2011 full year results Tullow Oil plc 14 March 2012
2011 full year results Contents Section Page Introduction 4 Finance 6 Development and Operations 14 Exploration and Appraisal 22 Conclusions 37 Slide 3
2011 full year results Tullow Oil plc 2011 full year results Introduction Aidan Heavey
2011 full year results Positioned to deliver next stage of growth Jubilee production drives record financial results Uganda farmdown transforms the balance sheet Exploration opens third major new basin Appraisal success drives…
2011 full year results Tullow Oil plc 2011 full year results Finance Ian Springett
2011 full year results Creating shareholder value High-impact exploration portfolio Consistent and repeatable strategy Ghana; Jubilee production, Sustainable long term value growth progressing TEN project Balance exploration,…
2011 full year results 2011 full year results summary 2011 2010 Change Sales revenue 2,304 1,090 +111% Operating profit 1,132 262 +332% Net profit 689 90 +670% Basic earnings per share 72.5 8.1 +795% Dividend per share 12.0…
2011 full year results Net income 2011 v 2010 m 1,500 1,250 165m 501m 213m 1,000 34m 27m 750 294m 54m 500 711m 689m 250 90m 0 Net Income up 670%; higher prices and production volumes partially offset by related…
2011 full year results Revenue 2011 vs 2010 2011 - 2,304m 2010 - 1,090m 202m 339m Other 218m Europe Europe 21m Asia 930m Ghana 373m Eq. Guinea 307m 342m Gabon Eq. Guinea 447m 194m Gabon 21m Other Asia 2011…
2011 full year results Sources and uses of funds m 2011 Net cash outflow 31m Cash inflow 2,870m 3,250 Operating cash flow 1,903m* (2010:818m*) Sources Uses 87m 172m Net loan drawdown 880m (2010:886m) 2,750 297m Share proceeds 87m…
2011 full year results 2011 capital expenditure 1,990m for 2012 Ghana: Jubilee remediation and phase 1A & 2012 700m 300m 990m 1,990m TEN developments Uganda: Lake Albert Other Africa: WATM, Kenya ROW: South America, Europe 2011…
2011 full year results Strong balance sheet; Financed to deliver next stage of growth Record results and Uganda farmdown have transformed Tullows financials Strong, well funded balance sheet - Significant unused debt facilities -…
2011 full year results Tullow Oil plc 2011 full year results Development and Operations Paul McDade
2011 full year results Commercialising Reserves and Resources 2000 Reserves and Resources 1,743 mmboe 1800 Contingent Resources Commercial reserves - 298 mmboe 1600 Commercialised 1400 Commercial Reserves Contingent resources - 841…
2011 full year results Strong production growth in 2011 Group working interest production North Sea Current production Oil production boepd (x000) 100 20 Future production Africa Ghana Asia Europe 16 Other licence areas Gas…
2011 full year results Jubilee the next stage of development Jubilee Phase 1 activity continues Current performance: Oil production at c.70,000 bopd 30m barrels (30 cargos) safely produced & exported Water or gas injection support…
2011 full year results TEN POD submission expected in Q3 2012 Appraisal and testing supports field commerciality Appraisal drilling confirms oil at Ntomme-2A Successful Owo-1 flow test: combined rates of 20,000 bopd Successful…
2011 full year results Uganda next phase of activity Farmdown deal completed MoU & SPAs signed in March 2011 New PSAs signed by the GoU in February 2012 2.9bn farmdown completed in February 2012 Partnership poised for delivery…
2011 full year results Significant development investment activity in 2012 Current development activities Gabon - Onshore infill drilling continues at Niungo, Echira and Onal fields 2012 D&O capex spend - Offshore 3 well development…
2011 full year results Progress to commercialise resources continues in 2012 Uganda resources commercialised through sale; focus now on development Building Jubilee production through Phase 1 remediation and Phase 1A TEN project…
2011 full year results Tullow Oil plc 2011 full year results Exploration and Appraisal Angus McCoss
2011 full year results 74% global E&A success ratio in 2011 UK 2 wells NETHERLANDS 1 well Seismic Key 83% success rate in 2010 Acquisition Cameron (44/19b-7) Foxtrot (49/30b-10) 1,660 sq km 3D PSDM Muscovite-1 (E16-5) 87% success…
2011 full year results Exploration campaigns gather momentum over next 12 months North Atlantic Exploration Studies & Business Development Central Atlantic Major Exploration East African Rift Basins Campaign Launched (20 E&A…
2011 full year results Exploration enterprise value creation and monetisation Development & Operations Exploration Major Projects Core Campaigns Appraisal Business Basin Entry Discovery & follow-up Ghana drill-out & appraisal…
2011 full year results Multiple exploration campaigns in East Africa in 2012 East African Rift Basins Lake Albert Rift Basin in Uganda 1.1 Bbo discovered High impact West of Nile & Kanywataba campaigns Accelerated appraisal in…
2011 full year results High impact E&A campaign under way in Uganda High impact West of Nile campaign targets a cascade of prospects from Omuka to Raa Accelerated appraisal in support of basin development targets material undrilled…
2011 full year results Kenya-Ethiopia Rift Basins pioneering exploration Regional FTG gravity survey and ongoing 2D seismic campaign reveals scores of leads High impact drilling campaign commenced - Ngamia-1 wildcat currently…
2011 full year results Transatlantic nature of Jubilee play proven Jubilee follow-up exploration uses high-quality 3D seismic throughout Equatorial Atlantic Exploration drilling campaigns target prospectivity in West Africa and…
2011 full year results Pursuing appraisal opportunities in West Cape Three Points Positive E&A results in 2011 Continuing momentum in 2012 West Cape Three Points exploration drill-out achieved Teak-4 to be drilled 2012 targeting…
2011 full year results High impact exploration in Deepwater Tano Successful appraisal programme continues Appraisal programme nearing completion Tweneboa-3 confirms rich gas-condensate Ntomme-2A encounters 125 metre oil column…
2011 full year results Extending the Jubilee play west of Ghana Cte dIvoire Sierra Leone & Liberia High quality 3D seismic covers acreage Large Late Cretaceous fans mapped Large Jubilee-type fans mapped Sierra Leone equity…
2011 full year results Building an extensive operated portfolio in Mauritania Initial focus on oil exploration Encouraging core play diversity Stratigraphic Traps Salt Basins Carbonates Late Cretaceous turbidites are the initial…
2011 full year results Basin-opening discovery made with Zaedyus-1 well Cingulata Fan System offshore French Guiana tested by Zaedyus-1 wildcat (GM-ES-1) 72m of net oil pay discovered; sidetrack drilled to gather core data Zaedyus…
2011 full year results 12 month Exploration and Appraisal programme mmboe Country Block Prospect Interest Mean Gross Upside * Spud Date WEST & NORTH AFRICA CI-105 Kosrou-1 22.37% 265 650 In progress Cte dIvoire CI-103 Paon-1 45%…
2011 full year results 12 month Exploration and Appraisal programme (cont.) mmboe Country Block Prospect Interest Mean Gross Upside* Spud Date EUROPE, SOUTH AMERICA & ASIA K8 K8-FC-W (308) 9.95% 3 5 Top hole drilled The Netherlands…
2011 full year results Tullow Oil plc 2011 full year results Conclusions Aidan Heavey Slide 37
2011 full year results Financially strong and opportunity rich Jubilee production delivers record financial results Uganda farmdown transforms the balance sheet Exploration opens third major new basin Appraisal success drives…
2011 full year results Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Follow Tullow on: Email: chris.perrytullowoil.com
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