2011 half-yearly results Creating shareholder value High-impact exploration portfolio Consistent and repeatable strategy Ghana: Jubilee first production Sustainable long term value growth & fast track development Balance…
2011 half-yearly results Net income 1H 2011 v 1H 2010 m A significant improvement in Net Income primarily due to higher prices and production volumes partially offset by consequent higher taxes. Slide 9
2011 half-yearly results Revenue 1H 2011 vs 1H 2010 1H 2011 - 1,062m 1H 2010 - 486m 2011 Revenues increased by 119% with new production from the Ghana Jubilee field and higher commodity prices Slide 10
2011 half-yearly results Sources and uses of funds m 1H 2011 Net cash inflow 69m Cash inflow 1,515m Sources Operating cash flow 777m* (1H 2010:317m*) *) Uses 730m 112m Net loan drawdown 730m (1H 2010:403m) 175m Cash outflow…
2011 half-yearly results 2011 capital expenditure 1,500m forecast for 2011 Forecast 675m 825m 1,500m Ghana: Jubilee phase 1a development & Enyenra/Tweneboa appraisal & development Uganda: Exploration drill out and 715m 520m…
2011 half-yearly results The next phase of significant growth Significant value growth proposition; Consistent and repeatable strategy transforming scale again Sustainable long term value growth High-impact exploration in material…
2011 half-yearly results Tullow Oil plc 2011 half-yearly results Production & Development Paul McDade
2011 half-yearly results Strong production growth in 2011 Group working interest production Current production 100 Oil production U.K. Future production boepd (x000) 16 Other licence areas Gas production 80 12 8 Pakistan…
2011 half-yearly results Jubilee ramp-up ongoing; further developments underway kbopd Jubilee Production Jubilee Phase 1 continuing to ramp-up 140 Oil Production: 120 85k bopd increasing to 105k bopd in October 100 120k bopd in…
2011 half-yearly results Enyenra & Tweneboa - on track for sanction in 1H 2012 Resources Appraisal and testing being progressed P90 P50 P10 Appraisal drilling success at Tweneboa-4 Enyenra oil (mmbo) 100 200 550 Successful DSTs…
2011 half-yearly results Uganda - High levels of activity Memorandum of Understanding (MOU) Tullow signed a MOU with the Government of Uganda (GoU) on 15 March The Sale and Purchase Agreements (SPAs) for the farm down were signed on…
2011 half-yearly results Uganda - Preparing for the future High level of current activity Basin development planning Exploration and Appraisal drilling & testing Refinery to meet Ugandas needs Major development 3D seismic acquisition…
2011 half-yearly results Africa - sustaining mature production Central and West Africa Mature Production Infill Programmes Identified and Underway Sustaining mature production through capital investment Gabon: Reserve replacement of…
2011 half-yearly results Europe and Asia Nuon Acquisition of Netherlands based Nuon E&P BV Deal completed on 30th June 2011; cash consideration 300m Production set to increase with new developments Q411 and 2012 Focussing on…
2011 half-yearly results Developments to deliver production growth Jubilee plateau of 120,000 bopd by year-end Investment planned to sustain mature assets Development portfolio being progressed Jubilee Phase 1A Enyenra/Tweneboa…
2011 half-yearly results 71% global E&A ratio to date 1H 2011 UK 2 wells NETHERLANDS 1 well Seismic Key 9 Cameron (44/19b-7) 1,660 sqkm 8 Muscovite 8 Foxtrot (49/30b-10) 3D PSDM (E16-5) Acquisition ETHIOPIA Airborne Surveys…
2011 half-yearly results Exploration campaigns gather momentum over next 12 months Mauri-Tano Trend (a20 E&A wells) Jubilee Play Guyanas Trend (2 Wildcats) Jubilee Play East African Rift Basins (a10 Wildcats) Uganda follow…
2011 half-yearly results Equatorial Atlantic campaigns extending Jubilee play Prospective turbidites imaged in high-quality 3D seismic across Tullows Equatorial Atlantic acreage Jubilee play confirmed through successful E&A wells…
2011 half-yearly results Ghana E&A campaign continues to deliver results Six fields discovered since 2007 85% success ratio in E&A campaign (22/26) West Cape Three Points Licence drill out achieved Eastern area relinquished, new…
2011 half-yearly results Cte dIvoire - Jubilee follow-up prospects ready to drill Ready to extend Ghana success to western part of same basin High quality 3D seismic covers acreage Valuable tie to South Grand Lahou well Large…
2011 half-yearly results Liberian basin campaign commences with Montserrado well Further extending the Jubilee play Leveraging breakthrough discoveries at Venus-1 (2009) & Mercury-1 (2010) 10,000 sq km of high quality 3D data…
2011 half-yearly results Three major fan systems being explored in Guyanas Trend Cingulata Fan System offshore French Guiana being tested by strategic Zaedyus wildcat (GM-ES-1) Deep wildcat to target the Jaguar Fan System in Guyana…
2011 half-yearly results Uganda - Lake Albert Rift Basin E&A success continues Major oil basin 1.1 billion barrels discovered (P50) 1.4 billion barrels yet to find (P50) High success continues through technical excellence 96% E&A…
2011 half-yearly results Kenya & Ethiopia exploration campaign under way LEGEND FTG acquisition substantially completed revealing seven basins similar to the Lake Albert Rift Basin Ngamia-1 wildcat to spud in Lokichar Basin in…
2011 half-yearly results 12 month Exploration and Appraisal programme Country Block Drilling Candidates Interest Gross upside* Spud Date Deepwater Tano Tweneboa-4 DST 49.95% (op) 650 mmboe** In progress Deepwater Tano Enyenra-3A…
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