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…
Overview presentation PRODUCTION & DEVELOPMENT ASSET BASE TEN field East Africa Development First oil achieved in August 2016 Estimated 750m bbls of discovered FPSO gross capacity of 80,000 bopd resources in Kenya (net WI…
Overview presentation A NEW MANAGEMENT TEAM THE FIRST 90 DAYS Management change Listening & reflecting Planning & actions New CEO & CFO Gauging perceptions Objectives set for the from our investors short to medium-term…
Overview presentation A BALANCED E&P BUSINESS FOCUSED ON RETURNS Business foundations Disciplined approach Future value generation Highly experienced Monetisation team Maximising revenue Proven operating from production…
Overview presentation KEY SHORT TO MEDIUM-TERM OBJECTIVES Continued strengthening of Balance Sheet Free cash flow Funding Portfolio Management Maximise free cash flow Progress monetisation options through increased…
Overview presentation WELL POSITIONED FOR THE FUTURE Strong business foundations Delivering shareholder returns Experienced, broader Disciplined investment focused management team on returns High-quality, low-cost asset…
Overview presentation
Overview presentation FINANCIAL STRATEGY BUILT ON FIRM FOUNDATIONS Financial foundations Disciplined approach Future value generation Strong team with key relationships Minimum 0.5bn Re-set business with liquidity headroom…
Overview presentation 2017 HALF YEAR RESULTS SUMMARY Underlying cash Revenue Adjusted EBITDAX Profit/(Loss) after tax operating costs 788 million 11.9/boe 544 million (309)million (1) 1H 2016: 541 million 1H 2016: 13.4/boe…
Overview presentation A STEP CHANGE IN GEARING IN 1H 2017 1H 2017 gearing reduced to 3.3x Good progress in the first half 5.1x Net debt reduced by 1bn to 3.8bn Reduced gearing achieved through: - Equity proceeds of 0.7bn 3.3x…
Overview presentation BALANCE SHEET, DEBT PROFILE AND LIQUIDITY bn Liquidity c.1.2bn facility headroom and free cash at Committed Debt Facilities Drawings 31 Oct 2017 6 Minimum 0.5bn headroom going forward RBL Successful…
Overview presentation HEDGING STRATEGY Prudent approach provides significant benefits to the business Tullow has proactively hedged production to protect revenues over the last 10 years Significant liquidity benefit through…
Overview presentation CONSIDERABLE CAPEX FLEXIBILITY Disciplined capital allocation Capital allocated to strike the right balance between deleveraging and growth All investment screened against strict commercial and technical…
Overview presentation 2017 CAPITAL ALLOCATION 1800 Ghana 1600 West Africa non-op (incl Europe) Exploration 2017 Capex of c.0.3bn East Africa 1400 FY 2017 capex forecast lowered to 0.3bn Uganda (to be offset by farm-down) Low…
Overview presentation RIGOROUS FOCUS ON COSTS Underlying 1H 2017 cash operating costs compared to production A leaner, more efficient business 60,000 60 Exit/Decom Core 415m delivered of targeted 500m cash cost savings 50,000…
Overview presentation FOUNDATIONS FOR GROWTH Actual and forecast future oil production Good progress made in the first half Ghana On a pathway…
Overview presentation
Overview presentation WEST AFRICA CASH GENERATING PRODUCTION BUSINESS Business fundamentals Material production base from Ghana Low operating costs, targeting c.8/bbl Significant resource base underpins future production…
Overview presentation JUBILEE FIELD UPDATE Turret remediation project Interim Temporary heading completed spread moor All equipment installed Tugs removed Stabilise turret Turret modifications for long-term bearing operations…
Overview presentation TEN FIELD UPDATE Successful project execution and completion Project delivered on time and on budget FPSO tested in excess of design capacity (80,000 bopd) Production data supports oil in place and reserves…
Overview presentation
Overview presentation EAST AFRICA DISCOVERIES LEADING TO MATERIAL PRODUCTION Business fundamentals Over 2 billion bbls of resources discovered Low-cost material resource developments Track record of monetisation Progressing…
Overview presentation UGANDA DEVELOPMENT Farm-down to Total announced 900m consideration: - 200m cash - 100m on completion, 50m at FID, 50m at first oil - 700m in deferred consideration Deferred consideration exceeds Tullows…
Overview presentation KENYA DEVELOPMENT Current E&A programme complete South Lokichar E&A programme completed; analysis ongoing Successful water injection tests support water flood & recovery Progressing Full Field Development…
Overview presentation EAST AFRICA: EXPLORING REGIONAL OIL PLAY Location Activity Uganda Lake Albert Basin 17+ oil fields discovered (90% success) Estimated 1.7 billion barrels of oil discovered Kenya North Turkana Basin Basin…
Overview presentation
Overview presentation NEW VENTURES VALUE GENERATING EXPLORATION PORTFOLIO Business fundamentals Approach focused on building value Oil-focused acreage in known geology & geographies Strict commercial and technical screening of…
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…
Overview presentation NEW VENTURES: CAMPAIGNS FOCUSED ON LONG-TERM VALUE Commercial screening Off-limits Exploration Tested at 50/bbl Ultra-deepwater Low cost of supply Value accretive Deepwater gas High margin oil Shale…
Overview presentation EXPLORATION & APPRAISAL ACTIVITY IN 2017 JAMAICA MAURITANIA KENYA Walton Morant (100%) C3 (90%), C-10 (76.5%) Block 12A (50%) 2D Seismic 3D Seismic 2D Seismic Block 10BB/13T (50%) 3D Seismic CTE DIVOIRE…
Overview presentation SOUTH AMERICA: HIGH-IMPACT PROSPECTS Jamaica: Interpreting new 2D seismic data; 3D seismic survey planned for 2018 Guyana: attractive acreage up-dip of Liza-1 oil discovery; acquired 3D seismic in 2017…
Overview presentation GUYANA-SURINAME: EXCELLENT POSITION IN NEW OIL PROVINCE Suriname: Araku-1 in Suriname drilled in Q4 2017 (11m net to Tullow, Operator 30%) No commercial discovery made but presence of gas condensate de-risks…
Overview presentation AFRICA: HIGH-IMPACT LEADS AND PROSPECTS Mauritania: exploration focus shifted to low-cost shelf-edge oil plays, 3D seismic acquired in 2017 Zambia: extension of East African Rift Basin Play; High Gravity…
Overview presentation Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT Follow Tullow on: United Kingdom Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Email: irtullowoil.com Web: www.tullowoil.com…
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