2013 FULL YEAR RESULTS Agenda Section Page Introduction 4 Finance 6 Development and Operations 13 Exploration and Appraisal 18 Conclusion 26 Appendix 28 Slide 3
2013 FULL YEAR RESULTS TULLOW OIL PLC 2013 FULL YEAR RESULTS AIDAN HEAVEY
2013 FULL YEAR RESULTS Delivering against our strategy 2013 2014 + High Margin Production 1.9 billion Cash flow growth Cash flow 2013 Cash Flow Ghana 2016 East Africa 2018 Exploration & Appraisal 220mmboe Targeting 200mmboe p.a.…
2013 FULL YEAR RESULTS TULLOW OIL PLC 2013 FULL YEAR RESULTS IAN SPRINGETT
2013 FULL YEAR RESULTS 2013 full year results summary 2013 2012 Change Sales revenue 2,647m 2,344m +13% Gross profit 1,440m 1,345m +7% Administrative Expenses (219m) (191m) Profit on disposal 30m 702m Exploration costs written…
2013 FULL YEAR RESULTS Net income 2013 v 2012 m 1,250 1,000 74 52* 306 108 750 200 211 3 1 500 531 666 250 216 0 Net Income Price Volume Operating Other costs Exploration Net Finance Tax (excl. Gain on Net…
2013 FULL YEAR RESULTS Sources and uses of funds m Cash inflow 2,945m 3,500 2013 Net cash inflow 22m Operating cash flow 1,998m* (2012:1,785m*) Sources Uses Disposals 80m (2012:2,570m) 3,000 6m 80m 269m Net loan draw down 861m…
2013 FULL YEAR RESULTS 2014 capital expenditure 2.2 billion capex for full year 2014 2014 770m 310m 1,120m 2,200m Ghana: Jubilee Phase 1A & TEN developments (790m) Kenya: Exploration and appraisal drilling (310m) Uganda: Appraisal…
2013 FULL YEAR RESULTS Highly diversified funding strategy Business Strategy Funding Strategy Financing Initiatives Additional cash flow from new production Commercial Bank High 4bn debt facilities Facilities Operating Cash…
2013 FULL YEAR RESULTS TULLOW OIL PLC 2013 FULL YEAR RESULTS PAUL McDADE
2013 FULL YEAR RESULTS Strong record of resource additions & reserves replacement 2P Commercial Reserves and 2C Contingent Resources Total Resource Potential as of 31 December 2013 as of 31 December 2013 South & East Africa 2P…
2013 FULL YEAR RESULTS Strong cash flow supported by pipeline of future oil projects West Africa non-operated oil production 2013 actual prod: 84,200 boepd Mauritania Congo (Brazz) Cote d'Ivoire Eq Guinea Gabon 2014 prod guidance:…
2013 FULL YEAR RESULTS West Africa growing future high value oil production Non-operated production remains strong Portfolio continues to deliver strong cash flow 2013 West African Future investment opportunities remain attractive…
2013 FULL YEAR RESULTS East Africa major onshore Tertiary Rift Basin projects Kenya Operated world-class onshore oil project Favourable conditions allowing for rapid progress Clear plan towards 2015/16 development sanction Pipeline…
2013 FULL YEAR RESULTS Significant potential to deliver high margin production growth Additional cash flow from new production Exploration and Monetisation 4bn debt facilities High Margin Appraisal Options & Production…
2013 FULL YEAR RESULTS TULLOW OIL PLC 2013 FULL YEAR RESULTS ANGUS McCOSS
2013 FULL YEAR RESULTS Oil exploration strategy focused on Africa & Atlantic Margins Norwegian North Atlantic Continental Shelf Exploration Campaign & Business Development Central Atlantic Central Atlantic Major Exploration…
2013 FULL YEAR RESULTS Industry-leading exploration acreage position Balanced spread of E&A campaigns provides robust feedstock to sustain Tullows average annual addition of 200mmboe mean resources Slide 20
2013 FULL YEAR RESULTS Net contingent resource additions from E&A 900 Ekales-1 & Agete-1 200mmboe / year, steady performance 800 Strong run of success in Uganda & Ghana Twiga-1 & Etuko-1 New basins campaigns deliver continuity…
