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Corporate presentation October 2026
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This proprietary presentation (the “Presentation”) has been prepared by Gulf Keystone Petroleum Limited (the “Company”).Under no circumstances may this presentation be deemed to be an offer to sell, a solicitation to buy or a solicitation of an offer to buy securities of any kind in any jurisdiction where such an offer, solicitation or sale should require registration, qualification, notice, disclosure or application under the securities laws and regulations of any such jurisdiction. This Presentation has not been independently verified and contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the accuracy, completeness or fairness of the information contained in this Presentation, including projections, estimates, targets, risks and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. To the extent available, the industry, market and competitive position data contained in this Presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In light of the foregoing, no reliance may be or should be placed on any of the industry, market or competitive position data contained in this Presentation. The information in the Presentation may include statements that are, or may be deemed to be, forward-looking statements regarding future events and the future results of the Company that are based on current expectations, estimates, forecasts and projections about the industry in which the Company operatesand the beliefs, assumptions and predictions about future events of the management of the Company. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs and risk management are forward-looking in nature. Forward-looking information and forward-looking statements (collectively, the “forward looking statements”) are based on the Company’s internal expectations, estimates, projections assumptions and beliefs as at the date of such statements or information including management’s assessment of the Company’s future financial performance, plans, capital expenditures, potential acquisitions and operations concerning, among other things,future operating results from targeted business and development plans and various components thereof or the Company’s future economic performance. The projections, estimates andbeliefs contained in such forward-looking statements necessarily involve known and unknown risks, assumptions, uncertainties and other factors which may cause the Company’s actual performance and financial results in future periods to differ materially from any estimates or projections contained herein. When used in this Presentation, the words “expects,” “anticipates,” “believes,” “plans,” “may,” “will,” “should”, “targeted”, “estimated” and similar expressions, and the negatives thereof, whether used in connection with financial performance forecasts, expectation for development funding or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements and the risk that the future benefits and anticipated production by the Company may be adversely impacted. These forward- looking statements speak only as of the date of this Presentation. In the view of the Company’s management, this Presentation was prepared by management on a reasonable basis, reflects the best currently available estimates and judgements. Forward-looking statements are not fact and should not be relied upon as being necessarily indicative of future results. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions of the information, opinions or any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward looking statement is based except as required by applicable securities laws. This Presentation contains non-International Financial Reporting Standards (“IFRS”) industry benchmarks and terms such as “EBITDA”. The non-IFRS financial measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. The Company uses the foregoing measures to help evaluate its performance. As an indicator of the Company's performance, these measures should not be considered as an alternative to, or more meaningful than, measures of performance as determined in accordance with IFRS. The Company believes these measures to be key measures as they demonstrate the Company's underlying ability to generate the cash necessary to fund operations and support activities related to its major assets. By reading or accessing the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance ofthe Company's business. Recipients should not construe the contents of this Presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. The Presentation speaks as of the date hereof. The information included in this Presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the Presentation and any opinions expressed relating thereto are subject to change without notice. 2 Disclaimer
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1 Company overview 2 Financials 3 Appendix
