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JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd.

Gulf Keystone Petroleum Ltd. · Jul 9, 2015 · 34 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 1
    0 ANNUAL GENERAL MEETING 2015 09 July 2015
  2. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 2
    1 Chief executive officer Jn Ferrier
  3. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 3
    Market Dynamics 3 Iraqi Kurdistan urges EU meeting to Kurds Say Iraqs Oil Payments Coming Up arm Kurdish forces Short; Iraqi Kurdistans oil Minister says BBC - 15.8.14 underfunding could hurt fight against Islamic State Wall…
  4. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 4
    The headlines 4 Safety and CSR Safety performance has been excellent 68% improvement in our LTI performance At 76% - one of the highest percentage of National staff in Kurdistan Security situation remains stable CSR efforts making…
  5. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 5
    CEO PRIORITIES 5 Safe and reliable operations Our licence to operate Maintain safe production at plant capacity Commercial Sustainability Regular payments Diversified marketing strategy Stakeholder Engagement Kurdistan…
  6. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 6
    CEO PRIORITIES 6 Safe and Reliable Operations Our licence to operate Maintain safe production at plant capacity Commercial Sustainability Regular payments Diversified marketing strategy Stakeholder Engagement Kurdistan…
  7. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 7
    7 Operations & Safety VP Operations John Stafford
  8. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 8
    Safe and reliable operations 8 HSE Good performance with statistics showing improvements in all areas, particularly LTIs: 68% improvement from 2014 to 2015 (YTD) Significant investment in improving driving to and from the…
  9. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 9
    Safe and reliaible operations 9 Production Performance Total production from the field to end June exceeds 13 million barrels This represents 4% of our 2P reserves and 1.3% of the combined 2P + 2C i.e. early days in terms of…
  10. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 10
    Production Facility-1 : ibefore 10 Q4 2012
  11. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 11
    Production Facility-1 : after 11 Q2 2015
  12. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 12
    PF Deibottlenecking 12 20,000 bopd nameplate now increased 25% to 25,000 bopd at PF-1 Over 150 MOC and debottlenecking tasks identified Both plants have amine system fully operational
  13. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 13
    Production History 13 Shaikan Field Oil Production History Shut-in due to 45,000 market 14 conditions 40,000 Receipt of first 12 pre-payment for exports 35,000 10 30,000 PF-2 online Cumulative Oil (MMstb) 8 Oil Rate…
  14. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 14
    Production Guidance 14 Average production over whole of 2015 likely to be in range of 30,000 to 34,000 subject to offtake Production interruptions driven by non-technical factors Five weeks suspension of production…
  15. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 15
    Reservoir Performance 15 What have we learned The reservoir is extremely well connected at SAM level Aquifer support not a strong as expected
  16. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 16
    Shaikan aquifer oibservations 16 Sargelu Alan Mus Butmah 1 km Fracture Oil Water Contact 8 km 16
  17. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 17
    Shaikan Reservoir Performance 17 Water providing pressure support OWC N Aquifer 17
  18. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 18
    Shaikan Reservoir Performance 18 Gas Cap Expansion and Gravity Drainage OWC N Aquifer 18
  19. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 19
    Operational activity 19 Work ongoing on an updated Shaikan FDP Completion due at end 2015 Work ongoing on the Sheikh Adi FDP Completion due in Q3 2015 FEED for Central Processing Facility underway Debottlenecking and MOC…
  20. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 20
    Operational Summary 20 Continue safe, sustainable operations Asset is performing at or above expectation New understanding being integrated into development model Ready for next phase of development with regular payments
  21. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 21
    21 Legal and commercial director Tony Peart
  22. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 22
    Shaikan crude: diversified marketing strateGY 22 Kurdistan Export Pipeline Tawke Tawke Taq Taq Taq Taq Export deliveries by truck to the Turkish coast Sales to a domestic offtaker Export deliveries by truck to…
  23. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 23
    Diversified Marketing Dynamics 23 Export sales offtaker via Turkish port of Dortyol Truck transported year to datee: 3.7 million barrels For Netback to field; Average Brent Dtd US60-65/bbl, less Shaikan quality discount of…
  24. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 24
    Diversified Marketing Dynamics 24 Sales by domestic offtaker Sold at Shaikan loadrack to domestic offtaker: 0.9 million barrels Historically MNR posted price Currently For Netback to field; Average Brent Dtd US60-65/bbl, less…
  25. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 25
    Near-term export pipeline access 25 Export via trucking to Fishkabur into existing pipeline for sale FOB Ceyhan Potential to move up to 40.000 bbl/day Trucking to nearby DNO offload Injection facility for blending with other…
  26. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 26
    summary 26 Diversified marketing strategy comprising three options: sales to a domestic offtaker, exports by truck and pipeline exports New contract with the domestic offtaker with focus on export deliveries by truck to the…
  27. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 27
    27 Chief financial officer Sami Zouari
  28. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 28
    1H 2015 Financial Highlights 28 28 Removal of restrictive condition in 13.0% Senior Unsecured HY Bonds successfully achieved on 7 April 2015 31 March 2015 placing raised net proceeds of US39.0 million New equity acts as a…
  29. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 29
    Committed capex schedule 29 29 Q1 Q2-Q4E (USm net to GKP) 2015 Total Comments 2015 2015 Shaikan Drilling of an additional well to tie into PF-2 Shaikan-11 11.1 0.9 12.0 completed under budget PF 1 & PF2 Change orders and…
  30. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 30
    Financial position: significant arrears 30 30 31-Mar-2015 Source Notes net to GKP Value depends on pricing assumptions used. Unrecognised revenues 103m Further clarity required on price achieved and exact amounts lifted at…
  31. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 31
    Financial outlook 31 31 Cash balance at 8 July 2015 of US72.1 million We have to weather the storm until political and commercial stability are achieved Payment of arrears are being addressed with the MNR Key short term…
  32. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 32
    32 Chief executive officer Jn Ferrier
  33. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 33
    2015 Outlook 33 Secure regular payments Pursue arrears Progress M&A process Progress towards 100,000 bopd Deliver good governance 33
  34. JULY 2015 ANNUAL GENERAL MEETING – Gulf Keystone Petroleum Ltd. – slide 34
    34 ANNUAL GENERAL MEETING 2015 09 July 2015

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