2016 Annual General Meeting Tullow Oil plc ANNUAL GENERAL MEETING 28 April 2016
2016 Annual General Meeting Early actions taken to position Tullow for future growth Decisive action taken Financial flexibility Fit for the future Re-set to deal with Step change for Tullow Portfolio with major low oil prices: with…
2016 Annual General Meeting 2015 Full Year Results summary 2015 (m) 2014 (m) Sales revenue 1,607 2,213 Gross profit 591 1,096 Administrative expenses (194) (192) Restructuring costs (41) - Loss on disposal (57) (482) Goodwill…
2016 Annual General Meeting Reducing capex and prioritising de-leveraging Major reductions in Group Capex 2016 capex guidance revised down to c.1.0bn; work ongoing to reduce capex to 900m Potential Group capex of c.300m from 2017…
2016 Annual General Meeting Material low-cost West Africa oil production Strong 2015 West Africa oil production: 66,600 bopd up 1,300 bopd on 2014 Gabon Eq Guinea 66,600 Cote d'Ivoire bopd Congo (Brazz) Mauritania Ghana…
2016 Annual General Meeting Jubilee: long-term asset with flexible investment opportunities Strong Jubilee performance in 2015 Average gross production: 103,000 bopd FPSO turret bearing issue Investigation ongoing and solutions…
2016 Annual General Meeting TEN on schedule to deliver first oil in July/August 2016 Project over 90% complete FPSO conversion complete - FPSO sailed from Singapore 23 Jan 16; zero carry over - Arrived Ghana early March; moored by…
2016 Annual General Meeting East Africa: Continued exploration and development decisions Kenya exploration & appraisal South Lokichar appraisal success continued Potential to increase most likely recoverable resources of up to 750m…
2016 Annual General Meeting New Ventures: High-grading our exploration portfolio Accessing acreage to build & rejuvenate portfolio Focus on low-cost material oil plays in Africa & Latin America Entry with partners for collaboration,…
2016 Annual General Meeting Conclusions Business equipped for the challenging environment Decisive action taken to re-set the business and this process continues Cut capex, costs, headcount and dividend 2016 marks step change with…
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