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Shaikan GKP: 80%; MOL(1): 20% Tawke DNO: 75%; Genel: 25% Sarsang HKN: 62%; ShaMaran: 18% Atrush ShaMaran: 50%; HKN: 25% Shaikan License Block Licenses Oil pipelines International border 4 Gulf Keystone Petroleum at a glance Pure play exposure to experienced Kurdistan operator with world class asset ~45 kbopd Gross current well capacity 416 MMstb Gross 2P reserves(2) $4.3/bbl 2025 Opex per barrel >155 MMstb Cumulative production(3) 311 MMstb Gross 2C resources(4) $48 million Cash(5) No debt ~$610 million Market cap(6) Ticker: GKP LSE & OSE listings Shaikan Field & key peer field locations (1) Kalegran B.V., a subsidiary of MOL Group (2) Internally estimated gross 2P reserves as at 31 December 2025 (3) Total gross production since inception (4) Estimated gross 2C resources based on independent Competent Person’s Report (“CPR”) as at 31 December 2022 (5) As at 19 October 2026 (6) As at 20 October 2026
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5 The Shaikan Field Long-life asset with low-cost production track record & significant growth potential Gulf Keystone operates the Shaikan Field with 80% working interest (1), alongside MOL (20%) License period is currently expected to expire in 2043 with extensions permitted under the PSC >155 MMstb gross production since commercial production began in 2013 Leading low -cost producer with opex at $4.3/bbl in 2025 416 MMstb of estimated gross 2P reserves (2) in the Jurassic reservoir 27-year reserves life(3) >2x closest KRI peer Significant opportunity for further profitable production growth Additional contingent resources in Triassic & Cretaceous Gross production track record ( kbopd) Est. KRI 2P reserves life (3) vs listed KRI peers (years) (1) Current working interest of 80% subject to expected reduction to 61.5% post implementation of 2nd Shaikan PSC amendment (refer to p. 33 for details) (2) Internal estimate, as at 31 December 2025 (3) Year-end 2025 WI Kurdistan 2P reserves / 2025 WI Kurdistan production as per latest company disclosures Exports suspension Precautionary shut-in 27 10 10 9 GKP KRI peer 1 KRI peer 2 KRI peer 3 1 18 31 35 35 32 33 37 43 44 22 41 42 15 45 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1- 26 Current well capacity
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115 58 18 39 18 2022 2023 2024 2025 H1-26 6 (1) Iraq-Türkiye Pipeline (2) Includes $5.4 million non-cash charge associated with the capitalisation of drilling inventory previously classified as held for sale Recent Shaikan Field investment & activity Protected asset through recent disruptions while investing in near term growth Field development and drilling programme halted following ITP (1) closure and drilling programme Disciplined investment levels since to offset production declines and upgrade facility safety and reliability PF-2 water handling project targeting incremental gross production of 4 -8 kbopd Project start-up expected in Q2 2027 Expands total field capacity to ~77 kbopd Reduces reservoir risk Currently preparing for return to field development in 2027 Pace of capex dependent on timing of full PSC entitlement at international prices Net capex ($m) (1) (2)
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7 Path to future field development Opportunity to more than double production from large reserves & resources base Jurassic & Triass ic gross production expansion Shaikan Field e stimated reserves & resources 416 101 517 157 157 53 53 2P Reserves 2C Resources 2P + 2C Jurassic Triassic Cretaceous Total 2C: 311 MMstb Total 2P + 2C: 727 MMstb Total 2P (3) (4) GMP(2) Focus on eliminating flaring to satisfy PSC obligations Continue to optimise scope, costs and schedule Currently expect multi-year project with capex phased in parallel with oil expansion Jurassic reservoir expansion Preparing to drill in 2027, based on securing full PSC entitlement at international prices Est. timing: 36-42 months from sanction(1) Two-rig programme targeting up to 8 wells p.a. Est. total net capex(1): $500-$600m Facilities expansion & upgrades in parallel Est. total net capex(1): $125-$150m Increase gross plateau production up to 85 kbopd Triassic reservoir test Planning for 3 well programme alongside Jurassic drilling campaign: Est. timing: 24-30 months from sanction(1) Est. total net capex(1): $90-$110m Additional gross production of up to 10 kbopd Current well capacity Jurassic expansion & Triassic test ~85-95 kbopd ~45 kbopd Disciplined, phased and flexible investment to unlock accretive production growth while maintaining a robust balance sheet and shareholder distributions through the development period (1) Capex and schedule remain estimates subject to supply chain (2) Gas Management Plan (3) Internally estimated gross 2P reserves as at 31 December 2025 (4) Estimated gross 2C resources based on independent Competent Person’s Report (“CPR”) as at 31 December 2022
