#1Tullow Oil plc INVESTOR FORUM 14 May 2013 TULLOW Unt PPSO KWAME NKRUMAH 21#22013 - 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#32013 - Investor Forum Substantially strengthened the business in 2012 TULLOW In Slide 3 • • • Basin-opening exploration success in Kenya Five new country entries (4 x Atlantic Margin, 1 x East Africa) Successful and cost-effective remediation of Jubilee • Development plans presented in Ghana and Uganda • • • $2.9bn farm-down in Uganda Refinancing of main debt facility; final maturity 2019 Ongoing asset sales in Europe and Asia; Norway acquisition Total dividend for 2012 of 12p/share#42013 - Investor Forum 2012 financial summary TULLOW In 2012 2011 Change Sales revenue $2,344m $2,304m +2% Operating profit $1,185m $1,132m +5% Profit after tax $666m $689m -3% Basic earnings per share 68.8c 72.5c -5% Full year dividend per share 12.0p 12.0p 0% Capital investment¹ $1,870m $1,432m +31% Cash generated from operations² $1,777m $1,832m -3% Net debt³ $989m $2,845m -65% 1 2011 excludes Nuon acquisition 2 Before working capital movements 3 Net of all cash balances Slide 4 Balance sheet transformed in 2012; well positioned for 2013#5mmboe 2013 - Investor Forum Reserves and Resources Group Reserves and Resources 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2009 2010 2011 2012 Uganda Commercialised ■Contingent Resources ■Commercial Reserves Slide 5 Europe and Asia 6% 1,203 mmboe Commercial Reserves 29% TULLOW Uit Reserves and Resources 1,203 mmboe • Commercial Reserves - 388 mmboe - TEN transferred to Reserves - 112 mmbo Contingent Resources - 815 mmboe - Uganda Resources commercialised - 604 mmboe Additions to Resources - 71 mmboe Total Resource potential 6.0 billion boe • Commercial Reserves - 6% of total Reserve and Contingent Resource life ~37 years Risked Prospective upside c.4.8bn boe - 60% increase Contingent Resources 65% Risked Prospective Upside Commercial Reserves Contingent Resources 6.0 bn boe#62013 - Investor Forum Tullow's exploration-led strategy Slide 6 Additional cash flow from new production High Margin Production Cash flow Exploration and Appraisal $1bn + p.a. Fully Funded Monetisation Options & Portfolio Management Costs & Dividends = ~$4bn debt facilities Selective Development TULLOW On Surplus Cash Additional Exploration, Cash Distribution#72013 - Investor Forum Exploration strategy is focused on Africa & Atlantic Margins TULLOW Uit North Atlantic Exploration & Business Development Central Atlantic Major Exploration Campaign Launched Guyanas Transform Margin Equatorial Atlantic Success Ratios Exploration Campaign 74% in 2012 ongoing since 2007 74% in 2011 83% in 2010 87% in 2009 77% in 2008 Slide 7 Central Atlantic Margin South Atlantic Exploration Studies & Business Development West African Transform Margin Norwegian Continental Shelf East African Rift Basins East African Transform Margin Core Plays Strat Traps Salt Basins Rift Basins Carbonates#82013 - Investor Forum Capital expenditure for 2013 2013 $800m $270m $580m $350 $2,000m 2012 $756m $378m $776m $1,870m 2011 $445m $591m $396m $1,432m 2010 $382m $138m $715m $1,235m 0 400 800 1200 1600 2000 Expl App Dev Potential Portfolio Management Notes: i) 2013 Capital expenditure excludes the Spring acquisition ($372 million). ii) 2011 Capital Expenditure excludes the Nuon ($404 million) and Ghana EO ($98 million) acquisition. iii) 2010 Capital Expenditure excludes the Heritage acquisition ($1.45 billion). Slide 8 TULLOW Uit $2,000m for full year 2013 ⚫ Ghana: Jubilee phase 1A & TEN development . Uganda: Continuing appraisal and development Other Africa: Maintaining mature production & high-impact exploration • ROW: French Guiana appraisal and selected high-impact exploration 2012 capital split: • >50% Ghana & Uganda; >80% Africa $433m South & East Africa $1,870m $350m Europe, Sth.America, & Asia $1,087m West & North Africa#92013 - Investor Forum West & North Africa TULLOW Uit Strong production & high-impact exploration & development • 57,850 boepd production - Exceptional performance from Jubilee - Jubilee well issues resolved • 647 mmboe total reserves and resources • Major exploration campaigns in 2013 - Mauritania, Côte d'Ivoire, Gabon • Major development projects - Jubilee Phase 1A - TEN - Jubilee Full Field Development 8 9 6 10 75 4 1 West & North Africa (WNA) 1 Congo (Brazzaville) DP 2 Côte d'Ivoire EDP 3 Equatorial Guinea DP 4 Gabon EDP 5 Ghana EDP 6 Guinea E 7 Liberia E 8 Mauritania EDP 9 Senegal E 10 Sierra Leone E West & North Africa (WNA) Key: E Exploration D Development P Production Slide 9#102013 Investor Forum South & East Africa 6 3 2 5 South & East Africa (SEA) South & East Africa (SEA) 1 Ethiopia E 2 Kenya E 3 Uganda ED 4 Madagascar E 5 Mozambique E 6 Namibia D Key: E Exploration D Development P Production Slide 10 TULLOW In Significant milestones reached & new basin opened • 441.6 mmboe total reserves and resources (post-Uganda sale) $433 million investment in 2012 - E&A in Kenya, Uganda and Ethiopia Uganda • $2.9 billion Uganda farm-down deal completed • Partners and Government of Uganda making good progress towards an agreed development Kenya and Ethiopia • New basin opened with discoveries in Kenya - - Ngamia-1 and Twiga-1 positive flow tests - More potential from Lokichar 