2012 Full year fact book PDF - Tullow Oil plc

2013 DEVELOPMENT OPPORTUNITIESWEST & NORTH AFRICACountryDevelopmentsSanctionDecisionFirstProductionNo. ofWellsStatusCongo(Brazzaville)M’Boundi FieldRe-development Producing 14+ wells p.aContinued infill drilling with 2 rigs, including appraisal ofrecent SE MBoundi field extension. Gas reinjectionproject to be commissioned in H2 2013.Acajou appraisal 2014 2016 1-2 Satellite discovery near Espoir field.Côte d’IvoireEquitorialGuineaEspoir Infill Drilling Q2 2013 8 + 4Ceiba Infill drilling Q2 2012 7 + 3 WODeep water OkumeComplex Infill drilling Q4 2013 8 - 12First 8-well project sanctioned and drilling operationscommence Q1. Second 4-well project proceedingtowards approval.First 6 producers based upon 4D seismic added 18 mb/dgross production during 2012. Up to 4 more wells due online, concluding the campaign by end 2013.New-build tender assisted rig to drill 12 wells fromFoxtrot TLP and then Echo TLP, plus 1 subsea producertie-back. Rig due to arrive Q3 2013.Shallow water OkumeComplex Infill drilling2013 Q4 2014 4 - 8Ebouri /Avouma / (Etamecomplex) Q1 20133 workovers + 2pilots & horizontalsif successful + 1ExplorationJackup rig infill wells on Elon field in 2014, quantity to bedetermined from ongoing 4D seismic analysis.Commenced drilling Avouma producer, followed by 3workovers, plus Ebouri appraisal well. Sanctioneddevelopment on SEENT field with new wellhead platformfor 2014, plus new Etame wellhead platform for 2014.Template drilling to take place 2014.Echira Infill Q4 2013 H1 2014 1 Infill drilling scheduled for Q1 2014.GabonLimande Redevelopment Q3 2013 5Niungo Infill Q4 2012 1 + 7 USRsFour producers plus 1 gas injector commencing mid 2013,using same rig as Tchatamba.First 2 ultra short radius (USR) side-tracks added 1.5 mb/d.Niungo Deep Appraisal well in progress, followed by up to5 more USR’s during 2013.Onal - Maroc NordDevelopment Producing18 wellsper yearDevelopment drilling at Maroc North and Onal in progress.3D seismic under review to optimise infill targets.GhanaTchtamba – Marin andSouth Infill Q2 2013 4Tsiengui Producing > 20 prodTurnix Q2 2013 2Jubilee Phase 1a Q4 2012 8Jubilee Full Field 2013 onwards 2014-20 10-20Two producers at Marin platform Q2 2013, followed by 2at South platform Q4 2013.Phase 2 drilling commenced Q2 2011 (3 year program). Gasinjection scheme being implemented.First well scheduled Q2 2013, using same rig as Limandeand Tchatamba.Infill wells using existing and additional subseainfrastructure. Designed to raise recovery and extendplateau with 5 extra producers and 3 water injectors.First production achieved Q4 2012. Project completionby end 2013 with all wells on-line.Incremental development consisting of additional infillwells and subsea infrastructure to further raise recoveryand maintain plateau production levels. A Full FieldDevelopment Plan (FFDP) is being discussed with theGovernment. Additional subsea tree equipment (longlead items) has been ordered.West Cape ThreePoints (Teak,Mahogany-East, Akasa)Tweneboa/Enyenra/Ntomme (TEN)2014 2016-21 4-62013 2016 23Development possibilities are under discussion withPartners and Government, and development plansubmission may follow. Tie-back in to Jubilee facilities islikely plan.Plan of Development (PoD) submitted to Government ofGhana in November 2012. Plan approval processunderway. First oil timing 32-36 months post planapproval.Mauritania Banda Gas 2014 2016 2Development plan for gas scheme approved byMauritanian Government in Q4 2012. Front endengineering work complete. Sanction will take placewhen gas sales agreement is in place. Active engagementunderwayFACT BOOK - FEB 2013Page 6

