1. Tullow Oil Slide Title Norwegian Operators Conference Roar Tessem
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2. 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

3. 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

4. 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

5. 210 5 770% 1.4 Billion boe $3.3 330,000 Strong track record
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 ( ), $4.4/boe (2013).

6. 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

7. 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

8. 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

9. 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,
PL 583 Inntian (Op)
PL 537 Hassel
PL 626 Rovarkula
PL 405/ 405B Cassidy
PL 670 Betula
Well /11 Zumba (Q )
Utilizing Leif Eriksson (Ocean Rig)
Mid-Norway
Waterdepth – 281 m
Planned Well TD m
Many fields in area (Heidrun, Midgard, etc......)
Logistics out of Kristiansund

10. 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

11. Tullow Oil Number 1, Central Park Leopardstown Dublin 18 Ireland
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Tullow Oil
Number 1, Central Park
Leopardstown
Dublin 18
Ireland
Tel: +353 (1)
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