Gulf Keystone Petroleum ABOUT OPERATIONS INVESTORS ESG CONTACT Investors Results Centre Gulf Keystone Petroleum Limited is an independent oil company and the operator of the Shaikan Field, one of the largest developments in the Kurdistan Region of Iraq. Jon Harris Gulf Keystone’s Chief Executive Officer I am pleased to report strong operational and financial performance in the first half of 2021, despite the continuing challenges of the COVID-19 pandemic. Our leverage to the recovery in oil prices, combined with safe and reliable production towards the top end of our guidance range and a continued sharp focus on costs, has resulted in significant cash flow generation. With continued strong production performance from the Shaikan Field, we are tightening the 2021 production guidance range to 42,000 – 44,000 bopd. We continue to deliver against our commitment to balance investment in growth and returns to shareholders. Today, we are pleased to declare an interim dividend for 2021 of $50 million, bringing total dividends this year to $100 million. The early restart of the drilling campaign in June enables us to maintain production growth momentum and to drill an additional well, SH-G, in 2021 after completion of SH-14, the final well in the 55,000 bopd investment programme. SH-14 is expected to come onstream in Q4 2021, while we expect SH-G to come onstream in Q1 2022. We continue to work closely with the MNR and our partner on the preparation of the Shaikan FDP and expect to submit the FDP to the MNR in Q4 2021 for approval. 2 September 2021 2021 Half Year Results RNS SEE DOCUMENT Half Year Results 2021 Presentation SEE DOCUMENT Highlights to 30 June 2021 and post reporting period Operational Remain focused on safe and reliable operations with No Lost Time Incident (“LTI”) recorded for over 600 days and no recordable incidents for around 550 days Continuing to manage the challenges presented by COVID-19 to protect the health of staff and contractors Strong average gross 2021 production to 31 August 2021 of c.42,900 bopd, up 18% from the corresponding period in 2020 and towards the top end of 2021 guidance; gross production on 31 August 2021 was 42,842 bopd Drilling activities progressing well following early restart in June; SH-13 expected to come onstream imminently; drilling of SH-14 underway with completion and hook-up expected in Q4 2021 Capitalising on early restart of drilling and opportunity to maintain a continuous drilling programme, planning to spud SH-G in Q4 2021, after completion of SH-14. SH-G is expected to commence production in Q1 2022 SH-G, the first well after the 55,000 bopd expansion programme, is an opportunity to maintain growth and momentum while we prepare the Shaikan Field Development Plan (“FDP”) Completed debottlenecking of PF-2, increasing total field processing capacity to c.57,500 bopd Financial H1 2021 revenue up 162% to $130.7 million (H1 2020: $49.9m) contributing to a return to profit after tax of $64.8 million (H1 2020: $33.1 million loss) Adjusted H1 2021 EBITDA of $93.8 million, more than triple $27.5 million in H1 2020, driven by the Company’s strong leverage to the recovery in oil prices, increase in production and low-cost base: Realised price up 129% to $43.7/bbl (H1 2020: $19.1/bbl) H1 2021 gross average production up 17% to 43,516 bopd (H1 2020: 37,159 bopd) H1 2021 gross Opex per barrel of $2.4/bbl, below 2021 guidance range of $2.5-$2.9/bbl Net Capex of $14.1 million (H1 2020: $38.5 million), with the restart of the 55,000 bopd expansion programme Total dividends of $50 million paid to date, including an annual dividend of $25 million and a special dividend of $25 million Robust cash balance of $177.4 million at 1 September 2021 Outlook Tightening 2021 average gross production guidance range from 40,000 – 44,000 bopd to 42,000 – 44,000 bopd Maintaining 2021 gross Opex per barrel guidance of $2.5 to $2.9/bbl The addition of SH-G increases 2021 net Capex guidance from $55-$65 million to $75-$85 million With continued constructive engagement with the Ministry of Natural Resources (“MNR”) and the Company’s partner Kalegran B.V. (a subsidiary of MOL Hungarian Oil & Gas plc) (“MOL”), Gulf Keystone is expecting to submit an FDP in Q4 2021 to the MNR for approval The FDP includes the continued ramp-up of Jurassic oil production, appraisal of the Triassic reservoir and a Gas Management Plan We continue to optimise the scope, schedule and cost of the FDP Developing Gulf Keystone’s sustainability strategy, with the primary environmental focus on more than halving CO2 per barrel by 2025 by eliminating flaring In line with the Company’s strategy of balancing investment in growth and returns to shareholders, Gulf Keystone is pleased to declare an interim dividend for 2021. The 2021 interim dividend is $50 million to be paid on 8 October 2021 based on a record date of 24 September 2021 Following payment of the interim dividend, the Company will have distributed $100 million of dividends in 2021 With continuing strong oil prices and cash flow generation, there may be opportunities to consider further distributions to shareholders and to optimise the capital structure Revenue FY 2017 FY 2018 FY 2019 FY 2020 0 50 100 150 200 250 300 Adjusted EBITDA FY 2017 FY 2018 FY 2019 FY 2020 0 20 40 60 80 100 120 140 160 Profit/(Loss) After Tax FY 2017 FY 2018 FY 2019 FY 2020 -40 -20 0 20 40 60 80 100 2021 2020 2019 2018 2017 Archive TITLE PRESENTATION REPORT WEBCAST Half Year Results 2021 Investment Case Results Centre Summary Financials Regulatory News and Alerts Share Price Information Dividend Information Presentations Documents and Circulars Shareholder Analysis Shareholder Information Securities Information Financial Calendar Analyst Coverage Advisers Gulf Keystone Petroleum Ltd. (Bermuda) c/o Coson Corporate Services Ltd. Cedar House, 3rd Floor 41 Cedar Avenue Hamilton HM12 +1 441 295 4630 Gulf Keystone Petroleum International Ltd. (Iraq) 3rd Floor, UB Centre Bakhtyari Erbil Kurdistan Region of Iraq +964 750 755 3111 Gulf Keystone Petroleum (UK) Ltd. (UK) 6th Floor, New Fetter Place 8-10 New Fetter Lane London EC4A 1AZ +44 (0) 207 514 1400 +44 (0) 207 514 1427 Disclaimer Privacy and Cookie Policy Accessibility Website by BRIGHTER*IR