2013 DEVELOPMENT OPPORTUNITIESSOUTH & EAST AFRICACountryDevelopmentsSanctionDecisionFirstProductionNo. ofWellsStatusNamibia Kudu End 2013 2016-2017 3-4Significant agreement progress made in 2012 withNamibian Government and Partners. Detailed FEEDwork commenced. Project sanction will requireclosure of gas sales agreement to new power station.UgandaBasin WideDevelopment2014 2017-2018 700+A basin wide development plan is being prepared bythe partnership incorporating upstream developmentacross the 3 Blocks, including refining and exportinfrastructure.EUROPE, SOUTH AMERICA & ASIACountryDevelopmentsSanctionDecisionFirstProductionNo. ofWellsStatusNetherlandsUKCMS AreaJoint Development Area(JDA) wells2013-2015 Q1 2013 – 2015 6-7NAM operated wells using Swift rig and back-tobackdrilling.L-15-A Infill 2013-2015 Q3 2013 3 1 well per year over next 3 yearsSchooner InfillQ3 20131 SA-11 Infill well, Schooner fieldCMS, Boulton Field Infill 2013 2014 1 In planningBangora Workovers 2013 2Workovers of existing wells to replace tubing andadd perforations to restore plateau rate to 100-120 mmscfd.BangladeshBangora Phase 3 2014 n/aInstallation of compression to maintain plateauproduction at 100-120 mmscfd and increaserecovery.Bangora South 2013 2015 1+Southern satellite to Bangora Field awaiting drillingsanction.Kohat Block 2013 2014 TBCPossible appraisal or development decisionfollowing Shekhan Extended Well Test, andacquisition and interpretation of seismic data.PakistanKalchas Block2014 1+First well (Marri-1) planned for 2013 to befollowed by appraisal programme in the event ofsuccess.FACT BOOK - FEB 2013Page 7

2013 DEVELOPMENT OPPORTUNITIESEUROPE, SOUTH AMERICA & ASIA CONT.CountryDevelopmentsSanctionDecisionFirstProductionNo. ofWellsStatusBrage infill Producing 4 – 5 infillOngoing production infill well drilling campaignthrough 2013/14, following rig upgrades due in Q12013. Operator change from Statoil to Wintershallawaiting approval from authorities, but expectedearly 2013.Norway 1Bream End 2013 2017 7Licence extension pending. Development plan due tobe submitted in Dec 2013. Leased FPSOdevelopment scheme currently envisaged. Upto fiveproducers and two water injectors currently planned.Butch 2015 2018 10+Two firm appraisal wells to be drilled in Q3/Q4 2013.PDO deadline Q1 2016. Development conceptscurrently range from subsea tieback to standalonefacility.1Portfolio management of non core developments will be reviewedFACT BOOK - FEB 2013Page 8

12 MONTH EXPLORATION AND APPRAISAL PROGRAMMEmmboeCountry Block Prospect Interest Gross Mean Net Mean Spud DateWEST & NORTH AFRICACôte d’Ivoire CI-103 Calao 45% (op) 150 68 Q2 2013This continuation of the early stage Côte d’Ivoire campaign is directly following up from the breakthrough success at Paon-1 in 2012. Withfurther successful wells we would be drilling out a de-risked cluster of prospects in Côte d’Ivoire, similar to those which led to the TEN fielddiscoveries in Ghana.DE-7 Assewe West 28.6% 15 4 Q2 2013GabonKiarsseny Perroquet 50.1% (op) 14 7 Q2 2013Kiarsseny Crabbe 50.1% (op) 16 8 Q3 2013In addition to our planned exploration wells, Tullow’s exploratory appraisal drilling in Gabon has a very good track record of replacing reservesand sustaining production. We expect these successful appraisal programmes to continue through the medium to long-term.Ghana Deepwater Tano Enyenra-6A 49.95% (op) 7 3 Q1 2013Our exploration in the Deepwater Tano and West Cape Three Points licences came to an end with the completion of the Sapele well.Further appraisal initiatives on discoveries will continue.C-7 Frégate (Scorpion) 36% 294 106 Q2 2013MauritaniaC-10 Tapendar 80% (op) 136 80 Q3 2013C-1 IDA 40% 156 62 Q4 2013C-6 Sidewinder 88% (op) 293 258 Q1 2014Immediate focus is on the play-testing wells Frégate-1 and Tapendar-1. These wildcats will be followed by two more testing the IDA andSidewinder prospects. We plan to follow up on any success with the re-prioritisation of the 80 prospects in our inventory and the launchingof extensive basin drill-out campaigns.Guinea Guinea Offshore Sylli 40% (op) 355 142 Q1 20143D seismic acquired, processed & interpreted over deep water turbiditic Sylli prospect. Sylli scheduled for drilling Q1 2014, with verysignificant follow-up prospectivity recognised to the west. Potential for further 3D seismic acquisition in 2014 across remaining leads andprospectsFACT BOOK - FEB 2013Page 9

