Tullow Oil : Company Profile

17	87	267,650	28
COUNTRIES	LICENCES	ACREAGE (SQ KM)	PRODUCING FIELDS

Tullow Oil plc is a leading independent oil and gas exploration and production company with interests in over 80 licences across 17 countries. We have our headquarters in London along with major offices in Ireland, Ghana, Kenya, Uganda and South Africa. Our shares are listed on the London, Irish and Ghana Stock Exchanges and we are a member of the FTSE 250 index.

Tullow oil is a balanced exploration and production company, focused on finding new oil, selectively developing discoveries and maximising our low-cost production. We have oil producing assets in Ghana, Gabon, Côte d'Ivoire and Equatorial Guinea, development projects in Uganda and Kenya and exploration operations in both Africa and South America. We have more than thirty years' experience of working in Africa and emerging markets and we focus on balancing the interestsof our three key stakeholder groups - our shareholders, our host countries and our people.

In recent years there has been a lot of volatility in the oil price which has impacted the global oil and gas industry. Tullow has taken proactive steps to manage this risk by fully resetting the business, substantially reducing our cost base and firmly embedding cost discipline across the Group.

We are now in an exciting phase of growth with increasing production,our East African developments projects approaching sanction decisions and executing high-impact exploration campaigns in Africa and South America. We are generating significant free cash flow giving us the financial flexibility to balance paying down debt, investing appropriately in our assets and delivering shareholders returns.

Learn more about us online atwww.tullowoil.com

FINANCIAL AND OPERATIONAL HIGHLIGHTS

2018 FULL YEAR RESULTS OVERVIEW

"Tullow has worked hard over the past few years to become a self-funding, cash-generating business with a robust balance sheet, low-cost assets and a rigorous focus on cost and capital discipline. This has allowed us to set a clear capital returns policy which will start with the 2018 final dividend announced today. Our high-margin producing assets in West Africa, substantial development assets in East Africa and exploration licences in industry hotspots provide Tullow with a strong foundation for growth in the years

ahead."Paul McDade, CEO, Tullow Oil

2019

FINANCIAL CALENDAR

25 APRIL 2019

AGM and AGM Trading Update

26 JUNE 2019

Trading Statement & Operational Update

24 JULY 20192019 Half Year Results

2018 Full Year Financial Results Summary

FY 2018

FY 2017

Sales revenue ($m)

Gross profit ($m)

1,859 1,082

1,723

Operating profit/loss ($m)

528

815 22

Loss before tax ($m)

261

(286)

Loss after tax ($m)

Operating cash flow before working capital ($m)

Interim dividend per share ($)

85 411 4.8c

(175)

543

-

2018 Full Year Results Summary

• • Revenue of $1.9 billion; corporate Business Interruption insurance proceeds of $188 million

• • Gross profit of $1.1 billion; profit after tax of $85 million; free cash flow of $411 million; opex reduced to $10/barrel

• • Year-end net debt of $3.1 billion, $1 billion headroom; gearing of 1.9x; no near-term maturities

• • 2018 capital investment of $423 million; 2019 forecast of $570 million

• • Sustainable capital returns policy announced in November; 2018 final recommended dividend of 4.8c/share (c.$67 million)

• • West Africa 2018 net oil production averaged 88,200 bopd; 2019 forecast 93,000 - 101,000 bopd

• • Principles agreed with Government of Uganda on CGT; completion of farm-down to follow

• • JV Partners targeting Uganda development FID around mid-year; Kenya development targeting end 2019 FID

• • Guyana exploration drilling to commence in mid-2019 with a three-well programme planned

OUR VISION & STRATEGY

OUR VISION AND STRATGEY

We aim to create long-term value for all of our stakeholders.

