Interim Results
Tullow Oil PLC
04 September 2007
Tullow Oil plc
2007 Interim Results
Strong operating performance, production up 11%
Significant exploration success; Billion barrel upside potential in Ghana
4 September 2007 - Tullow Oil plc ('Tullow'), the independent oil and gas,
exploration and production group, announces its interim results for the six
months ended 30 June 2007.
2007 Interim Results Summary
Tullow demonstrated a strong operating performance in the first half of 2007.
Production reached record highs and oil pricing continued to be strong, although
the realised UK gas price was considerably lower than the exceptional levels of
2006 and this impacted reported results.
The Group continued to deliver major exploration success with a further
world-class discovery in Ghana, where upside potential in excess of a billion
barrels has been identified. We have also recorded excellent results in Uganda
where ongoing programmes are extending the existing reserve base and reducing
the risk of future prospects. Finally, Tullow significantly enhanced and
extended its worldwide exploration portfolio through the acquisition of Hardman
Resources, which was completed in January and is now fully integrated.
Successful exploration in the first half of 2007 has transformed Tullow's
business growth potential. This success, and the subsequent development and
appraisal programmes, will result in a significant increase in our rate of
investment. Consequently, at this stage, the Board feels it is appropriate to
maintain the interim dividend at the 2006 level.
1H2007 1H2006 Change
Production (boepd, working interest basis) 69,700 62,800 +11%
Realised Oil Price per bbl (US$) 56.09 54.42 +3%
Realised Gas Price (pence per therm) 36.86 53.33 - 31%
Sales Revenue (£m) 284.9 310.7 - 8%
Operating Profit (£m) 111.0 161.0 - 31%
Profit Before Tax (£m) 66.6 153.1 -56%
Basic Earnings per Share (pence per share) 5.12 14.72 - 65%
Interim Dividend per Share (pence per share) 2.00 2.00 Unchanged
Operating Cash Flow before Working Capital (£m) 201.8 245.7 -18%
Commenting today, Aidan Heavey, Chief Executive, said:
'The first half of 2007 has been a period of exciting progress for Tullow. Our
exploration programme in Ghana not only yielded a major discovery, but also
de-risked the Group's extensive acreage position in the region. Simultaneously,
ongoing success in Uganda continues to confirm the discovery of a new basin with
billion barrel oil potential. Each of these projects has the ability to more
than double Tullow's reserve base over the coming years. In addition, we have
grown our portfolio of opportunities to over 120 licences through the
acquisition of Hardman Resources.
While results for the first half of 2007 were impacted by difficult trading
conditions in the UK gas market, our decision to direct investment towards
high-impact exploration and appraisal activities has proven highly effective.
As a result, Tullow now has a far greater resource base and upside potential
than at any time in the Group's history. Production is expected to average
72-75,000 boepd for the year and we are fully committed to the rapid appraisal
and development of the projects that will dominate our future production,
reserves and growth prospects. The outlook for Tullow has never been brighter.'
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 21 of this announcement and in the 2007 Interim Results Centre on the
Group's website at www.tullowoil.com.
Production and Development Review
Tullow continues to build its production and development operating capability to
ensure that we can fully exploit our existing production and development
portfolio, effectively appraise and develop our exploration discoveries and
pursue value adding acquisition opportunities.
The acquisition of Hardman Resources, which was completed in January 2007,
delivered strategic assets that are now receiving significant production and
development focus. In Uganda major progress has been made since Tullow took
operational control with an acceleration of activity levels and continued
drilling success. The focus in Mauritania has been working with the Operator to
develop a regional strategy to deliver improvements from Chinguetti and progress
development plans for the existing discoveries.
Tullow continually reviews both its asset portfolio and its allocation of
capital to ensure that both our human and financial resources are focussed on
the highest value opportunities, demonstrated in 2007 by the Group's decision to
move capital away from the UK assets. In 2007, Tullow expects to allocate £225
million to our worldwide production and development activities to ensure strong
growth in value.
Africa: Strong production growth, exploration success delivering future
developments
In Africa, Tullow has production and development interests in Gabon, Cote
d'Ivoire, Congo (Brazzaville), Equatorial Guinea, Mauritania, Angola and Namibia
and exploration interests in a further seven countries including Uganda, Ghana
and Congo (DRC). Tullow's recent exploration success has the potential to
provide a flow of major development opportunities in Africa. In Ghana two
successful deepwater exploration wells in the West Cape Three Points and the
Tano Deep licences have yielded a world class discovery and development project
for Tullow. The joint ventures have embarked on an accelerated appraisal
programme to ensure the early development of these assets, which has the
potential to transform Tullow's business. In addition, the initial wells in the
Kaiso-Tonya appraisal programme in Uganda have been successful and the results
are being used to facilitate sanction of the Early Production System in late
2007.
Gabon
Tullow's Gabon production has been variable throughout the period but has now
stabilised at approximately 14,000 bopd net as a result of well workovers and
the tie in of recently drilled development wells.
The latest phase of development drilling on the Niungo field has resulted in
increased gross field production to over 15,000 bopd. Following these positive
results, two further development wells are planned and drilling is expected to
commence in the fourth quarter of the year.
The Tchatamba field reached a milestone of 100 million barrels of cumulative
production in March 2007, the eighth field in Gabon to do so. Despite periodic
maintenance problems in this mature field, gross production has been maintained
at average levels of around 21,500 bopd.
In the Etame Block the Avouma field was successfully commissioned on 23 January
2007 and is now producing at a gross controlled rate of over 7,000 bopd. This
brings the combined Etame-Avouma production to around 21,000 bopd, the current
limit of the facilities. However, modifications to the FPSO will increase
processing capacity in time for the anticipated commissioning of the Ebouri
satellite field in the second half of 2008.