12 MONTH EXPLORATION AND APPRAISAL PROGRAMMEmmboeCountry Block Prospect Interest Gross Mean Net Mean Spud DateSOUTH & EAST AFRICAEthiopiaSouth Omo13TSabisa61 26 In progressShimela 50% (op)88 37 Q3 2013Contingent well 65 28 Q4 2013Twiga Appraisal50% (op)15 6 Q4 2013Ekales-S 53 21 Q1 2013Kenya10A Paipai 50% (op) 116 50 In progressEtuko93 37 Q3 201310BBNgamia Appraisal 50% (op)30 12 Q3 2013Amosing 54 22 Q3 2013With over 100 leads and prospects there is no shortage of running room and follow-up potential in this pioneering and vast explorationcampaign. Near-term activities focus should not deter attention away from the tremendous scale of the volume potential in this new oilprovince which will be addressed through our continued systematic ramp-up of the campaign, as more drilling and geophysical surveyingteams are deployed, building on our initial successes.EA-1A Ondyek 33.33% 42 12 In progressGunya B11 3 Q1 2013UgandaEA-1Mpyo D 42 12 Q1 2013Mpyo M 45 13 Q2 2013Jobi East F 33.33%35 10 Q2 2013Gunya C 15 4 Q2 2013Mpyo L 21 6 Q3 2013Mpyo F 46 13 Q3 2013Our licences continue to deliver multiple and attractive oil appraisal opportunities in support of our preparations for basin development.Mozambique Block 2CachaloteRefer toQ3 201325%Prospect 2 OperatorQ4 2013Whilst immediate attention falls on our Cachalote-1 and the second prospect, if they are successful then the follow-on potential is veryconsiderable. The Ibo High may be acting as a broad focus area for regional hydrocarbon charge, hopefully trapping oil. If so then there aresome 20 leads and prospects within the licence which sets up a very material opportunity to leverage from any early success.FACT BOOK - FEB 2013 Page 10

12 MONTH EXPLORATION AND APPRAISAL PROGRAMMEmmboeCountry Block Prospect Interest Gross Mean Net Mean Spud DateEUROPE, SOUTH AMERICA & ASIAThe Netherlands E11 Vincent 60% (op) 17 5 2H 2013PL 537 Wisting Central 20% 132 26 Q2 2013PL 537 Wisting North 20% 125 25 Q2 2013PL 405 Butch East 15% 22 3 Q2 2013PL 405 Butch SW 15% 26 4 Q2 2013NorwayPL 495 Carlsberg 40% 71 28 Q2 2013PL 542 Augunshaug 40% 15 6 Q3 2013PL 551 Mantra 80% (op) 67 54 Q3 2013PL 511 Mjosa 10% 64 6 Q3 2013PL 659 Matrosen 10% 113 11 Q4 2013PL 636 Ra 20% 28 6 Q4 2013Our exploration inventory and campaigns in Norway will continue to be built up through the years ahead, far beyond this current 12 monthprogramme. Tullow’s exciting Barents Sea frontier acreage provides transformational new exploration opportunities for opening andextending new plays. Our Norwegian Sea and northern North Sea acreage has multiple proven and new plays and prospects close to existinginfrastructure for quick monetisation.French GuianaGuyane MaritimePriodontes 27.50% Refer toIn progressOperatorCebus 27.50% Q3 2013With over 20 material leads & prospects this is an important new oil province, proven by Tullow’s pioneering Zaedyus-1 well. There is anoutstanding inventory of E&A prospects targeting significant oil plays, which stand to be further de-risked by the immediate 12 monthprogramme which includes Priodontes and Cebus followed by a fourth well in 2014. Ongoing seismic activity in the licence aims to de-riskand mature further prospects into drill worthy candidates.FACT BOOK - FEB 2013 Page 11

