#1PROF. JOHNEVIUMBATIALI Tullow Oil plc TULLOW Un Tullow Oil plc | 2021 Full Year Results 9 March 2022#2Disclaimer TULLOW 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 Full Year Results Slide 2#32021 Full Year Results Agenda Overview 18 Financial Operations Conclusion Presenters Rahul Dhir Chief Executive Officer Les Wood Chief Financial Officer TULLOW Tullow Oil plc | 2021 Full Year Results Slide 3#4OVERVIEW Tullow Oil plc | 2021 Full Year Results TULLOW#5Transformational 2021 is a solid foundation for future growth Transformational 2021 Positioning for growth in 2022 TULLOW பா Clear path to value creation Balance sheet refinanced Notable production growth at Jubilee and Simba (Gabon) Strong performance in Ghana across key operational areas (FPSO uptime, water injection, gas processing) Reduced G&A, operating and drilling costs Commitment made to Net Zero (Scope 1 and 2) by 2030 Portfolio further optimised, including asset sales in Gabon and EG Revised Kenya development plan submitted → Investment in Jubilee to increase production → Reposition TEN for future growth → Complete Ghana pre-emption → Deliver Jubilee O&M transformation Realise value from Kenya → Commercialise Ghana gas resources → Deliver near-field exploration upside around operated and non-operated portfolio → High impact exploration well in Guyana → Business plan set to deliver c.6% CAGR production growth 2021-25 → At $75/bbl the deleveraging to <1.5x is accelerated to year-end 2023 → Social and economic contribution: Tax payments - Production sharing Local content → Culture focused on: - - Individual accountability and integrity Continuous improvement Cost discipline → Potential platform for value M&A Building a better future through responsible oil and gas development Tullow Oil plc | 2021 Half Year Results Slide 5#6FINANCIAL Tullow Oil plc | 2021 Full Year Results TULLOW#7TULLOW Delivering our stated financial strategy Comprehensive refinancing completed Material portfolio management Significant cost base reduction Delivering well costs below plan Further deleveraging achieved Strong liquidity headroom maintained $1.8bn Bond issue >$700m Completed asset sales >$125m Annual cash G&A savings c.$55m Average cost per well in 2021 2.2x Gearing $0.9bn No near-term debt maturities We have the financial stability and flexibility to reduce our debt, invest in our assets and grow our business to deliver value Tullow Oil plc | 2021 Full Year Results Slide 7#8Strong financial performance in 2021 TULLOW Financial performance 2020 2021 Production (kboepd) 74.9 59.2 Realised price ($/bbl) 50.9 62.7 Strong EBITDAX and cash flow generation Revenue ($m) 1,396 1,273 Adjusted EBITDAX ($m) 804 961 Operating Cash Flow ($m) 598 711 Capital Investment ($m) 288 263 Continued deleveraging Free Cash Flow ($m) 432 245 strengthens balance sheet Loss After Tax ($m) (1,222) (81) Key year-end metrics YE20 YE21 Net Debt ($bn) 2.4 2.1 Gearing (times) 3.0 2.2 Material headroom with no near-term debt maturities Headroom ($bn) 1.0 0.9 A transformed balance sheet following comprehensive refinancing Tullow Oil plc | 2021 Full Year Results Slide 8#9Disciplined capital allocation framework TULLOW Uit Deleveraging Focused investment High returns Capital flexibility Unlocking value Inorganic opportunities Continued focus on net debt reduction Gearing target of <1.5x Targeting near-term production growth >90% towards producing assets Deep inventory of investment opportunities Identified projects with short pay-back Self-funded business Flexible investment range of $150-450m p.a. Defined actions to drive value in 2022 Limited capital requirements/short pay-back Value accretive, demonstrably deleveraging Focus on core geographies Prudent financial framework expected to result in material value creation Tullow Oil plc | 2021 Full Year Results Slide 9#10Prudent commodity price risk management 2022 Hedge Portfolio Summary c.40% exposure to upside 1 Hedged vs. Unhedged Price Realisation $100 $90 Unhedged Oil price ($/bbl) Ceiling c.$78/bbl c.25% sales volume c.15% sales volume c.60% sales volume Floor c.$51/bbl Unhedged Puts c.75% floor protection Collars Material downside protection with meaningful upside participation 1 Increases to c.45% following completion of the pre-emption of Kosmos' acquisition of Occidental Petroleum's assets in Ghana Realised Price ($/bbl) $80 $70 $60 Breakeven $53/bbl $50 $40 $30 $30 440 $40 50 $50 $60 50 10 $70 Oil Price ($/bbl) $80 c.