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Well-functioning interim agreements with path to international prices 8 Pipeline export map (1) International Chamber of Commerce (2) International Oil Companies (3) Production Sharing Contracts (4) Federal Government of Iraq (5) Kurdistan Regional Government Kurdistan crude exports Context Iraq-Türkiye Pipeline closed in March 2023 due to ICC(1) arbitration ruling in Iraq’s favour GKP and other IOCs(2) subsequently started selling crude to local market from July 2023 via trucks A number of major steps achieved in 2025 leading to the restart of exports: Amendment of Iraqi Budget Law Validation of KRI PSCs(3) by FGI(4) courts Coordinated diplomatic engagement Exports restarted on 27 September 2025 based on tripartite agreements between IOCs, KRG (5) and FGI Tripartite interim export agreements Agreements in full compliance with Iraqi Budget Law while maintaining sanctity of PSCs IOCs market own crude via nominated trader and compensated $16/bbl for production & transportation, an improvement vs local sales Agreements have worked effectively, with no delays to payments following lifted cargos Reconciliation to full PSC entitlement has commenced following submission of independent consultant’s review submitted following maiden top- up cargo in June 2026
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0 10 20 30 40 50 60 70 80 90 100 Sep-Dec 2025 exports H1 2026 exports Realised price (cash) Realised price (top up) 9 Return to international prices Unlocking full PSC entitlement to bolster cash flow & enable field development Realised prices in entitlement invoices at significantly tighter discounts relative to history Recovery of top -up receivable and reconciliation to international prices has commenced Independent consultant’s review submitted in June 2026 Maiden top-up cargo recently lifted following allocation of additional barrels by SOMO Significant positive step for credit case, with focus now on: Recovering outstanding top-up receivable Replacing interim agreements with longer term arrangements providing receipt of full PSC entitlement for ongoing sales Shaikan exports realised prices (cash received & top up to international prices) $31.3m $48.3mTop up receivable(1) $/bbl| Brent price(2) $64/bbl Brent price(2) $92/bbl Top up to int’ prices Top up to int’ pricesDiscount: $13/bbl Discount: $9/bbl $30/bbl $30/bbl (3) Recovery has commenced with Oct-26 top-up cargos (1) Net to GKP post CBP; value subject to implementation of consultant’s review (2) Simple average Dated Brent price provided as a comparator for realised price (3) Based on Iraqi Budget Law provision of $16/bbl IOC compensation (for production and transportation) and GKP and MOL entitlement
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1 Company overview 2 Financials 3 Appendix
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11 Rigorous financial framework Disciplined approach balances growth, robust balance sheet & shareholder returns Profitable investmentRobust balance sheet Shareholder distributions 1 2 3 Low-cost onshore production & lean corporate platform underpin cash generation Grow Shaikan Field production Consider cash flow accretive inorganic opportunities in the KRI Maintain prudent leverage and liquidity through cycle Proven net cash track record during 2018 bond Semi-annual dividend reviews according to current approach Opportunistic share buybacks
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12 Gross production (kbopd) Adj. EBITDA ($m) Net cash ($m)(2) Equity ratio (%)(2) (1) As at 18 October 2026 (2) All figures as at 31 December unless otherwise stated Conservative financial profile 91 48 70 120 82 102 78 61 (100) (100) (100) 2019 2020 2021 2022 2023 2024 2025 H1 2026 $100m bond Net cash Maintained resilient balance sheet and liquidity levels through periods of volatility 123 57 223 359 50 76 111 122 2019 2020 2021 2022 2023 2024 2025 LTM H1 2026 71% 69% 68% 77% 78% 77% 74% 75% 50% 70% 90% 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Current well capacity 32.9 36.6 43.4 44.2 21.9 40.7 41.6 45 H1 2026
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- $10 $20 $30 $40 13 Leading low-cost producer Cost discipline and flexibility underpins cash flow and reduces downside Top quartile Opex and G&A costs relative to peers 2025 Gross Opex: $4.3/bbl 2025 G&A: $0.8/bbl Operatorship enables quick moderation of capex and opex through disruptions Opex reduced by 25% in H1 2026 reflecting precautionary production shut- in and cost savings At current well capacity of ~45 kbopd, FCF breakeven at ~$25/bbl assuming zero cost pool and maintenance capex levels (1) The sample of peer companies comprises 25 international E&Ps (incl. Kurdistan Region of Iraq, MENA, North Sea and Africa) listed on exchanges such as London, Oslo, Stockholm, NYSE or Toronto Stock Exchange. The comparison analysis is based on publicly available information GKP vs peers (1): 2025 Opex + G&A per Barrel ($/bbl Working Interest) Peer G&A/bblPeer Opex/bbl GKP G&A/bblGKP Opex/bbl Kurdistan companies
