Tullow Oil plc Overview Presentation OUR PORTFOLIO OF ASSETS NEW VENTURES - exploration EAST AFRICA - development Extensive acreage in Africa and South America, in Kenya well-known plays Significant discoveries in South Lokichar…
Tullow Oil plc Overview Presentation WORKING RESPONSIBLY AS WE GROW OUR BUSINESS The focus of our growth ambitions ENVIRONMENTAL STEWARDSHIP Avoid, reduce & mitigate GHGs Deliver positive biodiversity impacts Independent & robust…
Tullow Oil plc Overview Presentation A BALANCED SELF-FUNDING E&P COMPANY IN ACTION DELEVERAGE MAXIMISING & PRODUCTION RE-INVEST GROWTH FROM BALANCE DISCOVERED SHEET RESOURCES FREE INVESTING IN CASH OUR BUSINESS CASH FLOW…
Tullow Oil plc Overview Presentation SUMMARY OF 2019 PROGRESS AND PERFORMANCE West Africa 89-93,000 Production forecast revised but low-cost production production forecast (bopd) assets continue to provide a solid base Cash flow…
Tullow Oil plc Overview Presentation
Tullow Oil plc Overview Presentation 2019 HALF YEAR RESULTS SUMMARY Underlying cash Revenue1 Adjusted EBITDAX Profit after tax2 operating costs 872 million 9.0 /boe 1,623 million 103 million 1H 2018: 905 million 1H 2018:…
Tullow Oil plc Overview Presentation RELENTLESS FOCUS ON RETAINING COST DISCIPLINE /bbl m Unit Opex Net G&A 20 250 200 15 150 10 100 5 50 0 0 2015 2016 2017 2018 2019f 2015 2016 2017 2018 2019f m Financing costs 400…
Tullow Oil plc Overview Presentation CONTINUED PRUDENT FINANCIAL MANAGEMENT Diversified and evolving capital structure Revenue protection through hedging A balance of funding sources Proven hedging policy over 10 years Revolving…
Tullow Oil plc Overview Presentation DISCIPLINED CAPITAL INVESTMENT IN OUR BUSINESS MAXIMISING GROWTH FROM FINDING PRODUCTION DISCOVERED RESOURCES NEW OIL 1H 140m 33m 40m 16m 35m 248m 2019 Ghana Non-op Kenya Uganda* Exploration…
Tullow Oil plc Overview Presentation CAPITAL ALLOCATION FRAMEWORK DEBT AND LIQUIDITY INVESTING IN OUR BUSINESS SHAREHOLDER RETURNS Balance sheet robust to Apply strict criteria to allocate Sustain financial future oil price…
Tullow Oil plc Overview Presentation
Tullow Oil plc Overview Presentation SOLID PRODUCTION BASE FROM AFRICAN ASSETS Confidence in underlying production business Assets continue to deliver strong free cash flow 2019 production impacted by TEN completions Revised oil…
Tullow Oil plc Overview Presentation GHANA PRODUCTION OPERATIONS Significant reserves & resource base Focus on maximising and sustaining long-term production Infill drilling programme continues with Maersk Venturer New wells…
Tullow Oil plc Overview Presentation CONTINUED REVIVAL OF OUR NON-OPERATED PORTFOLIO Portfolio provides a platform for growth Capex of 100m per year delivering 25,000 bopd net production Gabon exceeding expectations e.g. Simba-1…
Tullow Oil plc Overview Presentation
Tullow Oil plc Overview Presentation UGANDA DEVELOPMENT PROJECT AT AN ADVANCED STAGE 1.7bbo 230,000 Gross 2C bopd gross resource production PROJECT UPDATE Major technical aspects completed: FEED studies Tilenga ESIA…
Tullow Oil plc Overview Presentation PROJECT OIL KENYA STEPS TO FID PROJECT UPDATE 560 mmbo 60-80,000 Gross 2C bopd gross Significant progress made in 2019: resource production EOPS - Trucking 2,000 bopd, first export in Q3,…
Tullow Oil plc Overview Presentation DEVELOPING KENYA'S DISCOVERED RESOURCES South Lokichar development plan 120 GROSS ANNUAL AVERAGE OIL RATE (KBOPD) Discovered resources support development via export 100 pipeline to Lamu…
Tullow Oil plc Overview Presentation FINDING NEW OIL EXECUTING OUR EXPLORATION PROGRAMME 2019 2020 2021 GUYANA Currently drilling PERU Forecast 2020 drilling SURINAME CTE DIVOIRE Seismic 2H 2019 COMOROS ARGENTINA…
Tullow Oil plc Overview Presentation GUYANA - JETHRO IS THE FIRST SUCCESS IN TULLOWS ACREAGE KANUKU ORINDUIK NON-OPERATED OPERATED 37.50% 5,165 60% 1,776 equity sq km equity sq km 1.5Bbo CRETACEOUS 2.5Bbo TERTIARY gross…
Tullow Oil plc Overview Presentation JETHRO-1 WELL DISCOVERY 55m 1,350m 4,400m 30m 50 days net pay water depth well depth net well cost drill time JETHRO RESULT Significant oil discovery Excellent sandstone reservoirs…
Tullow Oil plc Overview Presentation JETHRO-1 RESULT: DE-RISKING OF THE TERTIARY PLAY VALIDATION Confirms geological model Verifies seismic interpretation WHAT DOES IT MEAN Extends industry hotspot Multiple similar…
Tullow Oil plc Overview Presentation NEXT STEPS FOR GUYANA EXPLORATION PROGRAMME 2019: two more exploration wells to drill 2020: appraisal options for Jethro discovery Joe targeting prospect in Upper Tertiary play 4BBO Gross…
Tullow Oil plc Overview Presentation EXPLORATION DRILLING CONFIRMED FOR 2020 PROGRAMME Suriname: Trigger well with significant follow on potential MARINA 350m 1H 2020 Goliathberg-Voltzberg North prospect water depth drilling…
Tullow Oil plc Overview Presentation BUILDING NEW ACREAGE ACROSS EXPLORATION PORTFOLIO Argentina: Successful bid-round Entry to three offshore blocks in Malvinas West Basin Shallow water Tertiary and Cretaceous turbidite plays…
Tullow Oil plc Overview Presentation SPOTLIGHT ON CTE DIVOIRE 1.5 BBO Low-cost Using both Carried work High-value Light footprint Gross mean un-risked exploration in proven & programme; barrels & low execution across resources…
Tullow Oil plc Overview Presentation SPOTLIGHT ON COMOROS 7 BBO 17 Leads 16,063 sq km 35% equity Large, operated, offshore oil play in East Africa Simple drilling and attractive fiscal terms Managed cost exposure in frontier…
Tullow Oil plc Overview Presentation
Tullow Oil plc Overview Presentation 2019 DATA OVERVIEW Group average working interest production - 2019 forecast Operating data 2019 FY 2019 Forecast forecast OIL PRODUCTION (bopd) OPERATING COSTS 1 (/boe) Ghana 64,000…
Tullow Oil plc 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:…
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