Final Results
Tullow Oil PLC
12 March 2008
Transformational year with major exploration success
12 March 2008 - Tullow Oil plc ('Tullow'), the independent oil and gas
exploration and production group, announces its results for the year ended 31
December 2007.
Results Summary
2007 was an exceptional year for Tullow. The Group recorded its largest ever
discovery, the Jubilee field offshore Ghana, continued its successful
exploration in Uganda and generated record production, sales revenue, operating
cash flow and growth in reserves and resources.
• The financial performance of the Group overall was good, including
operating cash flow before working capital of £474 million, despite lower
profit which was principally impacted by lower UK gas prices, an increased
depreciation charge, exploration write-offs and interest charges;
• Tullow's African assets have transformed the Group's business, driven by
exceptional exploration success in Ghana and Uganda and strong production
growth, up 21% to 40,300 boepd;
• The UK delivered a strong operational performance, with broadly stable
production, two new field developments and a successful gas discovery; and
• South Asia reported a 154% increase in average production from gas field
developments in Pakistan and Bangladesh. A high impact exploration
campaign in India will commence in Q2 2008.
2007 2006 Change
Production (boepd, working interest basis) 73,100 64,720 +13%
Realised Oil Price per bbl (US$) 62.7 52.2 +20%
Realised Gas Price (pence per therm) 37.3 46.2 -19%
Sales Revenue (£m) 639.2 578.8 +10%
Operating Profit (£m) 189.0 262.6 -28%
Profit before Tax (£m) 114.2 263.3 -57%
Basic Earnings per Share (pence per share) 7.10 24.23 - 71%
Final Dividend per Share (pence per share) 4.00 3.50 +14%
Operating Cash Flow before Working Capital (£m) 473.8 446.7 +6%
Outlook
• The sale of the M'Boundi field in Congo (Brazzaville) for a total cash
consideration of US$435 million was announced in January 2008, with a
substantial profit expected in 2008;
• A 2010 first oil date is targeted for the Jubilee field with Tullow as
field Operator. The 2008 five-well appraisal programme is under way and
the Eirik Raude rig has been contracted for up to five years;
• The Jubilee and Odum discoveries in Ghana have opened up new geological
plays in the region and at least two exploration wells each targeting
prospects with 500 million barrel upside potential are planned in the next
year; and
• A major drilling campaign in the Butiaba area of the Lake Albert Rift
Basin is scheduled to commence in April 2008, targeting overall reserve
potential in excess of a billion barrels.
Commenting today, Aidan Heavey, Chief Executive, said:
'Exceptional exploration success, and strong production in 2007 have created an
opportunity to deliver a transformational step change to our business. Our key
priorities for 2008 are to appraise both the Jubliee field in Ghana and the Lake
Albert Rift Basin in Uganda, while also testing the significant exploration
potential of our wider portfolio. Tullow has the capability to grow
substantially in the coming years and I believe we have the strategy, the assets
and the team to achieve this. The outlook for 2008 and beyond is extremely
promising.'
Presentation, Webcast and Conference Calls: In conjunction with these results,
Tullow will conduct a presentation in London and a number of events for the
financial community. Details are available on page 22 of this announcement and
in the 2007 Results Centre on the Group's website at www.tullowoil.com.
Operations Review
Tullow's strategy takes a long-term view with continual investment to grow the
value of the business; this strategy which delivered once again in 2007.
Remarkable exploration success
The highlight of 2007 performance was undoubtedly the remarkable success of the
Group's exploration and appraisal programmes in Ghana and Uganda. In Ghana, the
discovery of the Jubilee field, with the Mahogany-1 and Hyedua-1 wells, provides
a high degree of confidence that Tullow may have uncovered not just a world
class discovery but also a major new oil province in which we are the dominant
acreage holder. Our priority for 2008 will be to rapidly appraise the existing
discovery while also testing some of the more material regional exploration
prospects. In parallel, the field partnership is working on plans for a phased
development of the field targeting first oil in 2010. A high capability
semi-submersible drilling rig has been contracted for a minimum of three years
to help achieve this goal.
In Uganda, Tullow invested over US$100m (£50 million) in exploration and
appraisal activities in the Lake Albert Rift Basin during the year. The
knowledge and confidence generated by success to date has led to plans to invest
over US$200 million (£100 million) there in 2008. This expenditure will be
focused on onshore and offshore drilling, seismic surveys and the anticipated
sanction of an Early Production System (EPS). Uganda has the potential to more
than double Tullow's worldwide reserve base and make a material long-term
contribution to the country's economy.
The Group had a 56% exploration success rate during the year though there were
some disappointments, notably the outcome of Kudu-8 offshore Namibia. Although
the well found gas as anticipated, reservoir quality at that location would not
support commercial flow rates.
Strong portfolio performance
Our producing assets performed strongly during 2007, lifting group output to
over 73,000 boepd and allowing Tullow to capitalise on oil prices that
approached record levels at times during the year. Production was very
encouraging in Africa, particularly from the Okume development in Equatorial
Guinea, while in the UK a reduction of investment in response to gas market
conditions meant that production remained stable. As we grow, we continue to
focus on ensuring that our resources, both human and financial, are being
applied in an optimum manner to the best opportunities available to the Group.
Africa: Strong future growth platform
2007 Key statistics
Total production Total reserves and Sales revenue Total 2007 Employees
40,300 boepd resources £371.9 million investment 101
464.3 mmboe £236.6 million
2007 Highlights
• Production averaged 40,300 boepd, 21% above 2006 levels;
• World class oil discovery offshore Ghana with 1.3 billion barrel
potential, 80 mmbo net resources booked at end 2007; and
• 100% success rate in Uganda with four discoveries; significant
ongoing programme to appraise ultimate potential of up to 1 billion
barrels.
2007 Performance
Our African business continues to grow rapidly and highlights for the year,
along with the exploration success in Ghana and Uganda, included the exceptional
performance of the Okume development and the Ceiba field in Equatorial Guinea,
where gross production recently exceeded 115,000 bopd, and the ongoing
successful infill drilling programme in the Espoir field, Cote d'Ivoire. The
performance of these assets more than offset the impact of disappointing
production and reserve performance from the Chinguetti field in Mauritania.
Ghana
In the deepwater Tano Basin, the Mahogany-1 well on the West Cape Three Points
block was drilled in June followed by the Hyedua-1 well on the adjacent
Deepwater Tano block in August. Based on the technical work undertaken to date,
the proven recoverable resources of the field are estimated at 170 million
barrels, while the ultimate upside potential is estimated to be in excess of one
billion barrels.