The incorporation of a new Gabonese Joint Venture company, 'Tulipe Oil', in
which Tullow has 50% ownership, is nearing formal completion. This Company will
manage the package of assets purchased in September 2006 from the Government of
Gabon. Since the purchase, Tullow's share of production has grown from 350 bopd
from the Tsiengui and Obangue fields, to over 600 bopd with the addition of
production from the Oba field. This is expected to rise to 750-900 bopd in 2008
when the Onal Field comes on stream.
Congo (Brazzaville)
The development drilling programme on the M'Boundi field has continued, with
over 90 wells drilled in the field to date. The focus of operations is now on
water injection, which is intended to preserve reservoir energy and improve
ultimate oil recovery. The water injection commenced in January 2007 and nine
injection wells have been drilled to date, with a fifth rig now in the field to
accelerate this effort. Until the water injection becomes effective in reducing
gas production, a managed programme of reducing flow from high gas production
wells has been adopted. Average gross field production to date in 2007 is 51,500
bopd, however this production management programme will reduce the full year
forecast to around 45,000 bopd. The crude oil continues to be blended with the
Nkossa crude and the resultant blend now trades at a small discount to Brent.
Equatorial Guinea
During the first half of 2007, both the Ceiba field and Okume complex facilities
and reservoirs have performed above expectations. The uptime performance of both
shared and individual field facilities has been extremely encouraging, with the
operational synergies now delivering cost savings.
The production performance on Ceiba has been enhanced by four new wells, two
production and two injection, and better than expected pressure support. This
has resulted in a gross field production average of 43,700 bopd with production
for the year now expected to average 40,500 bopd.
Following first oil from the Okume Complex in December 2006, drilling
performance has exceeded expectations and to date, nine producers and six water
injectors have been drilled with gross production reaching 40,000 bopd. This
rate is expected to increase to approximately 50,000 bopd by year-end and to
reach the plateau rate of 60,000 bopd in early 2008.
Cote d'Ivoire
Production performance has been strong from both the East and West Espoir fields
in 2007 with current gross production in the 32,000 to 35,000 boepd range. This
has been achieved through the 12-well drilling programme on West Espoir being
ahead of schedule, the intervention programme on East Espoir reducing water
production in two wells and the East Espoir field demonstrating a positive
reservoir response to water injection. Following this success, the Joint Venture
now plans to increase the liquid handling capacity of the FPSO from 50,000 to
70,000 bfpd by mid 2009. This will improve the efficiency of Espoir facilities,
providing additional capacity to facilitate a further infill drilling programme
on East Espoir and the tie-back of satellite discoveries such as Acajou.
Namibia
In the first half of 2007 Tullow reduced it's equity in Kudu to 70%, spudded the
first of two planned Kudu appraisal wells, and progressed the initial
development discussions towards a combination of gas-to-power and direct export
of gas to South Africa.
In June Tullow sold a 20% interest in the Kudu Production Licence No. 001, which
contains the Kudu gas field, to Itochu Corporation. This transaction, which has
an effective date of 1 January 2007, has received full Government and partner
approval. To earn the 20% interest, Itochu will pay 40% of the cost of two
appraisal wells. In addition, Itochu will make further payments depending on
the ultimate volume of reserves developed and will provide Tullow with
beneficial development financing for the project.
In May, the two-well appraisal programme commenced, when the Pride South Seas
semi-submersible rig arrived on location and started drilling Kudu-8. The
objective of the well is to establish commercially productive flow rates from
the extensive Kudu East reservoir originally tested by the Kudu-5 well.
Drilling progress has to date been slower than expected due to various rig
equipment problems and adverse weather conditions. In early September the well
penetrated the primary objective section and was found to be gas bearing.
Operations continue with coring and drilling to TD of 4,700 metres followed by
logging. These operations are expected to complete in October with any testing
occurring subsequently.
In addition to pursuing development of the field as a single gas-to-power
project supplying power into Namibia and South Africa, the parties have also
agreed to consider an alternative, whereby a smaller power station is
constructed to serve the Namibian market and the remainder of the gas is
exported directly into South Africa. Discussions on this alternative development
plan are underway.
Mauritania
Chinguetti gross field production averaged 16,900 bopd during the period,
including production from one infill well which came on production in March.
However, a shutdown in June for annual FPSO maintenance resulted in problems
re-establishing full production from certain wells due mainly to gas lift
issues. Production has recovered gradually since the shutdown with rates of 13
- 14,000 bopd achieved in August. However further increases are unlikely until
additional infill wells are brought on production and/or the gas lift valves are
replaced.
A 3D and 4D seismic survey of the Chinguetti field was shot in March which is
intended to provide better subsurface definition of the field, with the 4D
designed to look at fluid movements within the reservoir since production
started in February 2006. Plans for further infill drilling are currently being
evaluated and it is anticipated that a combined multiwell drilling and well
workover programme will commence in the first quarter of 2008 at the earliest.
A 3D seismic survey of the nearby Tiof field was also conducted. This data is
currently being used to update the Tiof subsurface model as part of the
feasibility planning for this field.
EUROPE: Sustaining a strong gas business in a difficult market
During the first half of 2007 Tullow has continued to expand its European
business through exploration, developments and new ventures. This has included
the development of the Thurne and Kelvin discoveries, the Harrison gas discovery
announced in early September, the acquisition of licences offshore the
Netherlands and the award of a large area of unexplored acreage offshore
Portugal. Although operating conditions remain challenging, with relatively weak
gas prices and increasing pressure on services costs resulting in a lower
capital allocation to the UK business, Tullow continues to add value through its
programme of near field exploration and production opportunities.
Thames-Hewett Area
Production from the Thames-Hewett Area averaged 70 mmscfd in the first half of
2007, 6% lower than in the first half of 2006, predominantly due to natural
field decline.
