Tullow Oil Plc · LSE:TLW
Tullow Oil — FY2008 Earnings Presentation
11 slides from Tullow Oil's earnings presentation, March 2009
Slide 1: Fact Book – Tullow Oil plc March 2009
Fact Book i Tullow Oil plc March 2009
Slide 2: Asset Overview
Asset Overview Africa Rest of the World Europe 1 Netherlands E 2 Portugal E 3 United Kingdom EDP Africa 1 Angola E 2 Congo (Brazzaville) DP South Asia 3 Congo (DRC) E 1 Bangladesh EDP 4 Côte d'Ivoire EDP 2 Pakistan EDP 5 Equatorial Guinea DP 6 Gabon EDP South America 7 Ghana ED 1 French Guiana E 8 L
Slide 3: Summary of 2008 Results
Summary of 2008 Results 2008 Results 2008 2007 Variance Sales Revenue (£m) 692 639 +8% Operating profit (£m) 300 189 +59% Profit after tax (£m) 226 53 +330% Basic earnings per share (pence) 30.9 7.1 +335% Dividend per share (pence) 6.0 6.0 0% Cash generated from operations1 (£m) 519 474 +9% Net debt
Slide 4: 2008/2009 Capex Programmes
2008/2009 Capex Programmes Capital Expenditure Strategy In 2009, the Group will continue to allocate its capital to projects that provide the opportunity for the highest return for shareholders. Our key objectives for the year will be to: • Remain on track for Jubilee first oil in the second half of
Slide 5: 2008/2009 Costs and Depreciation
2008/2009 Costs and Depreciation 2008 2009 Operating Data * £/boe £/boe Operating Costs Gabon ** 9.40 8.20 Equatorial Guinea, Congo (Brazzaville), Côte d’lvoire 3.60 3.60 Mauritania - Chinguetti 12.60 15.50 UK SNS 7.90 7.60 South Asia 1.20 1.30 Depreciation Gabon 4.90 5.00 Equatorial Guinea, Congo (
Slide 6: 2009 Development Opportunities
2009 Development Opportunities No. Sanction First Country Developments of Status Decision Production Wells AFRICA Angola Pit-Ban Disc. 2010 2011 2 Appraisal wells Q1 10 Congo 22 M’Boundi Field Re- Infill drilling continues. Water injection upgrade from - prod. (Brazzaville) development 46,000 bwpd t
Slide 7: 2009 Development Opportunities
2009 Development Opportunities Sanction First No. of Status Country Developments Decision Production Wells …………………………………………………………………………… ………….. EUROPE UK Thames Area Bure N Q3 09 1 Well in Q2 09. First production in Q3 09 Boulton infill Q1 09 1 Development in progress Murdoch infill Q1 09 1 Developm
Slide 8: 2009 Exploration Programme
2009 Exploration Programme Licence/ Prospect/ Gross Country Interest Date/Status Block Campaign Upside AFRICA Deepwater Tano Tweneboa 49.95% (op) 1400 mmboe Q1-Q4 2009 West Cape Three Ghana Mahogany Appraisal 22.9% 600 mmbo Q2 –Q3 2009 Points West Cape Three Teak Complex 22.9% 350 mmboe Q4 2009 Poin
Slide 9: 2008 Reserves and Resources summary
2008 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 2008 131.0 20.1 2.0 258.7 - 105.9 133.1 384.7 197.2 Revisions 140.2 (6.5) - (15.9) - 36.8 140.2 14.4 142.6 Disposals -
Slide 10: Production Summary – Key Producing Assets
Production Summary – Key Producing Assets Working interest production boepd boepd 2008 2009 Fiscal Discount to Core Area Country Asset Interest Actual Forecast Regime Brent $ AFRICA Gabon Tchatamba 25% 4,400 3,500 PSC $2.00 Niungo 40% 4,000 3,150 Tax $1.75 Etame/Avouma 7.50% 1,600 1,800 PSC $2.25 Ot
Slide 11: Net Daily Entitlement as % Production
Net Daily Entitlement as % Production Contract Type 2008 2009 2010 Gabon Echira Corp Tax 100 100 100 Turnix Corp Tax 100 100 100 Niungo Corp Tax 100 100 100 Tchatamba PSC 75 75 68 Limande Corp Tax 100 100 100 Etame PSC 81 86 62 Obangue PSC 90 90 90 Tsiengui PSC 79 80 61 Ghana Jubilee Corp Tax - - 10