Slides
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 Gulf Keystone to combine with ShaMaran Petroleum 20 October 2026
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 This proprietary presentation (the “Presentation”) has been prepared by Gulf Keystone Petroleum Limited (the “Company”). Under n o 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 wh ere 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 compre hen sive 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 , a nd 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 com pet itive 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 obt ai ned 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 eac h o f 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 regardin g 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 operates an d 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 (collectivel y, 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 informat ion including management’s assessment of the Company’s future financial performance, plans, capital expenditures, potential acquisitions and operations concerning, among other thin gs, future operating results from targeted business and development plans and various components thereof or the Company’s future economic performance. The projections, estimates and be liefs contained in such forward - looking statements necessarily involve known and unknown risks, assumptions, uncertainties and other factors which may cause the Company’s actua l p erformance and financial results in future periods to differ materially from any estimates or projections contained herein. When used in this Presentation, the words “expects,” “a nti cipates,” “believes,” “plans,” “may,” “will,” “should”, “targeted”, “estimated” and similar expressions, and the negatives thereof, whether used in connection with financial performance forecas ts, 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 th e C ompany 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 bes t c urrently available estimates and judgements. Your attention is drawn to the Company's Regulatory News Service announcement titled "Gulf Keystone to combine with ShaMaran Petroleum" dated 20 October 2026. Forward - looking statements are not fact and should not be relied upon as being necessarily indicative of future results. The Company expressl y d isclaims 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 “EBITD A”. 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 Compan y u ses 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 m ore 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 und erlying 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 m ark et 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 of th e 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 o wn 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 amendm ent 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 expre sse d relating thereto are subject to change without notice. 2 Disclaimer
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 3 Presenting team CEO & Executive Director Garrett Soden President, CEO and Director (Proposed Non - Executive Director of GKP) Gabriel Papineau - Legris CFO & Executive Director Jon Harris
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 4 (1) Based on a 61.5% working interest (currently 80%, expected to reduce to 61.5% upon implementation of the second PSC amendment ) (2) See slide 9 for further details (3) See slide 7 for further details Strong strategic rationale Creating a leading independent oil producer focused on Kurdistan and Federal Iraq ▪ Nearly doubles GKP’s WI (1) production to 53 (2) kbopd pro forma, ranking in the top 10 of Europe’s listed independents (3) ▪ Diversified across four world - class fields in Kurdistan and Federal Iraq, with combined WI 2P reserves of 323 (2) MMbbl ▪ Additional reserve & resource upside from ShaMaran’s recent investment in the Hamrin field Scale and diversification 1 ▪ Highly complementary portfolio of four low - cost, long - life assets ▪ Cash flow from Atrush and Sarsang supports longer - term investment in Shaikan and Hamrin ▪ ShaMaran assets operated by strategic partner HKN Energy, a proven Kurdistan operator with a strong track - record and operational approach that aligns well with Gulf Keystone’s strategy Low - cost, cash