In line with the Tullow strategy of maximising production and controlling
operating costs in this mature area, 2007 has seen important progress in two new
developments, Thurne and Wissey. Together, these satellite projects should allow
Thames area production to be maintained close to current levels until 2009. The
Tullow operated Thurne development was completed both on budget and on schedule
and came on stream on 30 August at a gross rate of 50 mmscfd. The Wissey
development project, also operated by Tullow, was approved in May and first
production of approximately 60 mmscfd gross is forecast for August 2008.
We continue to examine further opportunities to extend the economic life of the
Thames-Hewett facilities. A development well is being considered to exploit an
undepleted Rotliegendes reservoir zone within Hewett while on Thames, Tullow has
identified an infill opportunity on the Bure satellite field. Further regional
exploration is also under evaluation, as are alternative uses of our large
infrastructure position such as natural gas storage and carbon dioxide storage.
CMS Area
Production from the CMS Area averaged 92 mmscfd in the first half of 2007. This
was 2% lower than for the same period in 2006, due in part to delayed completion
of redevelopment wells within the Ketch field and conservative production
management in response to weaker gas pricing.
The main focus in the first half of the year in the CMS Area has been on the
Schooner and Ketch redevelopment, near-field development and exploration. The
Ketch-9 well was drilled and brought on stream in June at a rate of 23 mmscfd.
This marked the end of the current redevelopment programme following the
decision to terminate the Ensco 101 rig contract. The next phase of
re-development of the Schooner and Ketch fields is now being evaluated.
The Kelvin development has progressed well and is due to come on stream in
December 2007 at a gross rate of 80 mmscfd. Kelvin will act as a hub for
further developments in this CMS area and we are working with partners to
sanction the development of the nearby K4 discovery by the end of the year with
a target of first gas in 2009.
The CMS area contains further opportunities for new wells, with infill targets
identified in the Boulton area and the McAdam field, as well as the development
of existing discoveries such as Humphrey, Harrison and Cygnus. Tullow is well
placed as an acreage holder and an infrastructure owner to play a key role in
the continuing development of the area.
SOUTH ASIA: Rapid production growth supporting regional exploration
Tullow's production in South Asia has increased significantly in 2007.
Production from the Bangora field has grown with the contribution of gas from
the Bangora-5 well, and the Chachar Field is now fully on stream.
Bangladesh
The development of the Bangora-Lalmai Field has progressed well in 2007.
Following the Declaration of Commerciality in December 2006, the Field
Development Plan was approved by the authorities in May 2007. The Bangora-5
well has been tied in to the Bangora facility and production levels have
increased to 70 mmscfd. As part of the phased Development Plan, it is intended
to expand the production capacity of the Bangora facility to provide for a
further increase in production in 2008.
Pakistan
Chachar production commenced in August with production rates anticipated to be
25 mmscfd when commissioning of the facility is completed in September.
Production at the Sara Suri field increased modestly in May 2007 with the
installation of compression aimed at extending the life of this mature field.
Exploration Review
The application of a focused niche strategy based on key skills, core geological
plays and well understood regions continues to prove highly effective. The
Group's exploration business is built around strategic campaigns which initially
comprise higher-risk, high-impact activity. Where successful, as in Uganda and
Ghana, Tullow swiftly follows through into accelerated appraisal of its major
discoveries and evaluation of the associated prospects. Near infrastructure
exploration in territories such as the UK and Gabon complements these campaigns
and sustains production revenues.
Tullow remains firmly focused on growth through exploration as a key component
of a balanced group strategy and in 2007 will spend £190 million on its
worldwide exploration activities.
Exploration Programme
Tullow is investing in a balanced exploration programme in 2007, with 12 wells
drilled in its core plays worldwide to date. In addition over 5,000 km of 2D
seismic and 800 sq km of 3D seismic data have been acquired and 28 new licences
have been secured, of which 23 came via the acquisition of Hardman. Notable
amongst Tullow's exploration successes are two wells offshore Ghana, and the
Harrison discovery in the UK, which represents the eighth consecutive
exploration success in the CMS area. Additionally, three out of five shallow
grid-drilled wells in Suriname encountered objective oil sands, immediately east
of the Tambaredjo heavy oil field.
During the remainder of 2007, Tullow anticipates participating in four more
wells in Ghana, one in Gabon, and at least two wells in Uganda, one of which
will test the high-impact Ngassa prospect. A high-impact exploration programme
in India and Pakistan is also expected to commence in the fourth quarter.
AFRICA
Uganda
Tullow has discovered a major new petroleum system in the Lake Albert Rift Basin
and has built up a commanding basin-wide acreage position. All seven wells
drilled to date have found oil and as a result the exploration risk attached to
the prospect inventory has been significantly reduced. Tullow is committed to
fully and swiftly drilling up the exploration potential of the Lake Albert Rift
Basin and has prepared a long-term exploration strategy encompassing onshore,
near-shore and offshore drilling, ongoing 2D and 3D seismic and field
development studies.
The Kingfisher well in Block 3A, on a prospect with over 500 million barrels
upside potential, was drilled and tested in early 2007. Three significant
oil-bearing intervals were intersected and tested a total of 14,000 bopd.
However the well did not reach the primary Kingfisher deep target. While the
zones encountered to date may already represent a potentially material
discovery, the result has also de-risked the deeper primary target, which will
now be drilled in early 2008. 3D seismic data has been acquired over the
Kingfisher area to delineate the accumulation and to define further targets for
appraisal and exploration drilling.
In Block 2, where Tullow now holds a 100% interest, the Kaiso-Tonya three well
appraisal programme commenced in May. The first two wells, Nzizi-2 and Mputa-3,
have to date been drilled. Both wells encountered hydrocarbons in a number of
zones confirming the lateral extent of the reservoir sands and verifying the
geological model. Data from these wells will now be integrated with the results
from the upcoming Mputa-4 well and the 3D seismic to be acquired by year-end,
each providing critical information for determining the ultimate reserve
potential and for the development plan. The development pre-FEED studies are
complete and tenders have been issued for the main facility packages to enable
approval of the Early Production System in the fourth quarter.