Up to five appraisal wells are planned on the field in 2008 using two of the
rigs under contract. The objective of this programme is to increase the proven
resource base of the field and to collect additional geological and engineering
data to support development planning and activities. The first exploratory
appraisal well, Mahogany-2 commenced this month.
The operator structure is now in place and Tullow has been designated as the
field Operator. With the support of the Government of Ghana, a phased
development is planned with a first oil target of 2010. Screening studies
indicate that the most suitable development scheme is likely to involve a
Floating Production Storage Offtake vessel (FPSO) highly suited to fast-track
development. In February 2008 a further rig, the Eirik Raude, a fifth generation
semi-submersible rig was contracted for a development drilling programme of up
to five years which is scheduled to start in late 2008.
The Jubilee discovery has opened up a new hydrocarbon province and Tullow plans
to drill further exploration wells. The first well was drilled in February 2008
on the Odum prospect in the West Cape Three Points block. The well encountered a
60 metre oil column and is considered to be a commercial discovery as it is
located only 13 kilometres from the Jubilee field. Further high impact prospects
have been identified in the deepwater region and at least two of these, Teak and
Tweneboa, are expected to be drilled within the next 12 months. Each of these
prospects has upside potential in excess of half a billion barrels.
In addition to the deep water programme, Tullow is planning to drill its second
well on the Shallow Water Tano licence during 2008. The first well, drilled in
September 2007, was unsuccessful and was plugged and abandoned. The second well
which will be drilled on the Ebony prospect will target a geological play
similar to the Odum discovery.
Uganda and Congo (DRC)
Tullow undertook an extensive exploration, appraisal and testing campaign in the
Lake Albert Rift Basin of Uganda during 2007. All four wells drilled during the
year encountered oil and an aggressive campaign is planned for 2008 focused on
onshore and offshore drilling, seismic surveys and the anticipated sanction of
the EPS. Overall, this programme is targeting significant oil resources with the
ultimate aim of exceeding the threshold required for full development and export
to international markets.
Tullow is working closely with the Ugandan Government to achieve first
production from the region via an EPS in the second half of 2009. The EPS will
produce 4,000 bopd to a new processing facility and power generation plant.
Recent onshore drilling activity has focused on the high impact Ngassa well
targeting the largest structure in the basin with upside potential of 900
million barrels. The well commenced in November 2007 but drilling difficulties
resulted in the well being suspended in February 2008. The substantial primary
and secondary oil objectives remain undrilled and it is now planned to drill
Ngassa from an alternative location. Both onshore and offshore sites are being
considered.
In the onshore Butiaba region of Block 2 and Block 1, numerous prospects have
been identified following analysis of recently acquired 2D seismic. The results
indicate considerable prospectivity and a light rig, the OGEC 750, has been
contracted to drill a programme of approximately eight wells commencing in April
2008. This campaign will begin with the drilling of the Taitai prospect
(previously Waki-2) and is targeting overall reserve potential in excess of a
billion barrels.
In Block 3A the Kingfisher prospect, with 300 million barrel upside potential,
was drilled and tested in early 2007. The Kingfisher-1 well intersected three
significant oil-bearing intervals and tested at flow rates in excess of 14,000
bopd, however the well did not reach the primary target. The Kingfisher-2
appraisal well is expected to commence in the second quarter of 2008 and the
Nabors 221 rig is currently being mobilised from the Ngassa-1 drill site. The
recently acquired 3D seismic has also identified a number of additional offshore
prospects.
Work is also at an advanced stage to contract a rig to drill the offshore
prospects in Blocks 3A and Block 2. In addition to Ngassa and Kingfisher, the
offshore Pelican prospect in Block 3A, recently covered by 3D seismic, is
looking particularly encouraging with amplitude anomalies potentially indicative
of hydrocarbons. It is expected that the first offshore well will spud in early
2009.
Tullow also has interests in two prospective blocks on the Congo (DRC) side of
the Lake Albert Rift Basin, adjacent to the Group's Ugandan acreage. Tullow is
currently awaiting a Presidential Decree on these blocks before any exploration
work can commence and the full potential of this acreage can be realised. The
validity of the award of these licences is currently being disputed by the
Congolese Oil Ministry; this is being vigorously defended by Tullow and its
partner.
Congo (Brazzaville)
In January 2008, Tullow announced the sale of its 11% interest in the M'Boundi
field to the Korea National Oil Company (KNOC) for a total cash consideration of
US$435 million (£218 million). The deal is subject to partner pre-emption and
approval from the Government with the completion of the transaction expected by
mid-year 2008. A substantial profit is expected in the 2008 financial
statements.
Equatorial Guinea
The Okume Complex in Equatorial Guinea achieved first oil in December 2006.
Production performance since first oil, particularly from the Elon field, has
exceeded expectations. In 2008, the complex is expected to achieve an average
annual gross production of over 60,000 bopd and an injection rate in excess of
100,000 bwpd.
Production from Okume and Ceiba is blended and exported via the Ceiba FPSO and
in March 2008 gross oil production through the processing facilities exceeded
115,000 bopd for the first time.
Cote d'Ivoire
During 2007 a very successful development drilling programme was completed on
West Espoir resulting in average gross production of 10,000 boepd from this
field alone. Gross production from East Espoir averaged 20,000 boepd in 2007 and
total gross production from both fields is expected to be maintained at
approximately 30,000 boepd during 2008.
Current activity on Tullow's exploration licences is focused on identifying the
highest quality prospects for drilling in 2009 and 2010 and includes acquisition
and processing of large volumes of high quality 3D seismic data.
Mauritania and Senegal
Gross production from the Chinguetti field (Mauritania) declined gradually
throughout the year to approximately 12,000 bopd by year-end. This was
significantly below expectations and following a review of reservoir
performance, ultimate net recoverable reserves have been downgraded by 50%.
The 2007 exploration work programme focused on the assessment of Tullow's
expanded portfolio covering both Cretaceous and Tertiary plays. A drilling
campaign commenced in February 2008 with the Khop well in Block 6 which is
targeting Cretaceous reservoir intervals. This reservoir is potentially more
material than the shallower Miocene plays previously drilled in the region.
Recent exploration work has also identified further prospectivity in an untested
subsalt play with very significant resource potential. These leads and prospects
will be subject to additional technical validation over the coming months and
may form part of a 2009 drilling campaign.
The 2008 seismic programme includes a 3D seismic survey straddling the boundary
between Block 1 in Mauritania and the St. Louis block in Senegal and the
reprocessing of seismic data acquired across Blocks 2 and 7.
