Credit Presentation

Tullow Oil plc

April 2021

Business overview

Tullow Oil plc | Credit presentation

Tullow: A well-established company with a broad footprint

Geographical presence

Côte d'Ivoire Ghana

Guyana

Suriname

Gabon

Kenya

Peru

Namibia

Producing

Argentina

Exploration and development

Exploration

1 Per TRACS audit report and including impact of Equatorial Guinea sale 2 Includes turret remediation and COVID related costs

Key metrics

FY20 W.I. PRODUCTION

PF YE20RESERVES &

FY20 UNIT OPEX2

RESOURCES1

2P: 250mmboe

74.9kboepd$12.1/boe

2C: 615mmboe

FY20 REVENUE

FY20 ADJ. EBITDAX

FY20 CAPITAL INVESTMENT

$1,396m$804m$288m

2P NPV101

YE20 PF ADJ. GEARING

$2,978m3.0x

Tullow Oil plc | Credit presentation

Slide 3

Robust audited reserves and resources base

>160%

2020 reserves replacement1

Non-Op, 403

EG

38

125

YE19

243

121

mmboe

Jubilee,

TEN, 69

73

141

2P NPV10 of c.$3bn2

  1. Including production
  2. Per TRACS audit report
  3. Includes impact of Equatorial Guinea (EG) sale
  4. Divested in 2020
  5. Divested in 2021

Guyana,

55

Jubilee, 112

47 115

YE19 216

Kenya,

1,102

171

mmboe

52

EG

171 245

3

Non-Op,

48

TEN, 230

Substantial value left to unlock from 2C, 60% of which is from producing assets

  • Significant value underpinned by a large reserves and resources base
  • Two flagship operated assets in Ghana, Jubilee and TEN, both high quality, low cost, long life producing assets
    • Only 16% Jubilee STOIIP recovery factor to Dec-20
    • Only 8% TEN STOIIP recovery factor to Dec-20
  • Diversified non-operated producing assets in Côte d'Ivoire and Gabon with well-defined and profitable investment opportunities
  • Set to deliver sustainable self-funded production with material options to generate additional returns

Tullow Oil plc | Credit presentation

Slide 4

Highly experienced and committed leadership team

Les

Wood

Chief Financial Officer

  • Commercial, Planning & M&A
  • Finance & Tax
  • Treasury
  • IR & Corporate Affairs
  • Oil Marketing

Joined Tullow in 2014 as VP Commercial and Finance;

formerly at BP

Wissam

Al-Monthiry

Ghana

  • Operations
  • Health & Safety
  • Integrated technical functions
  • Stakeholder & JV Management

Joined Tullow in 2020;

formerly at BP and

Goldman Sachs

Rahul Dhir

Chief Executive Officer

Joined Tullow 2020; formerly Delonex and Cairn India

Mike

Julia

Jean-Medard

Walsh

Ross

Madama

General Counsel

People & Sustainability

Non-op

Legal

Shared Prosperity

Gabon, CdI, EG

Internal Audit & Risk

Human Resources

Non-op technical

Insurance

Internal Comms.

Stakeholder & JV

Ethics & Compliance

Management

  • Information Systems

Joined Tullow in 2020;

Joined Tullow in 2001;

Joined Tullow in 2012;

formerly at Delonex,

formerly Corporate

formerly at

Cairn India

Finance

Schlumberger

Amalia Madhan

Olivera-Riley

Srinivasan

Exploration

Kenya

Africa

Development

NFE and ILX1

concept

South America

Licence renewal

Subsurface

Stakeholder & JV

Management

Joined Tullow in 2019;

Joined Tullow in 2014;

formerly at Repsol and

formerly at Essar

ExxonMobil

Energy and BP

Senior Leadership Team (SLT)

1 Near-field exploration and infrastructure-led exploration

Tullow Oil plc | Credit presentation

Slide 5

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Tullow Oil plc published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 11:19:13 UTC.