As part of the plan to fully evaluate the potential of the Lake Albert Rift
Basin, the Nabors 221 rig has been mobilised to Uganda to drill the high-impact
Ngassa-1 exploration well in October 2007 and the Kingfisher-2 well at the end
of the year. Elsewhere in Uganda, material leads have been identified in the
Waki-Butiaba area further northeast in Block 2 and in neighbouring Block 1
through the ongoing 2D seismic programme. A review of oil migration pathways has
de-risked some of the leads and the recent seismic survey demonstrates analogues
to the successful traps in the Kaiso-Tonya area. Infill seismic is being
acquired to refine drilling prospects and a light rig is being considered to
start a multi-well exploration campaign in this area in early 2008.
Gulf of Guinea
Tullow has an active exploration, development and production campaign ongoing
throughout the West Africa Transform Margin focussing on a fairway of eight
licences in Ghana and Cote d'Ivoire, with the most recent addition being a 22.5%
stake in the CI-105 licence. This exploration strategy and plan resulted in the
targeting of a very material prospect in a new deep water play offshore Ghana.
The large stratigraphic trap, which straddles the boundary between two blocks in
which Tullow participates, has been drilled by two wells, Mahogany-1 and
Hyedua-1.
Mahogany-1 was drilled in June to a depth of 3,826m in the West Cape Three
Points block (Tullow 22.9%) and encountered a gross hydrocarbon column of 270m.
The second well, Hyedua-1, was drilled in August, 5.3km away in the adjacent
Deepwater Tano block (Tullow 49.95%). This well also discovered oil and the
results show that the reservoir sands from both discoveries are likely to be in
communication. In total these discoveries have combined hydrocarbon columns of
361m of 37 degree API oil, making this a world class discovery. Based on two
wells, existing 3D seismic data and ongoing interpretations, Tullow currently
considers that the ultimate recoverable reserves of the Mahogany-Hyedua
accumulation range between a low-case of 150-200 mmbo, through a possible mid-
case of 450-500 mmbo, to a high-case upside potentially in excess of 1.3 billion
barrels. Initial studies indicate that the most likely development scheme will
consist of a large FPSO and subsea wells. However this will be reviewed
following the appraisal programme and detailed concept studies.
A programme of accelerated exploratory appraisal is under way. In the near term,
this will comprise high resolution 3D seismic and three further appraisal wells
on the Mahogany/Hyedua structure beginning in October. In addition, however, the
West Cape Three Points and Deepwater Tano Blocks also contain a number of
potentially material prospects whose prospectivity has been enhanced by the
recent results and the exploration team is focused on prioritising the best of
these for potential 2008 drilling.
Lower Congo Basin
In Gabon, one exploration well is scheduled for September on the M'Pano prospect
which is on trend from the Niungo field in the Nziembou licence. In addition,
technical work is ongoing on the three Tullow-operated offshore exploration
licences, Azobe, Kiarsseny and Akoum, for a drilling campaign in late 2008.
EUROPE
The successful exploration strategy in the CMS Area has continued in 2007 with
the Harrison well encountering gas bearing reservoir sands in the targeted
Carboniferous section, the eighth consecutive discovery by Tullow in this area.
Information obtained from the well will now be integrated with existing data to
determine the extent of the accumulation which if commercial would be tied back
to the Kelvin development.
Two exploration wells in the Central North Sea drilled on the Acer and Peveril
prospects were unsuccessful.
While the current environment in the UK gas market is reducing capital
allocation to Tullow's Southern North Sea assets, Tullow believes the
Thames-Hewett, Bacton and CMS areas still offer potentially attractive
exploration opportunities, and several prospects are under review for
exploration wells in 2008
Based on our detailed evaluation and drilling success in the Carboniferous in
the CMS area, we have identified the nearby Epidote prospect in block E/13 in
the Dutch sector as a potential 2008 development opportunity. We have acquired
this acreage and have made applications for a further five blocks on the same
trend. Additionally, following review of the NAM sales package, we have
acquired L12/L15 part blocks, which lie close to the coast and existing
infrastructure. These offer a good exploration opportunity which, if successful,
can be developed along with an existing discovery within the same licence. We
continue to look for further opportunities to grow the business in the less
explored Dutch sector.
In February Tullow was awarded three blocks in the undrilled Alentejo Basin off
the southwest coast of Portugal. A detailed seismic infill programme across the
acreage is planned for 2008.
SOUTH ASIA
India
On Block CB-ON/1, completion of the processing and interpretation of the 1,500
km 2D seismic programme has resulted in the identification of a number of
prospects which will form the basis of a multi-well drilling campaign on the
block, scheduled to commence in early 2008. The drilling programme consists of
three firm wells plus three wells contingent on seismic and well results, and
will target a range of different play types within the rift basin. An additional
2D seismic programme (400km) commenced in the second quarter, targeted at
maturing additional leads identified.
Bangladesh
Evaluation of the remaining exploration potential of Block 9 continued with
extensive geological studies undertaken. In Block 17 & 18, approval of an
additional three year extension period was received while formal approval for
Total to assume operatorship of the Block was received. Partners are now
preparing to commence a seismic acquisition programme in the later part of 2007
which will commence with a bathymetry survey in October and followed by a 3D
seismic programme early next year.
Pakistan
Progress on some exploration blocks in Pakistan has been limited due to security
issues. However, in the Kohat block, interpretation and integration of newly
acquired 2D seismic data has produced two robust prospects in the eastern and
central parts of the Block. Planning for the commencement of the drilling
programme is well advanced with the first of two wells is anticipated to spud
during Q4 2007.
