Tullow Oil Plc · LSE:TLW
Tullow Oil — FY2010 Earnings Presentation
11 slides from Tullow Oil's earnings presentation, March 2011
Slide 1: Fact Book March 2011
TULLOW Fact Book March 2011
Slide 2: Asset Overview
Asset Overview Africa Rest of the World Europe 1 Netherlands E 2 United Kingdom EDP Africa South Asia 1 Congo (Brazzaville) DP 1 Bangladesh EDP 2 Côte d'Ivoire EDP 2 Pakistan EP 3 Equatorial Guinea DP 4 Ethiopia E 5 Gabon EDP 6 Ghana EDP 7 Kenya E 8 Liberia E 9 Madagascar E 10 Mauritania EDP 11 Nami
Slide 3: Summary of 2010 full year results
Summary of 2010 full year results 2010 full year results 2010 2009 Variance Sales Revenue ($m) 1,090 916 +19% Operating profit ($m) 235 151 +56% Profit after tax ($m) 73 31 +137% Basic earnings per share (cents) 6.1 3.2 +90% Dividend per share (pence) 6.00 6.00 - Cash generated from operations1 ($m)
Slide 4: 2010/2011 Capex Programmes
2010/2011 Capex Programmes Capital Expenditure Strategy In 2011, the Group will continue to allocate its capital to projects that provide the opportunity for the highest return for shareholders. Our capital will be allocated as follows: • Ghana – Jubilee Phase 1a development and Enyenra/Tweneboa app
Slide 5: 2010/2011 Costs and Depreciation
2010/2011 Costs and Depreciation 20102 20113 Operating Data1 $/boe $/boe OPERATING COSTS Gabon4 15.5 16.8 Equatorial Guinea, Congo (Brazzaville), Côte d’lvoire 7.5 9.5 Mauritania – Chinguetti 34.1 53.0 Ghana5 - 11.5 UK SNS 18.3 16.0 South Asia 2.1 3.6 DEPRECIATION Gabon 7.9 8.0 Equatorial Guinea, Co
Slide 6: 2011 Development Opportunities
2011 Development Opportunities Sanction First No. of Country Developments Decision Production Wells Status AFRICA Congo M’Boundi Field ~25 per Infill drilling and addition of water injector wells. Producing (Brazzaville) Re-development year Water injection upgrade completed in 2010. Satellite discov
Slide 7: 2011 Development Opportunities (continued)
2011 Development Opportunities Sanction First No. of Country Developments Decision Production Wells Status AFRICA CONT. Well completion ongoing – plateau production of Jubilee Phase 1 2010 17 120,000 bopd by mid 2011. Infill wells using existing infrastructure. Designed to Jubilee Phase 1a 2011 2012
Slide 8: 12 month Exploration and Appraisal programme
12 month Exploration and Appraisal programme Country Block Prospect Interest Gross upside1 Spud Date Tweneboa-4 Q2 2011 49.95% 650 mmboe 2 (op) Tweneboa-DST Q2 2011 Deepwater Enyenra-3A Q3 2011 Tano 49.95% Enyenra-DST 550 mmbo2 Q3 2011 (op) Ghana Enyenra-4A Q4 2011 Teak Downdip 40 mmboe In Progress
Slide 9: 2010 Reserves and Resources summary
2010 Reserves and Resources summary AFRICA EUROPE SOUTH ASIA TOTAL Oil Gas Oil Gas Oil Gas Oil Gas Petro. mmbbl bcf mmbbl bcf mmbbl bcf mmbbl bcf mmboe COMMERCIAL RESERVES 1 January 2010 255.6 23.4 1.2 139.0 - 99.0 256.8 261.4 300.4 Revisions 2.9 - 0.4 38.9 0.3 16.8 3.6 55.7 12.9 Acquisitions 0.3 -
Slide 10: Production Summary – Key Producing Assets
Production Summary – Key Producing Assets Working interest production boepd boepd 2010 2011 Fiscal Core Area Country Asset Interest Actual Forecast Regime AFRICA Gabon Tchatamba 25% 3,600 3,350 PSC Niungo 40% 3,650 3,350 Tax Etame Complex1 7.50% 1,450 1,700 PSC Others - 4,150 5,050 Various Equatoria
Slide 11: Net Daily Entitlement as % Production
Net Daily Entitlement as % Production Contract Type 2010 2011 2012 Gabon Echira Corp Tax 100 100 100 Turnix Corp Tax 100 100 100 Niungo Corp Tax 100 100 100 Kowe/Tchatamba PSC 64 66 61 Limande Corp Tax 100 100 100 Etame PSC 67 67 60 Obangue PSC 90 90 88 Tsiengui PSC 86 87 87 Onal PSC 85 84 79 Oba Co