'string of pearls'#112013 - Investor Forum Europe, South America & Asia New ventures & asset sales • 21, 350 boepd production . On-going French Guiana exploration campaign • - Limited success this year, but oil in all three wells Acquisition of Spring Energy in Norway • • - Access to superb exploration prospects Non-operated licence in Greenland; no decision to drill in this highly prospective region until end 2014 Divestment of assets in UK and Asia proceeding as planned - $42m sale of Tullow Bangladesh agreed Slide 11 1 3 TULLOW In Europe, South America & Asia (ESAA) Europe, South America & Asia (ESAA) 1 Greenland E 2 Netherlands EDP 3 Norway EP 4 United Kingdom EDP 5 French Guiana E 6 Suriname E 7 Uruguay E 8 Bangladesh DP 9 Pakistan E Key: E Exploration D Development P Production#12Tullow Oil plc - 2013 Investor Forum Tullow in Ghana#132013 Investor Forum The Jubilee field Jubilee production stable • Strong production in 2013 • Average of 104,000 bopd year to date Well capacity of over 120,000 boepd . All Phase 1A wells completed by end Q3 2013 Phase 1A project delivery on schedule and within budget FPSO debottlenecking underway • • Oil capacity proven >120,000 bopd Gas capacity constraining oil production at ~110,000bopd Increased gas capacity in Q3 2013 Jubilee full field development plan • • Supports P50 Reserves of 700 mmboe, with upside ~ 20 infill well locations already identified TOLLOW • Currently discussing plan with Government Slide 13 TULLOW In#142013 - Investor Forum TEN development - progressing to sanction TULLOW On PoD submitted November 2012 • • • • Discussions with GoG progressing towards approval FPSO and Subsea award decisions being finalised West Leo rig contract extended to 5 years First oil still targeted 32-36 months after PoD approval Development Optimisation • Base plan of c.23 injection and production wells Initial development recovers c.300mmboe (80% oil) . • • Optimised for value at ~80,000bopd plateau rate Flexible design to manage potential future expansion Gross development capex of ~$4.5bn + leased FPSO Tullow net capex of ~$1.5bn pre-first oil Slide 14#152013 Investor Forum Tullow in Ghana Investment $669m invested by Tullow in Ghana in 2012 Supply chain Tullow alone spent $114m with Ghanaian registered supply and service companies in 2012. Of this, $69.2m was placed with supply and service companies that were/are Ghanaian owned Tax Corporate tax of $40m in 2012; $39m paid in April for Q1 2013 Other taxes of $52.8m (VAT, PAYE, withholding tax etc) People 89% of our local workforce are Ghanaian Scholarships 50 scholarships awarded to Ghanaians for industry-related studies for 2012; 50 more to be awarded in 2013/14 Slide 15 TULLOW In#16Tullow Oil plc - 2013 Investor Forum Corporate Responsibility#172013 Investor Forum How we do business TULLOW Uit . . • We manage our business in a responsible way to maximise sustainable development opportunities for host nations. We are committed to ensuring long-term benefits to local people and economies where we operate. The foundation of shared prosperity is to be a successful and profitable company, so we can meet our obligations to governments, employees and suppliers and generate returns. Stakeholder engagement is critical for our operations and our approach to elements such as local content or EHS, directly affects our ability to run our business successfully. Slide 17 ECONOMIC DEVELOPMENT Creating Shared Prosperity LOCAL CONTENT PLY CHAIN USTAINABLE SOCIAL CONTRIBUTION STAKEHOLDER ENGAGEMENT SOCIAL PERFORMANCE $ FINANCIAL & OPERATIONAL PERFORMANCE PEOPLE OUR ENVIRONMENTAL STEWARDSHIP GOVERNANCE STAKEHOLDER ENGAGEMENT " ENVIRONM HEALTH#182013 - Investor Forum Open, transparent disclosure We are committed to transparent disclosure of payments to governments and other stakeholders in the countries in which we operate TULLOW • Revenue transparency and disclosure enables a country's citizens to hold their government and Tullow to account • Increased transparency helps to manage expectations of the impact the discovery of oil can have and over what timeframe • We are taking the lead in our support for disclosure of payments to government and acting ahead of regulatory changes In our 2012 CR Report we are disclosing our payments to major stakeholders, including all payments and taxes to governments, monetary or in kind. Full details in the 2012 CR Report, due out at the end of May. Slide 18#19Tullow Oil plc - 2013 Investor Forum Conclusions#202013 Investor Forum Conclusions Slide 20 TULLOW In • • • • • • Strong production base to fund industry-leading exploration Major developments making good progress securing revenue over the medium-term Strong and well-balanced financial position Major exploration campaigns throughout 2013 in Kenya, Ethiopia, Mozambique, Côte D'Ivoire, Mauritania, Norway and French Guiana Sales of assets in UK, Bangladesh and Pakistan on-going Strategy remains focused on exploring for light oil in Africa and the Atlantic Margins#21Tullow Oil plc - 2013 Investor Forum Questions and Answers#22Follow Tullow on: You Tube Linked in Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London, W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Fax: +44 (0)20 3249 8801 Email: [email protected] TULLOW plc Dit¢