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2013 HALF-YEARLY RESULTS2013 capital expenditure$2.0 billion capex for full year 20132013$900m$250m$850m$2,000m• Ghana: Jubilee Phase 1A & TEN developments• Uganda: Appraisal activities• Kenya: Exploration drilling2012$756m$338m$776m$1,870m• Other Africa: Maintaining mature production& high impact exploration• ROW: French Guiana appraisal and selected highimpact exploration2011$445m$591m$396m$1,432m1H 2013 capital split:• 25% Ghana; 70% Africa2010$382m $138m $715m$1,235m0 500 1000 1500 2000 2500Expl App Dev$208mSouth & EastAfrica1H 2013$804m$241mEurope,S. America& AsiaNotes:i) 2013 Capital Expenditure excludes the Spring acquisition expenditureii) 2013 Exploration expenditure is net of Norwegian tax refundiii) 2011 Capital Expenditure excludes the Nuon and Ghana EO acquisition expenditure .iv) 2010 Capital Expenditure excludes the Heritage licence and Ghana FPSO lease acquisition expenditure$355mWest &North AfricaSlide 10
2013 HALF-YEARLY RESULTS<strong>Tullow</strong>’s exploration-led value growth strategyAdditional cash flow from new productionHigh MarginProductionCash flowExploration andAppraisal$1bn + p.a.Fully FundedMonetisationOptions &PortfolioManagement~$4bn debt facilitiesSelectiveDevelopmentCosts &DividendsSurplus CashAdditionalExploration, CashDistributionExploration and AppraisalMonetisationSelective DevelopmentSignificant success in Kenya; resource estimates doubled at Ngamia and Twiga S followingsuccessful flow testing; further discovery at EtukoGood progress TEN farmdown – advisors appointed, Government discussions on carry structure,early marketing commenced, data room Aug/Sept.Bangladesh sale being finalised; Initial bids received N Sea assetsTEN project proceeding to final contract awards; MOU being finalised in Uganda for basincommercialisation plan; already looking at development options for KenyaSlide 11
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