2013 FULL YEAR RESULTS Kenya Ethiopia: World-class oil province potential Three scales of exploration in multiple basins 1. Oil field appraisal & testing 10kbopd total combined flow potential from 2 wells Supporting accelerated…
2013 FULL YEAR RESULTS Multiple basins with new oil province potential Possible campaign scenarios 8/12 basins successful 12 Pioneering basins: Gross Potential in Billion Barrels 10 - Lake Albert, Uganda (1.7Bbo) - South…
2013 FULL YEAR RESULTS Mauritania campaign: Frgate-1 establishes new oil play Frgate-1 Pioneering wildcat achieves important technical breakthrough New oil play in deepwater Late Cretaceous turbidites Up to 30m net gas-condensate and…
2013 FULL YEAR RESULTS E&A is providing high value oil feedstock Additional cash flow from new production Exploration and Monetisation 4bn debt facilities High Margin Appraisal Options & Production Selective 1bn + p.a.…
2013 FULL YEAR RESULTS TULLOW OIL PLC 2013 FULL YEAR RESULTS AIDAN HEAVEY
2013 FULL YEAR RESULTS Delivering against our strategy 2013 2014 + High Margin Production 1.9 billion Cash flow growth Cash flow 2013 Cash Flow Ghana 2016 East Africa 2018 Exploration & Appraisal 220mmboe Targeting 200mmboe p.a.…
2013 FULL YEAR RESULTS TULLOW OIL PLC 2013 FULL YEAR RESULTS
2013 FULL YEAR RESULTS 18 month Exploration and Appraisal programme mmboe Country Block Prospect/Well Interest Gross Mean Net Mean Spud Date WEST & NORTH AFRICA Nziembou Igongo 40% 9 4 Q2 2014 Gabon Arouwe Sputnik East 35% 206 72…
2013 FULL YEAR RESULTS 18 month Exploration and Appraisal programme mmboe Country Block Prospect/Well Interest Gross Mean Net Mean Spud Date SOUTH & EAST AFRICA Shimela 25 13 Q1 2014 Ethiopia Omo 50% (op) Gardim 33 17 Q2 2014…
2013 FULL YEAR RESULTS 18 month Exploration and Appraisal programme mmboe Country Block Prospect/Well Interest Gross Mean Net Mean Spud Date EUROPE, SOUTH AMERICA & ASIA The Netherlands E11 Vincent 60% (op) 18 11 In progress PL…
2013 FULL YEAR RESULTS 2013 Exploration and Appraisal activities Seismic Key GABON - 12 wells NORWAY - 6 wells Acquisition OMBG-102 OMKO-201ST Moba-1 Carlsberg-1 320 sq km 2482 km 2D 3D PSDM Processing/ OMBG-201 Onal-403 KCM-1…
2013 FULL YEAR RESULTS Industry-leading exploration acreage position Balanced spread of E&A campaigns provides robust feedstock to sustain Tullows average annual addition of 200mmboe mean resources Slide 33
2013 FULL YEAR RESULTS Industry-leading exploration acreage position East African Rift Basins 7 out of 7 successes discover 600mmbo in South Lokichar Basin exceeds threshold volumes for development Preparing for basin testing wildcats…
2013 FULL YEAR RESULTS High margin production and competitive cost base Realized oil price per bbl ()1 Operating costs per boe ()2 16.5 108.0 108.0 105.7 14.6 13.5 12.5 78.0 2010 2011 2012 2013 2010 2011 2012 2013…
2013 FULL YEAR RESULTS West Africa high quality non-operated portfolio of assets 2013 Dev Capex Mauritania / Congo (Brazz) Portfolio continues to deliver strong cashflow 27% Gabon 30% Revenue of 1bn p.a. being sustained by 200m…
2013 FULL YEAR RESULTS Jubilee world class asset delivering long term cash flow Strong reservoir performance Existing well production capacity 130mbd Final Phase 1A wells to be completed as required Production increase awaiting Gas…
2013 FULL YEAR RESULTS TEN next operated deepwater project underway Project execution underway and on track West Leo rig secured and first two development wells drilled Centennial Jewel tanker-FPSO conversion underway in Singapore…
