#1Tullow Oil plc INVESTOR FORUM 3 May 2012 - Accra, Ghana TULLOW Unt IMO45764913 CO NERG 24 26 25 24 23 22 21 22S5#22012 Investor Forum Disclaimer TULLOW Uit 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. Slide 2#32012 Investor Forum Positioned to deliver next phase of growth Slide 3 TULLOW Unt • Record financial results ⚫ Jubilee drives up production • Uganda farm-down transforms the balance sheet • · • Exploration opens two major new basins in French Guiana and Kenya Material new acreage positions acquired ⚫ Best safety performance to date • 2011 dividend of 12p/share#4Tullow Oil plc - 2012 Investor Forum Business Overview 1000#52012 Investor Forum Tullow's global footprint ⚫ 7 countries 47 licences Europe, South America & Asia •57,793 sq km acreage • ⚫ 20,800 boepd • 120.8 mmboe •154 employees ⚫ 9 countries West & North Africa ⚫ 42 licences . • 66,425 sq km acreage ⚫57,400 boepd • 657.8 mmboe ⚫374 employees Slide 5 Ireland United Kingdo EDP Netherlands EDP Guyana E Suriname E French Guiana E Mauritania EDP Senegal E Sierra Leone E Liberia E Ghana EDP Côte d'ivoire EDP Uganda ED Equatorial Guinea DP Kenya E Gabon EDP Tanzania E Congo Brazzaville! DP Namibia D South Africa Bangladesh EDP Pakistan EP TULLOW Unt Ethiopia E Madagascar E • 6 countries 18 licences • 151,677 sq km acreage ⚫964 mmboe ⚫297 employees South & East Africa#62012 Investor Forum 2011 full year results summary 2011 2010 Change Sales revenue 2,304 1,090 +111% Operating profit 1,132 262 +332% Net profit 689 90 +670% Basic earnings per share 72.5 8.1 +795% Dividend per share 12.0 6.0 +100% Capital investment¹ 1,432 1,235 +16% Cash generated from operations 2 1,832 789 +132% Net debt 3 2,854 1,943 +47% 12011 excludes Nuon acquisition 2 Before working capital movements 3 Net of all cash balances and before 2012 Uganda farmdown TULLOW Uit Record financial results; transformed by higher production & increased commodity prices. Balance sheet further transformed in February 2012 by Uganda farm-down. Slide 6#72012 Investor Forum Capital expenditure of $2 billion forecast for 2012 2012 $700m $300m $990m $1,990m 2011 $701m $335m $396m $1,432m • • $1,990m for 2012 TULLOW Unt - - Ghana: Jubilee remediation and phase 1A & TEN developments Uganda: Lake Albert Other Africa: WATM, Kenya ROW: South America, Europe 2011 capital split: >57% Ghana & Uganda; >83% Africa 2010 $382m $138m $715m $1,235m $246m $418m Europe, Sth.America, & Asia South & East Africa 2009 $468m $137m $480m $1,085m 0 400 800 1200 Exploration Appraisal Slide 7 1600 2000 Development $768m West & North Africa#82012 Investor Forum 74% global E&A success ratio in 2011 Seismic Key Acquisition Airborne Surveys Processing/ Re-processing Drilling Key Offshore Onshore UK - 2 wells Cameron (44/19b-7) * Foxtrot (49/30b-10) MAURITANIA - 2 wells 1,628 km 2D ✓Cormoran-1 * Gharabi-1 1,628 km 2D PSTM LIBERIA - 1 well FRENCH GUIANA 1 well × Montserrado-1 GM-ES-1 (Zaedyus) 2012 Wells: Sierra Leone: Jupiter-1 * Mercury-2 CÔTE D'IVOIRE 2,200 sq km 3D PSDM CDI: Ghana: * Kosrou-1 Ntomme-2A ✓Enyenra-4A Ngamia-1 * Ngege-3 GHANA 11 wells Tweneboa-3 Tweneboa-3A Teak-1 ✓ Enyenra-2A ✓ Akasa-1 Kenya: Uganda: * Guyana: Pakistan: Tanzania: Jaguar-1 ✓ Teak-3A * Jabbi-1 * Ntorya-1 currently drilling