Gabon
Net production from Tullow's Gabon assets averaged 14,800 bopd in 2007 and is
currently over 15,000 bopd. The outlook for 2008 is positive, with two new
fields, Onal and Ebouri, expected to come on-stream, offsetting the natural
decline from existing fields and sustaining average production above 14,000
bopd.
Tullow's only exploration well in Gabon during 2007 was M'Pano-1 in the Nziembou
licence adjacent to the Niungo field. The well found excellent quality reservoir
but was dry. An extension to the exploration licence has been requested from the
authorities.
Namibia
The Kudu-8 appraisal well, designed to test the Kudu East reservoir within the
greater Kudu field area, was completed in September 2007. While the well
encountered gas bearing sands, the interpretation of data indicated that the
reservoir would not flow at commercial rates and the well was plugged and
abandoned.
Whilst a disappointment for both Tullow and its partners, the result of the well
has not impacted our plan to commercialise the existing proven gas resources. In
addition, we are completing technical work to determine the future exploration
work programme and remain optimistic as to the potential for additional gas to
be discovered in the region.
2008 Outlook
Tullow plans to invest over £325 million in its African business during 2008.
Approximately 35% of this will be spent on the exploration, appraisal and
development programme in the Group's Ghanaian acreage with the aim of approving
full field development during 2008. Activities in Uganda will focus on
accelerated exploration and appraisal of the Butiaba area along with project
sanction and the commencement of EPS development work and the drilling of the
high impact Kingfisher well.
Elsewhere in Africa, ongoing seismic surveys and technical work are likely to
lead to 2009 drilling in Tanzania, Madagascar, Mauritania, Angola and Gabon.
2008 production for Africa is expected to average approximately 42,000 boepd,
before accounting for the M'Boundi field disposal, which is expected to be
completed by mid-year 2008.
EUROPE: Volatile UK gas market but outlook positive
2007 Key statistics
Total production Total reserves and Sales revenue Total 2007 Employees
28,500 boepd resources £258.8 million investment 145
66.7 mmboe £116.3 million
2007 Highlights
• Production averaged 171 mmscfd, 4% below 2006 levels;
• Two new gas fields, Thurne and Kelvin, brought onstream;
• Exploration success with the Harrison gas discovery; and
• Expansion of activity into the Dutch sector adjacent to our CMS acreage,
extending our coverage of the prolific Carboniferous play.
2007 Performance
Net production from the UK portfolio during 2007 averaged 171 mmscfd, similar to
2006. During the first half of the year a comparatively mild winter combined
with perceived oversupply in the UK gas market led to a period of uncertainty
and weak pricing. Against this background, and with high service sector costs,
Tullow redirected investment in favour of its international programmes. However,
as the year progressed and longer-term pricing trends became more favourable,
Tullow allocated funds to selected development and high-graded exploration
projects with a focus on value rather than production growth.
Thames-Hewett area
In 2007, Tullow's net production from these assets averaged 77 mmscfd and during
the year first gas was achieved from the Tullow-operated Thurne field. The
development plan for the Wissey discovery in Block 53/4d was approved in May
2007 and first gas is planned for August 2008. To further extend the economic
life of the Thames infrastructure, Tullow is currently evaluating the potential
of infill wells on existing fields in the Thames area.
Hewett Complex
In 2007, Tullow undertook a project to convert the Hewett complex to an unmanned
facility which will be controlled remotely from the Bacton terminal.
Optimisation of staffing, logistics and maintenance is expected to yield cost
savings which will extend economic life, regardless of any new gas production.
An exploration well on the Doris prospect spudded in January 2008 but was
unsuccessful. Tullow also plans to drill a development well in mid-2008 in the
Hewett main field. In the event of success, first gas could be achieved in late
2008.
In addition to activities to extend production life, Tullow is investigating the
potential longer-term use of Hewett reservoirs and infrastructure for both
natural gas and carbon dioxide storage.
CMS Area
Production from the CMS Area averaged 88 mmscfd for the year, slightly less than
2006, as a result of natural decline. However, first gas from the Kelvin field
was achieved in November, significantly boosting CMS production which by
year-end was just over 120 mmscfd net to Tullow.
The redevelopment of the Schooner and Ketch fields continued in 2007 with first
gas from the Ketch-9 well in July at an initial rate of 22 mmscfd. The well also
appraised the south west flank of the field, proving up an area of undepleted
gas reserves that provide an attractive potential development opportunity.
Other opportunities being considered for the area include infill drilling on the
existing fields. Plans are well advanced for a Boulton field infill well in the
second quarter of 2008.
The carboniferous is a key UK play for Tullow, as evidenced by the eight
consecutive discoveries in the CMS area. Capitalising on our success in this
area, we seized the opportunity to extend our activities into the Dutch sector.
Netherlands
In the Netherlands, carboniferous prospectivity remains highly under-explored
and prospects are materially bigger in comparison to those in adjacent UK
acreage. Tullow made its first entry into the province in 2007 gaining interests
in six licences. Activity for 2008 on this new acreage will largely comprise
seismic reprocessing and interpretation in preparation for an integrated
Netherlands drilling campaign in 2009.
Central North Sea
Tullow participated in two high impact exploration wells in the Central North
Sea in 2007. Both wells, on the Peveril and Acer prospects, were dry and the
wells were plugged and abandoned.
Portugal
In February 2007, Tullow was awarded three blocks in the undrilled Alentejo
Basin off the southwest coast of Portugal. This frontier exploration acreage
offers a range of play types consistent with Tullow's core exploration expertise
and a detailed seismic infill programme across the acreage is planned for 2008.
2008 Outlook
The Group has an active programme planned for its European assets in 2008. In
the UK this includes two exploration/appraisal wells, the development of the
Wissey field, and up to three infill development wells. Average net UK
production is expected to be approximately 24,500 boepd in 2008.
There will also be a significant programme of seismic acquisition and processing
through the year to evaluate the potential of the Dutch and Portuguese acreage.
The Group has also entered the Hewett field in the Government's carbon capture
and storage competition with the aim converting one of the fields into a carbon
store and thereby significantly extending the life of the infrastructure once
production ceases.
SOUTH ASIA: Significant growth potential
2007 Key statistics
Total production Total reserves and resources Sales revenue Total 2007 investment Employees
4,300 boepd 20.4 mmboe £8.5 million £10.1 million 124
2007 Highlights
• Production averaged 4,300 boepd, 154% above 2006 levels;
• Gross production in Bangladesh increased to 70 mmscfd with upgrade to 120
mmscfd sanctioned;
• First gas from the Chachar field achieved in August 2007; and
• Delineation of CB-ON/1 exploration drilling prospects ahead of an active
drilling campaign in 2008.
