2010 full year results 9 March 2011 Tullow Oil plc 2010 full year results
2010 full year results Contents Section Page Introduction 4 Finance 6 Production and Development 13 Exploration 22 Conclusions 34 Slide 3
2010 full year results Tullow Oil plc 2010 full year results Introduction Aidan Heavey
2010 full year results A transformational year for Tullow First Oil from Jubilee establishes Tullow as a successful deepwater operator Portfolio of major new oil fields to be developed Frontier exploration to open new basins in…
2010 full year results Tullow Oil plc 2010 full year results Finance Ian Springett
2010 full year results Creating shareholder value Consistent and repeatable strategy High-impact exploration portfolio Sustainable long term value growth Ghana: Jubilee discovery & fast track development Balance exploration, major…
2010 full year results 2010 results summary 2010 2009 Change Sales revenue 1,090m 916m + 19% Operating profit 235m 151m + 56% Net profit 73m 31m + 137% Basic earnings per share 6.1c 3.2c + 90% Dividend per share 6.0p 6.0p No…
2010 full year results Net income 2010 v 2009 m 275 250 225 7m 18m 200 175 72m 191m 150 125 100 78m 20m 75 32m 50 73m 25 31m 0 2009 Price Volume Costs / Expl Tax IAS 39 Portfolio 2010 Net Fin fees Write-offs…
2010 full year results Sources and uses of funds 2010 Net cash inflow 90m Cash inflow 3,164m (2009: 228m outflow) m Operating cash flow 818m* (2009:464m*) Sources Uses Disposal of oil & gas assets 7m (2009:17m) 86m 886m Equity…
2010 full year results Significant 2011 capital expenditure Forecast 1,500m forecast for 2011 2011 850m 650m 1,500m Ghana: Jubilee phase 1a development & Owo/Tweneboa appraisal & development P&D Uganda: Exploration drillout and Lake…
2010 full year results Implementation of financial strategy Selective development Well funded balance sheet; Active portfolio investment to maximise value increasing operational cash flow management Invest for exploration-led…
2010 full year results Tullow Oil plc 2010 full year results Production & Development Paul McDade
2010 full year results Jubilee Phase 1 World-class project now on production Exceptional delivery Jubilee field discovered June 2007 FPSO arrived in Ghana on schedule June 2010 Production commenced 28 Nov 2010 Presidential First…
2010 full year results Jubilee and WCTP development opportunities Jubilee Phase 1a Jubilee Unit Area Reserves and Resources (mmbo) Infill programme of 5 to 8 wells Phase 1 Phase 1a Phase 1b Designed to maintain FPSO plateau 17 wells…
2010 full year results Enyenra & Tweneboa Ghanas next major development Extensive appraisal and testing Resources Successful Enyenra-2A and Tweneboa-3 P90 P50 P10 Further appraisal in 2011 2-4 wells Enyenra oil (mmbo) 100 200 550…
2010 full year results Uganda Preparing for an active 2011 Memorandum of Understanding (MOU) Delay in recent weeks due to Ugandan elections MOU terms agreed and documentation being finalised Operational Restart Drilling operations…
2010 full year results Good development progress across global portfolio Africa Cte dIvoire - FPSO upgrade completed in 2010 in preparation for infill drilling in 2012-2013 Equatorial Guinea - 4-D time lapse seismic acquired in…
2010 full year results Strong production growth in 2011 Current production Group working interest production U.K. Oil production Future production 100 boepd (x000) 16 Other licence areas Gas production 12 80 8 Pakistan…
2010 full year results Reserves and Resources summary 1600 Reserves and Resources 1,387 mmboe 1400 Reserves Resources Commercial reserves 294 mmboe 1200 Contingent resources 1,093 mmboe mmboe 1000 800 Ghana & Uganda…
2010 full year results Conclusion Strong safety and environmental performance Tullow established as a competent deepwater operator Enyenra/Tweneboa next Operated deepwater mega-project Five rig programme planned for Uganda E&A…
2010 full year results Tullow Oil plc 2010 full year results Exploration and Appraisal Angus McCoss
2010 full year results Exploration-led value growth continues to move the needle Mauri-Tano Trend Mauritania-Senegal deepwater basin Liberian deepwater East African basin Ivorian-Tano rift basins deepwater basin…
2010 full year results 83% global exploration and appraisal success rate in 2010 FRENCH GUIANA GUYANA NETHERLANDS GABON 10 wells 94 of 2,494 1,889 sqkm 1,660 sqkm 3D OMOC-N-1 OMOC-N302 S/T sqkm 3D 3D PSDM OMOC-N301 OMOC-103 171 km…
2010 full year results Ghana E&A programme delivering excellent results Six fields discovered since 2007 Jubilee world-class producing oil field Mahogany East appraised tie back to Jubilee Odum potential satellite development…
2010 full year results Two new fields in Ghana Enyenra & Teak Enyenra-Tweneboa Area Teak Turbidite channels & fans in vast 200 sqkm system 73m net hydrocarbons in Campanian & Turonian Excellent quality reservoirs 50-100-200 mmboe…
2010 full year results Jubilee play pursued throughout Equatorial Atlantic region Industry-leading acreage on Late Cretaceous turbidite sweet spots throughout Equatorial Atlantic region Geological model being successfully tested…
2010 full year results Following up on Liberian basin discoveries Mercury & Venus follow up in Liberian Basin Critical Jubilee-play risks overcome through immediate success at Venus B-1 & Mercury-1 Operator has confirmed Discoverer…
2010 full year results Testing the Jubilee-play in South America Drilling Zaedyus in French Guiana Giant turbidite fan system confirmed by 3D seismic Bigger than the Ghana fan system Numerous prospects mapped High risk with high…
2010 full year results Uganda : Lake Albert Rift Basin E&A success continues High success ratio through technical excellence 38 out of 39 wells found hydrocarbons High quality seismic & FTG unlock basin potential Main play fairways…
2010 full year results Exploring in Kenya & Ethiopia to replicate Ugandan success Three Major Rift Trends Western Tertiary Rift Trend Lake Albert Rift Basin 2.5 Bbo Prolific Victoria Nile Delta Play Eastern Tertiary Rift Trend…
2010 full year results 2011 Exploration and Appraisal programme Country Block Prospect Interest Gross upside* Spud Date Tweneboa-4 Q2 2011 49.95% (op) 650 mmboe** Tweneboa-DST Q2 2011 Deepwater Tano Enyenra-3A Q3 2011…
2010 full year results 2011 Exploration and Appraisal programme (cont.) Country Block Prospect Interest Gross upside* Spud Date Uganda Block 1&2 Butiaba E&A Various 1,000 mmboe In progress 10BB North Kerio 50% 75 mmboe 2H 2011…
2010 full year results Tullow Oil plc 2010 full year results Conclusions Aidan Heavey
2010 full year results A transformational year for Tullow First Oil from Jubilee establishes Tullow as a successful deepwater operator Portfolio of major new oil fields to be developed Frontier exploration to open new basins in…
2010 full year results Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT Tel: +44 203 249 9000 Fax: +44 203 249 8801 Investor Relations Contact Chris Perry: chris.perrytullowoil.com 2010 Half-yearly…
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