Teak-2 Tweneboa-4 * Banda-1 * Makore-1 ✓ Enyenra-3A 1,600 sq km 3D PSDM Slide 8 TULLOW In NETHERLANDS - 1 well 1,660 sq km 3D PSDM × Muscovite-1 (E16-5) 83% success rate in 2010 87% success rate in 2009 77% success rate in 2008 GABON - 8 wells Limande-7 OMOC-N-502 × B'Oba-1 * Nkongono-1 Onal 1501 ✓ Onal 1701 ✓ Maroc-Nord 102 Tchatamba South 1,600 sq km 3D PSDM BANGLADESH 620 km 3D PSDM ETHIOPIA EQ. GUINEA MADAGASCAR 606 km 360 sq km 4D PSDM 2D 606 km 2D PSTM KENYA 243 km 2D 12,482 km Airborne survey 603 km 2D 1,854 km 2D PSTM 60,450 km Airborne survey UGANDA - 9 wells ✓Mpyo-3 Nsoga-2 Kigogole-6 ✓Jobi-2 ✓ Gunya-1 Ngege-2 ✓ Jobi-East-1 * Jobi East-5 ✓ Jobi-East-2 378 sq km 3D 378 sq km 3D PSTM#9mmboe 2012 Investor Forum Reserves and Resources 2000 1800 Contingent Resources • 1600 Commercialised • 1400 Commercial Reserves 1200 1000 800 600 400 200 0 2008 2009 2010 2011 Slide 9 Uganda Commercialised Resources 35% ESAA Contingent Resources 4% Commercial Reserves 17% 1,743 mmboe Ghana Contingent Resources 14% Rest of Africa Contingent Resources 13% Uganda Contingent Resources 17% TULLOW Unt Reserves and Resources 1,743 mmboe Commercial reserves - 298 mmboe Contingent resources - 841 mmboe - 2011 additions - 235 mmboe Uganda resources commercialised - 604 mmboe Total resource potential 4.2 billion boe Commercial Reserves - 7% of total • Reserve and Resource life ->35 years Risked Prospective Upside increased to c.3.1bn boe Risked Prospective Upside 4.2bn boe(1) Commercial Reserves Contingent Resources (1) Adjusted reserves and resources based on Uganda sale of 66.67% (604mmboe)#102012 Investor Forum Strong production growth in 2011 Group working interest production kboepd 100 80 60 60 40 40 20 Africa Ghana Asia Europe Mauritania boepd (x000) 16 0+ 2010 actual 2011 actual 2012 guidance 2013 estimate 2011 2012 2011 Production: 78,200 boepd (+35%) 12 8 TULLOW Uit North Sea boepd (x000) Current production Oil production 20 Future production 16 Other licence areas Gas production 12 Pakistan boepd (x000) Bangladesh boepd (x000) 16 16 2011 2012 12 12 Ghana boepd (x000) 28 24 20 EQ.Guinea boepd (x000) 16 16 12 8 12 8 4 • Strong performance across UK, Africa & Asia Côte d'Ivoire boepd (x000) 0 0 2011 2012 2011 2012 16 ⚫ Jubilee Phase 1 ramp up delayed ⚫ 2012 guidance 78-86,000 boepd 12 8 4 8 4 8 4 0 0 2011 2012 2011 2012 www... 16 Congo (Brazz) boepd (x000) 16 0 Gabon Significant medium term production growth 2011 2012 boepd (x000) • 2012 exit production will be > 90,000 boepd • 2013 will benefit from full Jubilee potential • Commercialising through sale or development portfolio potential of >200,000 boepd Slide 10 12 8 4 12 4 0 0 2011 2012 2011 2012#112012 Investor Forum West & North Africa Strong production growth and high impact exploration • 57,400 boepd production • 675.8 mmboe total reserves and . resources • $1,944 million sales revenue $768 million investment - 16 successful E&A wells - 29 Development wells Major exploration campaigns in 2012 - Ghana, Liberia, Côte d'Ivoire, Mauritania Major development projects - Jubilee Phase 1A commenced - - TEN development planning ongoing 7 8 9 5 TULLOW Uit West & North Africa (WNA) 3 West & North Africa (WNA) 1 Congo (Brazzaville) DP 2 Côte d'Ivoire EDP 3 