Wednesday, July 25, 2018 12:21:27 PM
https://www.tullowoil.com/Media/docs/default-source/3_investors/2018-half-year-results/tullow-oil-plc_2018-half-year-results-presentation.pdf?sfvrsn=2
Slide 6
Significant future cashflow growth
• New TEN & Jubilee wells to ramp up production
• Further infill drilling to sustain & extend Ghana plateau production
• Invest to maintain non-operated production rates
• Uganda and Kenya developments to deliver ~60,000 bopd production net to Tullow
Slide 15
Kenya - South Lokichar development
• Operating Early Oil Pilot Scheme
- Targeting 2,000 bopd around year-end
- EOPS delivering significant subsurface knowledge and above ground lessons
• Upstream & Pipeline FEEDs and ESIAs commenced
• Up to 40,000 bopd net to Tullow
• Workstreams on track for late 2019 FID
Slide 16 w/grahic
Cormorant - 1 well
• Spud Sept 2018; ~125 gross mmbo
• Gross cost ~$40m (Tullow 35% op)
• Multiple Cretaceous turbidite fans
Slide 26 - w/graphic
KENYA APPRAISAL CONFIRMS MATERIAL OIL RESOURCES
Successful exploration & appraisal programme
• 11 successful exploration wells, 21 appraisal wells drilled
• Extended injection and production testing continues
Substantial resources underpin development
• 240 – 560 – 1,230 mmbo (1C-2C-3C)
• Discovered STOIIP of up to 4 bn barrels
Material upside potential across the basin
• Undrilled exploration risked inventory of 230 mmbo
• Further potential in tight oil plays
Slide 27 w/graphic
DEVELOPING KENYA'S DISCOVERED RESOURCES
South Lokichar development plan
• Discovered resources support development via export pipeline to Lamu
• Phased development approach planned
• Incremental developments to follow initial Foundation Stage, utilising installed infrastructure
• Full development to achieve plateau production of 100,000 bopd
Amosing/Ngamia Foundation Stage
• Foundation Stage targeting 210 mmbo
• Initial production of 60,000 - 80,000 bopd
• Allows early FID to take advantage of low cost environment
• Targeting FEED: 2018, FID: 2019, First Oil 2021/2
• Foundation Stage gross capex of $2.9bn
- Upstream $1.8bn
- Pipeline $1.1bn
- ~80% spend to First Oil
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