T ll Tullow Oil plc l 2009 Half-yearly H lf l RResults lt 26 August 2009
Contents S ti Section P Page Introduction 4 Finance 6 Production & Development 12 Exploration & Appraisal 20 Conclusions 28 2009 Half-yearly Results Slide 3
Delivering in a challenging economic climate World class discoveries in Ghana and Uganda Jubilee Phase 1 on track; Plan of Development approved Developing commercial options for Uganda Strengthened balance sheet Generating…
Finance Ian Springett 2009 Half-yearly Results Slide 6
Operational performance Revenue Revenue Sales revenue 291m m 378m 291m 400 Production down 16% to 59,265 boepd* - Investment focus on Ghana and Uganda 96m Realised oil price down 34% to 53.0/bbl (1H08:80.1/bbl) Realised gas price…
Sources and uses of funds Cash inflow 506m m 1H09 Net cash outflow 142m (1H08: 49m outflow) 700 Operating cash flow - 107m* (1H08:295m*) Uses 105m - Decreased commodity prices, lower volumes 600 Disposal proceeds - 7m (1H08:35m)…
Increased 2009 capital expenditure 750m now forecast for 2009 Forecast 2009 750m - E&A - Uganda and Sierra Leone - Ghana h development d l d drilling ll acceleration l 2008 480m 2009 capital split 65:35 between Production &…
Financial strategy 2009 Financial flexibility materially enhanced in 2009 - Secured 2bn financing - Successful equity placing - Gearing reduced to 25% as at 30 June 2009 Looking forwards Overall objective to create sustainable…
Production & Development Paul McDade 2009 Half-yearly Results Slide 12
Strong operational delivery Jubilee Phase 1 remains on track for 2H 2010 first oil Formal approval of the Jubilee Phase 1 Plan of Development received Planning underway for the early commercialisation of Ugandan crude Strong…
Ghana - Jubilee Phase 1 and beyond Jubilee Phase 1 first oil 2H 2010 Jubilee Phase 1 Government approval of development plan in place production ramp up 000' bopd EIA on schedule for October 2009 approval 140 120 Development…
Jubilee Phase -1 Project delivery on schedule DRILLING Six new development wells & three top hole sections drilled 20kbd flow rate on re-completed M-1 well 33% of drilling & completion schedule complete Focus is now moving to well…
Jubilee Phase 1 Significant progress within Ghana REGULATORY Phase 1 Plan of Development approved Jubilee Unit Agreement signed EIA approval submitted August 2009 for approval October INFRASTRUCTURE Takoradi shorebase…
Lake Albert development plan: Taking the first steps Ugandan Resources Multi billion barrel basin potential Discovered Resources Significant resources already discovered 2bn Major on/offshore prospects to be drilled Prospective…
Uganda Kasamene & Kingfisher developments Key development objectives Achieve milestone of first oil production in Uganda Phased approach to optimise subsequent phases Minimise environmental footprint Develop hub concept - enable…
Group Production & Development performance 1H 2009 production First half production 59,265 boepd Asia 9% Excellent performance from African & Asian assets - Ceiba and Okume exceeding expectation Europe - Espoir FPSO upgrade project…
90% global exploration success rate in 2009 to date Seismic Drilling Netherlands Acquisition Offshore 1,140 1 140 sqkm P Processing i Onshore 3D PSTM Full Tensor Gravity Mauritania 1,064 sqkm Guyana 3D PSDM Gabon Pakistan…
World-class opportunities offshore Ghana New deepwater plays opened Jubilee field discovery June/August 2007 Odum Od discovery di February F b 2008 Tweneboa discovery March 2009 Jubilee field appraisal (600-1200-1800 mmbo)…
Key Exploration & Appraisal wells in Ghana Greater Jubilee appraisal area Tweneboa exploration & appraisal area 2009-2010 Exploration & Appraisal wells Mahogany-4 M h 4 Tweneboa-2 Mahogany Deep-2 Teak-1 M h Mahogany-55 Owo-1…
West African Equatorial Atlantic follow up of Jubilee play Commanding acreage position working the Jubilee play westwards and eastwards Jubilee play expanded westwards with success at Tweneboa and now moves into Cote dIvoire A…
Uganda exploration continues to deliver Exceptional success in Lake Albert Rift Basin 27 wells drilled so far 26 found hydrocarbons 8 discoveries di i outt off 9 wells ll in i 2009 700 mmbo discovered (excluding Ngassa) Over…
Butiaba acceleration through new low cost technology Low cost GraviSeisTM accelerates appraisal Butiaba oil fields defined in 3D Identifies Id tifi new prospects t Significant cost savings (5% of 3D seismic) Negligible…
Exploration and Appraisal programme Country Block Prospect Interest Gross upside Spud Date WCTP pp Greater Jubilee Appraisal Various 1,800 mmbo Sept p 09/2010 Ghana DWT Tweneboa 49.95% (op) 1,400 mmboe Q1 2010 WCTP/DWT E&A…
Conclusions Outstanding exploration portfolio Delivering world class developments Strengthened balance sheet Well positioned to create significant further shareholder value 2009 Half-yearly Results Slide 29
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 2009 Half-yearly Results Slide…
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