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 andproduction business.

Whilst Tullow believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materiallydifferent owing to factors beyond the Group's control or within the Group's controlwhere, for example, the Group decides on a change of plan or strategy.

The Group undertakes no obligation to revise any such forward-looking statements toreflect any changes in the Group's expectations or any change in circumstances, events or the Group's plans and strategy. Accordingly no reliance may be placed on the figurescontained in such forward looking statements.

OUR PORTFOLIO OF ASSETS

Totals include Jubilee Field Insurance Production-Equivalent Barrels of 8,700 bopd in 2018

NEW VENTURES - exploration

  • •Extensive acreage in Africa and South America, in well-known plays

  • •Multiple high-impact frontier campaigns plannedover next three years

  • •Significant new licencesin Côte d'Ivoire and Peru

WEST AFRICA - production

Ghana

  • •Flagship low-cost producing assets

    - Jubilee & TEN fields

  • •Investment focused on multi-yearincremental drilling programme to maximise and extend production profile

  • •Combined gross FPSO design capacity of 200 kbopd

Non-operated portfolio

  • •Incremental investments to sustain production and arrest decline

EAST AFRICA - development

Kenya

  • •Significant discoveries in South Lokichar basin

  • •Phased development plan to reach 100+ kbopd at plateau

  • •Driving towards first oil in 2022

Uganda

  • •Estimated 1.7bn bbls of discoveredresources in Uganda, developmentprogressing

  • •c.230kbopd gross production at plateau; expected capex covered to first oil and beyond

West Africa oil production12018 guidance: 86,000 - 92,000 bopd

WELL-POSITIONED IN AN IMPROVING OPERATING ENVIRONMENT

EXTERNAL ENVIRONMENT

  • •Stronger oil price outlook

  • •Sustained industry cost deflation

  • •Long-term demand for low cost oil

INTERNAL ACTIONS

  • •Reset business and cost base

  • •Significantly improved balance sheet

  • •Leveraging opportunity rich portfolio

VALUE CREATION

  • •Sustainable free cash flow generation

  • •60% production growthfrom current assets

  • •High impact exploration campaigns

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Disclaimer

Tullow Oil plc published this content on 03 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 03 October 2018 16:02:02 UTC