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2026 Half Year Results 25 August 2026
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2 Disclaimer 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 operates and 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 and beliefs 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. Your attention is drawn to the Company's Regulatory News Service release of its Half Year Results and Financial Statements for the six months ended 30 June 2026 dated 25 August 2026. 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 of the 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.
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3 (1) Gross average production Operational & financial highlights Resilient performance through period of significant regional disruption Protected assets, workforce and balance sheet while returning cash to shareholders Gross production continuing to ramp up to prior levels following recent restart Focused on unlocking full PSC entitlement for export sales at international prices H1 2026 Lost Time Incidents H1 2026 Production(1) H1 2026 Free cash flow H1 2026 Dividends Zero 14,600 bopd $(2.0) million $12.5 million 1 2 3
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Operational review
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40.8 41.0 -- -- -- 6.9 24.8 10.3 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 1-23 Aug-26 5 2026 YTD production impacted by two precautionary shut-ins of almost 5 months in total Gross production currently approaching 40,000 bopd following restart on 16 August and expected to return to prior levels soon The reservoir has responded well to the restarts, with production ramping up in line with expectations and exceeding 45,000 bopd prior to the 19 July shut-in Focused on completing ongoing ramp up and maintaining stable export sales, subject to the security environment Gross average production (kbopd) 2026 YTD average: 15.5 (1)H1 2026 average: 14.6 Production Performance impacted by precautionary shut-ins related to the security environment (1) 2026 year to date (1 January to 23 August 2026)
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58 18 39 18 18 2023 2024 2025 H1-25 H1-26 6 (1) Includes $5.4 million non-cash charge associated with the capitalisation of drilling inventory previously classified as held for sale Shaikan Field investment & activity Continued to progress safety critical & strategic projects while reducing expenditures H1 2026 net capex reflects investment in projects to enhance production and improve facility safety PF-2 water handling installation Well optimisation programme Facility safety upgrades and maintenance ~50% of expenditure took place prior to 28 February shut -in Majority of capital projects slowed or suspended during shut-in, with only safety critical or strategic projects proceeding PF-2 water handling remains on track for start-up in Q1 2027 Targets incremental gross production of 4-8 kbopd above baseline once operational Expands total field capacity to ~77 kbopd Reduces reservoir risk With stable production, we plan to progress disciplined work programme for remainder of 2026 Net capex ($m) (1) (1)
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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) 7 Kurdistan crude exports Unlocking full PSC entitlement for export sales could bolster cash flow in H2 2026 Tripartite interim export agreements have worked as expected, despite disruptions Improvement in remuneration vs local sales No delays to payments following lifted cargos Realised prices in entitlement invoices significantly improved Strong demand for Kirkuk blend in H1-2026 Independent consultant’s review of IOC invoices and contractual costs recently submitted IOCs now focused on reconciling export sales since September 2025 to international prices Seeking commencement of additional liftings in Q3 2026 to recover top up receivable Interim agreements recently extended for six months following one year extension of ITP(1) agreement by Iraq and Türkiye Focus on replacing interim agreements with longer-term agreements at international prices Shaikan exports realised prices (cash received & top up to international prices) (1) Iraq-Türkiye Pipeline (2) Net to GKP post CBP; value subject to implementation of consultant’s review (3) Simple average Dated Brent price provided as a comparator for realised price (4) Based on Iraqi Budget Law provision of $16/bbl IOC compensation (for production and transportation) and GKP and MOL entitlement $31.3m $48.3mTop up receivable(2) $/bbl Brent price(3) $64/bbl Brent price(3) $92/bbl Top up to int’ prices Top up to int’ pricesDiscount: $13/bbl Discount: $9/bbl $30/bbl $30/bbl (4)
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8 (1) Internally estimated as at 31 December 2025 (2) Estimated as at 31 December 2022 based on 2022 Competent Person’s Report (3) Kurdistan Regional Government’s Ministry of Natural Resources Path to future field development Draft FDP targets more than doubling of production and elimination of flaring Shaikan Field remains large, long -life asset with significant growth potential: 416 MMstb of internally estimated gross 2P reserves(1) in Jurassic reservoir Reserves life of 27 years based on 2025 production 311 MMstb of estimated gross contingent resources, including 157 MMstb in Triassic (2) Stable export sales at international prices would provide strong foundations for investment in production growth Currently discussing revised FDP with the MNR(3) and preparing for potential return to field development and drilling in 2027 Draft FDP components Jurassic reservoir expansion 416 MMstb gross 2P reserves (1) Increase gross plateau production up to 85,000 bopd 1 Triassic reservoir test 157 MMstb gross 2C resources (2) Target gross production up to 10,000 bopd Expecting higher realised prices from lighter oil 2 Gas management plan Eliminate routine gas flaring Transform emissions footprint 3
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Financial review