2007 Performance
The Asian economy has witnessed unprecedented economic growth over the past few
years, leading to steadily increasing demand for energy. We view Asia as an area
with significant growth potential and are currently focusing attention on new
business opportunities in the region.
Bangladesh
2007 marked a step change in Tullow's operations in Block 9 in Bangladesh. The
Bangora-5 well was tied-back in April 2007 and thereafter the field has been
producing at the 70 mmscfd capacity of the facility. The second phase of
development was sanctioned in 2007 and is now under way. This involves an
upgrade of the processing facility to 120 mmscfd and the tie-back of a
successful appraisal well (Bangora-3) leading to gross production in excess of
100 mmscfd by the end of 2008.
Elsewhere in Bangladesh, a three year extension has been secured for offshore
exploration Blocks 17&18, and the Government of Bangladesh approved the
assignment of a 60% interest to Total Exploration and Production.
Pakistan
The Chachar field came onstream in August 2007 with gas being sold to the Guddu
power station. Production commenced at a rate of 23 mmscfd from three wells, two
of which have dual completions.
On the Kohat exploration block, seismic processing and interpretation was
completed and two drilling prospects were selected. The operation has been
delayed due to the lack of rig availability as a consequence of the security
situation in Pakistan. The Government has granted a one year extension to the
licence and drilling is now scheduled to commence in the latter part of 2008.
Tullow is currently reviewing longer term strategy in respect of its Pakistan
business which may potentially result in a disposal of this asset during 2008.
India
The main focus in India during 2007 was on block CB-ON/1, where Tullow has a 50%
interest. A drilling programme of four firm wells and three contingent wells has
been agreed and will test a number of different plays on the Block. A drilling
rig has been secured and the first well of the campaign is now planned to spud
in the second quarter of 2008.
2008 Outlook
2008 will be a year of active portfolio management, production growth and
exciting exploration activity in Asia. A high impact multi-well exploration
drilling programme is planned in India and extensive exploration activities are
planned for Pakistan and Bangladesh. Production is expected to continue to grow,
averaging approximately 5,600 boepd in 2008.
SOUTH AMERICA: New business opportunities
2007 Highlights
• Successful bidder in two key Trinidad and Tobago blocks;
• Execution of PSCs for two onshore Suriname blocks;
• Five exploration wells drilled in Suriname;
• CSEM survey over the large Matamata prospect in French Guiana; and
• Divestment of the non-core Falkland Islands assets.
The region is a prolific but underexplored oil and gas province with a diverse
set of opportunities from near-infrastructure plays in Suriname to true wildcat
high impact prospects in French Guiana. The region is recognised as having great
potential and Tullow is now applying its skills and expertise, developed through
many years of exploration in West Africa, to these very similar plays across the
Atlantic.
2008 Outlook
2008 will be an exciting year for the Group's South American business as it
looks to expand through new ventures, portfolio management, licence rounds and
exploration. The key areas of interest this year will be the drilling of the
high impact Matamata prospect in French Guiana, the completion of the Trinidad
PSC negotiations and potential entry into new South American oil and gas
provinces.
Finance Review
During 2007, Tullow's business reached a new level of scale in terms of
production, operating cash flow, market value and future growth potential. Total
shareholder return in 2007 exceeded 66% (2006: 49%), placing Tullow in the top
quartile of its peer group. Over the three year period from 2005 to 2007,
Tullow's total shareholder return has been in excess of 440%.
Overall, results for the year were solid. Production grew 13% to over 73,000
boepd and oil pricing remained positive. However a 19% decline in realised gas
price, which represents 40% of revenue, impacted our performance and this,
combined with increased depreciation and interest charges and exploration
write-offs, meant that earnings per share declined 71% to 7.10 pence.
Our financial strategy is to maintain financial flexibility to support the
Group's significant appraisal and development programmes in Ghana and Uganda and
effectively allocate capital across the remainder of our business.
Key financial metrics 2007 2006 Change
Production (boepd, working interest basis) 73,100 64,720 +13%
Sales volume (boepd) 62,600 57,300 +9%
Realised oil price per bbl ($) 62.7 52.2 +20%
Realised gas price (pence per therm) 37.3 46.2 -19%
Cash operating costs per boe (£)1 5.05 4.74 +7%
Operating cash flow before working capital per boe (£) 17.77 18.76 -5%
Net debt 479.5 122.1 +293%
Interest cover 10.4 24.0 -13.6 times
Gearing (%)2 67 16 +51%
Total shareholder return (%) 66 49 +17%
1. Cash operating costs are cost of sales excluding depletion, depreciation and
amortisation and under/over lift movements
2. Gearing is net debt divided by net assets
Strong production and pricing
Working interest production averaged 73,100 boepd, 13% ahead of 2006. Sales
volumes averaged 62,600 boepd, representing an increase of 9%. As a result of
increased sales volumes and higher oil price, offset by the weaker UK gas price,
2007 revenue increased by 10% to £639.2 million (2006: £578.8 million).
The bulk of production growth came from our African oil portfolio, which
represented 55% of total output and 58% of Group revenue. This was driven by an
exceptional performance from the Okume development and the Ceiba field in
Equatorial Guinea and a first year of production for Tullow from the Chinguetti
field following the Hardman acquisition. Gas production from Asia also rose
significantly, due to new production from the Chachar field in Pakistan in
August and continuing strong performance from the Bangora field in Bangladesh.
Gas production from Europe of 171 mmscfd (28,500 boepd) showed a modest decline
from 2006 levels.
Oil prices continued to be strong throughout the year and Tullow's realised oil
price after hedging was $62.7/bbl (2006: $52.2/bbl), an increase of 20%.
Tullow's oil production sold at an average discount of 3% to Brent during the
year (2006: 5% discount).
Whilst oil pricing was positive, UK gas price realisations fell by 19% to 37.3p/
therm (2006: 46.2p/therm). Following a period of exceptional pricing,
particularly in early 2006, new sources of supply and a mild winter combined to
significantly reduce gas price in the first half of 2007 and despite
strengthening prices in the second half, the average UK day ahead gas spot price
for 2007 was 29.7p/therm. Tullow's UK gas hedge programme proved highly
effective during 2007, contributing approximately 7.6p/therm to the Group's
realised price, amounting to an additional £32 million to Group revenue. The
Group also recorded tariff income of £17.5 million (2006: £16.6 million) from
its UK infrastructure interests.
