Overview presentation A leading global independent exploration & production company Established record of delivering successes The business has developed organically and through acquisitions since 1985 Diversified world-class asset…
Overview presentation Flexible, disciplined, proven E&P company Action taken Solid business base Focus on growth Business reset Low-cost High-impact and restructured production exploration assets Deleveraging under Team with…
Overview presentation OVERVIEW PRESENTATION
Overview presentation Rights issue Reducing debt and enabling growth Rights Issue rationale: Tullow believes its gearing is too high Worked hard to reduce costs and re-set the business Brought TEN on stream and entered into Uganda…
Overview presentation Deleveraging accelerates opportunities for growth West Africa: East Africa: New Ventures: Extend revenues Build value Frontier exploration Target upside in operated Further E&A in Kenya to High impact…
Overview presentation OVERVIEW PRESENTATION
Overview presentation Proactive financial management Self-help delivery Deleveraging started Prudent financing Cash cost savings Free cash flow in 2017 Liquidity headroom Significant G&A cash savings TEN production onstream 345m RBL…
Overview presentation Disciplined capital allocation targeting areas of future growth 1800 Ghana 2016 Capex of c.0.9bn 1600 West Africa non-op (incl Europe) Exploration c.20% down from initial forecast of 1.1bn East Africa 1400…
Overview presentation Hedging strategy provides protection to oil price volatility Prudent approach provides significant benefits to the business Tullow has proactively hedged production to protect revenues over the last 10 years…
Overview presentation Managing balance sheet, debt diversification and liquidity bn Liquidity c.1.2bn facility headroom and free cash in May Committed Debt Facilities Drawings 2017 6 Minimum 0.5bn headroom going forward 5 RBL…
Overview presentation OVERVIEW PRESENTATION
Overview presentation A sustainable future production base Key production and development Countries with ongoing operations Key oil producing countries TEN field Kenya Estimated 750m bbls of discovered First oil achieved in…
Overview presentation Significant pipeline of high-margin production growth Actual and forecast future oil production 2016 Production Future estimated potential production West Africa oil production: 65,500 bopd* CWA 150 Europe…
Overview presentation TEN on stream following successful project delivery Successful project execution and completion Project delivered on time and on budget FPSO tested in excess of design capacity (80,000 bopd) Production data…
Overview presentation Jubilee & TEN Material, long-life and low-cost fields Ghana underlying cash operating costs/bbl Operating cost reductions 15.0 Underlying cash opex reduced to 9/bbl in 2016 Opex/bbl Opex /bbl Targeting…
Overview presentation Additional cash flow from future Uganda production Farm-down to Total announced 900m consideration: - 200m cash - 100m on completion, 50m at FID, 50m at first oil - 700m in deferred consideration Deferred…
Overview presentation Preparing Kenya asset for development Continuing to de-risk and build on resources South Lokichar E&A programme ongoing Appraisal wells to test upside in Amosing & Ngamia Successful water injection tests…
Overview presentation OVERVIEW PRESENTATION
Overview presentation Exploration central to long-term growth strategy Focus on low-cost, high-margin, light oil plays Portfolio of high-impact prospects suited to current environment Working on our seismic and geological assets to…
Overview presentation New venture campaigns focused on long-term value Commercial Screening Off-limits Exploration Tested at 50/bbl Low cost of supply Ultra-deepwater Value accretive Deepwater gas High Margin Oil Shale oil…
Overview presentation Substantial E&A activity in 2017 laying foundations for growth JAMAICA MAURITANIA KENYA Walton Morant (100%) C3 (90%), C-10 (76.5%) Block 12A (40%) 2D Seismic 3D Seismic 2D Seismic Block 10BB/13T (50%) 3D…
Overview presentation Onshore East Africa: exploring regional oil play Location Activity Uganda Lake Albert 17+ oil fields discovered (90% success) Basin Estimated 1.7 billion barrels of oil discovered Kenya North Basin margin…
Overview presentation E&A in Kenya to prove up resources Proven oil basin 13 exploration prospects drilled 11 oil accumulations discovered 21 appraisal wells drilled for delineation & testing Tullow estimates 750 mmbo mean…
Overview presentation Guyana-Suriname: excellent position in new oil province Liza-1 deepwater oil discovery significantly de-risks the basin & Tullows regional acreage Araku: Estimated 500mmbo prospect in four-way structural…
Overview presentation Guyana: prospects up-dip of Liza-1 discovery, in shallow water Exploration activity commenced 3D seismic programme to commence in Q1 2017 Jubilee-like setting up-dip of Liza oil discovery Estimated well cost…
Overview presentation High-impact South America prospects Jamaica: early stage of frontier exploration, interpreting new 2D seismic data Guyana: attractive acreage up-dip of Liza-1 oil discovery; acquiring 3D seismic in 2017…
Overview presentation Africa: Shallow water plays and Cretaceous turbidite leads Mauritania Namibia Shallow water plays focused around oil kitchen Multiple Cretaceous leads in high-quality 3D seismic Low-cost, high-impact…
Overview presentation High-impact African leads and prospects LAKE MWERU WANTIPA BASIN Mauritania: exploration focus shifted to low-cost shelf-edge oil plays, 3D seismic planned for 2017 Zambia: extension of East African Rift…
Overview presentation OVERVIEW PRESENTATION
Overview presentation Affirmation of Jubilee insurance cover Revised Remediation Spread operating solution moor FPSO Install Deepwater Identification Temporary Permanent of issue procedures designed heading heading Offloading…
Overview presentation Ghana acreage Slide 36
Overview presentation Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Follow Tullow on: Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Email: irtullowoil.com Web: www.tullowoil.com
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