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14 (1) H1-26 net capex; 2026 YTD dividends paid (2) All figures as at 31 December unless otherwise stated Prudent capital allocation Consistent approach to prioritising field reinvestment and a robust balance sheet, with excess cash returned to shareholders Looking ahead, free cash flow generation will underpin level of distributions through development period Plan to formalise distributions policy in parallel with securing full PSC entitlement for ongoing export sales and returning to field development 122 267 (13) 65 29 3 100 215 25 45 50 23 2021 2022 2023 2024 2025 H1-26(1) Free cash flow Shareholder distributions 522 573 547 512 479 479 2021 2022 2023 2024 2025 H1-26 Book equity ($m) (2) Track record of balancing investment, returns and balance sheet strength Free cash flow & sharehold er distributions ($m)
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15 Transformational merger with ShaMaran announced Statutory merger with GKP as the surviving entity, 50/50 ownership pro forma Key terms and conditions Structured as a statutory merger under Bermuda law, with Gulf Keystone as the surviving entity Consideration of 0.07533958 newly issued Gulf Keystone shares per ShaMaran share to be listed in Oslo 50/50 combination, Lundin family largest shareholder at ~12.8% Special dividend of $50 million to existing Gulf Keystone shareholders at completion Subject to shareholder and other customary regulatory and government approvals, targeted completion in mid-2027 Jon Harris and Gabriel Papineau-Legris to remain CEO and CFO, William Lundin proposed as Non-Executive Chair Bond term sheets have been broadly aligned to enable targeted combination of bonds on completion of the merger Each company will be managed on a stand-alone basis until all merger conditions have been met Strong strategic rationale for combination Nearly doubles GKP’s WI production to 53 kbopd Diversified and highly complementary portfolio of four low-cost, long-life assets providing stronger and more stable cash flow Significant potential for profitable production growth from the Shaikan and Hamrin expansions Increased scale and access to capital Leading low-cost base with opportunity for G&A synergies (1) Production and 2P reserves based on a 61.5% working interest (currently 80%, expected to reduce to 61.5% upon implementation of the second PSC amendment). WI production based on current gross well capacity of approximately 45 kbopd. 2P as at 31 December 2025, internally estimated (2) Implied pro forma market cap based on GKP’s market cap at 20 October 2026 close, net of the $50m dividend, scaled to reflect 50/50 ownership Gulf Keystone license ShaMaran licenses Oil pipelines International border SARSANG ATRUSH SHAIKAN HAMRIN Iraq 323 MMbbl WI 2P reserves(1) 53 kbopd WI production(1) USD ~1.2bn Market cap(2) Selected pro forma combined entity metrics Highly complementary asset portfolio
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16 Why GKP? Experienced operator with world- class asset and significant growth potential Resilient cash flow generation through cycle with upside ahead Strong track record of prudent financial management 1 2 3
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1 Company overview 2 Financials 3 Appendix
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18 Highly experienced management team GABRIEL PAPINEAU -LEGRIS CFO & Executive Director Supported by a strong Board of Directors Executive committee JOHN HULME Chief Operating Officer ALASDAIR ROBINSON Chief Legal Officer & Company Secretary MARIANNE DARYABEGUI Senior Independent Director (SID) Non-Executive Directors CATHERINE KRAJICEK Independent Non-Executive Director CLARE KINAHAN Chief HR Officer DAVID THOMAS Non-Executive Chair WANDA MWAURA Independent Non-Executive Director JON HARRIS CEO & Executive-Director JULIEN BALKANY Non-independent Non- Executive Director
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19 Key historical financials HY 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Gross production (bopd) 14,600 41,560 40,689 21,891 44,202 43,440 Dated Brent ($/bbl)(1) 92.3 69.1 80.8 82.6 101.4 70.8 Realised price ($/bbl)(2) 83.5 33.9 26.8 40.9 74.1 49.7 Discount to Brent ($/bbl) 8.8 35.2 53.9 41.7 27.2 21.2 Revenue ($m)(3) 82.8 193.1 151.2 123.5 460.1 301.4 Gross Opex ($/bbl) 9.6 4.3 4.4 5.6 3.2 2.7 Other G&A ($m) 4.3 9.3 11.4 10.5 12.2 13.6 Adjusted EBITDA ($m) 51.7 111.4 76.1 50.1 358.5 222.7 Profit/(loss) after tax ($m) 12.9 15.1 7.2 (11.5) 266.1 164.6 Net capex ($m) 18.3 38.8 18.3 58.2 114.9 46.2 Free cash flow ($m) (2.0) 29.1 65.4 (13.1) 266.5 122.2 Shareholder distributions 12.5 50 45 25 215 100 Net cash ($m) 61.1 78.2 102.3 81.7 119.5 69.9 (1) Simple average Dated Brent price; provided as a comparator for realised price. (2) Realised prices for 2026 export sales reflect the full value of entitlement invoices at international prices with adjustments for quality and transportation costs. Cash received for 2026 export sales equated to $30/bbl. 2025 realised prices reflect local sales from 1 January to 26 September 2025 and export sales from 27 September to 31 December 2025. (3) “Revenue” reflects “revenue (invoiced for the period)”, a non-IFRS measure reflecting the full value of local and export sales entitlement invoices. HY 2026 revenue (IFRS) was $57.8 million adjusted for the effective recovery of past receivables.