2007 Revenue analysed by Core Area Oil Gas Total % of Total
£ millions £ millions £ millions
Africa 371.9 - 371.9 58%
Europe - 258.8 258.8 40%
South Asia - 8.5 8.5 2%
Total 371.9 267.3 639.2
% contribution to the Group 58% 42%
Disciplined cost management offset by higher depreciation
Underlying cash operating costs, which exclude depletion and amortisation and
movements on under/overlift, amounted to £134.7 million (£5.05/boe). These costs
were 7% above 2006 levels, principally due to upward cost pressures in oil and
gas services and in our UK business.
Depreciation, depletion and amortisation before impairment charges for the year
amounted to £203.0 million (£7.61/boe). This represents a 24% increase over
2006, principally as a result of a higher depreciation charge on UK assets, and
the addition to Tullow's portfolio in early 2007 of the Chinguetti field where
performance was significantly below expectations, leading to a 25% increase in
depreciation rates above initial estimates. In addition we have recognised an
impairment charge of £13.8 million (£0.52/boe) on Chinguetti, which is due to
the ultimate recoverable commercial reserves being downgraded by 50%.
Tullow continued to invest in people during 2007 increasing average staff
numbers by 33% to 277 people in 2007 due to the significant increase in
investments being made during the year and also the need to establish an
appropriate resource pool to fulfil our long-term growth objectives. As a
result, underlying general and administrative costs have increased by 43% to
£26.2 million (2006: £18.3 million). The total general and administrative costs
charge of £31.6 million also includes a charge of £5.4 million in respect of the
Group's share-based incentive schemes (2006: £4.2 million).
Exploration write-off
Exploration costs written-off were £64.2 million (2006: £32.5 million), in
accordance with the Group's 'successful efforts' accounting policy, which
requires that all costs associated with unsuccessful exploration are written-off
to the Income Statement. Of this write-off £51.1 million is principally
associated with unsuccessful exploration activities in the UK, Gabon, Ghana,
Namibia and new ventures/pre-licence costs and a recent decision to relinquish
Blocks 107 and 108 in Cote D'Ivoire. The remaining £13.1 million is in relation
to a downgrade of Chinguetti contingent resources as at 31 December 2007. In
addition to the impairment charge set out above, this brings the total charge
associated with Chinguetti to £26.9 million.
Operating profit
Operating profit before exploration activities amounted to £253.3 million (2006:
£295.1 million), a decrease of 14%, due to the increased depreciation charges,
partly offset by production growth and strong oil prices.
Derivative instruments
Tullow continues to undertake hedging activities as part of the ongoing
management of its business risk and to protect the availability of cash flow for
reinvestment in capital programmes which are driving business growth. Hedges
undertaken in respect of 2008 combined with portfolio management provide
downside protection on revenue of over £304 million, representing approximately
70% of planned 2008 capital investment.
At 31 December 2007, the Group's derivative instruments had a negative mark to
market value of £158.0 million (2006: £21.0 million). Of this, £136.9 million
relates to a negative mark to market on oil contracts, the majority relating to
hedges acquired as part of the acquisition of Energy Africa in 2004 and £21.1
million relates to a negative mark to market on gas contracts.
While all of the Group's commodity derivative instruments currently qualify for
hedge accounting, a charge of £29.3 million (2006: credit of £15.7 million) has
been recognised in the income statement for 2007. Of this charge £23.4 million
relates to oil and gas hedges while the balance of the charge comprises £5.9
million relating to the Group's foreign exchange derivatives associated with the
acquisition of Hardman Resources.
The Group's hedge position as at 5 March 2008 can be summarised as follows:
Hedge Position 2008 2009 2010
Oil
Volume - bopd 19,293 11,000 2,000
Current Price Hedge - US$/bbl 70.9 63.4 89.4
Gas Hedges
Volume - mmscfd 81.0 38.7 12.3
Current Price Hedge - p/therm 50.1 50.4 54.1
Gearing, financing costs and interest cover
The net interest charge for the year was £45.6 million (2006: £15.0 million) and
reflects the significantly increased levels of net debt during 2007 following
the completion of the Hardman Resources acquisition in January. In addition the
amortisation of finance costs associated with the US$1 billion Bridge Facility
negotiated to effect this transaction and a reduced level of interest
capitalisation in relation to development assets has also contributed to this
increase. At 31 December 2007, Tullow had net debt of £479.5 million (2006:
£122.1 million), which was approximately 1.0 times the groups operating cashflow
before working capital movements for the year. Interest cover has reduced to
10.4 times (2006: 24.0 times) however both overall debt levels and interest
costs remain very comfortable in the context of the Group's overall production
profile, recent portfolio management transactions and future growth
opportunities.
Taxation
The tax charge of £61.6 million (2006: £105.9 million) relates to the Group's
North Sea, Gabonese, Equatorial Guinea and Mauritanian activities and represents
54% of the Group's profit before tax (2006: 40%). After adjusting for
exploration costs and movements associated with overlift balances, the Group's
underlying effective tax rate is 34% (2006: 35%).
Dividend
The Board has a high level of confidence in the Group's business and future
profit potential, as well as a strategy of maintaining capital discipline
through periods of strong oil and gas pricing. Consequently the Board has
proposed a final dividend of 4.0 pence per share (2006: 3.5 pence per share).
This brings the total payout in respect of 2007 to 6.0 pence per share (2006:
5.5 pence per share). The dividend will be paid on 21 May 2008 to shareholders
on the register on 18 April 2008.
Strong cashflow and effective portfolio management
Increased production and the strong oil price environment led to record
operating cash flow before working capital movements of £473.8 million (2006:
£446.7 million), 6% ahead of 2006. This cash flow facilitated investment of
approximately £370 million in exploration and development activities, payment of
an increased final 2006 dividend and servicing of the increased debt facilities.
Tullow currently plans a total 2008 capital expenditure of approximately £440
million, with Tullow's Africa activities accounting for approximately 75% of
this anticipated investment. In addition to our 2008 commitments we are planning
for the future, as evidenced by the US$700 million (£350 million) contract on
behalf of Jubilee field partners for the Eirik Raude rig as part of the Ghana
development programme, which is targeting first oil in 2010.