SOUTH AMERICA
Tullow gained positions in Suriname, French Guiana and the Falkland Islands via
the Hardman acquisition, and has been actively managing this emerging portfolio
through 2007. Since completion, Tullow has also been invited to negotiate
licences in Trinidad.
Suriname
Tullow executed PSC's for two onshore blocks (Uitkijk and Coronie) adjacent to
the country's main producing oil field, Tambaredjo. An initial exploration
drilling campaign of up to 10 shallow wells on the Uitkijk licence commenced in
late July. To date five wells have been drilled and while three have encountered
hydrocarbons, no decisions on development or future activities will be possible
until the conclusion of the full programme.
French Guiana
Tullow successfully concluded renewal of its large offshore licence; the company
is now planning for an operated exploration well on the large Matamata prospect
during 2008. Tullow currently has a 77.5% interest in this licence and is likely
to seek an additional partner in the licence in advance of any drilling.
Falkland Islands
The Phase I seismic and electromagnetic logging (CSEM) acquisition was completed
during the year. Tullow has indicated to the joint venture that it is unlikely
to continue to participate in the seven licences beyond the current term, which
will expire in December this year.
Trinidad
Tullow was announced as the successful bidder for two key blocks offered in the
6th exploration licensing round (Block 2a/b and Guayaguayare); the company is
presently concluding negotiations for Production Sharing Contracts (PSC's) for
both blocks with the government, and planning to commence exploration operations
in 2008.
Upcoming Exploration Activity
Country Licence Prospect Interest Spud Date
Cameroon Ngosso Tali 40.0% Q407
Gabon Nziembou Mpano 40.0% Q307
Ghana Deep Water Tano Hyedua 2 49.95% Q407
Ghana WCTP Mahogany 2 22.9% Q407
Ghana WCTP Mahogany 3 22.9% Q407
Ghana Shallow Water Tano North Tano 31.5% Q307
Uganda Block 2 N'Gassa 100.0% Q307
Uganda Block 2 Mputa 4 100.0% Q307
India CB-ON/1 A3 50.0% Q108
India CB-ON/1 A6 50.0% Q108
Pakistan Kohat Kohat East 50.0% Q407
Suriname Uitkijk Campaign 40.0% Ongoing
Finance Review
Tullow continued to deliver a strong operating performance in the first half of
2007. Production reached nearly 70,000 boepd and oil pricing continued to be
strong, although the realised UK gas price, which relates to approximately 40%
of current production, was sharply lower than in 2006 and this materially
impacted results for the period. During the period, Tullow also completed the
acquisition of Hardman and the performance and fair values associated with these
interests have been consolidated with effect from 1 January 2007. The Group
continues to generate significant operating cashflows and remains well financed
to meet its ongoing investment opportunities.
Key Performance Indicators 1H 2007 1H2006 Change
Production (boepd, working interest basis) 69,700 62,800 + 11%
Realised Oil Price per bbl ($) 56.09 54.42 + 3%
Realised Gas Price (pence per therm) 36.86 53.33 - 31%
Cash Operating Costs per boe (£)1 5.05 4.85 + 4%
Operating Cash flow before Working Capital per boe (£) 16.01 21.62 - 26%
Net Debt 514.3 80.1 + 542%
Interest cover 8.9 39.3 Down 30.4 times
Gearing (%)2 66% 17% + 49%
1Cash operating costs are cost of sales excluding depletion, depreciation and
amortisation and under/over lift movements
2Gearing is net debt divided by net assets
Operating Performance
Working interest production averaged 69,700 boepd, while sales volumes averaged
61,500 boepd. These production figures are 11% ahead of the corresponding period
in 2006 and 8% ahead of 2006 full year production rates.
Oil prices continued to be strong during the first half and Tullow's realised
oil price, after hedging, was US$56.09/bbl (1H2006: US$54.42/bbl). Tullow's oil
production sold at an average discount of 3% to Brent during the period and this
level of discount is expected to continue for the remainder of 2007.
While oil pricing was positive, UK gas price realisations fell by 31% to 36.86p/
therm (1H2006: 53.33p/therm). Following a period of exceptionally strong pricing
in the first half of 2006 new sources of supply and a mild winter combined to
reduce the average day ahead UK gas spot price for the first half of 2007 to
21.0p/therm. Tullow's UK gas hedge programme proved highly effective during the
period, contributing approximately 16.0p/therm to the Group's realised price.
The Group also received tariff income of £8.9 million (1H2006: £8.3 million)
from use of its UK infrastructure.
The combination of the higher oil price and increased volumes was more than
offset by the weaker UK gas price and this meant that revenue decreased by 8% to
£284.9 million (1H2006: £310.7 million).
Revenue analysed by Core Area Oil Gas Total % of Total
£ millions £ millions £ millions
Africa 162.2 - 162.2 57%
Europe - 119.4 119.4 42%
South Asia - 3.3 3.3 1%
South America - - - -
Total 162.2 122.7 284.9
% of Total 57% 43%
Operating Profit before Exploration Activities amounted to £124.2 million
(1H2006: £178.5 million), down 31%, principally due to the lower UK realised gas
prices during the period.
Underlying cash operating costs, which exclude depletion, depreciation and
amortisation and movements on under/over lift, amounted to £63.7 million (£5.05/
boe) (1H2006: £4.85/boe). Reported Cost of Sales before depletion, depreciation
and amortisation for the period of £66.5 million (1H2006: £59.6 million) include
an adjustment of £2.9 million (at market value) associated with overlifted
volumes at 30 June 2007 and stock movements during the period.
Depletion, depreciation and amortisation for the period amounted to £79.1
million (£6.27/boe) (1H2006: £5.66/boe). This rate has increased due to the
inclusion of depreciation associated with the Chinguetti field in Mauritania and
the ongoing impact of the 2006 reserve downgrade on the Schooner and Ketch
assets.