Equatorial Guinea DP 4 Gabon EDP 5 Ghana EDP 6 Liberia E 7 Mauritania EDP 8 Senegal E 9 Sierra Leone E Slide 11#122012 Investor Forum Ghana - high levels of activity continue Development and Production Jubilee production drives record results • 2012 production to average of 70 - 90,000 bopd • Phase 1A development commenced in Feb 2012 E&A activity on TEN confirms commerciality ⚫ TEN Plan of Development submission expected Q3 2012 First oil forecast ~30 months after POD approval Exploration and Appraisal • Successful appraisal activity in WCTP and Deepwater Tano in 2011 • Wawa-1 and Teak-4 currently drilling • More high impact exploration to come in 2012 LEGEND Oil Field/Discovery Gas Condensate & Oil Discovery Prospect Dry Hole Oil Shows Enyenra INTERNATIONAL BOUNDARY DEEPWATER TANO Tullow 49.95% TULLOW In WEST CAPE THREE POINTS Tullow 26.40% Wawa Tweneboa Unit Area Teak Jubilee Sapele Akasa Ntomme Tweneboa Deep & Mahogany Enyenra Deep, Cenomanian Deep Banda-1 Option to re-licence 25km Working towards Jubilee achieving FPSO production capacity of 120,000 bopd Slide 12#132012 Investor Forum South & East Africa South & East Africa (SEA) Slide 13 1 6 2 South & East Africa (SEA) 1 Ethiopia E 3 2 Kenya E 4 3 Madagascar E 4 Namibia D 5 Tanzania E 6 Uganda ED TULLOW In Significant milestones reached & new basins opened • 964 mmboe total reserves and resources • $418 million investment in 2011 • 8 successful E&A wells • Multiple East African exploration campaigns in 2012 Uganda • $2.9 billion Uganda farm-down deal completed 1.1 billion barrels discovered • Partnership progressing development Kenya and Ethiopia • • Tullow's 4th new basin opened with discovery in Kenya Transformational potential across Kenya and Ethiopia#142012 Investor Forum Significant acreage position in East Africa TULLOW Unt Ethiopia East African Rift Basins . East African Rift Basins Uganda Kenya • Indian Ocean Nairobi Tanzania Dar es Salaam Zambia Mozambique Zimbabwe East African Transform Margin Madagascar Antananarivo Uganda -Lake Albert Rift Basin 1.1 billion barrels oil discovered Accelerated appraisal in support of basin development Kenya - Ethiopia Rift Basins Seven rift basins analogous to the Lake Albert Rift Basin - 100,000 sq km of acreage (10X Uganda) - Ngamia-1 makes over 20 metre oil discovery in March 2012 East African Transform Margin ● Exploration campaigns focused on high value oil • Morondava Rift Basin in SW Madagascar • Offshore Kenya Block L8 - High impact Mbawa-1 wildcat in Q3 2012 Slide 14 LEGEND Tullow Operated Tullow Non-operated 300km#152012 Investor Forum Europe, South America & Asia Opening of a major new basin & valuable cash flow • 20,800 boepd production • 120.8 mmboe total reserves and resources • $360 million sales revenue Europe, South America & Asia (ESAA) 1 Netherlands EDP 2 United Kingdom EDP 3 French Guiana E 4 Guyana E 5 Suriname E 6 Bangladesh EDP 7 Pakistan EP 45 3 • $246 million investment in 2011 • TULLOW Uit Europe, South America & Asia (ESAA) Zaedyus discovery, offshore French Guiana, potential for region to become a major new petroleum province Expansion potential through ongoing development and exploration in the UK and Netherlands • Acquisition of Nuon Exploration & Production significantly