Tullow Oil plc 2009 Full year results 10 March 2010 2009 Full year results Slide 1
Contents Section Page Introduction 4 Finance 6 Production and Development 13 Exploration 23 Conclusions 33 2009 Full year results Slide 3
Introduction Aidan Heavey 2009 Full year results Slide 4
A company transformed World class developments in Ghana and Uganda - Jubilee Phase 1 on track; first oil Q4 2010 - Uganda farmdown and accelerated development Focus remains on material exploration and resources upside…
Finance Ian Springett 2009 Full year results Slide 6
Tullow is well positioned for further growth Consistent and repeatable strategy - Ghana: Jubilee discovery & fast track development Sustainable long term growth - Uganda: commercialisation, Balance exploration, major projects &…
2009 Full year results summary hfghfghfhfg 2009 2008 Change Sales revenue 582m 692m - 16% Operating profit 95m 300m - 68% Net profit 19m 226m - 92% Basic earnings per share 1.9p 30.9p - 94% Dividend per share 6.0p 6.0p 0%…
Net income 2009 v 2008 m 275 250 226m 225 200 60m 174m 175 150 42m 231m 125 39m 100 75 71m 80m 50 19m 25 0 2008 Price Volume Costs Expl Portfolio Tax IAS 39 2009 Write-offs Mgmt. 2009 Net income impacted…
Sources and uses of funds Cash inflow 905m 2009 Net cash outflow 113m (2008: 187m inflow) m Operating cash flow - 299m* (2008:588m*) 1100 Sources Uses - Lower UK gas prices and volumes 1000 119m Disposal proceeds - 6m…
Significant 2010 capital expenditure 990m forecast for 2010 Forecast 2010 - Ghana: Jubilee phase 1 development 990m & Tweneboa appraisal - Uganda: exploration and basin 2009 760m development - High-impact exploration: Africa &…
Implementation of financial strategy Selective capital Efficient Maintain strong, investment in key well funded balance portfolio development projects to sheet management maximise value Invest for exploration-led value…
Production & Development Paul McDade 2009 Full year results Slide 13
2009 Group production 58,300 boepd Group working interest production 100 Oil production 90 Gas production 80 U.K. 14,450 boepd Current production 70 Future production 60 Other licence areas boepd 50 40 Pakistan 30 300…
End 2009 Reserves and Resources - 894 mmboe 1000 Contingent Reserves and Resources 894 mmboe 900 Resources Commercial - Commercial reserves 300 mmboe 800 Reserves - Contingent resources 594 mmboe 700 600 Potential to migrate…
Jubilee Phase 1 a new deepwater benchmark On schedule and within budget First oil on schedule for Q4 2010 Costs remain within original budget of 3.1bn EIA approved in December 2009 Local infrastructure and resources on track EHS…
Jubilee Phase 1 project delivery on schedule DRILLING 13 new wells now drilled & 3 wells will be re-used 20 kbwpd injection test; communication seen over 6 km 50% of drilling & completion schedule complete Well completion…
Jubilee Phase 1 Significant progress within Ghana REGULATORY Installation & commissioning EIA approved December 2009 Emergency response, oil spill and security plans upgraded Safety Case undergoing independent design…
Ghana beyond Jubilee Phase 1 Jubilee Unit Area (5007001,000 mmbo) Phase 1b - early infill potential identified - 5 infill wells using existing infrastructure Phase 1c - up to 20 additional wells - further subsea infrastructure -…
The next phase for Lake Albert now under way Requirement for new partnership identified early Focus on a basin exploration strategy has delivered world-class results Transparent farmdown process pursued with GoU support (Oct 09)…
Uganda Block 2 Development (Phase 1) Extended Well Tests First oil production in Uganda in 2010 Delivery of key dynamic reservoir and process data EWT data will guide Kasamene and future developments Kasamene Crude to be sold to…
Delivering the next phase of production growth Existing Production Ensure 2010 production of 55-57,000 boepd Maintain existing asset performance through incremental investment New Developments Jubilee first oil in Q4 2010…
Exploration & Appraisal Angus McCoss 2009 Full year results Slide 23
87% global exploration success rate in 2009 Senegal Mauritania Netherlands Seismic Drilling 620 sqkm 1,064 sqkm 3D PSDM 1,140 sqkm 3D PSTM Acquisition Offshore 3D PSDM 1,880 sqkm 3D PSDM 1,064 sqkm Processing 3D PSDM Onshore…
Consistent exploration strategy: key to sustained success Bold exploration-led value growth programmes 500+ million annually in exploration & appraisal campaigns Additional 200+ million annually in portfolio rejuvenation through new…
Ghana: Exploration & appraisal continues to deliver Fields discovered since 2007 Jubilee, Odum & Tweneboa 2009 Appraisal 100% Success Mahogany-4, Mahogany Deep-2, Odum-2 Confirms extension of Upper Cretaceous oil plays 2010…
Ghana: Deepwater Tano high-equity accelerated E&A High impact & high value 2010 campaign Following up on successful plays Drilling out high potential exploration prospects Appraising discoveries Tweneboa/Owo/Ntomme (100 400 - 1,400…
Ghana: Realising more value in West Cape Three Points Stepwise 2010 -2011 campaign Extending plays east of Jubilee 3D seismic processing to enhance imaging Dahoma-1 (Southwest Channel) Satellite prospect in the southeast Jubilee…
Equatorial Atlantic West Africa: extending the Jubilee play First mover advantage 1H 2009 farm-ins Two licences in Sierra Leone & three in Liberia Venus discovery opens Liberian Basin Well proves working petroleum system Jubilee…
Equatorial Atlantic South America: Jubilee analogues Venus de-risks Guyana Basin Jubilee play probably extends across Atlantic Farmed out 33% (+12%) to Shell & 25% to Total Tullow carried for extensive 3D seismic & first wildcat…
Uganda: next steps in basinwide exploration & appraisal World-class basin discovered Over 800 mmbo discovered; over 1.5 Bbo yet to find 27 out of 28 wells successful (7 drilled in 2009) New partnership for accelerated basinwide E&A…
2010 Exploration and Appraisal programme Country Block Prospect Interest Gross upside* Spud Date southeast Jubilee/satellites 2 Well Campaign 22.9% 800 mmbo Drilling-Q3 2010 Exploration & Appraisal Ghana Tweneboa/Owo/Ntomme 3…
Conclusions Aidan Heavey 2009 Full year results Slide 33
A company transformed World class developments in Ghana and Uganda - Jubilee Phase 1 on track; first oil Q 4 2010 - Uganda farmdown and accelerated development Focus remains on material exploration and resources upside…
Tullow Oil plc 3rd Floor, Building 11 Chiswick Park, 566 Chiswick High Road London, W 4 5 YS Tel: +44 20 8996 1000 Fax+44 20 8994 5332 Investor Relations Contact Chris Perry: chris.perrytullowoil.com 2009 Full year results Slide…
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