Tullow Oil Plc · LSE:TLW
Tullow Oil — Credit Suisse Energy Conference 2012
20 slides from Tullow Oil's conference presentation, Jun 14, 2012
Slide 1: Credit Suisse Energy Conference
Credit Suisse Energy Conference – 14 June 2012 Tullow Oil plc Credit Suisse Energy Conference 14th June 2012
Slide 2: Disclaimer
Credit Suisse Energy Conference – 14 June 2012 Disclaimer This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Tullow believes the expectations reflected
Slide 3: Positioned to deliver next stage of growth
Credit Suisse Energy Conference – 14 June 2012 Positioned to deliver next stage of growth • Jubilee production drives record financial results • Uganda farmdown transforms the balance sheet • Exploration opens fourth major new basin • Appraisal success drives TEN development towards sanction • Mater
Slide 4: Progress to commercialise resources continues in 2012
Credit Suisse Energy Conference – 14 June 2012 Progress to commercialise resources continues in 2012 • Uganda resources commercialised through sale; focus now on development • Building Jubilee production through Phase 1 remediation and Phase 1A • TEN project progressing towards PoD submission in Q3
Slide 5: Strong production growth in 2011
Credit Suisse Energy Conference – 14 June 2012 Strong production growth in 2011 Group working interest production North Sea Current production Oil production boepd (x000) 100 20 Future production Africa Ghana Asia Europe 16 Other licence areas Gas production 80 12 8 Pakistan Bangladesh 4 boepd (x000
Slide 6: Jubilee – the next stage of development
Credit Suisse Energy Conference – 14 June 2012 Jubilee – the next stage of development Development and Production • Jubilee production drives record results • 2012 production to average of 70 - 90,000 bopd • Remedial work ongoing through 2012 • Recoverable resource estimates remain unchanged • Phase
Slide 7: Uganda – next phase of activity
Credit Suisse Energy Conference – 14 June 2012 Uganda – next phase of activity Farmdown deal completed • MoU & SPAs signed in March 2011 • New PSA’s signed by the GoU in February 2012 • $2.9bn farmdown completed in February 2012 Partnership poised for delivery • Tullow: CNOOC: Total three-way partne
Slide 8: 74% global E&A success ratio in 2011
Credit Suisse Energy Conference – 14 June 2012 74% global E&A success ratio in 2011 UK – 2 wells NETHERLANDS – 1 well Seismic Key 83% success rate in 2010 Acquisition Cameron (44/19b-7) Foxtrot (49/30b-10) 1,660 sq km 3D PSDM Muscovite-1 (E16-5) 87% success rate in 2009 Airborne Surveys 77% su
Slide 9: Exploration campaigns gather momentum over next 12 months
Credit Suisse Energy Conference – 14 June 2012 Exploration campaigns gather momentum over next 12 months North Atlantic Exploration Studies & Business Development Central Atlantic Major Exploration East African Rift Basins Campaign Launched (~20 E&A wells) Uganda follow on Mauri-Tano Trend (~15 E&A
Slide 10: Multiple exploration campaigns in East Africa in 2012
Credit Suisse Energy Conference – 14 June 2012 Multiple exploration campaigns in East Africa in 2012 East African Rift Basins • Lake Albert Rift Basin in Uganda − 1.1 Bbo discovered − High impact West of Nile & Kanywataba campaigns − Accelerated appraisal in support of basin development • Kenya – Et
Slide 11: High impact E&A campaign under way in Uganda
Credit Suisse Energy Conference – 14 June 2012 High impact E&A campaign under way in Uganda • High impact West of Nile campaign targets a cascade of prospects from Omuka to Raa • Accelerated appraisal in support of basin development targets material undrilled fault blocks and field limits • Kanywata
Slide 12: Kenya-Ethiopia Rift Basins – successful pioneering exploration
Credit Suisse Energy Conference – 14 June 2012 Kenya-Ethiopia Rift Basins – successful pioneering exploration • 50% Operated interest across all onshore licences • Regional FTG gravity survey and ongoing 2D seismic campaign reveals scores of leads • High impact drilling campaign commenced; Ngamia-1
Slide 13: Transatlantic nature of Jubilee play proven
Credit Suisse Energy Conference – 14 June 2012 Transatlantic nature of Jubilee play proven • Jubilee follow-up exploration uses high-quality 3D seismic throughout Equatorial Atlantic • Exploration drilling campaigns target prospectivity in West Africa and South America • High impact wells currently
Slide 14: High impact exploration in Deepwater Tano
Credit Suisse Energy Conference – 14 June 2012 High impact exploration in Deepwater Tano Successful appraisal programme continues • Appraisal programme nearing completion • Tweneboa-3 confirms rich gas-condensate • Ntomme-2A encounters 125 metre oil column • Owo-1 re-drill tested at 20,000 bopd • En
Slide 15: Extending the Jubilee play west of Ghana
Credit Suisse Energy Conference – 14 June 2012 Extending the Jubilee play west of Ghana Côte d’Ivoire Sierra Leone & Liberia • Paon-1 in CI-103 (operated 45%) discovers 31m net oil pay • Large Late Cretaceous fans mapped • High quality 3D seismic covers acreage • Sierra Leone equity increased from 1
Slide 16: Basin-opening discovery made with Zaedyus-1 well
Credit Suisse Energy Conference – 14 June 2012 Basin-opening discovery made with Zaedyus-1 well • Cingulata Fan System offshore French Guiana tested by Zaedyus-1 wildcat (GM-ES-1) − 72m of net oil pay discovered; sidetrack drilled to gather core data − Zaedyus appraisal well to spud mid year with DS
Slide 17: Building an extensive operated portfolio in Mauritania
Credit Suisse Energy Conference – 14 June 2012 Building an extensive operated portfolio in Mauritania Initial focus on oil exploration • Encouraging core play diversity − Stratigraphic Traps − Salt Basins − Carbonates • Late Cretaceous turbidites are the initial exploration focus in Mauritania-Seneg
Slide 18: Financially strong and opportunity rich
Credit Suisse Energy Conference – 14 June 2012 Financially strong and opportunity rich • Jubilee production delivers record financial results • Uganda farmdown transforms the balance sheet • Exploration opens third major new basin • Appraisal success drives TEN development towards sanction • Materia
Slide 19: Tullow Oil plc Q&A
Credit Suisse Energy Conference – 14 June 2012 Tullow Oil plc Q&A
Slide 20: Tullow Oil plc
Credit Suisse Energy Conference – 14 June 2012 Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Follow Tullow on: Email: chris.perry@tullowoil.com