Administrative expenses of £14.5 million (1H2006: £8.3 million) include an
amount of £2.5 million (1H2006: £1.5 million) associated with share based
payments under IFRS 2 and costs of approximately £2.0 million associated with
the closure of the Hardman office in Perth.
Exploration Write-off
Exploration costs written-off were £13.2 million (1H2006: £17.6 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. This write-off is principally associated with
activities in the UK, Gabon, the Falklands and also new ventures during the
period.
Hardman 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. The
cash payment was funded by a combination of existing debt facilities and a new
facility provided by Bank of Scotland. A preliminary fair value exercise was
undertaken to determine the values attributable to the acquired assets and
liabilities within the Group's Balance Sheet as at 31 December 2006 and this
allocation will be reviewed before year end in accordance with the provisions of
IFRS 3 relating to Business Combinations.
Hedging reflected in Income Statement (IAS 39)
At 30 June 2007 the Group's derivative instruments had a negative mark to market
value of £56.6 million.
While all of the Group's derivative instruments currently qualify for hedge
accounting, a charge of £21.2 million (£15.0 million after taxation) has been
recognised in the income statement for the first half of 2007. Of this charge
£15.3 million relates to oil and gas hedges and this amount principally reflects
an unfavourable movement in the non-intrinsic (or time value) component of the
oil hedges, most notably collar structures. This is largely due to the Brent
forward oil prices improving since the beginning of the year thereby conferring
greater potential value to the Group's oil hedge counterparties.
The remaining charge of £5.9 million relates to the Group's foreign exchange
derivatives associated with the acquisition of Hardman Resource Limited which
matured upon completion of the transaction in January 2007; an equal and
opposite credit was recognised in the 2006 Financial statements.
Hedge Position
The Group's hedge position as at 24 August 2007 can be summarised as follows:
2H2007 2008 2009
Oil
Volume - bopd 21,066 17,293 10,000
Current Price Hedge - US$/bbl 62.74 60.61 53.28
Gas Hedges
Volume - mmscfd 97.8 61.2 18.9
Current Price Hedge - p/therm 38.58 43.34 41.18
Financing costs and interest cover
The net interest charge for the period was £23.2 million (1H2006: £6.2 million).
The increase is principally due to significantly higher debt levels following
the completion of the Group's acquisition of Hardman Resources in January 2007.
In addition, however, 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 have also
contributed to the increase. Net debt at 30 June 2007 was £514.3 million
(1H2006: £80.1 million). The Group's gearing has increased to 66% (1H2006: 17%)
and interest cover has reduced to 8.9 times (1H2006: 39.3 times), still a very
comfortable level in the context of the Group's overall production and cash
generation capability.
Tullow has maintained a high level of investment activity during the first half
and in the event of continued success in the Group's development and appraisal
programmes, material long term increases in the Group's rate of investment are
likely. Tullow aims to manage these obligations through effective portfolio
management in order to maintain optimal long term equity stakes in the Group's
most valuable assets. In addition the Group will continue to employ suitable
debt financing options which are aligned with the production and risk profile of
its assets.
Taxation
The tax charge of £30.0 million (1H2006: £57.7 million) relates to the Group's
North Sea, Equatorial Guinea and Gabonese activities and represents 45% of the
Group's profit before tax (1H2006: 38%). After adjusting for exploration
costs and movements associated with overlift balances, the Group's underlying
effective tax rate for the period is 36% (1H2006: 33%).
Dividend
Since the inception of dividends in 2003, Tullow has steadily increased payouts
in line with growth. In 2006, the total dividend payout reached 5.5 pence per
share, driven by record UK gas pricing and strong oil price realisations. During
2007 the Group's allocation of capital has been driven by the outstanding
successes of our Ghana and Uganda programmes and due to the quality of these
reinvestment opportunities the Board feels that it is appropriate to maintain
the interim dividend at the 2006 level. Consequently the Board has declared an
interim dividend of 2.0 pence per share (1H2006: 2.0 pence per share). The
dividend will be paid on 7 November 2007 to shareholders on the register at 5
October 2007.
Operating Cash Flow and Capital Expenditure
The Group generated Operating Cash Flows before Working Capital Movements of
£201.8 million (1H 2006: £245.7 million). This cash flow facilitated investment
of £175 million in exploration and development activities, payment of an
increased final dividend and servicing of the increased debt facilities.
Tullow currently anticipates a total 2007 capital expenditure of approximately
£415 million across all assets. The planned expenditure will be split 55% on
production and development activities in the UK, Congo (Brazzaville), Cote
D'Ivoire, Equatorial Guinea, Mauritania, Bangladesh and Pakistan and 45% on
exploration. The increase in exploration expenditure has principally been
driven by the acceleration of the appraisal programmes in Ghana and Uganda,
which together are expected to represent over 25% of total 2007 capital
expenditure.
Outlook
Tullow's business has reached a new level in terms of scale and opportunity in
2007. Production is expected to average 72-75,000 boepd for the year and oil
prices are likely to remain strong. The successes in Ghana and Uganda and
additional high-impact programmes in Namibia and India provide outstanding
opportunities for long term growth in reserves, production and business value.
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.
Independent Review Report
To the Shareholders of Tullow Oil plc
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2007 which comprises the Group income statement,
Group statement of recognised income and expense, Group balance sheet, Group
cash flow statement and related notes 1 to 6. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial
information.
This report is made solely to the Company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the Company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the Company, for our review work, for this report, or for the conclusions we
have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with International Standards on Auditing (UK and
Ireland) and therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2007.