2012 RESERVES AND RESOURCES SUMMARYWEST &NORTH AFRICASOUTH &EAST AFRICAEUROPE, SOUTHAMERICA & ASIATOTALOilmmbblGasbcfOilmmbblGasbcfOilmmbblGasbcfOilmmbblGasbcfPetro.mmboeCOMMERCIAL RESERVES1 January 2012 242.4 19.0 - - 1.6 302.7 244.0 321.7 297.6Revisions 5.4 - - - - 8.6 5.4 8.6 6.8Acquisitions 0.2 - - - - - 0.2 - 0.2Additions 112.4 - - - - - 112.4 - 112.4Production (20.8) (2.5) - - (0.2) (45.4) (21.0) (47.9) (29.0)31 December 2012 339.6 16.5 - - 1.4 265.9 341.0 282.4 388.0CONTINGENT RESOURCES1 January 2012 190.5 1,330.8 900.5 381.0 36.6 192.9 1,127.6 1,904.7 1,445.1Revisions 9.2 (225.4) 53.5 0.4 - (0.7) 62.7 (225.7) 25.1Acquisitions 0.3 122.8 - - - - 0.3 122.8 20.8Additions 21.0 135.6 27.8 - - - 48.8 135.6 71.4Disposals (31.4) - (600.3) (20.7) - - (631.7) (20.7) (635.2)Transfer tocomercial(112.4) - - - - - (112.4) - (112.4)31 December 2012 77.2 1,363.8 381.5 360.7 36.6 192.2 495.3 1,916.7 814.8TOTAL31 December 2012 416.8 1,380.3 381.5 360.7 38.0 458.1 836.3 2,199.1 1,202.8Proven and Probable Reserves and Resources on a working interest basisTullow retains ERC Equipoise as its independent Reserve Engineer for audit and banking purposes. The Reserves andResources classifications used are as defined by the March 2007 SPE/WPC/AAPG/SPEE Petroleum Resources ManagementSystem (PRMS) (www.spe.org)The year end 2012 Commercial Reserves are 388.1 mmboe up from 297.6 mmboe at year end 2011. This represents 29mmboe of production, a positive revision of 6.8 mmboe (Okume, Limande, Schooner) slightly offset by negative revisions atKetch and transfers of 112 mmboe from Contingent Resource to Reserves in respect of the TEN project.Contingent Resources have decreased from 1,445.1 mmboe at year end 2011 to 814.8 mmboe at year end 2012 due todisposals of 635.2 mmboe (principally relating to the disposal of 66.67% of Tullow’s equity in Uganda to Total and CNOOC),partially offset by positive additions and revisions of 96.5 mmboe due to appraisal success in Ghana (TEN) and Uganda (Jobi-Rii) and exploration success in Kenya (Ngamia and Twiga) and Côte D’Ivoire (Paon).FACT BOOK - FEB 2013Page 12

PRODUCTION SUMMARY - Key Producing AssetsCountry Asset Interest 2012 Actual 2013 Forecast Fiscal RegimeWEST & NORTH AFRICACongo (Brazz) M’Boundi 11% 2,500 2,400 PSCCôte d’Ivoire Espoir 21.3% 3,400 4,000 PSCEquatorialGuineaCeiba 14.25% 2,850 3,500 PSCOkume 14.25% 8,350 6,200 PSCTchatamba 25% 4,000 4,000 PSCGabonNiungo 40% 2,500 2,100 TaxEtame Complex 1 7.50% 1,450 1,100 PSCOthers - 6,050 6,800 VariousGhana Jubilee 35.48% 25,450 37,750 PSCMauritania Chinguetti 22.25% 2 1,300 1,200 PSCSub Total 57,850 69,050EUROPE, SOUTH AMERICA & ASIANetherlands Various 4.1 - 22.5% 6,350 5,200Norway Brage 2.5% - 250UKCMS Area 2 14.1-100% 9,300 10,400 TaxThames Area 50-87% 750 50 TaxSub Total 16,400 15,900Bangladesh Bangora 30% 4,915 4,050 PSCPakistan Shekhan-1 40% 35 0 -Sub Total 4,950 4,050TOTAL 79,200 89,0001. Etame / Avouma / Ebouri.2. CMS Area production includes UK condensate productionFACT BOOK - FEB 2013Page 13

NET DAILY ENTITLEMENT AS % PRODUCTIONWEST & NORTH AFRICAContract Type 2013 2014 2015CONGO (Brazz)M’Boundi PSC 69 69 69CÔTE D’IVOIREEspoir PSC 77 67 57EQUATORIAL GUINEACeiba PSC 87 76 78Okume Complex PSC 77 78 74GABONEchira Corp Tax 100 100 100Etame PSC 68 71 64Limande Corp Tax 100 100 100Niungo Corp Tax 100 100 100Oba Corp Tax 100 100 100Obangue PSC 90 78 64Onal PSC 75 64 62Tchatamba PSC 67 62 63Tsiengui PSC 87 67 67Turnix Corp Tax 100 100 100GHANAJubilee PA 95 95 95MAURITANIAChinguetti PSC 88 88 88FACT BOOK - FEB 2013Page 14

Download the Tullow Investor Relations andMedia App from the Apple and Android stores:Follow Tullow onTullow Oil plc9 Chiswick Park566 Chiswick High RoadLondon, W4 5XTUnited KingdomTel: +44 (0)20 3249 9000Fax: +44 (0)20 3249 8801Email: chris.perry@tullowoil.comFACT BOOK - FEB 2013