#1Tullow Oil plc OVERVIEW PRESENTATION January 2020 M.1.MA CAP TULLOW பர்#2Tullow Oil plc - Overview Presentation DISCLAIMER 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. TULLOW Unt 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#3Tullow Oil plc - Overview Presentation OUR PORTFOLIO OF ASSETS NEW VENTURES - exploration • Extensive acreage in Africa and South America, in well-known plays • 2020 drilling in Peru and Suriname • Recent new licences in Argentina, Namibia, Peru*, Côte d'Ivoire, Comoros and Suriname Jamaica Peru Slide 3 Argentina Guyana Suriname . Mauritania Côte d'Ivoire Ghana Eq. Guinea Uganda Gabon WEST AFRICA - production Ghana Flagship low-cost producing assets - Jubilee & TEN fields • Investment focused on multi-year incremental drilling programme to maximise and sustain production Non-operated portfolio . Incremental investments to sustain production Namibia Kenya Comoros TULLOW Uni EAST AFRICA - development Kenya • Significant discoveries in South Lokichar basin ⚫ Phased development plan to reach c.100kbopd at plateau . Uganda Estimated 1.7bn bbls of discovered resources in Uganda, development progressing ⚫ c.230kbopd gross production at plateau West Africa oil production 2020 guidance: 70,000 - 80,000 bopd A balance of production, development & exploration assets *Peru: Some licences remain subject to final Government approval#4Tullow Oil plc - Overview Presentation PRUDENT FINANCIAL MANAGEMENT $/bbl 20 Unit Opex 15 10 10 5 $m Net G&A 250 200 150 100 50 TULLOW Di 0 0 2015 2016 2017 2018 2019f 2015 2016 2017 2018 2019f $m 400 300 200 100 Financing costs 0 2015 2016 2017 2018 2019f Oil price (199/$) 2020 Hedging Programme Maximise exposure to upside $88 40% 35% sales volume 25% sales volume $57 sales volume 60% protected by floor Unhedged Puts & 3-ways Collars Major business review underway to identify cost savings and re-size appropriately Slide 4#5Tullow Oil plc - Overview Presentation MAINTAINING A DIVERSIFIED CAPITAL STRUCTURE Capital structure • A balance of funding sources Revolving RBL provides long-term flexibility . Year-end 2019 debt position Net debt ~$2.8bn Gearing 2.0x (net debt: EBITDAX) Liquidity headroom of ~$1.1bn • • No material near-term maturities First contractual debt repayment - $300m convertible bond in July 2021 1,200 1,000 800 $m 600 400 Slide 5 300 650 Debt Maturity Profile (as of 31 December 2019) 200 422 422 422 211 0 922 800 2020 2021 2022 2023 2024 2025 RBL Facilities - undrawn RBL Facilities - drawn Senior Notes Convertible Bonds TULLOW Di#6Tullow Oil plc - Overview Presentation DISCIPLINED CAPITAL INVESTMENT IN OUR BUSINESS MAXIMISING PRODUCTION GROWTH FROM DISCOVERED RESOURCES FINDING NEW OIL TULLOW Di FY 2019 $200m $60m $65m $30m $135m $490m Ghana Non-op Kenya Uganda Exploration FY $140m $80m $40m $15m $75m $350m 2020 Ghana Non-op Kenya Uganda Exploration Annual outlook Slide 6 Major business review underway, which will drive future investment guidance Capital investment focused on high-value opportunities#7Tullow Oil plc - Overview Presentation SUSTAINABLE FREE CASH FLOW GENERATION Underlying free cash flow¹ $m 90k 500 boepd ~87k boepd ~75k bopd $423m ~$490m ~$350m capex $68/bbl capex capex Factors impacting 2020 free 400 $411m $64/bbl $70/bbl cash flow guidance: ~$350m 300 ↑↓ Oil price ($5/bbl +/- $100m FCF) 200 ↑↓ Working capital movements (+/-$100m) 100 $65/bbl $60/bbl ~$150m 0 2018 2019f 2020f Assets continue to deliver free cash flow 1 Free cash flow: Cash flow after all costs, capex and financing but before dividends and debt paydown. Slide 7 TULLOW Un#8Kbopd . Tullow Oil plc - Overview Presentation SOLID PRODUCTION BASE FROM AFRICAN ASSETS Confidence in underlying production business • Assets continue to deliver free cash flow • Non-operated portfolio providing stable platform for growth Long-term production growth from East Africa Group oil production 100 75 50 25 0 Slide 8 2017 2018 2019f 2020f ■Ghana Jubilee Bl insurance Non-op Portfolio Mauritania West Africa oil production 2020 guidance: 70,000 - 80,000 bopd TULLOW பர் Ghana Côte d'Ivoire Eq. Guinea Uganda Kenya Gabon Namibia Comoros#9Tullow Oil plc - Overview Presentation GHANA PRODUCTION OPERATIONS • • 2019 performance . Jubilee: Performance impacted by topside issues and gas export constraints TEN: Production impacted by well completion challenges and well decline Jubilee reserves increase offset by reduction in reserves at Enyenra Block Cl-524 Enyenra North Enyenra Central Tweneboa Non- Associated Gas Enyenra South Slide 9 Ntomme Tweneboa TEN Development & Production Area LEGEND Oil Discovery Gas Discovery Gas Condensate & Oil Discovery Prospective 5km Greater Jubilee Full Field Development Area Jubilee Teak Mahogany AERSK M TULLOW Di 2020 outlook • • . • • Focus on sustaining safe, long-term production Infill drilling programme continues with Maersk Venturer Gas handling improvement works scheduled in January Ntomme production well and Jubilee WI planned in 2020 Enyenra development plan re-assessment#10Tullow Oil plc - Overview Presentation UGANDA DEVELOPMENT - PROJECT AT AN ADVANCED STAGE 1.7bbo 230,000 TULLOW பn N Slide 10 LEGEND ↑ Oil Fields Gross 2C resource TILENGA PROJECT bopd gross production Uganda PROJECT UPDATE Major technical aspects completed: • FEED studies • Tilenga ESIA approval • Geophysical and Geotechnical studies along entire East Africa Pipeline (EACOP) route • Land acquisition for CPF . • Contracts ready for Award Remaining milestones: • Pipeline & Kingfisher ESIAS • Finalisation of key commercial agreements • New sales process to reduce Tullow equity following termination of farm-down Congo (DRC) Tilenga 30 Well pads for Phase 1 EPC phase 400+ Developments wells dale CPF TOTAL Kingfisher 3+1 (future) Well pads 30+ Developments wells CPF Butiabal Lake Albert ■Tonya Kaiso CPF within Industrial Area Oil/gas processing/ water/ power gen Produced water reinjected Kabale Export Hub Lake water abstraction for waterflood Refinery JOOC Uganda Locations shown on this schematic are for illustrative purposes only. Crude Oil Export Pipeline to Tanga Uganda remains an attractive low-cost development project#11Tullow Oil plc - Overview Presentation PROJECT OIL KENYA - STEPS TO FID PROJECT UPDATE Significant progress made in 2019: Foundation Phase 210 mmbo Gross 2C resource well performance as expected (currently suspended due to weather) • EOPS - Trucking operation 2,000 bopd, first export in Q3, • FEED - Completed for upstream & pipeline Land - All land gazetted. National Lands Commission surveys for valuation & acquisition underway • Contracts - Tender process for wells and upstream facilities underway Incremental Phase 560 mmbo Gross 2C resource ESIA - Shared with NEMA • Water - Confirmed water source PROJECT OIL KENYA Erut Agete • Heads of Terms - Signed in June, key commercial principles agreed Ekales Etom TWIGA 10 wells 2 pads Remaining deliverables for FID: CPF • ESIAS - Finalisation & approval • Water - Water supply agreements • Contracts - Tender/evaluation/negotiation/award • Pipeline - Financing, land acquisition & title • Long-form commercial agreements - Upstream & pipeline Field development plan - Submission & approval Slide 11 NGAMIA 230 wells 22 pads AMOSING 81 wells 9 pads Heat pump Water & Power TULLOW Di 60-80,000 bopd gross production 100,000 bopd gross production Uganda Ethiopia South Lokichar Development Area Kenya Pipeline Route Nairobi Lamu Tanzania Mombasa Pipeline to Lamu CPF Central Processing Facility Onshore Terminal Diagram for illustration purposes only, not to scale#12Tullow Oil plc - Overview Presentation FINDING NEW OIL - EXECUTING OUR EXPLORATION PROGRAMME TULLOW Dit GUYANA PERU SURINAME CÔTE D'IVOIRE COMOROS ARGENTINA NAMIBIA 2019 -111 A @ Drilling in adjacent block 2020 2021 -0-0-0 DD Analysing data 2020 drilling Focus on seismic New entries 2019 Firm Drilling Firm Seismic Airborne Survey Drilling options 2020 exploration budget of $75m, with two wildcat wells scheduled in Peru and Suriname Slide 12#13Tullow Oil plc - Overview Presentation 2019 GUYANA WELL RESULTS JETHRO & JOE RESULTS 55m & 14m net pay oil discoveries ~11-12°API (heavy oil) ~4-5% sulphur ORINDUIK Tullow 60% Joe Jethro Hammerhead Liza Field TULLOW Dit CARAPA RESULT 4m* net pay oil discovery ~27° API (good quality oil) <1% sulphur LEGEND Tullow Operated Tullow Non-operated Oil Discoveries Gas Condensate & Oil Discovery Tertiary Cretaceous Oil & Gas Shows Oil Shows Carapa 60km KANUKU Tullow 37.50% -1000m -500m -200m --100m- GUYANA SURINAME Integrate data and reprocessed NEXT STEPS seismic datasets into geological and geophysical models Three well programme proves petroleum systems in Orinduik and Kanuku Blocks *Preliminary interpretation Slide 13#14Tullow Oil plc - Overview Presentation EXPLORATION DRILLING CONFIRMED FOR 2020 PROGRAMME N Ecuador MARINA BLOCK Z-38 Tumbes Basin BLOCK Z-64 prospect 350m water depth 1H 2020 drilling BLOCK Z-65 Talara Basin BLOCK Z-66 Peru BLOCK Z-38 Tullow 35% Peru Bank Marina Marina NE TULLOW Dit Suriname: Trigger well with significant follow-on potential ⚫ Goliathberg-Voltzberg North . prospect Located on flank of Demerara High • Testing dual targets in Cretaceous turbidite play South Pacific Ocean LEGEND Trujillo Basin BLOCK Z-67 BLOCK Z-68 Tullow Operated Tullow Non-operated Lima Block under negotiation Basin Oil Field/Discovery 200km Lima Seeps 25 km Merluza Tortuga Aguja Cocona Existing 3D Outline p Pepino BLOCK Z-64 Atlantic Ocean N Goliathberg North Block 47 Block 62 Juliana Goliathberg South Araku-1 Rosevelt Tullow 100% LEGEND Peru Tullow Operated Tullow Non-operated Prospect Lead Oil Field Oil Seeps Maka Central -1 Discovery Suriname Guyana - Basin Peru: First well to target deepwater play in Tumbes basin • • Marina prospect in Z-38 is confirmed 2020 drilling candidate Located in the Tumbes Basin, adjacent to prolific, onshore Talara Basin • • • Prospect targeting robust fault block containing Tertiary age turbidites Covered by high-quality 3D seismic; multiple follow on prospects Stakeholder engagement and operational planning underway Slide 14 Peru: Blocks Z-65, Z-66, Z-67 and Z-68 subject to Government approval Tambaredjo Suriname Block 54 LEGEND Tullow Operated Prospects/Leads 150km GOLIATHBERG prospect 1,900m water depth 2H 2020 drilling#15Tullow Oil plc - Overview Presentation BUILDING NEW ACREAGE ACROSS EXPLORATION PORTFOLIO Argentina: Successful bid-round • • • Entry to three offshore blocks in Malvinas West Basin Shallow water Tertiary and Cretaceous turbidite plays Geological studies & 2D seismic reprocessing in 2019; 3D seismic acquisition planned for 2020 LEGEND Tullow Operated 150km PEL 0037 Tullow 35% Windhoek Slide 15 Chile LEGEND Argentina Tullow Operated Block MLO-114 Tullow 40% South Atlantic Ocean N ↑ Block MLO-122 Tullow 100% Block MLO-119 Tullow 40% 300km Atlantic Ocean PEL 0090 Tullow 56% Total PEL 0056 Venus-1 Well Planned 2020 Kudu Namibia South Africa TULLOW Unt • • • Namibia: Position in high-potential area Acquisition of 56% operated interest in PEL-90, offshore Namibia from Calima Energy Block adjacent to Total operated block; Venus-1 well is planned for drilling in 2020 Cretaceous aged turbidite stratigraphic plays#16Tullow Oil plc- Overview Presentation SPOTLIGHT ON CÔTE D'IVOIRE LEGEND Leads Oil Seeps Oil Shows Côte d'Ivoire CI-301 CI-519 CI-518 CI-302 Abidjan Outline of 2020 2D Seismic Programme 40km TULLOW Di CI-520 CI-521 CI-522 Ghana Espoir Gulf of Guinea CI-524 Low-cost exploration in core West Africa Using both Carried work proven & innovative oil province technology programme; 60% operated equity 08 High-value barrels & low breakeven Light footprint execution across TEN Jubilee sup to 50 mmbo >1.5 BBO Gross mean un-risked resources 8,000 sq km acreage Leads >50 mmbo N + Leads >100 mmbo Identification of an underexplored play & rapid capture of an industry-leading position Slide 16#17Slide 17 Mozambique Tullow Oil plc - Overview Presentation SPOTLIGHT ON COMOROS LEGEND Tullow Operated Gas Field Cretaceous Leads Eocene Leads Oil Seeps Tarballs BLOCK 35 BLOCK 36 N Kenya Indian Ocean Tanzania Comoros Indian Ocean Mozambique Madagascar ~7 BBO 17 Leads TULLOW பர் 16,063 sq km 35% equity Large, operated, offshore oil play in East Africa 2019 3D Survey Outline BLOCK 37 Oil Kitchen Comoros Simple drilling and attractive fiscal terms Gas Kitchen Managed cost exposure in frontier acreage Flexible options to leverage seismic market 100km σχ Rapid deal-making with like-minded partner Building a sustainable frontier exploration programme for 2021 and beyond#18Follow 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] Web: www.tullowoil.com TULLOW plc Unt