$89/bbl realised price after hedging in January & February Tullow Oil plc | 2021 Full Year Results $90 Slide 10 Hedged $100 TULLOW#11TULLOW Significant free cash flow upside in current oil price environment Material cash flow drivers year-to-date • • $89/bbl average realised oil price in January and February positive impact from high oil price at the start of the year $75m Uganda FID consideration triggered material cash flow contribution secured in February $76m payment following Norwegian arbitral decision in relation to the purchase of Spring Energy in 2013 c. $100m free cash flow guidance at $75/bbl maintained Upside exposure from sustained constructive oil price environment 2022 free cash flow oil price sensitivities ($m) ($m) 200 150 100 50 c.100 c.60 c.40 75 85 95 Oil price ($/bbl) 2022 Group capex allocation ($m) Jubilee C. 170 TEN c. 100 Non-op c. 30 Exploration c.45 350 Kenya c. 5 Tullow Oil plc | 2021 Full Year Results Slide 11#12TULLOW Asset base expected to deliver underlying cash flow growth Sources and uses of cash ($m) 2021 Actuals 1200 1100 Free cash flow 2025 Potential 1200 1100 1000 1000 900 900 800 Proceeds 800 Free cash flow 700 700 600 600 Operating 500 Capex 500 cash flow @$75/bbl 400 400 Operating cash flow 300 300 @$63/bbl 200 Finance costs and 200 arrangement fees 100 100 0 0 Sources Uses Sources Decom Uses Business plan to deliver Step up in production and further cost reduction Continued strong oil price can further boost operating cash flow Continued self-funded capital investment in high-return projects Decommissioning costs expected to drop significantly post 2022 Potential to reduce annual financing costs through refinancing Material free cash flow generation with choices to further deleverage, grow our business and provide returns Tullow Oil plc | 2021 Full Year Results Slide 12#13$bn Deleveraging accelerated Sources and uses of cash 2022-25 ($75/bbl flat nominal) 4.0 3.0 2.0 1.0 Ability to adjust capital spend to respond to oil price movements 0.0 Operating cash flow Capex Decommissioning Financing costs Free cash flow TULLOW Value focused capital allocation (%) Exploration c.10% c.$1.6bn Defined projects Exploration c.10% c.60% Non-op c.20% Existing wells c.10% Infill c.20% c.$1.6bn Jubilee c.40% Material operating cash flow generated to fund the business Gearing of <1.5x by year-end 2023 at $75/bbl Current price environment further accelerates deleveraging TEN c.30% Tullow Oil plc | 2021 Full Year Results Slide 13#14OPERATIONS Tullow Oil plc | 2021 Full Year Results TULLOW#15Commitment to health and safety Health and safety Marked improvement in EHS performance, despite increased activity levels, achieved through: Implementation of a safety improvement plan • Active leadership interventions Good reporting culture COVID-19 mitigation remained top of mind across our entire business: . Rapid and decisive action ensured no impact on safe production operations COVID-19 management burden reduced towards end of 2021, driven by high levels of workforce vaccination Safety Performance • 0.73 Lost time injury rate (LTIR) IOGP LTIR Total recordable injury rate (TRIR) IOGP TRIR 1.27 TULLOW ப 0.43 0.37 0.57 0.28 0.56 0.32 0.21 2017 2018 0.09 2019 2020 2021 Significant improvement in safety performance . One lost time injury and one separate recordable injury in 2021 - both minor • Excellent process safety performance with zero Tier 1 and zero Tier 2 Losses of Primary Containment in 2021 Tullow Oil plc | 2021 Full Year Results Slide 15#16Focus on a sustainable future Sustainable value creation in 2021 Shared Prosperity 2030 Net Zero Pathway (Scope 1 & 2) • • $207 million local supplier spend in 2021, 5-year total $1.2 billion First 100% Ghanaian owned, crewed and flagged vessel - Flat Confidence, contracted to support offshore operations • >7,800 students across Ghana, Kenya, Guyana and Suriname benefitted from educational initiatives Environmental Stewardship • >65% reduction in non-routine flaring associated with unplanned outages • 88% reduction in water consumption per tonne of hydrocarbon produced Carbon offsetting of hard to abate emissions -MOU signed with Ghana Forestry Commission • Equality and Transparency $445 million total socio-economic contribution in our host countries, 5-year total $2.9 billion $234 million paid to host countries in taxes c.75% localisation in Ghana Operated (c.75%)¹ Non-operated (c.25%) TULLOW Jubilee and TEN decarbonisation initiatives Non-operated emission abatement projects NPV+ decarbonisation projects Nature-based offsets to mitigate residual emissions 2025 Elimination of routine flaring targeted by 2025 Operated assets decarbonisation