The exploration and appraisal investments planned for 2008 will drive future
growth and as we seek to prioritise our allocation of capital, we have
identified a number of interests which are no longer central to our longer term
strategy. As at 31 December 2007, our interest of 40.0% in the Ngosso permit in
Cameroon and our interest of 11.0% in the M'Boundi field in Congo (Brazzaville)
have been classified as 'assets held for sale' in accordance with IFRS 5 -
Non-Current Assets Held for Sale and Discontinued Operations. Both transactions
are expected to complete in 2008 for a total consideration of US$480 million
(£240 million) with the M'Boundi sale still being subject to partner
pre-emption. The disposals are also subject to government approvals. The Group
expects to recognise a very substantial profit on these disposals in the 2008
financial statements.
The successful completion of portfolio management efforts announced year to date
will halve Tullow's net debt at 31 December 2007 and provide substantial
additional cash resources for investment in key assets. These transactions also
indicate the inherent value of Tullow's asset portfolio at a time where many
players in our industry are becoming increasingly opportunity constrained. The
Board will continue to actively monitor the Group's portfolio and consider asset
divestments or acquisitions as appropriate to ensure shareholder value is
maximised and resources allocated in the most effective manner.
Hardman Resources acquisition completion
The Hardman acquisition was completed on 10 January 2007 with the payment of
£334.9 million and the issue of 65 million shares to Hardman shareholders. A
final review of the fair value allocation to the acquired assets and liabilities
was undertaken in accordance with the provisions of IFRS 3 - Business
Combinations. The final total fair value attributed to the transaction amounts
to £759.4 million, comprising £595.2 million of consideration and associated
costs and an additional £164.3 million of deferred tax uplift in accordance with
IAS 12 - Income Taxes.
Financial strategy and outlook
During 2007 the value of Tullow's business was transformed by successful
exploration activity in Ghana and the ongoing programmes in the Albertine Rift
basin in Uganda. With focused investment in appraisal and development over the
coming years, reserves and production have the potential to reach multiples of
current levels. Our financial strategy must support these plans by ensuring
sufficient funds are allocated to our growth assets, by maintaining an
appropriate level of gearing and financial risk and by constantly analysing our
portfolio to ensure our asset mix is aligned with our long-term business
strategy.
A successful phased development in Ghana and the achievement of commercial
volumes for pipeline export in Uganda will materially extend the Group's reserve
life and financial profile. In anticipation of this we are evaluating long-term
financing options with the support of our bank syndicate. While the global
credit environment has been challenging in recent months, operating fundamentals
in the oil and gas industry remain strong and there continues to be encouraging
bank support for transactions involving exploration and production companies.
Ends
Disclaimer
This statement 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 the Group 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. Accordingly no reliance may be
placed on the figures contained in such forward-looking statements.
Group Income Statement
Year ended 31 December 2007
Notes 2007 2006
£'000 £'000
Sales Revenue 639,203 578,847
Cost of sales (353,695) (261,268)
Gross Profit 285,508 317,579
Administrative expenses (31,628) (22,490)
Disposal of subsidiaries (597) -
Exploration costs written off (64,235) (32,494)
Operating Profit 189,048 262,595
(Loss)/gain on hedging instruments (29,267) 15,701
Finance revenue 3,095 3,030
Finance costs (48,673) (17,994)
Profit from Continuing Activities before Tax 114,203 263,332
Income tax expense 7 (61,609) (105,894)
Profit for the Period from Continuing 52,594 157,438
Activities
Attributable to:
Equity holders of the parent 50,887 157,438
Minority interest 1,707 -
52,594 157,438
Earnings per Ordinary Share Stg p Stg p
- Basic 2 7.10 24.23
- Diluted 6.96 23.67
Group Statement of Recognised Income and Expense
Year ended 31 December 2007
2007 2006
£'000 £'000
Profit for the Period 52,594 157,438
Currency translation adjustments (5,321) (55,057)
Hedge movement (79,780) 68,236
Total Recognised Income and Expense for the Period (32,507) 170,617
Attributable to:
Equity holders of the parent (34,214) 170,617
Minority interest 1,707 -
(32,507) 170,617
Group Balance Sheet
As at 31 December 2007
2007 2006
£'000 £'000
ASSETS
Non-Current Assets
Intangible exploration and evaluation assets 956,580 820,437
Property, plant and equipment 832,111 934,368
Investments 447 496
1,789,138 1,755,301
Current Assets
Inventories 24,897 13,735
Trade receivables 87,746 74,609
Other current assets 33,351 28,963
Cash and cash equivalents 82,224 99,478
Derivative financial instruments - 16,065
Assets held for sale 73,846 -
302,064 232,850
Total Assets 2,091,202 1,988,151
LIABILITIES
Current Liabilities
Trade and other payables (177,397) (161,797)
Hardman acquisition payable - (333,912)
Other financial liabilities (9,793) (7,516)
Current tax liabilities (31,457) (20,549)
Derivative financial instruments (89,509) -
Liabilities directly associated with assets classified as held for (4,756) -
sale
(312,912) (523,774)
Non-Current Liabilities
Trade and other payables (15,586) (17,137)
Other financial liabilities (540,272) (206,883)
Deferred tax liabilities (307,615) (311,925)
Provisions (133,612) (124,868)
Derivative financial instruments (68,535) (37,088)
(1,065,620) (697,901)
Total Liabilities (1,378,532) (1,221,675)
Net Assets 712,670 766,476
EQUITY
Called up share capital 71,961 65,190
Share premium 128,465 126,075
Other reserves 210,089 69,791
Shares to be issued - 235,621
Retained earnings 286,668 269,799
Equity attributable to Equity Holders of the Parent 697,183 766,476
Minority interest 15,487 -
Total Equity 712,670 766,476
Group Cash Flow Statement
Year ended 31 December 2007
Notes 2007 2006
£'000 £'000
Cash Flows from Operating Activities
Cash generated from operations 8 446,660 404,064
Income taxes paid (30,030) (61,868)
Net cash from operating activities 416,630 342,196
Cash Flows from Investing Activities
Acquisition of subsidiaries (334,954) 21,336
Disposal of subsidiaries (597) -
Purchase of intangible exploration & evaluation assets (165,726) (67,976)
Purchase of property, plant and equipment (198,355) (243,087)
Finance revenue 3,206 3,030
Net cash used in investing activities (696,426) (286,697)
Cash Flows from Financing Activities
Net proceeds from issue of share capital 2,661 3,502
Proceeds from issue of subsidiary share capital to minority 1,244 -
interest
Debt arrangement fees (8,431) (1,175)
Repayment of bank loans (29,474) (27,914)
Drawdown of bank loan 379,979 59,996
Finance costs (40,782) (16,997)
Dividends paid (39,406) (32,492)
Purchase of treasury shares (3,722) (3,977)
Net cash generated by/(used in) financing activities 262,069 (19,057)
Net (decrease)/increase in cash and cash equivalents (17,727) 36,442
Cash and cash equivalents at beginning of year 99,478 65,386
Translation difference 473 (2,350)
Cash and cash equivalents at end of year 82,224 99,478
Notes to the Preliminary Financial Statements
Year ended 31 December 2007
1. Basis of Accounting and Presentation of Financial Information
While the financial information included in this preliminary announcement has
been prepared in accordance with International Financial Reporting Standards
(IFRS), this announcement does not itself contain sufficient information to
comply with IFRS. The Company expects to publish full financial statements that
comply with IFRS in April 2008.