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58 18 39 18 18 2023 2024 2025 H1-25 H1-26 Dividends Share buybacks Financial performance highlights Adjusted EBITDA ($m) (1) Free cash flow ($m) Net capex ($m) Shareholder distributions ($m) 10 (1) Adjusted EBITDA is based on “revenue (invoiced for the period)”, a non-IFRS measure reflecting the full value of local and export sales entitlement invoices (2) Includes $5.4 million non-cash charge associated with the capitalisation of drilling inventory previously classified as held for sale (2) 50 76 111 41 52 2023 2024 2025 H1-25 H1-26 (13) 65 29 25 (2) 2023 2024 2025 H1-25 H1-26 25 35 50 12.5 10 2023 2024 2025 H1-26 Resilient performance in H1 2026 despite headwinds (2)
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41 55 (56) 7 2 3 52 HY-25 Adj. EBITDA Realised price Production Capacity Building Payment Operating costs Other G&A Share option expense Other HY-26 Adj. EBITDA 0 20 40 60 80 100 120 (1) Adjusted EBITDA is based on “revenue (invoiced for the period)”, a non-IFRS measure reflecting the full value of local and export sales entitlement invoice Adjusted EBITDA(1) 11 $m 26% increase in Adjusted EBITDA vs H1 2025 based on invoiced revenue Impact of precautionary production shut-in more than offset by higher realised prices in entitlement invoices and opex reductions 0.1 (0.4)
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12 Operating costs & other G&A 25% decrease in operating costs in H1 2026 reflecting production shut -in and cost reduction measures 6% reduction in other G&A expenses in H1 2026 Remain focused on strict cost control going forward Operating costs ($m) (1) Other G&A expenses ($m) 5.6 4.4 4.3 4.2 $/bbl 9.6 Decisive action to reduce costs while maintaining full production capacity (1) Net operating costs ($m) and gross Opex per barrel ($/bbl); excludes capacity building payments, DD&A and working capital movements 36.1 52.4 52.6 26.9 20.2 2023 2024 2025 H1-25 H1-26 10.5 11.4 9.3 4.6 4.3 2023 2024 2025 H1-25 H1-26
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78 52 1 (36) (18) 0 (4) 1 (13) 61 64 Opening cash (31-Dec-25) Adjusted EBITDA Interest income Working capital & other Net capex (cash) FX EBT share purchases OSE listing placing proceeds Dividends Closing cash (30-Jun-26) Cash balance (24-Aug-26) 0 20 40 60 80 100 120 140 Swift reductions in expenditures enabled the Company to minimise the free cash outflow in H1 2026 Working capital outflow primarily reflects differential between $30/bbl cash received under interim agreements and reported realised price, which is accrued as a top up receivable H1 2026 net entitlement of ~36%; outlook for net entitlement depends on several variables, including realised prices, production levels and outcome of MNR commercial negotiations Cash flow 13 Free cash flow: $(2) million$m (1) (1) Employee Benefit Trust
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50 100 215 25 35 50 12.5 30 20 10 (90) (46) (46) (115) (58) (18) (39) (18) 2019 2020 2021 2022 2023 2024 2025 H1-26 Dividends Buybacks Net capex 14 (1) 2025 net capex includes $5.4 million non-cash charge associated with the capitalisation of drilling inventory previously classified as held for sale (2) All figures as at 31 December unless otherwise stated Capital allocation & shareholder distributions Net capex & shareholder distributions ($m) Net cash ($m) (2) (1) Robust balance sheet & flexible cost base enabled GKP to weather disruptions in H1 2026 while paying a $12.5m dividend $10m dividend announced, to be paid on 28 September 2026 Increases total 2026 dividends to $22.5m Follows careful consideration by GKP’s Board of: Operating environment & outlook Cash balance Ability to reduce expenditures Progress towards unlocking full PSC entitlement for export sales Export sales at international prices would support return to field development and drilling in 2027 Retain strategic focus on balancing investment with shareholder returns and robust balance sheet 91 48 70 120 82 102 78 63 (100) (100) (100) 2019 2020 2021 2022 2023 2024 2025 24 August 2026 Net cash $100m bond
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Summary & outlook
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16 Summary & outlook Remain focused on consistent strategic execution and shareholder value creation Protected assets, workforce and balance sheet while returning cash to shareholders Production and exports ramping up to prior levels Focused on unlocking full PSC entitlement for export sales at international prices 1 2 3 Total 2026 dividends increased to $22.5 million 4
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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 18 Gulf Keystone Petroleum at a glance A leading independent operator and producer in the Kurdistan Region of Iraq (KRI) ~41.6 kbopd Gross 2025(2) 416 MMstb Gross 2P reserves(3) $4.3/bbl 2025 Opex per barrel >155 MMstb Cumulative production(4) $22.5 million 2026 dividends(5) $63 million Cash(6) No debt $544 million Market cap(6) $480 million Enterprise value(6) Shaikan Field & key peer field locations (1) Kalegran B.V., a subsidiary of MOL Group (2) 2025 gross average production (3) Internally estimated gross 2P reserves as at 31 December 2025 (4) Total gross production since inception as at 23 August 2026 (5) $12.5m paid in April and $10m to be paid in September 2026 (6) As at 24 August 2026
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19 Key historical financials HY 2026 HY 2025 FY 2025 FY 2024 FY 2023 FY 2022 Gross production (bopd) 14,600 44,100 41,560 40,689 21,891 44,202 Dated Brent ($/bbl)(1) 92.3 71.9 69.1 80.8 82.6 101.4 Realised price ($/bbl)(2) 83.5 27.8 33.9 26.8 40.9 74.1 Discount to Brent ($/bbl) 8.8 44.1 35.2 53.9 41.7 27.2 Revenue ($m)(3) 82.8 83.1 193.1 151.2 123.5 460.1 Gross Opex ($/bbl) 9.6 4.2 4.3 4.4 5.6 3.2 Other G&A ($m) 4.3 4.6 9.3 11.4 10.5 12.2 Adjusted EBITDA ($m) 51.7 41.1 111.4 76.1 50.1 358.5 Profit/(loss) after tax ($m) 12.9 (7.2) 15.1 7.2 (11.5) 266.1 Net capex ($m) 18.3 18.1 38.8 18.3 58.2 114.9 Free cash flow ($m) (2.0) 24.6 29.1 65.4 (13.1) 266.5 Shareholder distributions 12.5 25 50 45 25 215 Net cash ($m) 61.1 99.0 78.2 102.3 81.7 119.5 (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 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