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20 Consolidated income statement H1 2026 $'000 2025 $'000 2024 $'000 Non-IFRS measure Revenue invoiced for the year 82,811 193,093 151,208 Effective recovery of past receivables (25,049) (28,280) - Revenue 57,762 164,813 151,208 IFRS consolidated income statement Revenue 57,762 164,813 151,208 Cost of sales (41,230) (141,089) (138,866) Decrease of expected credit loss provision on trade receivables 2,258 7,558 8,191 Gross profit 18,790 31,282 20,533 Other general and administrative expenses (4,317) (9,313) (11,412) Share option related expenses (2,388) (6,959) (4,419) Profit from operations 12,085 15,010 4,702 Finance income 1,050 2,740 4,116 Finance costs (1,038) (1,976) (1,676) Foreign exchange (loss)/gain 859 (1,108) 724 Profit before tax 12,956 14,666 7,866 Tax credit/(charge) (54) 468 (708) Profit after tax 12,902 15,134 7,158 Earnings per share (cents) Basic 5.93 6.97 3.26 Diluted 5.69 6.68 3.13
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21 Consolidated balance sheet 30 June 2026 $'000 31 December 2025 $'000 31 December 2024 $'000 Non-current assets Trade receivables 45,258 84,007 138,175 Intangible assets 171 260 1,255 Property, plant and equipment 349,393 349,404 388,450 Deferred tax asset 1,290 1,365 825 396,112 435,036 528,705 Current assets Inventories 8,248 7,774 9,852 Trade and other receivables 170,360 125,065 26,779 Cash 61,149 78,233 102,346 239,757 211,072 138,977 Total assets 635,869 646,108 667,682 Current liabilities Trade and other payables (120,129) (128,314) (117,277) Deferred income - - (716) (120,129) (128,314) (117,993) Non-current liabilities Trade and other payables (773) (928) (1,112) Decommissioning provision (36,319) (37,839) (36,247) (37,092) (38,767) (37,359) Total liabilities (157,221) (167,081) (155,352) Net assets 478,648 479,027 512,330 Equity Share capital 217,543 217,005 217,005 Share premium 402,007 414,139 463,985 Exchange translation reserve (2,848) (2,502) (4,283) Accumulated losses (138,054) (149,615) (164,377) Total equity 478,648 479,027 512,330
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22 Consolidated cash flow statement H1 2026 $'000 2025 $'000 2024 $'000 Operating activities Cash generated from operations 18,302 60,381 89,427 Interest received 1,050 2,740 4,116 Interest paid (59) (25) - Net cash generated from operating activities 19,293 63,096 93,543 Investing activities Purchase of intangible assets (4) (248) (420) Purchase of property, plant and equipment (21,074) (33,314) (27,178) Net cash used in investing activities (21,078) (33,562) (27,598) Financing activities Payment of dividends (12,502) (49,846) (34,933) Purchase of own shares - share buyback - - (10,087) Purchase of own shares - employee share-based payments (3,601) (4,032) - Proceeds of share issue, net of costs 908 - - Payment of leases (209) (425) (452) Net cash used in financing activities (15,404) (54,303) (45,472) Net (decrease)/increase in cash (17,189) (24,769) 20,473 Cash at beginning of year 78,233 102,346 81,709 Effect of foreign exchange rate changes 105 656 164 Cash at end of the year being bank balances and cash on hand 61,149 78,233 102,346
