Tullow Oil Slide Title Norwegian Operators Conference Roar Tessem Font - Calibri

Tullow Oil - in brief Founded in 1985 Listed on FTSE 100 Market cap ~USDbn 7 Exploration led value growth strategy Targeting on average 200 mmboe per year in net contingent resource add Aim to open a new basin every 2-3 years Industry leading exploration track record 1.4 bn in discovered resources Finding cost of USD 3.3 / boe Strong cash flow World class production base (Jubilee field in Ghana) with visible growth from the Ten project to support E&A campaigns Value based portfolio management Significant value upside in current asset portfolio

Exploration led value growth strategy Business strategy Strategy execution Additional cash flow from new production Grow and develop our commercial reserves to provide strong, stable cash flows Execute high impact exploration and appraisal Maintain a disciplined approach to financial management Monetise value throughout the asset life cycle including portfolio management Exploration and Appraisal Selective Development High Margin Production Cash flow Monetisation Options & Portfolio Management Costs & Dividends Additional Exploration, Cash Distribution Business strategy: Material cash flow generation and development upside from West Africa New oil province potential in East Africa delivering significant future resource growth Industry leading exploration portfolio in Africa and Atlantic Margins Strong balance sheet provides foundations to deliver long term value to shareholders Surplus Cash Execution of our strategy is focused on delivering long-term value growth

Oil exploration strategy focused on Africa & Atlantic Margins Guyanas Transform Margin Central Atlantic Major Exploration Campaign Launched North Atlantic Exploration Campaign & Business Development South Atlantic Exploration Studies & Business Development East African Rift Basins Equatorial Atlantic Exploration Campaign ongoing since 2007 East African Transform Margin Salt Basins Rift Basins Strat Traps Carbonates Core Light Oil Plays West African Transform Margin Central Atlantic Margin Norwegian Continental Shelf

210 5 770% 1.4 Billion boe $3.3 330,000 Strong track record 2007-2013 210 5 770% 1.4 Billion boe $3.3 /boe 330,000 Discovered resource Finding costs* E&A Team Basins opened Production Replacement Sq km gross acreage Net Contingent Resource Additions mmboe / year We found & continue to find our own oil Cost-effective feedstock for value creation Campaign approach hedges annual variability E&A investment managed to maximise value Our process works Average Industry recognised leading oil finder 2007 2008 2009 2010 2011 2012 2013 *Finding costs: $3.3/boe (2007-2013), $4.4/boe (2013).

Tullow Oil Norge AS – in brief Former Spring Energy Acquired by Tullow Oil in 2012 4th largest acreage holder on the NCS Risk balanced portfolio across the NCS 40 licences of which 11 operated Building a track record as operator 3 wells in 2013 and 2014 One operated well planned for 2015 ~ 70 employees and contractors Of which 70% technical staff

Risk balanced license portfolio North Sea Norwegian Sea Barents Sea ~ 40 licenses on the NCS, 11 operated North Sea 21 licenses (7 operated) Norwegian Sea 10 licenses (4 operated) Barents Sea 9 licenses

Track record as operator on NCS Transocean Barents Borgland Dolphin Well 31/3-4 Mantra (2013) First Tullow operated well in Norway Good QHSE perfomance Good operational performance Downtime due to WOW (30+ %) Well 31/2-21S Gotama (2014) Well 31/10-1 Lupus (2014) Good QHSE perfomance Good operational performance 4 remaining well slots on Borgland Dolphin Mantra Well: First Tullow well in Norway Drilling Operating Readyness project (DORP) PSA – audit – Positive feedback Drilled in desember-13 Extremly bad wheather (coused damage to BOP, structural damage etc....) No injuries or serious incidents Gotama: Drilled in May 2014 First well in NSC-5 consortium Extensive Rig Acceptance program performed. Good QHSE results – No injuries or serious incidents Good QHSE resluts (95 m/d) P-10 Rushmoore) Lupus: Drilled in July 2014 Good QHSE performance Good operational performance (119 m/day P-10 Rushmoore) Success due to: Good cooperation with main sub-contractors (long contracts....) Transocean Dolphin Ross Offshore (Well Management) Schlumberger Halliburton Very experienced team. Good planning => robust – no surprises.... QHSE and operational success due to a combination of: Good cooperation with sub-contractors (Transocean, Dolphin, Ross Offshore, Schlumberger, Halliburton) Experienced personell Good planning

Planned activities 2015 - 2016 Firm wells 2015 Zumba Firm wells 2015 PL 591/ 591B Zumba (Op) PL 537 Bjaaland PL 642 Hagar Further exploration drilling, 2016 + PL 583 Inntian (Op) PL 537 Hassel PL 626 Rovarkula PL 405/ 405B Cassidy PL 670 Betula Well 6507-11/11 Zumba (Q2 -2015) Utilizing Leif Eriksson (Ocean Rig) Mid-Norway Waterdepth – 281 m Planned Well TD - 3000 m Many fields in area (Heidrun, Midgard, etc......) Logistics out of Kristiansund

Short-term focus Deliver the Zumba well safely and within budget Prepare for upcoming concession rounds APA 2015 23rd round Maturing the Bream and Butch discoveries towards PDO Prove up additional resource potential on the Wisting discovery Continuous portfolio optimisation activities Continue to be a pro-active and constructive JV-partner

Tullow Oil Number 1, Central Park Leopardstown Dublin 18 Ireland Download the Tullow Investor Relations and Media App from the Apple and Android stores: Tullow Oil Number 1, Central Park Leopardstown Dublin 18 Ireland Tel: +353 (1) 213 7300 Follow Tullow on: