2013 Investor Forum

2013 - 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

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