Overview presentation AN OVERVIEW OF OUR BUSINESS WI production1 100 80 Business Delivery Teams (kboepd) Ghana production West Africa 60 80 (kboepd) 1 94.7 90.3 40 75.2 73.4 71.7 60 East Africa Mauritania 40 20 20…
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 DELIVERING ON OUR OBJECTIVES Continued strengthening of Balance Sheet Free cash flow Funding & Balance sheet Portfolio management Strong production performance Significant debt reduction Uganda farm-down…
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 FULL YEAR RESULTS SUMMARY Underlying cash Revenue Adjusted EBITDAX (Loss) after tax operating costs 1,723million 11.1/boe 1,346million (189)million FY 2016: 1,270 million FY 2016: 14.3/boe FY 2016:…
Overview presentation A STEP CHANGE IN NET DEBT AND GEARING Gearing reduced to 2.6x approaching policy target Significant progress towards policy Net debt 4.8bn Net debt reduced by 1.3bn 5.1x - Equity proceeds of 721 million -…
Overview presentation PROACTIVE MANAGEMENT OF BALANCE SHEET MATURITIES No material near-term debt maturities bn Debt Facilities and Headroom (as of March 31, 2017) 1 5 following recent Senior Notes issue and RBL refinancing 0.4 4…
Overview presentation HEDGING STRATEGY - MAINTAINING EXPOSURE TO OIL PRICE UPSIDE 2018 Hedge position Long-term financial risk management 60% exposed Proactively hedged production over last to upside* 10 years to protect revenues…
Overview presentation DRIVING DOWN COSTS ACROSS THE BUSINESS Underlying cash operating costs 20 Low-cost production assets 15 Cash operating costs of 11.1/boe1 (/boe) 10 Targeting 10/boe going forwards 5 Ghana 2017…
Overview presentation CAPITAL INVESTMENT PRIORITISED ON HIGH RETURN ASSETS Disciplined capital allocation Continued focus on balancing deleveraging and growth Capital allocation screened against strict criteria to maximise returns…
Overview presentation MAXIMISING REVENUE THROUGH PRODUCTION 2017 production performance Strong delivery, exceeding revised guidance Successful optimisation of TEN production, while maintaining prudent well management Good…
Overview presentation CONTINUING OUR DISCIPLINED APPROACH Disciplined approach Short-to-medium term objectives Deliver financial strategy Monetisation Maximising revenue Maximise free cash flow through continued cost discipline…
Overview presentation
Overview presentation OUR PORTFOLIO OF ASSETS EAST AFRICA - development NEW VENTURES - exploration Kenya Extensive acreage in Africa and South America, in Significant discoveries in South well-known plays Lokichar basin Multiple…
Overview presentation OPTIMISING GHANA PRODUCTION AND RESERVES RECOVERY Flexible programme to maximise production Multi-year programme of infill wells Initial focus on wells that utilise existing infrastructure Ongoing…
Overview presentation TEN FIELD UPDATE Successful project execution and completion Project delivered on time and on budget in 2016 FPSO tested in excess of design capacity (80,000 bopd) Production data supports oil in place and…
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…
Overview presentation KENYA APPRAISAL CONFIRMS MATERIAL OIL RESOURCES Successful exploration & appraisal programme South Lokichar basin resources 11 successful exploration wells, 21 appraisal wells drilled Extended well tests,…
Overview presentation DEVELOPING KENYA'S DISCOVERED RESOURCES South Lokichar development plan Erut Agete Discovered resources support development via export pipeline to Lamu Etom Ekales Phased development approach planned Twiga…
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 MULTIPLE HIGH-IMPACT CAMPAIGNS OVER NEXT THREE YEARS 2018 2019 2020 ACTIVE VENTURES Guyana / Suriname Mauritania / Namibia NEW VENTURES Cte dIvoire Peru INFRASTRUCTURE LED EXPLORATION West & East…
Overview presentation SOUTH AMERICA: HIGH-IMPACT PROSPECTS Guyana: attractive acreage up-dip of Liza-1 oil discovery; ongoing processing of seismic Suriname: low-cost oil plays; Araku-1 drilled in 2017; further prospects for…
Overview presentation GUYANA-SURINAME: EXCELLENT POSITION IN NEW OIL PROVINCE Guyana: 3D seismic programme completed in 2017; data processing ongoing Multiple high-quality, shallow water prospects being matured and ranked for…
Overview presentation AFRICA: HIGH-IMPACT LEADS AND PROSPECTS Namibia: material oil play in low-cost shallow water setting; drilling of Cormorant prospect in 2H 2018 Mauritania: exploration focus shifted to low-cost shelf-edge…
Overview presentation NEW CTE DIVOIRE ACREAGE Extensive 8,600 sq km onshore acreage position built over 2017 and early 2018 Seven onshore blocks cover transform basin fault play; FTG planned for 2018; 2D seismic in 2019 Offshore…
Overview presentation
Overview presentation WELL POSITIONED FOR THE FUTURE Smooth transition to new Executive team Business Asset base significantly de-risked foundations Significantly improved financial foundation Rigorous focus on costs and…
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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