generative assets 2 ▪ Pro forma market cap of >$1 billion, with improved liquidity and access to financing ▪ Intention to uplist to the Oslo Børs main market to provide a single liquid listing for shareholders ▪ Positioned to deliver more attractive and more sustainable shareholder returns while delivering growth potential of portfolio, with plan to formalise distributions policy around completion Enhanced platform for value creation 4 ▪ Significant potential for profitable production growth from the Shaikan and Hamrin expansions ▪ Shaikan development focused on more than doubling current WI field production to 52 - 58 kbopd , with drilling targeted in 2027 ▪ Well positioned to pursue additional inorganic growth opportunities in the region Significant growth potential 3
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 5 Transaction structure Statutory merger with GKP as the surviving entity, 50/50 ownership pro forma Key terms and conditions ▪ Gulf Keystone (“GKP”) and ShaMaran (“SNM”) to combine ▪ 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 pro forma ownership ▪ Special dividend of $50 million to existing Gulf Keystone shareholders at completion ▪ Supported by the largest shareholder of each company, including the Lundin family, who will become the largest shareholder in the combined company ▪ Subject to shareholder and other customary regulatory and government approvals Corporate structure and listing ▪ Intention in due course to uplist to the Oslo Børs main market and discontinue other listings ▪ Experienced Board of Directors to be proposed, including: ▪ William Lundin as Non - Executive Chair ▪ David Thomas, Gulf Keystone's current Chair, continuing as Vice Chair ▪ Garrett Soden, ShaMaran’s CEO, as Non - Executive Director ▪ Jon Harris and Gabriel Papineau - Legris to remain CEO and CFO Post - transaction ownership structure 50 / 50 ownership 50% Current GKP shareholders 37.2% Other c urrent SNM shareholders 12.8% Lundin family Announcement Special general meetings Regulatory and government approvals Targeted completion 20 Oct - 26 ~ 2 2 Dec - 26 H1 2027 Mid - 2027 (1) All future dates are preliminary and may be subject to change Indicative timetable (1)
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 256 323 Gulf Keystone Pro forma 447 794 Gulf Keystone Pro forma 6 Material increase in pro forma key figures Nearly doubles production and creates pro forma >$1bn market cap company (1) See slide 9 for further details (2) Pro forma WI 2P reserves / Pro forma WI production (3) Implied pro forma market cap based on GKP’s market cap at 19 October 2026 close, net of the $50m dividend, scaled to reflect 50/50 ownership 1 Expected to create a >$1 billion pro forma market cap company 651 1,202 Gulf Keystone Pro forma KRI assets reserves life of ~17 years (2) Excl. ShaMaran Hamrin 28 53 Gulf Keystone Pro forma Nearly doubles production to 53 kbopd 1.90x Production (1) (WI, kbopd ) 1.26x 2P reserves (1) (WI, MMbbl ) Large upside from ShaMaran Hamrin 1.78x 2P + 2C (1) (WI, MMbbl ) 1.85x Market cap (3) ($m)
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 Pro forma GKP 7 Positioning GKP as a top 10 European independent 1.90x (1) Among European - listed oil and gas independents, with peer production reflecting the period of each company’s latest financial re port and excluding M&A transactions not completed as of the balance sheet date. Includes only companies with WI production >10 kboepd (2) Peers 1 – 3 have been truncated for illustrative purposes (3) See slide 9 for further details on GKP production 1 53 28 25 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Peer 17 Peer 18 Peer 19 Peer 20 WI production per company (1),(2),(3) (kboepd)
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 Pro forma GKP 5.1 4.6 4.3 - 5 10 15 20 25 30 35 Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer Int. peer 8 Leading low - cost production 2 ▪ Sector leading opex per barrel underpins cash flow generation and provides resilience ▪ Transaction to unlock estimated annual G&A synergies of up to $5m and to further optimise costs Peer G&A/ bbl Peer Opex / bbl GKP pro - forma vs peers (1): 2025 Opex + G&A per Barrel ($/bbl Working Interest) (1) The sample of peer companies comprises 25 listed international E&Ps (incl. Kurdistan Region of Iraq, MENA, North Sea and Afri ca) . The comparison analysis is based on publicly available information KRI peer KRI peer KRI peer