enhanced Dutch Portfolio • Qualification as an operator in Norway to sell Asian assets in Bangladesh and Pakistan to focus on core African and Atlantic Margin strategy Slide 15#162012 Investor Forum Transatlantic nature of Jubilee play proven EQUATORIAL ATLANTIC PLAY FAIRWAY Sierra Leone Guinea SL-07B-11 LB 17,16 & 15 Venus B, Mercury & Jupiter Discovered 2009, 2010 & 2012 GEORGETOWN BLOCK BLOCK 47 GUYANE MARITIME 2 CORONIE Zaedyus Discovered 2011 Guyana 5 Suriname French Guiana Côte d'Ivoire Liberia CI-26 Espoir CI-105 Jubilee/T.E.N. TULLOW Unt Current & Upcoming Wells Paon - 1 Jaguar - 1 Teak-4 Enyenra - 4A, Wawa - 1, Okure 1 & Sepele - 1 6 Zaedyus-2 Mahogany/ Akasa/Teak Discovered 2009 & 2011 1 Ghana CI-103 3 Discovered 2007, 2009, 2010 & 2011 • Success in West Africa leads to testing of Jubilee play across the Atlantic Zaedyus-1 makes significant discovery in French Guiana proving the Atlantic twin basin theory Exploration campaigns now targeting prospects in French Guiana, Suriname and Guyana • Zaedyus follow-up drilling to commence mid year Slide 16#17Tullow Oil plc - 2012 Investor Forum Corporate Responsibility#182012 Investor Forum How we do business Slide 18 Stakeholder engagement People Financial performance $ + Local content TIH LOW CREATING SHARED C PROSPERITY Social enterprise Governance Sustainable supply chain Environment, health & safety TULLOW Unt#192012 Investor Forum Social Enterprise Investments • . • • Building capacity for the oil & gas industry and associated sectors TULLOW Unt Encouraging economic diversification to avoid overreliance on oil & gas Contributing to a positive operating environment Social Enterprise guidelines in place for community projects - helping to align investments with business objectives Environmental Law Students from the Tullow Group Scholarship Scheme pilot phase, in Dundee and Aberdeen Slide 19#202012 Investor Forum Employing local people Slide 20 TULLOW Uit Local employees Local nationals 80% Expatriates 20% 1400 Five-year growth in employees 1200 1000 800 600 400 200 0 2007 2008 2009 2010 2011#212012 Investor Forum Contributing to national skills base TULLOW On Tullow Scholarship Scheme - Uganda, 2011 TTE The TT al Training C Slide 21 Tullow Uganda staff at TTE, UK OUS Group Well Engineering Manager with Trainee from the Well Engineering Development Programme#222012 Investor Forum Supporting local business • Direct contribution to a country's prosperity Meetings and events to build pathways to enter our supply chain Closing the Gap sessions to bring up standards • €2bn forecast capital expenditure in 2012 Slide 22 conship TULLOW Unt#23Tullow Oil plc - 2012 Investor Forum Conclusions#24Slide 24 2012 Investor Forum Financially strong and opportunity rich TULLOW DA PIONER TULLOW Unt • Jubilee production delivers record financial results • Uganda farmdown transforms the balance sheet Exploration opens fourth major new basin • Material new acreage positions acquired Clear vision to be the leading global exploration and production company#25Tullow Ghana Ltd Plot 71 off George Walker Bush Highway North Dzowulu Accra TULLOW Follow Tullow on: You Tube Linked in Ghana Tel: +233 (0)302 742 200 Fax: +233 (0)302 742 300 Email: [email protected] plc Ont