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Tullow Oil plc

Tullow Oil plc | Half Year Results

15 September 2021

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 herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Group's control or within the Group's control where, for example, the Group decides on a change of plan or strategy.

The Group undertakes no obligation to revise any such forward-looking statements to reflect 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 figures contained in such forward looking statements

Tullow Oil plc | 2021 Half Year Results	Slide 2

OVERVIEW

Tullow Oil plc | 2021 Half Year Results

Tullow: A leader in Africa

Tullow is a leading		We are committed to		We maximise value through operational
African Oil & Gas		responsible & safe		excellence and technical expertise in engineering,
Company		operations		subsurface and exploration

Our West African							We deliver tangible social
producing assets generate		We have opportunities to unlock		and economic benefits to
material cashflow		value from Kenya and exploration		our host nations

We have a continued	We have a sustainable	Our platform for growth is expected
focus on costs and	capital structure and are	to deliver tangible increase
capital discipline	focussed on reducing debt	in equity value

Continued delivery of our business plan can create material value for our investors, our host nations and our

people

Tullow Oil plc | 2021 Half Year Results	Slide 4

Positive steps during a transitional year

Significant progress in 1H

• Reliable operating performance
• Consistent gas offtake in Ghana
• Production at top end of range
• Drilling programme commenced
• Revised Kenya development plan
• Exploration portfolio rationalised
• Continued focus on cost
• Comprehensive debt refinancing
• Asset sales completed
• Target for Net Zero by 2030

Near-term catalysts

• Organic growth from existing assets
• Revised Kenya development plan
• Deploy second rig in Ghana
• Potential TEN strategic wells
• Infrastructure-ledexploration (ILX)
• Gas sales agreement in Ghana

Clear path to value creation

• Plan supports material deleveraging
• Equity value growth opportunities
• Social and economic contribution:
• • Tax payments
  • Production sharing
  • Local content
• Culture focused on:
• • Individual accountability and integrity
  • Continuous improvement
  • Cost discipline
• Potential platform for M&A

	We are delivering our stated			Line of sight to organic and			Focus on growth and returns
	business plan			upside opportunities			for all our stakeholders

Tullow Oil plc | 2021 Half Year Results	Slide 5