initiatives include the re- motoring and re-wheeling of compressors alongside gas and water capacity expansion 1 Net equity basis 2030 Tullow Oil plc | 2021 Full Year Results Slide 16#17Delivering reliable production performance Wells ☑ Five wells brought on stream in 2021: two Jubilee producers, one Jubilee gas injector, one TEN gas injector and Simba infill well Uptime ☑ High efficiency from Ghana FPSO's, averaging >97% Six new wells to be drilled in Ghana in 2022 Gas management ☑ Gas offtake from the Government of Ghana averaging c.85 mmscfd TULLOW On € Embedding efficiencies to sustain good performance Water injection I☑I ☑ Sustained water injection rates on Jubilee of >200 kbwpd Targeting increased gas offtake beyond 135 mmscfd Targeting additional capacity in 2022-23 Self-operating the Jubilee FPSO will lead to greater control and integration, delivering lower costs and sustained reliability Tullow Oil plc | 2021 Full Year Results Slide 17#18Operational turnaround: opex and drilling Sustainable reduction in operating costs ($m) Jubilee¹ TEN 2021 wells: average cost reduction of >20% TULLOW Di 500 400 300 200 100 200 100 2019 2020 2021 2022f 2019 2020 2021 2022f Jubilee O&M transformation provides platform for further operating cost reduction Second rig consideration for early 2023 12019, 2020 and 2021 gross operating costs include operating costs associated with OOSYS 75 2018-20 well costs Rig non- productive time below 5% compared 60 60 to 18% in previous campaign c.$10m reduction from simplified design c.10% 52 22 cost reduction 2021 through results strategic better tendering than target Reduce rig downtime Reduce well complexity Supply chain scaling 2021 target 2021 actual Tullow Oil plc | 2021 Full Year Results Slide 18#19Significant Ghana resource potential Jubilee gross oil volumes (mmbbls) 1,971 c.2.0 bi billion bbls in place with only 17% recovered to YE21 RF 47% 245 RF 35% 342 RF 17% TEN gross 1,500 oil volumes (mmbbls) c.1.5 billion bbls in place with only 7% recovered to YE21 TULLOW RF 31% 264 339 RF 7% 101 RF 13% 99 1 2 3,4 STOIIP Production to FY21 2P reserves 2C resources STOIIP¹ 3,4 Production to FY21 2P reserves² 2C resources Note: RF = Recovery Factor 1 Gross Stock Tank Oil Initially In Place (STOIIP) 2P and 2C 2 2P reserves based on licence period 3 STOIIP and reserve volumes at 31 December 2021, based on TRACS audit report 42C based on technically recoverable oil, life of field Tullow Oil plc | 2021 Full Year Results Slide 19#20Highly profitable largely undeveloped areas east of Jubilee core Significant recovery potential (mmbbls) JNE 6% JSE 11% EUR Greater Jubilee Full Field Development Area Infill Jubilee NE 9% Excluding undefined Produced 47% contingent and prospective resource projects Existing wells 27% Defined projects in the largely undeveloped areas east of Jubilee core have a combined estimated ultimate recovery (EUR) of >170 mmbbls TULLOW Jubilee Jubilee SE 3.5 km Existing producing areas Infill Jubilee South East Jubilee North East Tullow Oil plc | 2021 Full Year Results Slide 20#21Jubilee production growth from addition of undeveloped areas Capex allocation 2022-25 (%) Gross production growth 2021-25 (kbopd) Existing wells c.10% Infill c.30% Jubilee SE c.50% 100 kbopd c.87 kbopd Jubilee NE c.10% c.$700 million net Tullow capex 2022-25 Limited capex exposure to access significant resource 2022 work programme focused on infrastructure for Jubilee SE and Jubilee NE Existing wells c.7% CAGR Jubilee NE Jubilee SE Infill Existing wells TULLOW 2021 2025 Tullow Oil plc | 2021 Full Year Results Slide 21#22TEN investment focused on material resource potential Significant recovery potential (mmbbls) 10 km Defined projects 31% EUR Excluding undefined contingent and prospective resource projects Infill 12% Existing wells 21% Produced 36% Enyenra and Ntomme Significant infill drilling opportunities, targeting improved recovery Tweneboa Defined projects target undeveloped reservoirs including: Tweneboa Gas (with condensate), Tweneboa Oil Reservoirs, Ntomme Far West Considerable prospective resources identified for appraisal in the west of the licence TULLOW TEN Development & Production Area Existing producing areas Infill Defined projects Prospective Tullow Oil plc | 2021 Full Year Results Slide 22#23TEN production growth from new defined projects Capex allocation 2022-25 ($m) Gross production growth 2021-25 (kbopd) TULLOW Di Defined projects Infill c.25% c.70% Existing wells c.5% c.