Exploration-led strategy delivering results in 2010 Jubilee Phase 1 on track and progressing other Ghana developments Significant progress made commercialising Ugandan resources Exceptional exploration success continues with Owo…
Finance Ian Springett 2010 Half-yearly Results Slide 6
Net income 1H 2009 v 1H 2010 m 175 150 125 71m 100 89m 21m 4m 32m 26m 20m 21m 75 119m 50 31m 1H 1H 25 2009 2010 0 1H 2009 Price Volume Costs Expl Net finance Portfolio Tax IAS 39 1H 2010 write-offs fees…
Sources and uses of funds Cash inflow 2,170m 1H 2010 Net cash inflow 1,347m (1H 2009: 229m outflow) Operating cash flow - 317m* (1H 2009:170m*) m Sources Uses 2,400 Equity placing - 1,449m (1H 2009:565) 2,200 Net loan drawdown 403m…
Significant 2010 capital expenditure 1,500m forecast for 2010 Forecast 2010 1,483m - Ghana: Jubilee phase 1 development 1,500m & Tweneboa appraisal - Uganda: exploration and basin 2009 1,140m development - High-impact exploration:…
Creating stakeholder value - Ghana: Jubilee discovery Consistent and repeatable strategy & fast track development Sustainable long term growth - Uganda: commercialisation, Balance exploration, major projects & funding pre-emption…
Production & Development Paul McDade 2010 Half-yearly Results Slide 12
1H 2010 Group production 55,800 boepd Group working interest production 1H 2010 000s Actual production 100 Oil production 90 Gas production 80 U.K. 12,700 boepd Current production 70 Future production 60 Other licence areas…
Jubilee Phase 1 First oil remains on schedule Continue to deliver on all fronts FPSO arrived in Ghana in June 2010 On schedule for first oil Nov/Dec 2010 - FPSO risers being installed - Subsea installation c.85% complete - Well…
Jubilee Phase 1 Final activities underway DRILLING 100% of drilling completed Drilling performance best-in-class for West Africa 3rd well completion in progress Interference tests confirm good reservoir continuity Well programme…
Jubilee Phase 1 Significant progress within Ghana REGULATORY Installation & commissioning EIA approved December 2009 Independent verification of FPSO Safety Case completed Permit to operate facilities expected by October 2010…
Beyond Jubilee Phase 1 Future Ghana potential Phase 1a Jubilee Unit Area Reserves and Resources (mmbo) Infill programme potential of 5-8 wells Phase 1 Phase 1a Phase 1b Designed to maintain FPSO plateau 17 wells 5-8 wells 10-20 wells…
Significant progress commercialising Ugandan resources E&A activity delivering material resources (9 successful wells YTD) Tullow: CNOOC: Total (1/3:1/3:1/3) partnership agreed with GoU Heritage Oil assets in Blocks 1&3A acquired…
Uganda Block 2 Development (Phase 1) Extended Well Tests On track for delivery by end 2010 EWT equipment is in country, construction in 2H 2010 Kasamene Central Processing Crude sales agreements to local industry progressing…
Delivering the next phase of production growth Existing Production 2010 production forecast increased to 57-58,000 boepd Continue to maintain field performance through incremental investment Ongoing Major Developments Jubilee…
82% global exploration success rate in 1H 2010 French Guiana Guyana Netherlands Seismic Drilling Gabon 2 wells 1,889 sqkm 2,424 sqkm Acquisition Offshore 94 of 2,494 OMOC-N-1 3D PSDM 3D PSDM sqkm 3D Processing Onshore Noix de…
Ghana programme delivering excellent results Four fields discovered since 2007 Jubilee world-class oil field under development Odum potential satellite development Tweneboa significant oil and gas-condensate field Owo major new…
Two major discoveries from high-equity campaign Tweneboa and Owo transform Deepwater Tano Greater Tweneboa Area comprises two major fields Accelerated appraisal required to mature resources Volumes being assessed post Owo-1…
South American campaign to commence in early 2011 Exploring Atlantic twin basins Jubilee play being pursued across Atlantic Material offshore acreage position in three countries French Guiana Seismic completed in March 2010 Very…
Uganda - 1 billion barrels of oil discovered to date Milestone volume achieved 1 Bbo discovered (P50); over 1.5 Bbo yet to find (P50) 35 out of 36 wells successful (9 drilled in 2010) Accelerated basin-wide E&A commenced High impact…
Exploration-led strategy delivering results in 2010 Jubilee Phase 1 on track and progressing other Ghana developments Significant progress made commercialising Ugandan resources Exceptional exploration success continues with Owo…
Tullow Oil plc 3rd Floor, Building 11 Chiswick Park, 566 Chiswick High Road London, W4 5YS Tel: +44 20 8996 1000 Fax: +44 20 8994 5332 Investor Relations Contact Chris Perry: chris.perrytullowoil.com 2010 Half-yearly Results…
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