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 WELL-POSITIONED IN AN IMPROVING OPERATING ENVIRONMENT EXTERNAL ENVIRONMENT Stronger oil price outlook VALUE CREATION Sustained industry cost deflation Sustainable free cash flow Long-term demand for low…
Overview presentation PRODUCTION GROWTH THROUGH EXISTING ASSETS Oil production growth Strong 1H 2018 production Ghana TEN continues to produce above expectations 150 Jubilee BI insurance Non-op Portfolio Non-operated portfolio -…
Overview presentation MAINTAINING COST DISCIPLINE ACROSS THE BUSINESS Cash costs savings Cash cost savings exceed target Initial target set in mid-2015 to remove Staff costs 500m cash costs over three years General Corporate…
Overview presentation HEDGING STRATEGY - MAINTAINING EXPOSURE TO OIL PRICE UPSIDE 2H 2018 Hedge position Long-term financial risk management 60% exposed Proactively hedged production over last to upside* 10 years to protect…
Overview presentation PROACTIVE MANAGEMENT OF BALANCE SHEET MATURITIES Diversified capital structure with a balanced mix of commercial bank facilities and capital markets bn Debt Facilities and Headroom (as of June 30, 2018) 5…
Overview presentation 2018 CAPITAL EXPENDITURE MAXIMISING GROWTH FROM FINDING PRODUCTION DISCOVERED RESOURCES NEW OIL 1H 2018 76m 12m 29m 28m 145m Ghana Non-op Kenya Exploration FY 2018 250m 40m 80m 90m 460m Ghana…
Overview presentation CAPITAL ALLOCATION FRAMEWORK Debt & gearing Investing in our assets Shareholder returns Apply strict criteria to allocate 1H 2018 position: capital across the portfolio: Capital growth Net debt 3.1bn,…
Overview presentation ORGANIC INVESTMENT OPPORTUNITIES TO GROW OUR BUSINESS MAXIMISING GROWTH FROM FINDING PRODUCTION DISCOVERED RESOURCES NEW OIL Jubilee and TEN infill wells East Africa development projects Exploration in…
Overview presentation
Overview presentation GHANA PRODUCTION: A LONG-TERM SOURCE OF CASH GENERATION Good results from drilling programme 5 new wells online over the next 6 months Targeting Ghana production of 180 kbopd by early 2019 Maximising…
Overview presentation INFILL DRILLING PROGRAMME TO OPTIMISE GHANA PRODUCTION Flexible programme to maximise production Average gross cost per well 60 - 70m Multi-year programme of infill wells Initial focus on wells that utilise…
Overview presentation JUBILEE FIELD - TURRET REMEDIATION PROJECT IN FINAL STAGES Turret remediation project phases Interim Temporary heading completed spread moor All equipment installed Tugs removed Stabilise turret Turret…
Overview presentation NON-OPERATED PORTFOLIO: MATERIAL NET PRODUCTION ACROSS WEST AFRICA Non-operated Portfolio (net) Material high value production from existing assets Invest appropriately to sustain material high-value…
Overview presentation
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 injection and…
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…
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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 FINDING NEW OIL - HIGH-IMPACT CAMPAIGNS OVER NEXT 3 YEARS Drilling Seismic 2H 2018 2019 2020 Guyana / Suriname Mauritania / Namibia Peru Cte dIvoire West & East Africa Optional activity Cormorant-1…
Overview presentation SOUTH AMERICA: HIGH-IMPACT PROSPECTS Guyana: attractive acreage up-dip of Liza-1 oil discovery; multiple prospects being matured Suriname: low-cost oil plays; Araku-1 drilled in 2017; further prospects for…
Overview presentation GUYANA: EXCELLENT POSITION IN NEW OIL PROVINCE Guyana: Attractive shallow water acreage up-dip of material Liza-1 oil discovery Recent successful Hammerhead-1 well de-risks Tullow acreage Multiple…
Overview presentation AFRICA: HIGH-IMPACT LEADS AND PROSPECTS Namibia: low-cost shallow water setting; Cormorant-1 well provides valuable geological insights Mauritania: low-cost shelf-edge oil plays, 3D seismic acquired; 2019…
Overview presentation CTE DIVOIRE - EXTENSIVE POSITION ACQUIRED Extensive 8,600 sq km onshore acreage position built over 2017 and early 2018 Seven onshore blocks cover transform basin fault play; FTG completed in 2018; 2D…
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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