$550 million net Tullow capex 2022-25 JV project to align and optimise development Strategic targeting of Ntomme Riser Base in 2022 50 kbopd c.32 kbopd Existing wells 2021 c.9% CAGR¹ Prospective Defined projects Infill Existing wells 2025 12021-25 CAGR excludes additional production growth from undefined prospective resources Tullow Oil plc | 2021 Full Year Results Slide 23#24Low risk, stable production from non-operated portfolio Capex allocation 2022-25 ($m) Net production 2021-25 (kboepd) Existing wells c.15% Defined projects Prospective c.60% c.25% c.$250 million net Tullow capex 2022-25 Solid and reliable production base from diversified set of assets in Gabon and Côte d'Ivoire Near-field exploration targeting prospective resources, strategy delivering success: Simba expansion project (Gabon) Wamba discovery 2021 (Gabon) Further optimisation of the portfolio is a critical action for success in 2022 c.17 kboepd Stable production base Existing wells Prospective Defined projects Existing wells TULLOW 2021 2025 Tullow Oil plc | 2021 Full Year Results Slide 24#25Catalysts to unlock value Jubilee: Stable gas supply and tangible benefits Realising value from Kenya • Delivering >100mmscfd, c.30% of Ghana thermal power generation • 585 million bbls net 2C resource life of field · Expect to fulfil Foundation Gas (200BCF) by YE22, yielding >$2bn to Ghana • 120 kbopd plateau production • c.$3.4 billion gross project capex to first oil • GSA discussions underway to deliver an additional 500BCF • TEN: Commercially advantaged gas Material resource with access to existing processing and pipeline infrastructure • Supports Jubilee and TEN export potential of up to 240mmscfd • Multiple commercial options with direct access to growing demand Strong collaboration with Government and Partners to realise potential Prestea N<< ↑ FPSO ⑲Gas Processing Plant Tullow Operated TEN CDI GHANA Export potential 150 mmscf/d CDI Nameplate 150 mmscf/d Operating 135 mmscf/d Atuabo 225-240 mmscf/d Jubilee Export potential 150 mmscf/d 405 mmscf/d Ghana 405 mmscf/d Takoradi Takoradi (Western Gas Corridor) Sankofa Export potential 210 mmscf/d 225 mmscf/d 50km · 170 kbbls economic threshold for small oil pools Significant exploration upside TULLOW On € FDP submitted in December 2021, constructive discussions with Government ESIA approved by the National Environmental Management Agency (NEMA) Active engagement with potential strategic partners Tullow Oil plc | 2021 Full Year Results Slide 25#26Exploration refocused to deliver value West Africa: Enhancing value of core producing areas Focus on near-field and infrastructure-led exploration opportunities around producing fields Guyana: Unlocking prospective resource base in emerging basins Beebei-Potaro exploration well, targeting the Cretaceous light oil play of the Guyana-Suriname Basin Gabon Simba delivered 40% year-on-year production growth ILX prospects matured for future drilling Compelling economics: IRRS of >60% and paybacks withing six months Beebei-Potaro Exploration well POTARO Kanuku 37.5% Equity SHELF Orinduik 60% Equity Carapa-1 Orinduik Options Joe-1 KAMARANG BART IATUK Jethro- KAKO KUMAKA Cote d'Ivoire Westward extension of producing play in Ghana, targeting >1bn boe STOIIP potential CORENTYNE Ghana Material prospective resource mapped in TEN Deeper potential in Jubilee PLUMA TURBOT N FANGTOOTH SNOEK LIZA MAKO LIZA PAYARA UARU REDTAIL YELLOWTAIL TILAPIA LONGTAIL PINKTAIL TRIPLETAIL STABROEK PACORA SKIPJACK TULLOW Stabroek Block (Exxon operated) >10 BBOE discovered resources in 23 discoveries to date Tullow Oil plc | 2021 Full Year Results Slide 26#27CONCLUSION Tullow Oil plc | 2021 Full Year Results TULLOW#28A transformed business positioned to deliver growth Rich portfolio of high return opportunities Operating performance and cost TULLOW On € > c.$1.6bn capex 2022-25 > Investment in Jubilee to increase production > Reposition TEN for future growth > O&M transformation > Strong drilling performance > High EBITDAX and OCF margins Potential to accelerate deleveraging > At $75/bbl the deleveraging to <1.5x gearing is accelerated to year-end 2023 > The current price environment further accelerates debt and gearing reduction Near term catalysts > Realise value from Kenya > Commercialise Ghana gas resources > Deliver near-field exploration upside in non-operated portfolio > High impact exploration well in Guyana Tullow Oil plc | 2021 Full Year Results Slide 28#29Tullow Oil plc 9 Chiswick Park, 566 Chiswick High Road London W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Email: [email protected] Web: www.tullowoil.com Follow Tullow on: TULLOW On ⑬You Tube Linked in f