Deloitte & Touche LLP
Chartered Accountants
London
3 September 2007
Group Income Statement
Six Months ended 30 June 2007
6 months 6 months Year
ended ended ended
30.06.07 30.06.06 31.12.06
Unaudited Unaudited Audited
£'000 £'000 £'000
Sales Revenue 284,939 310,720 578,847
Cost of sales (145,608) (123,880) (261,268)
Gross Profit 139,331 186,840 317,579
Administrative expenses (14,540) (8,331) (22,490)
Disposal of subsidiaries (597) - -
Exploration costs written off (13,241) (17,551) (32,494)
Operating Profit 110,953 160,958 262,595
(Loss)/gain on hedging instruments (21,158) (1,678) 15,701
Finance revenue 1,758 3,228 3,030
Finance costs (24,967) (9,397) (17,994)
Profit from Continuing Activities before Tax 66,586 153,111 263,332
Income tax expense (30,027) (57,667) (105,894)
Profit for the Period from Continuing Activities 36,559 95,444 157,438
Earnings per Ordinary Share Stg p Stg p Stg p
- Basic 5.12 14.72 24.23
- Diluted 5.03 14.42 23.67
Group Statement of Recognised Income and Expense
Six Months Ended 30 June 2007
6 months 6 months Year
ended ended ended
30.06.07 30.06.06 31.12.06
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit for the Period 36,559 95,444 157,438
Currency translation adjustments (5,604) (29,876) (55,057)
Hedge movement (6,551) (2,048) 68,236
Total Recognised Income and Expense for the Period 24,404 63,520 170,617
Group Balance Sheet
As at 30 June 2007
6 months 6 months Year
ended ended ended
30.06.07 30.06.06 31.12.06
Unaudited Unaudited Audited
£'000 £'000 £'000
ASSETS
Non-Current Assets
Intangible exploration and evaluation assets 854,497 186,945 820,437
Property, plant and equipment 969,719 768,600 934,368
Investments 447 496 496
1,824,663 956,041 1,755,301
Current Assets
Inventories 15,940 12,473 13,735
Trade receivables 82,730 51,667 74,609
Other current assets 25,466 21,777 28,963
Cash and cash equivalents 57,181 67,808 99,478
Derivative financial instruments - - 16,065
181,317 153,725 232,850
Total Assets 2,005,980 1,109,766 1,988,151
LIABILITIES
Current Liabilities
Trade and other payables (159,892) (147,104) (161,797)
Hardman acquisition payable - - (333,912)
Other financial liabilities (11,257) (2,447) (7,516)
Income tax payable (18,558) (28,292) (20,549)
Derivative financial instruments (12,840) (59,593) -
(202,547) (237,436) (523,774)
Non-Current Liabilities
Trade and other payables (7,541) (11,576) (17,137)
Other financial liabilities (549,416) (138,476) (206,883)
Deferred tax liabilities (320,768) (97,951) (311,925)
Provisions (120,595) (102,344) (124,868)
Derivative financial instruments (43,797) (81,220) (37,088)
(1,042,117) (431,567) (697,901)
Total Liabilities (1,244,664) (669,003) (1,221,675)
Net Assets 761,316 440,763 766,476
EQUITY
Equity attributable to Equity Holders of the
Parent
Called up share capital 71,877 64,989 65,190
Share premium 127,621 124,547 126,075
Other reserves 283,035 33,083 69,791
Shares to be issued - - 235,621
Retained earnings 278,783 218,144 269,799
Total Equity 761,316 440,763 766,476
Group Cash Flow Statement
Six months ended 30 June 2007
Note 6 months 6 months Year
ended ended ended
30.06.07 30.06.06 31.12.06
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash Flows from Operating Activities
Cash generated from operations 6 175,065 257,648 404,064
Income taxes paid (21,909) (23,185) (61,868)
Net cash from operating activities 153,156 234,463 342,196
Cash Flows from Investing Activities
Acquisition of subsidiaries (334,855) - 21,336
Disposal of subsidiaries - (597) - -
Disposal of oil and gas assets - - 727 -
Purchase of intangible exploration & evaluation (44,655) (40,734) (67,976)
assets
Purchase of property, plant and equipment (130,252) (111,651) (243,087)
Finance revenue 1,662 3,229 3,030
Net cash used in investing activities (508,697) (148,429) (286,697)
Cash Flows from Financing Activities
Net proceeds from issue of share capital 1,734 1,772 3,502
Debt arrangement fees (6,442) (1,734) (1,175)
Repayment of bank loans (16,941) (56,844) (27,914)
Drawdown of bank loan 380,475 5,506 59,996
Finance costs (23,479) (9,526) (16,997)
Dividends paid (25,051) (19,505) (32,492)
Purchase of treasury shares (3,723) - (3,977)
Net cash generated by/(used in) financing 306,573 (80,331) (19,057)
activities
Net Increase/(Decrease) in Cash and Cash Equivalents (48,968) 5,703 36,442
Cash and Cash Equivalents at Beginning of Period 99,478 65,386 65,386
Translation Difference 6,671 (3,281) (2,350)
Cash and Cash Equivalents at End of Period 57,181 67,808 99,478
Notes to the Interim Financial Statements
Six Months ended 30 June 2007
1. Basis of Accounting and Presentation of Financial Information
These interim consolidated financial statements (the interim financial
statements) are for the six months ended 30 June 2007 and have been prepared
using accounting policies consistent with International Financial Reporting
Standards (IFRS) adopted for use by the European Union. The accounting policies
and methods of computation used in the interim financial statements are
consistent with those used in the Group 2006 annual report.
The financial information for the year ended 31 December 2006 does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. This information was derived from the statutory accounts for the year
ended 31 December 2006, a copy of which has been delivered to the Registrar of
Companies. The auditors' report on those accounts was not qualified and did not
contain statements under section 237(2) or (3) of the Companies Act 1985.
2. Earnings per Share
The calculation of basic earnings per share is based on the profit for the
period after taxation of £36,558,991 (1H2006: £95,444,025) and a weighted
average number of shares in issue of 714,714,367 (1H2006: 648,423,888).
