Overview presentation A leading global independent exploration & production company 22 321mmboe 975mmboe 73,400 boepd 2C Contingent Countries 2P Reserves Resources production Figures at FY 2015 Established record of delivering…
Overview presentation The Tullow strategy Additional cash flow from new production Monetisation High Margin Exploration Selective Options & Production and Development Portfolio Cash flow Appraisal Management Costs &…
Overview presentation Future project pipeline making significant progress Future Development Projects Countries with ongoing operations Key oil producing countries TEN Development East Africa Development 90% project…
Overview presentation 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 TEN…
Overview presentation OVERVIEW PRESENTATION
Overview presentation 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…
Overview presentation Early action mitigates impact of low oil prices in 2015 Strong focus on cash from operations 100 99/bbl 98/bbl West African Increased to 67 kbopd in 2015 production TEN to deliver growth to around 100 kbopd in…
Overview presentation Industry leading hedge position Hedge strategy Tullow has proactively hedged production to protect revenues for more than 10 years Significant liquidity benefit through protecting future revenues and generating…
Overview presentation Managing balance sheet and liquidity bn 7 Overall End April 2016 net debt of c.4.5bn and facility Debt capacity available Drawings headroom and free cash at c.1.3bn under Committed Facilities liquidity 6 RBL…
Overview presentation Potential to reduce capex to c.300m at low oil prices 2,500 Major reduction in Capex Exploration East Africa Reduced 2016 Capex by 100m to 2,000 West Africa Non-op (incl Europe) 1bn; further reductions…
Overview presentation Capex flexibility and operating cash flow sensitivities bn Significant operating cash flow continues to be delivered at low oil prices; underpinned by 90/bbl hedges 80/bbl Capex flexibility creates surplus…
Overview presentation Tullow continues to be resilient to low oil prices Growing oil production Growing to c.100 kbopd in 2017; TEN onstream Revenues protected Significant hedging in place 2016 and 2017 Low cost operations…
Overview presentation OVERVIEW PRESENTATION
Overview presentation Strong delivery across West Africa production portfolio Strong FY 2015 West Africa oil production: 66,600 bopd 2017 West Africa oil production growing to around: 100,000 bopd 000 bopd *FY 2016 West…
Overview presentation Low cost West Africa portfolio to deliver c.100,000 bopd Tullow West Africa net development capex Material reduction in Ghana Opex 1400 Realising synergies from operating Jubilee & TEN in Ghana 1200 Reducing…
Overview presentation Jubilee: long-term asset with flexible investment opportunities Strong performance in 2015 FY15 average gross production: 103 kbopd FY16 guidance: under review Gas export system operating reliably Water…
Overview presentation TEN on schedule to deliver first oil in July/August 2016 Project over 90% complete FPSO conversion complete - FPSO sailed 23 January 2016; zero carry over - Arrived early March; moored by mid-March - Ongoing…
Overview presentation TEN to deliver significant Group cash flow from 2H 2016 Base case development 300 mmboe reserves being developed - 80% oil 24 well development Gross development capex of c.4 bn to first oil Leased FPSO,…
Overview presentation East Africa: developments making steady progress Export pipeline decision East Africa Governments to develop separate export pipelines in Kenya and Uganda Uganda pipeline through Tanzania to port of Tanga…
Overview presentation Kenya: Identifying upside in South Lokichar Basin Material proven oil basin 9 oil accumulations discovered Potential to increase recoverable resources up to 750 million barrels of oil Potential upside of 1…
Overview presentation Growing portfolio of low cost oil 2P Commercial Reserves and 2C Contingent Resources Total Resource Potential as of 31 December 2015 as of 31 December 2015 East Africa 2P Commercial Reserves 49% 321.8…
Overview presentation Business differentiated by strong delivery and quality assets Production West Africa on track to deliver c.100k bopd in 2017 Operating costs Reducing Opex per barrel in Ghana Delivery Incremental capex…
Overview presentation OVERVIEW PRESENTATION
Overview presentation Sustaining exploration upside at low cost Exploration capital expenditure m Material acreage access building & rejuvenating Focus on low-cost material oil plays in Africa & Latin America Entry with partners for…
Overview presentation Onshore East Africa: Finding low-cost oil Location Activity Uganda Lake Albert 17+ oil fields discovered (90% success) Basin 1.7 billion barrels of oil discovered Kenya North Basin margin play unsuccessful at…
Overview presentation West Africa: Long-term future upside Near field upside in Ghana: 3D/4D seismic, quantitative interpretations & reservoir modelling Major basins with proven oil systems & shelf edge plays lower cost to develop…
Overview presentation Latin America: Long-term future upside Basins with proven oil systems & shelf edge plays lower cost to develop Seismic evaluation ongoing to high-grade prospects for future selective drilling Pursuing…
Overview presentation TULLOW OIL PLC 2015 FULL YEAR RESULTS
Overview presentation Low cost production and competitive cost base Realized oil price per bbl ()1 Operating costs per boe ()2 Brent avg. 79.5 111.3 111.7 108.7 98.9 52.4 18.6 16.5 108.0 108.0 105.7 97.5 14.6 15.1 13.5 78.0…
Overview presentation Net income 2015 v 2014 m 2014 Price Hedging Volume Cash DD&A Admin Restructuring Disposals Goodwill E&E Impairment Provision Other Net Tax 2015 Operating Expenses Costs Impairment Write for onerous Financing…
Overview presentation Sources and uses of funds Cash inflow 2,388m 2015 Net cash inflow 44m m Sources Uses Operating cash flow 1,316m* (2014:1,516m*) 56m Net loan draw down 977m (2014:1,198m) 232m Disposals 56m (2014:21m) Cash…
Overview presentation Suriname: Exciting material prospects in Blocks 47 & 54 Block 54 farmed-down (Tullow Oil 30% op) converting licence equity into carries Demerara Plateau 3D seismic survey reveals exceptionally high-quality…
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