Slide 1: 2015 Full Year Results Fact Book
TULLOW OIL PLC 2015 FULL YEAR RESULTS 10 February 2016 FACT BOOK – 2015 FULL YEAR RESULTS
Slide 2: Business Delivery Teams and 2015 Full Year Summary
TULLOW OIL PLC BUSINESS DELIVERY TEAMS WEST AFRICA (inc. UK & Netherlands) 1 Congo (Brazzaville) DP Ghana DP Côte d'Ivoire DP Mauritania EP3 Equatorial Guinea DP Netherlands EP Gabon EDP2 UK P EAST AFRICA Kenya ED Uganda D NEW VENTURES Ethiopia E Madagascar E French Guiana E Mauritania EP3 Guinea E
Slide 3: Summary of 2015 Full Year Results
TULLOW OIL PLC SUMMARY OF 2015 FULL YEAR RESULTS 2015 2014 Variance Sales revenue ($m) 1,607 2,213 -27% Gross profit ($m) 591 1,096 -46% Operating loss ($m) (1,094) (1,965) 44% Loss before tax ($m) (1,297) (2,047) 37% Loss after tax ($m) (1,037) (1,640) 37% Basic earnings per share (cents) (114) (17
Slide 4: Capex: 2016 Capital Expenditure Strategy
TULLOW OIL PLC CAPEX 2016 CAPITAL EXPENDITURE STRATEGY In 2016, the Group will focus the majority of its capital expenditure on high-quality, low-cost oil production in West Africa which generate important cash flows for the business. Our capital will be allocated as follows: • Ghana: Jubilee & TEN
Slide 5: Costs and Depreciation
TULLOW OIL PLC COSTS AND DEPRECIATION OPERATING DATA 2015 2016 OPERATING COSTS 1 $/boe $/boe Equatorial Guinea, Congo (Brazzaville), Côte d’lvoire 13.6 15.0 Gabon 2 20.9 21.0 Ghana 10.0 9.5 Mauritania – Chinguetti 56.6 53.0 Netherlands 23.7 27.0 UK SNS 43.7 69.0 DEPRECIATION 1 Equatorial Guinea, Con
Slide 6: Debt and Hedging
TULLOW OIL PLC DEBT AND HEDGING LIQUIDITY POSITION Tullow benefits from a diversified debt capital structure and during 2015, Tullow increased the capacity of its RBL and Corporate Facilities by $450 million. As of 31 December 2015, the Group had net debt of $4.0 billion, with facility headroom and
Slide 7: Development Opportunities
TULLOW OIL PLC DEVELOPMENT OPPORTUNITIES WEST AFRICA Sanction First Country Developments decision production No. of wells Status Congo M’Boundi Field One side track and two wells to be drilled in Producing 3 (Brazzaville) re-development 2H 2016. Phase 3 infill programme ongoing. Five wells Espoir
Slide 8: Development Opportunities (continued)
TULLOW OIL PLC DEVELOPMENT OPPORTUNITIES WEST AFRICA cont EUROPE Sanction First No. of Country Developments decision production wells Status K15-FH, K15-FK, K7-FC-W (Infill wells) 2016 1 Programme commenced Netherlands J09-Alpha North Successful well drilled and completed. (Exploration well) Q3
Slide 9: Planned 2016 Exploration and Appraisal Programme
TULLOW OIL PLC PLANNED 2016 EXPLORATION AND APPRAISAL PROGRAMME WEST AFRICA & PRODUCING Country Block Prospect/Well Interest Spud Date K15-FK-N, K07-FC-W, K15-FH, Netherlands K15/K07/J09 J09-Alpha) 9.95% 2016 EAST AFRICA Country Block Prospect/Well Interest Spud Date Kenya 12A Cheptuket (ex-Lekep) 4
Slide 10: 2015 Reserves and Resources Summary
TULLOW OIL PLC 2015 RESERVES AND RESOURCES SUMMARY WEST AFRICA EAST AFRICA NEW VENTURES TOTAL Oil Gas Oil Gas Oil Gas Oil Gas Petroleum mmbbl bcf mmbbl bcf mmbbl bcf mmbbl bcf mmboe COMMERCIAL RESERVES 1 January 2015 307.6 226.4 - - - - 307.6 226.4 345.3 Revisions 3.0 6.8 - - - - 3.0 6.8 4.1 Transfe
Slide 11: Working Interest Production
TULLOW OIL PLC WORKING INTEREST PRODUCTION 1 2015 Actual 2016 Forecast Country Asset Interest (kboepd) (kboepd) Fiscal Regime Ghana Jubilee 35.48% 36.4 36.0 PSC TEN 47.18% - 11.0 PSC Total Ghana 36.4 47.0 Tchatamba 25% 5.0 4.0 PSC Limande 40% 2.3 2.2 Corp Tax Gabon Etame Complex 2 7.50% 1.4 1.9 PSC
Slide 12: Net Daily Entitlement as % Production
TULLOW OIL PLC NET DAILY ENTITLEMENT AS % PRODUCTION WEST AFRICA Contract Type 2016 2017 2018 CONGO (Brazzaville) M’Boundi PSC 69 69 69 CÔTE D’IVOIRE Espoir PSC 99 78 61 EQUATORIAL GUINEA Ceiba PSC 87 85 77 Okume Complex PSC 80 84 81 GABON Echira Corp Tax 100 100 100 Etame PSC 86 86 86 Limande Corp
Slide 13: Tullow Oil plc
TULLOW OIL PLC Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Follow Tullow on Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Email: ir@tullowoil.com FACT BOOK – 2015 FULL YEAR RESULTS