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 9 Highly complementary asset portfolio Diversified across four world - class fields in Kurdistan and Federal Iraq (1) Production and 2P reserves and 2C resources based on a 61.5% working interest (currently 80%, expected to reduce to 61.5% upo n i mplementation 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. Estimated gross 2C resources based on independent Competent Person’s Report (“CPR”) as at 31 December 2022 (2) Production based on estimated gross restart rates of 40 – 44 kbopd at Atrush and 20 – 24 kbopd at Sarsang (post re - routing to smalle r Early Production Facilities at Sarsang). ShaMaran 2P reserves and 2C resources as at 31 December 2025, estimated by McDaniel & Associates Consultants Ltd (3) ShaMaran has agreed to partner with 25% equity in HKN Hamrin Ltd (Cayman). 2P + 2C resources based on management and operator es timates GKP Shaikan (1) ▪ 28 kbopd production (WI) ▪ 256 MMbbl 2P reserves (WI) ▪ 191 MMbbl 2C resources (WI) ▪ 61.5% WI (GKP operated) ShaMaran Atrush (2) ▪ 21 kbopd production (WI) ▪ 48 MMbbl 2P reserves (WI) ▪ 18 MMbbl 2C resources (WI) ▪ 50% WI (HKN operated) ShaMaran Sarsang (2) ▪ 4 kbopd production (WI) ▪ 20 MMbbl 2P reserves (WI) ▪ 12 MMbbl 2C resources (WI) ▪ 18% WI (HKN operated) ShaMaran Hamrin (3) ▪ Producing asset with significant 2P + 2C potential ▪ Estimated 125 - 250 MMbbl 2P reserves + 2C resources (net) ▪ 25% ownership (HKN operated) 2 Gulf Keystone l icense ShaMaran licenses Oil pipelines International border SARSANG ATRUSH SHAIKAN HAMRIN
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 10 Profitable production growth Significant upside potential from expansion of Shaikan and ShaMaran Hamrin ~53 kbopd Pro forma Shaikan expansion Potential from existing assets ShaMaran Hamrin development ShaMaran Hamrin Phased Development Plan ▪ Development and Production Contract (DPC) structure rewards contractors for growing production ▪ 25 - year DPC, plus 5 - year extension ▪ 15 kbopd net targeted by year - end 2028 in Phase 1 (2) ▪ 30 kbopd net plateau production through the end of DPC life is the base case for the full field development (2) GKP Shaikan Jurassic expansion & Triassic test ▪ Increase WI production from ~28 kbopd currently to 52 - 58 kbopd ▪ 256 MMbbl estimated WI 2P reserves in Jurassic reservoir ▪ 97 MMbbl estimated WI 2C resources in Triassic reservoir ▪ Total WI field resource base of 447 MMbbl (2P + 2C) (1) ▪ Drilling restart targeted in 2027 ▪ Pace of capex dependent on timing of full PSC entitlement at international prices (1) Total WI 2C resources of 191 MMbbl , comprising 97 MMbbl in the Triassic, 62 MMbbl in the Jurassic and 33 MMbbl in the Cretaceous reservoirs (2) Operator and ShaMaran estimate (3) See slide 9 for further details Pro forma WI production potential ( kbopd ) (3) SHAIKAN ATRUSH SARSANG 3 + 25 - 31 kbopd ~ 78 - 84 kbopd + 15 - 30 kbopd
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 11 Enhanced platform for value creation Complementary portfolio supports growth, returns and a robust balance sheet Larger, more resilient company with enhanced cash flow generation and significant growth potential Scale, diversification and growth GKP distributions since 2019 ($m) 80 22.5 110 215 25 35 50 22.5 560 2019 2020 2021 2022 2023 2024 2025 2026 Total Dividends Buybacks Improved credit story and trading liquidity with intention to uplist and move to single listing on the Oslo Børs in due course Enhanced capital markets relevance Positioned to deliver more attractive and sustainable shareholder returns in the near and long - term S hareholder distributions GKP and SNM considering issuance of new bonds; larger combined company with robust financial profile Robust balance sheet 4 (1) All figures as at 31 December unless otherwise stated 91 48 70 120 82 102 78 61 (100) (100) (100) 2019 2020 2021 2022 2023 2024 2025 H1 2026 $100m bond Net cash GKP net cash track record ($m) (1)
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 Transformational merger with ShaMaran Scale and diversification 1 Low - cost, cash generative assets 2 Significant growth potential 3 Enhanced platform for value creation 4
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65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 Q&A