting of Shaikan anticline (looking east) Proposed Shaikan-2 Location Maraiba Pipeyard Ap pr ox .3 0k m Shaikan-1 m . 9k rox Ap p Proposed location of production facility 13
Top Jurassic TWT Ber Bahr Sheikh Adi Shaikan 10 km GKP interpretation of geological data 14
Top Jurassic TWT P90 (784m TVDSS) Map View 3D Relief View GKP interpretation of geological data 15
Top Jurassic TWT P50 (1169m TVDSS) Map View 3D Relief View GKP interpretation of geological data 16
Top Jurassic TWT P10 (1500m TVDSS) Map View 3D Relief View GKP interpretation of geological data 17
Top Jurassic TWT P1 (2230m TVDSS) Map View 3D Relief View GKP interpretation of geological data 18
Shaikan-1 Extended Well Test (EWT) Planning and procurement for a 10,000 bopd EWT from the Upper Jurassic is ongoing First oil expected July 2010 Shaikan-1 Magara Village Proposed Location of Production Facility…
Sheikh Adi ASSET SUMMARY Working Interest(1) GKPI 80% 0.2 Operator GKPI 0.4 0.6 Other partner KRG 20% 0.8 Potential volumes oil in place(2) 1 billion barrels 1.0 Number of wells 0 1.2 Area under licence 251 km2 1.4 1.6…
Ber Bahr Ber Bahr Anticline ASSET SUMMARY Working Interest(1) GKPI 40% Operator Genel 40% Other partner KRG 20% Potential volumes oil in place(2) 1.9 billion barrels Number of wells 0 Area under licence 208 km2 PROSPECTIVITY…
Akri Bijeel SW NE ASSET SUMMARY 0.6 Working Interest GKPI 20% Fully diluted working interest(1) GKPI 12.8% 1.0 Operator MOL 80% 1.4 Number of wells 1 1.8 Area under licence 889 km2 2.2 PROSPECTIVITY UPPER QAMCHUQA Multiple…
Algeria Assets Update The Company holds exploration and appraisal rights over six blocks and Strategic shift from Algeria to Kurdistan two producing fields in the Republic of Algeria Orderly exit planned with assets held for sale and…
Capital Programme Kurdistan Capital raising to fund remaining 2010/ early 2011 work programme Gross Net Month May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr (mm) (mm) Shaikan Appraisal Wells Shaikan-2 Shaikan-4 60 48 Shaikan…
Approach to funding Financial position Financial strategy Current cash of 24.5mm as at 26th April 2010 Current capital requirements for remainder of 2010/ early 2011 are 140mm 15.6m of cash is restricted under a guarantee for…
Appendix
Company Overview - History Offices currently in Bermuda, London, Algiers and Erbil, Iraq 2001 Founded by UAE, Kuwaiti and US private equity Incorporated in Bermuda 2004 Listed on AIM, a market of the London Stock Exchange under…
Company Overview - Shareholders Top Ten Shareholders* Management 9.91% Blakeney 5.61% Capital 7.13% Barclays Stockbrokers 6.67% Gokana Trust 5.84% TD Waterhouse 7.17% Halifax 6.33% Selftrade 4.25% Hargreaves Lansdown 2.92%…
Risk factors 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…
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