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 11,727,029 (1H2006: 13,525,872) in respect of
employee share options, resulting in a diluted weighted average number of shares
of 726,441,396 (1H2006: 661,949,760).
3. Dividends
The Company's shareholders approved a final dividend for the year ended 31
December 2006 of 3.5p per share at the Annual General Meeting on 31 May 2007.
This amount was paid on 6 June 2007 to shareholders on the register of members
of the Company on 4 May 2007.
The Board has declared an interim 2007 dividend of 2.0p per share in the half
year to 30 June 2007 to be paid on 7 November 2007 to shareholders on the
register on 5 October 2007 (1H2006: 2.0p per share)
4. Approval of Accounts
These interim accounts (Unaudited) were approved by the Board of Directors on 3
September 2007.
5. 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 six months ended 30
June 2007 and 2006.
Europe Africa Asia South Unallocated Total
America
£'000 £'000 £'000 £'000 £'000 £'000
2007
Sales revenue by origin 119,350 162,246 3,343 - - 284,939
Segment result 41,456 85,478 1,650 (2,494) - 126,090
Disposal of subsidiaries (597)
Unallocated corporate expenses (14,540)
Operating profit 110,953
Loss on hedging instruments (21,158)
Finance revenue 1,758
Finance costs (24,967)
Profit before tax 66,586
Income tax expense (30,027)
Profit after tax 36,559
Total assets 540,955 1,269,757 64,936 95,728 34,604 2,005,980
Total liabilities (236,565) (411,304) (19,045) (33,369) (544,381) (1,244,664)
Other segment information
Capital expenditure:
Property, plant and equipment 76,218 49,383 5,530 - - 131,131
Intangible fixed assets 15,033 33,326 1,958 2,529 - 52,846
Depletion, depreciation and (36,612) (41,149) (1,090) - (894) (79,745)
amortisation
Europe Africa Asia South Unallocated Total
America
£'000 £'000 £'000 £'000 £'000 £'000
2006
Sales revenue by origin 157,532 152,234 954 - - 310,720
Segment result 92,202 79,477 (2,390) - - 169,289
Unallocated corporate expenses (8,331)
Operating profit 160,958
Loss on hedging instruments (1,678)
Finance revenue 3,228
Finance costs (9,397)
Profit before tax 153,111
Income tax expense (57,667)
Profit after tax 95,444
Total assets 473,113 562,206 52,550 - 21,897 1,109,766
Total liabilities (249,723) (263,926) (19,365) - (135,989) (669,003)
Other segment information
Capital expenditure:
Property, plant and equipment 72,689 40,185 8,184 - - 121,058
Intangible fixed assets 15,572 18,647 4,731 - - 38,950
Depletion, depreciation and (32,884) (29,899) (778) - (693) (64,254)
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.
6. Cash Flows from Operating Activities
6 months 6 months Year
ended ended ended
30.06.07 30.06.06 31.12.06
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit before taxation 66,586 153,111 263,332
Adjustments for:
Depletion, depreciation and amortisation 79,745 64,254 146,581
Net foreign exchange (gains)/losses (179) 1,446 840
Exploration costs written off 13,241 17,551 32,494
Disposal of subsidiaries 597 - -
Decommissioning expenditure (5,053) - -
Share based payment charge 2,523 1,537 4,186
Loss/(gain) on hedging instruments 21,158 1,678 (15,701)
Finance revenue (1,758) (3,228) (2,451)
Finance costs 24,967 9,397 17,415
Operating Cash Flow before Working Capital Movements 201,827 245,746 446,696
(Increase)/decrease in trade and other receivables (4,623) 22,589 509
Increase in inventories (2,205) (7,332) (4,729)
Decrease in trade payables (19,934) (3,355) (38,412)
Cash Generated from Operations 175,065 257,648 404,064
7. 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 Jan 2007 - 302.4 147.8 21.2 - 103.7 147.8 427.3 219.1
Revisions - 9.0 2.4 - - 11.6 2.4 20.6 5.8
Acquisitions - - - - - - - - -
Production - (28.2) (7.1) (0.4) - (3.7) (7.1) (32.3) (12.5)
30 June 2007 - 283.2 143.1 20.8 - 111.6 143.1 415.6 212.4
Contingent
Resources
1 Jan 2007 - 174.7 55.9 1,191.2 - 22.5 55.9 1,388.4 287.3
Revisions - (13.8) 27.0 - - (6.3) 27.0 (20.1) 23.6
Disposals - (17.5) - (173.6) - - - (191.1) (31.8)
30 June 2007 - 143.4 82.9 1,017.6 - 16.2 82.9 1,177.2 279.1
Total
30 June 2007 - 426.6 226.0 1,038.4 - 127.8 226.0 1,592.8 491.5
1. Proven and Probable Commercial Reserves are based on a Group reserves
report produced by an independent engineer. Reserve estimates for each
field are generally subject to detailed review 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. Mauritanian reserves and resources are based on Operator or independent
engineer report values as appropriate.
5. The revision to Africa Contingent Resources relates to a limited area
around the Kingfisher-1 well in Uganda.
6. The Mahogany and Hyedua discoveries in Ghana are not included in the
above.
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 147.0 mmboe
at 30 June 2007 (31 December 2006: 145.8 mmboe). Net entitlement reserves are
calculated based on a long-term oil price of $50/bbl (2006: $40/bbl).
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). The
Group has interests in over 120 production and exploration licences in 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 BST - 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
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telephone numbers and access codes are:
Live Event Replay Facility available from Noon
UK Participants 020 7138 0815 UK Participants 020 7806 1970
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call and use the access code. The telephone numbers and access code are:
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call and ask for the Tullow Oil plc conference call. A replay facility will be
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Live Event Replay Facility available from 20:30
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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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