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the years ended 31 December 2007 or 2006, but
is derived from those accounts. Statutory accounts for 2006 have been delivered
to the Registrar of Companies and those for 2007 will be delivered following the
Company's Annual General Meeting. The auditors have reported on those accounts;
their reports were unqualified and did not contain statements under s237 (2) or
(3) Companies Act 1985.
The accounting policies applied are consistent with those adopted and disclosed
in the Group's annual financial statements for the year ended 31 December 2006,
with the exception of adopting IFRS 7 - Financial Instruments: Disclosures and
IAS 23 - Borrowing costs. This did not have any impact on the Group.
2. Earnings per Share
The calculation of basic earnings per share is based on the profit for the
period after taxation of £50,887,000 (2006: £157,438,000) and a weighted average
number of shares in issue of 717,025,714 (2006: 649,665,389).
The calculation of diluted earnings per share is based on the profit for the
period after taxation as for basic earnings per share. The number of shares
outstanding, however, is adjusted to show the potential dilution if employee
share options are converted into ordinary shares. The weighted average number of
ordinary shares is increased by 14,348,042 (2006: 15,593,396) in respect of
employee share options, resulting in a diluted weighted average number of shares
of 731,373,756 (2006: 665,258,785).
3. Dividends
During the year the Company paid a final 2006 dividend of 3.5 pence per share
and an interim 2007 dividend of 2.0p per share, a total dividend of 5.5 pence
per share (2006: 5.0 pence per share). The Directors intend to recommend a final
2007 dividend of 4.0 pence per share, which, if approved at the AGM, will be
paid on 21 May 2008 to shareholders on the register of the Company on 18 April
2008.
4. 2007 Annual Report and Accounts
The Annual Report and Accounts will be mailed on 11 April 2008 only to those
shareholders who have elected to receive it. Otherwise, shareholders will be
notified that the Annual Report and Accounts is available on the website
(www.tullowoil.com). Copies of the Annual Report and Accounts will also be
available from the Company's registered office at 3rd Floor, Building 11,
Chiswick Park, 566 Chiswick High Road, London, W4 5YS.
5. The Annual General Meeting is due to be held at Stationers' Hall, Ava
Maria Lane, London, EC4M 7DD on Wednesday 14 May 2008 at 12 noon.
6. Segmental Reporting
In the opinion of the Directors the operations of the Group comprise one class
of business, oil and gas exploration, development and production and the sale of
hydrocarbons and related activities. The Group also operates within four
geographical markets, Europe, Africa, Asia and South America.
The following tables present revenue, profit and certain asset and liability
information regarding the Group's business segments for the year ended 31
December 2007 and 2006.
South
America
Europe Africa Asia Unallocated Total
£'000
£'000 £'000 £'000 £'000 £'000
2007
Sales revenue by origin 258,838 371,883 8,482 - - 639,203
Segment result 78,979 144,886 1,827 (4,419) - 221,273
Disposal of subsidiaries (597)
Unallocated corporate expenses (31,628)
Operating profit 189,048
Loss on hedging instruments (29,267)
Finance revenue 3,095
Finance costs (48,673)
Profit before tax 114,203
Income tax expense (61,609)
Profit after tax 52,594
Total assets 553,340 1,344,226 66,465 112,008 15,163 2,091,202
Total liabilities (242,597) (527,843) (13,870) (37,731) (556,491) (1,378,532)
Other segment information
Capital expenditure:
Property, plant and equipment 86,960 115,012 6,096 - 4,145 212,213
Intangible fixed assets 32,587 152,129 4,411 4,745 - 193,872
Depletion, depreciation and (101,359) (98,379) (3,286) - (2,781) (205,805)
amortisation
Impairment losses recognised in - (13,834) - - - (13,834)
income
Europe Africa Asia South Unallocated Total
America
£'000 £'000 £'000 £'000 £'000
£'000
2006
Sales revenue by origin 307,007 268,302 3,538 - - 578,847
Segment result 129,735 159,304 (3,954) - - 285,085
Unallocated corporate expenses (22,490)
Operating profit 262,595
Gain on hedging instruments 15,701
Finance revenue 3,030
Finance costs (17,994)
Profit before tax 263,332
Income tax expense (105,894)
Profit after tax 157,438
Total assets 541,684 1,281,760 62,174 79,815 22,718 1,988,151
Total liabilities (250,234) (356,008) (15,507) (20,315) (579,611) (1,221,675)
Other segment information
Capital expenditure:
Property, plant and equipment 161,675 217,693 10,567 - 3,136 393,071
Intangible fixed assets 37,197 575,808 15,897 79,815 - 708,717
Depletion, depreciation and (79,870) (64,068) (992) - (1,651) (146,581)
amortisation
Unallocated expenditure and net liabilities include amounts of a corporate
nature and not specifically attributable to a geographic area, including tax
balances and the Group debt.
7. Taxation on Profit on Ordinary Activities
a) Analysis of charge in period
The tax charge comprises:
2007 2006
£'000 £'000
Current tax
UK corporation tax 2,328 14,344
Foreign taxation 27,768 17,434
Total corporate tax 30,096 31,778
UK petroleum revenue tax 11,048 21,605
Total current tax 41,144 53,383
Deferred tax
UK corporation tax 21,631 45,585
Foreign taxation 229 6,530
Total corporate tax 21,860 52,115
UK petroleum revenue tax (1,395) 396
Total deferred tax 20,465 52,511
Total tax expense 61,609 105,894
b) Factors affecting tax charge for period
As the Group earns a significant portion of its profits in the UK. the tax rates
applied to profit on ordinary activities in preparing the reconciliation below
is the standard rate of UK corporation tax applicable to the Group's oil and gas
activities plus the rate of supplementary corporation tax (SCT).
