Tullow Oil Plc · LSE:TLW
Tullow Oil — Shareholder Meeting (April 2017)
12 slides from Tullow Oil's shareholder meeting presentation, Apr 26, 2017
Slide 1: Annual General Meeting
Tullow Oil plc – 2017 Annual General Meeting Tullow Oil plc ANNUAL GENERAL MEETING 26 April 2017
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
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
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
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
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
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
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
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 +
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
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
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