2013 FULL YEAR RESULTS Kenya Tullow operated world class onshore oil project Favourable conditions allowing for rapid progress Supportive & enabling business environment and Government Tullow operatorship and aligned joint venture…
2013 FULL YEAR RESULTS Uganda Enhancing project as regional plan develops Major review reduces project costs Enhancement of project design delivers significant savings Multi-billion dollar upstream development capex savings Further…
2013 FULL YEAR RESULTS Campaign of 12 East African Tertiary Rift Basins Campaign concept proved in Lake Albert Rift Basin, Uganda Tullow Oils 12 East African Tertiary Rift Basins Follow-on Prospect Uganda Ethiopia Follow-on…
2013 FULL YEAR RESULTS Kenya: South Lokichar Basin exceeds threshold for development Ekales Agete Amosing Rift Bounding Fault Play: Twiga S-1 Emong 75m net pay String of pearls Etom (down flank) 5kbopd potential Ekosowan…
2013 FULL YEAR RESULTS Ethiopia: Northern area of potential new petroleum province Area 1 of 4 (North) 1. West Omo Basin Leads for seismic surveying 2. Omo Basin extending south to Turkana Basin Epolot lead in north Sabisa-1 oil…
2013 FULL YEAR RESULTS Kenya: North Central area of potential new petroleum province Area 2 of 4 (North Central) 1. Turkana Basin Prospective string of pearls along western edge of basin Thick sedimentary succession Two wells…
2013 FULL YEAR RESULTS Kenya: South Central area of potential new petroleum province Area 3 of 4 (South Central) 1. North Lokichar Basin Tausi ready to drill 2. North Kerio Basin Aze ready to drill 3. South Kerio Basin Dyepa…
2013 FULL YEAR RESULTS Kenya: Southern area of potential new petroleum province Area 4 of 4 (Southern) 1. Kerio Valley Basin Gravity data high graded Kerio 2D seismic data acquired Leads identified for follow up One well planed…
2013 FULL YEAR RESULTS West Africa Transform Margin campaign extended to Guinea Guinea Acquired significant operated acreage position, 1.5 times existing WATM acreage Fatala prospects (Jubilee play) selected for wildcat well…
2013 FULL YEAR RESULTS Guyanas: extensive Jubilee play potential plus upside plays Non-operated E&A lacks success after Zaedyus-1, turns to de-risked oil plays and new attractive lower geo-pressured prospects on Eastern Slope…
2013 FULL YEAR RESULTS Focus on Suriname operated exploration for material oil plays Proven oil basin with strong play diversity Kaiman (Turonian-Santonian turbidite play) in Block 31 de-risked by Aitkanti oil discovery; multiple…
2013 FULL YEAR RESULTS North Atlantic exploration shifts into exciting drilling phase 1. Wisting Major oil discovery and a play opener for the Hoop area Positive AVO and CSEM anomalies Appraisal program 2014-2015 2. Durne DoD…
2013 FULL YEAR RESULTS North Atlantic exploration shifts into exciting drilling phase Area 2 of 3 (Norwegian Sea) 1. Zumba New play in the region Stratigraphic trap with well defined geophysical anomaly Close to existing…
2013 FULL YEAR RESULTS North Atlantic exploration shifts into exciting drilling phase Area 3 of 3 (North Sea) 1. Gotama Near Field (Troll) exploration Multi-level reservoir targets Well defined geophysical anomaly Several…
2013 FULL YEAR RESULTS Download the Tullow Investor Relations and Media App from the Apple and Android stores: Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Follow Tullow on: Tel: +44 (0)20…
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