The difference between the total current tax charge shown above and the amount
calculated by applying the standard rate of UK corporation tax (30%) plus the
rate of SCT in respect of UK upstream profits (20%) to the profit before tax is
as follows:
2007 2006
£'000 £'000
Group profit on ordinary activities before tax 114,203 263,332
Tax on group profit on ordinary activities at a combined standard UK
corporation tax and SCT rate of 50% (2006: 50%) 57,102 131,666
Effects of:
Expenses not deductible for tax purposes 12,056 7,264
Net losses not recognised 50,706 19,635
Petroleum revenue tax (PRT) 9,654 22,001
UK corporation tax deductions for current PRT (4,827) (11,001)
Adjustments relating to prior years (5,613) 290
Income taxed at a different rate (57,469) (63,961)
Group total tax expense for the year 61,609 105,894
The Group's profit before taxation will continue to be subject to jurisdictions
where the effective rate of taxation differs from that in the UK. Furthermore,
unsuccessful exploration expenditure is often incurred in jurisdictions where
the Group has no taxable profits, such that no related tax benefit arises.
Accordingly the Group's tax charge will continue to depend on the jurisdictions
in which pre-tax profits and exploration costs written off arise.
The Group has tax losses of £131 million (2006: £124 million) that are available
indefinitely for offset against future taxable profits in the companies in which
the losses arose. Deferred tax assets have not been recognised in respect of
these losses as they may not be used to offset taxable profits elsewhere in the
Group.
8. Cash Flows from Operating Activities
2007 2006
£'000 £'000
Profit before taxation 114,203 263,332
Adjustments for:
Depletion, depreciation and amortisation 205,805 146,581
Impairment loss 13,834 -
Net foreign exchange losses - 840
Exploration costs written off 64,235 32,494
Disposal of subsidiaries 597 -
Decommissioning expenditure (5,065) -
Share based payment charge 5,388 4,186
Loss/(gain) on hedging instruments 29,267 (15,701)
Finance revenue (3,095) (2,451)
Finance costs 48,673 17,415
Operating cash flow before working capital movements 473,842 446,696
(Increase)/decrease in trade and other receivables (20,472) 509
Increase in inventories (11,162) (4,729)
Increase/(decrease) in trade payables 4,452 (38,412)
Cash generated from operations 446,660 404,064
9. Commercial Reserves and Contingent Resources Summary (Not reviewed by
Auditors) working interest basis
EUROPE AFRICA ASIA TOTAL
Oil Gas Oil Gas Oil Gas Oil Gas Petroleum
mmbbl bcf mmbbl bcf mmbbl bcf mmbbl bcf mmboe
Commercial
Reserves 1,3
1 Jan 2007 - 302.4 147.8 21.2 - 103.7 147.8 427.3 219.1
Revisions 2.0 16.4 (2.2) - - 11.5 (0.2) 27.9 4.4
Production - (60.1) (14.5) (1.1) - (9.3) (14.5) (70.5) (26.3)
31 Dec 2007 2.0 258.7 131.1 20.1 - 105.9 133.1 384.7 197.2
Contingent
Resources 2,4
1 Jan 2007 - 174.7 55.9 1,191.2 - 22.5 55.9 1,388.4 287.3
Revisions - 38.1 105.0 (3.1) - (6.3) 105.0 28.7 109.8
Disposals - (83.5) - (173.6) - - - (257.1) (42.9)
31 Dec 2007 - 129.3 160.9 1,014.5 - 16.2 160.9 1,160.0 354.2
Total
31 Dec 2007 2.0 388.0 292.0 1,034.6 - 122.1 294.0 1,544.70 551.4
1. Proven and Probable Commercial Reserves are based on a Group reserves
report produced by an independent engineer. Reserves estimates for each field
are reviewed by the independent engineer based on significant new data or a
material change with a review of each field undertaken at least every two years.
2. Proven and Probable Contingent Resources are based on both Tullow's
estimates and the Group reserves report produced by an independent engineer.
3. Tullow has classified the Ugandan discoveries Mputa and Nzizi as
Commercial Reserves.
4. The revision to Africa Contingent Resources relates to:
• the hydrocarbons associated with the Jubilee field discovery wells
Hyedua-1 and Mahogany-1 in Ghana; and
• a limited area around the Kingfisher-1 well in Uganda.
The Group provides for depletion and amortisation of tangible fixed assets on a
net entitlements basis, which reflects the terms of the Production Sharing
Contracts related to each field. Total net entitlement reserves were 128.1 mmboe
at 31 December 2007 (2006: 145.8 mmboe).
Contingent Resources relate to resources in respect of which development plans
are in the course of preparation or further evaluation is under way with a view
to development within the foreseeable future.
About Tullow Oil plc
Tullow Oil plc is a leading independent oil and gas, exploration and production
group and is quoted on the London and Irish Stock Exchanges (symbol: TLW.L) and
is a constituent of the FTSE 100 index. The Group has interests in over 100
exploration and production licences across 23 countries and focuses on four core
areas: Europe, Africa, South Asia and South America. For further information
please consult the Group's website www.tullowoil.com.
Events on results day
In conjunction with these results Tullow is conducting a London Presentation and
a number of events for the financial community.
09.30 GMT - UK/European Conference Call (and simultaneous Webcast)
To access the call please dial the appropriate number below shortly before the
call and ask for the Tullow Oil plc conference call. A replay facility will be
available from approximately noon on 12 March until 19 March. The telephone
numbers and access codes are:
Live Event Replay Facility available from Noon
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11.00 GMT - Press Conference Call
To access the call please dial the appropriate number below shortly before the
call and use the access code. The telephone numbers and access code are:
Live Event
UK Participants 0800 694 8018 UK Local Call 01452 552 018
International +44 1452 552 018 Irish Free Call 1 800 992 415
Participants
Access Code 38300588
14:30 GMT - US Conference Call
To access the call please dial the appropriate number below shortly before the
call and ask for the Tullow Oil plc conference call. A replay facility will be
available from approximately 20.30 12 March until 19 March. The telephone
numbers and access codes are:
Live Event Replay Facility available from 20:30
Domestic Toll Free +1 800 762 8779 Domestic Toll Free +1 800 406 7325
Toll +1 480 248 5081 Toll +1 303 590 3030
Access Code 3833780#
For further information contact:
Tullow Oil plc Citigate Dewe Rogerson Murray Consultants
+44 20 8996 1000 +44 20 7638 9571 +353 1 498 0300
Aidan Heavey, CEO, Tom Hickey, CFO Martin Jackson Joe Murray
Chris Perry, IRO Kate Delahunty
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