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23 Proposed Shaikan PSC amendment Ongoing discussions with the KRG’s Ministry of Natural Resources GKP has been invoicing based on terms tentatively agreed in 2017, but never signed Tentative agreement in 2017 to provide KRG with a 20% carried working interest in PSC Consequent reduction in GKP working interest in profit oil from 80% to 61.5% CBP expense would reduce to 20% of profit petroleum to compensate for decrease Reduction in CBP relative to 40% in First PSC Amendment in 2010 (later tentatively reduced to 30% as part of Bilateral Agreement, although this agreement was never implemented) PSC amendment would formalise entitlement terms Expected alongside broader commercial settlement of KRG related assets and liabilities, cost pool and R-factor Shaikan Field fiscal terms GROSS REVENUE PRE-ROYALTY 100% GROSS REVENUE POST-ROYALTY 90% ROYALTY 10% COST OIL Up to 40% GKP 80% PROFIT OIL Min. 60% CONTRACTOR (2) 15%-30% KRG 70%-85% CONTRACTOR PROFIT OIL GKP 61.5% CBP 20% Less Corporate tax Unused cost oil = profit oil GKP 80% CBP 40% Less PSC terms Proposed amendment 48% of Contractor profit oil 49.2% of Contractor profit oil
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24 1) Monthly cost recovery at max. of 40% of gross revenue post royalty given unrecovered cost oil (“Cost Pool”) owed to the Contractor (GKP & MOL) of $149.9m at 30-Jun-26. The Cost Pool is subject to potential cost audit by the KRG and may reduce should ongoing commercial negotiations with the KRG conclude. 2) R-factor of 1.25 as at 30-Jun-26: current Profit Oil split at 26.3% for the Contractor(4) and 73.7% for Kurdistan Regional Government (“KRG”). The R-factor is subject to potential cost audit by the KRG and may increase should ongoing commercial negotiations with the KRG conclude. 3) Capacity Building Payments expense to KRG: defined as 20%(4) of GKP profit oil 4) During PSC negotiations with the Ministry of Natural Resources, it was tentatively agreed that the Contractor would provide the KRG a 20% carried working interest in the Production Sharing Contract (“PSC”). This would result in a reduction of GKP’s working interest from 80% to 61.5% and, to compensate for such decrease, a reduction in the Capacity Building Payments expense from 40% to 20%. While the PSC has not been formally amended, it was agreed with the MNR that GKP would invoice the KRG for oil sales based on the proposed revised terms from October 2017 5) Income tax arising from the Company’s activities under its PSC is settled by the KRG on behalf of the Company Shaikan Field fiscal terms As at 30 June 2026 GROSS REVENUE PRE-ROYALTY 100% GROSS REVENUE POST-ROYALTY 90% ROYALTY 10% COST OIL(1) Up to 40% GKP 80% PROFIT OIL(1) Min. 60% CONTRACTOR (2) 15%-30% KRG(2) 70%-85% CONTRACTOR PROFIT OIL GKP 61.5%(4) CBP(3) 20%(4) Less Stage % Notes Gross revenue pre-royalty 100 Gross production x realised price Less: Royalty (10) 10% KRG royalty Gross revenue post-royalty 90 Gross revenue to partners (Contractor & KRG) GKP cost oil 28.8 90% x 40% (1) x 80% GKP paying interest GKP profit oil 8.7 90% x 60% x 26.3%(2) x 61.5%(4) GKP working interest GKP entitlement pre-CBP 37.5 GKP cost oil + GKP profit oil Less: CBP (1.7) 20%(4) of GKP profit oil, expensed in cost of sales in GKP financial statements GKP entitlement post-CBP (i.e. net entitlement) 35.8 Cash received Calculating GKP net entitlementShaikan Field fiscal take waterfall A B C D E F A B C D E F Corporate tax(5) Unused cost oil = profit oil
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Thank you More resources are available at: www.gulfkeystone.com