Tullow Oil Plc · LSE:TLW

Tullow Oil — Shareholder Meeting (April 2017)

12 slides from Tullow Oil's shareholder meeting presentation, Apr 26, 2017

  1. Slide 1: Annual General Meeting

    Tullow Oil plc – 2017 Annual General Meeting Tullow Oil plc ANNUAL GENERAL MEETING 26 April 2017

  2. Slide 2: Disclaimer

    Tullow Oil plc – 2017 Annual General Meeting 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 he

  3. Slide 3: Rights issue – Reducing debt and enabling growth

    Tullow Oil plc – 2017 Annual General Meeting Rights issue – Reducing debt and enabling growth Rights Issue rationale: Tullow believes its gearing is too high • Worked hard to reduce costs and re-set the business • Brought TEN on stream and entered into Uganda farm-down • Started generating free cash

  4. Slide 4: A sustainable future production base

    Tullow Oil plc – 2017 Annual General Meeting A sustainable future production base Countries with ongoing operations Key oil producing countries Kenya TEN field • Est. 750m bbls of discovered • First oil in August 2016 resources • 2017 gross forecast c.50,000 bopd • Target 80-120k bopd (gross) • FPSO

  5. Slide 5: TEN on stream following successful project delivery

    Tullow Oil plc – 2017 Annual General Meeting TEN on stream following successful project delivery Successful project execution & completion • Project delivered on time and on budget • FPSO tested in excess of design capacity (80kbopd) TEN field on stream • 50,000 bopd forecast average gross productio

  6. Slide 6: Jubilee remediation and future production

    Tullow Oil plc – 2017 Annual General Meeting Jubilee remediation and future production Turret remediation project on track • Unexpected event managed quickly and effectively • Insurance cover for lost production and repair ✓ Interim spread moor Completed Feb ’17 Long-term spread moor 2H 2017 Deepwat

  7. Slide 7: Additional cash flow from future Uganda production

    Tullow Oil plc – 2017 Annual General Meeting Additional cash flow from future Uganda production Farm-down to Total announced • $900m total consideration • Tullow’s capex exposure covered beyond first oil • Partnership ambition of FID by end ’17 • CNOOC exercised pre-emption rights Development milest

  8. Slide 8: Preparing Kenya asset for development

    Tullow Oil plc – 2017 Annual General Meeting Preparing Kenya asset for development De-risk and build on South Lokichar resources • 750 mmbo mean resource estimate • E&A programme ongoing • Successful water injection tests support development Progressing Full Field Development • Targeting 80 – 120k b

  9. Slide 9: Substantial E&A activity in 2017 – laying foundations for growth

    Tullow Oil plc – 2017 Annual General Meeting Substantial E&A activity in 2017 – laying foundations for growth JAMAICA MAURITANIA KENYA Walton Morant (100%) C3 (90%), C-10 (76.5%) Block 12A (40%) 2D Seismic 3D Seismic 2D Seismic Block 10BB/13T (50%) 3D Seismic South Lokichar Basin (50%) SURINAME 4 +

  10. Slide 10: High-impact South America prospects

    Tullow Oil plc – 2017 Annual General Meeting High-impact South America prospects Industry focus • Recent discoveries prove oil-prone area • Tullow has built up substantial acreage in low-cost settings Wild-cat drilling in Suriname in 2H 2017 • Low-cost offshore Araku well • Estimated 500 mmbo prospe

  11. Slide 11: Flexible, disciplined, proven E&P company

    Tullow Oil plc – 2017 Annual General Meeting Flexible, disciplined, proven E&P company Action taken Solid business base Focus on growth Business reset Low-cost High-impact and restructured production exploration assets Deleveraging under Team with Significant potential way through organic track reco

  12. Slide 12: Tullow Oil plc

    Tullow Oil plc – 2017 Annual General Meeting 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 Web: www.tullowoil.com

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