OUR 2030 VISION

To be sustainable, progressive and the leading oil company in Africa

OIL

We have the experience and core skills to find, develop and monetise high-value oil, to help meet future global demand

OUR STRATEGIC PRIORITIES

1FINANCING OUR BUSINESS

2DELIVERING OUR BUSINESS

3GROWING OUR BUSINESS

4LEADERSHIP EFFECTIVENESS

• • Maintaining good financial discipline

• • Providing liquidity and headroom to manage oil price volatility

  • • Adding resources, replacing reserves and pursuing exploration and development opportunities around our asset base

• • Managing financial risk through insurance and hedging

• • Proactively managing the portfolio at all life cycle stages

• • Targeting three to five high-impact exploration wells a year, to deliver commercial and material light oil discoveries

• • Generating free cash flow from low-cost oil production

• • Progressing major development projects to grow our production profile

OUR STAKEHOLDERS

Our focus is to create sustainable long-term value for our stakeholders

• • Maintaining a strong and cohesive leadership to progress our long-term 2030 Vision, deliver value for all our stakeholders and manage unforeseen and critical business activity

OUR

TORS

HOSTCOUNTRI

U

ES

O

OUR PEOPLE:

PROVIDING A GREAT PLACE TO WORK AND DEVELOP CAREERS

OUR INVESTORS:	OUR HOST
DELIVERING	COUNTRIES:
DIVIDENDS AND	CREATING SHARED
CAPITAL GROWTH	PROSPERITY

OUR OPERATIONS

The Jubilee and TEN fields in Ghana represent the majority of our production. These fields were developed and brought on stream in 2010 and 2016 respectively. We also have a portfolio of non-operated producing assets, operated by our Joint Venture partners in Gabon, Equatorial Guinea and Côte d'Ivoire.

In East Africa, we have invested in projects in Uganda and Kenya. In Uganda, we have licence interests in the Lake Albert Rift Basin where we discovered 1.7 billion barrels of gross recoverable oil resources. In Kenya, our work is focused on the South Lokichar Basin where we have discovered 560 million barrels of recoverable resources so far. We are now focused on progressing the development of these discoveries.

A key component of our long-term strategy is to find oil through exploration which we then seek to monetise through production or the sale or farm down of assets. Our exploration and appraisal activity to support this aim is focused on our assets in Africa and South America.

West AfricaEast AfricaNew Ventures

NOTE:In Côte d'Ivoire Exploration activities are managed by the New Ventures BDT and Production activities are managed by the West Africa BDT.

WEST AFRICA

(INCL EUROPE OPERATIONS)

In West Africa Tullow operates the Jubilee and TEN fields in Ghana, and we also have a portfolio of non-operated production assets in Gabon, Equatorial Guinea and Côte d'Ivoire.

5

41

90,000BOEPD

COUNTRIES

LICENCES

2018 FY PRODUCTION INCLUDING

INSURANCE PAYMENTS

Ghana

The Jubilee field was discovered in 2007 offshore Ghana and started production in 2010. In October 2017, the Government of Ghana approved the Greater Jubilee Full Field Development Plan (GJFFD), which enabled an infill drilling programme to maximise and extend the life of the field production. Seismic surveys have been used to find the best place for the GJFFD wells and to support the management of the reservoirs. In 2018, two new Jubilee production wells, and a water injection well were tied-in as part of this work, with further wells planned in 2019. This infill programme aims to sustain production of around 100,000 barrels of oil per day (bopd) from the Jubilee field.

Tullow's second development in Ghana, the TEN project, came on stream in 2016. TEN has an FPSO vessel with a capacity of 80,000 bopd. The TEN fields were affected by a maritime boundary dispute between Ghana and Côte d'Ivoire during 2015 to 2017, which limited the number of wells completed when the field came on stream. However, this dispute was resolved by a Special Chamber of the International Tribunal of the Law of the Sea in 2017 and its decision did not affect the TEN fields. This allowed development drilling to restart in early 2018 and further wells to be drilled to increase production to, or above the FPSO's 80,000 bopd capacity.

Non-operated & Europe production

Tullow also has oil development and production activities in Côte d'Ivoire, Equatorial Guinea and Gabon, which are operated by our Joint Venture partners. We expect net production across the West African non-operated portfolio to be around 23,000 bopd in 2019 and we hope to increase this portfolio to around 25,000 bopd in future years. The West Africa team also manage Tullow's mature North Sea gas interests and these are in the process of being decommissioned.