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  • Glossary

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    Glossary

    A

    AGM

    Annual General Meeting

    AFS

    Available for sale

    B

    bll

    Barrel

    bcf

    Billion cubic feet

    boe

    Barrels of oil equivalent

    boepd

    Barrels of oil equivalent per day

    bopd

    Barrels of oil per day

    C

    CMS

    Caister Murdoch System

    CMS III

    A group development of five satellite fields linked to CMS

    CR

    Corporate Responsibility

    CSO

    Civil Society Organisation

    CNOOC

    China National Offshore Oil Corporation

    D

    DLT

    Development Leadership Team

    DoA

    Delegation of Authority

    DRC

    Democratic Republic of Congo

    DSBP

    Deferred Share Bonus Plan

    E

    EA

    Exploration Area

    E&E

    Exploration and evaluation

    E&A

    Exploration and Appraisal

    E&P

    Exploration and Production

    EBITDA

    Earnings Before Interest, Tax, Depreciation and Amortisation

    EHS

    Environment, Health and Safety

    EMS

    Environmental Management System

    ERC

    Energy Resource Consultants

    ESOS

    Executive Share Option Scheme

    F

    FEED

    Front End Engineering and Design

    FPSO

    Floating Production Storage and Offloading vessel

    FRC

    Financial Reporting Council

    FRS

    Financial Reporting Standard

    FTG

    Full Tensor Gravity Gradiometry

    FTSE 100

    Equity index whose constituents are the 100 largest UK listed companies by market capitalisation

    FVTPL

    Fair Value Through Profit or Loss

    G

    GELT

    Global Exploration Leadership Team

    GNPC

    Ghana National Petroleum Corporation

    GoU

    Government of Uganda

    Group

    Company and its subsidiary undertakings

    H

    H&S

    Health and Safety

    HIPO

    High Potential Incident

    HNBS

    Hewitt New Bridge Street

    HR

    Human Resources

    I

    IAS

    International Accounting Standard

    IASB

    International Accounting Standards Board

    IFRIC

    International Financial Reporting Interpretations Committee

    IFRS

    International Financial Reporting Standards

    IMS

    Information Management System

    ISO

    International Organization for Standardization

    K

    km

    kilometres

    KPI

    Key Performance Indicator

    L

    LIBOR

    London Interbank Offered Rate

    LTI

    Lost Time Incident

    LTIFR

    LTI Frequency Rate measured in LTIs per million hours worked

    M

    mmbbl

    Million barrels

    mmbo

    Million barrels of oil

    mmboe

    Million barrels of oil equivalent

    mmscfd

    Million standard cubic feet per day

    MoU

    Memorandum of Understanding

    MTM

    Mark To Market

    N

    NGO

    Non-Governmental Organisation

    O

    OR&A

    Operational Readiness and Assurance

    P

    p

    pence

    P10

    Reserves and/or resources estimates that have a 10 per cent probability of being met or exceeded

    P50

    Reserves and/or resources estimates that have a 50 per cent probability of being met or exceeded

    P&D

    Production and Development

    PAYE

    Pay As You Earn

    PRT

    Petroleum Revenue Tax

    PSC

    Production Sharing Contract

    PSP

    Performance Share Plan

    S

    SCT

    Supplementary Corporation Tax

    SIP

    Share Incentive Plan

    SMC

    Senior Management Committee

    SPA

    Sale and Purchase Agreement

    sq km

    Square kilometres

    SRI

    Socially Responsible Investment

    T

    toes

    Tullow Oil Environmental Standards

    TSR

    Total Shareholder Return

    U

    UK GAAP

    UK Generally Accepted Accounting Principles

    V

    VAT

    Value Added Tax

    W

    WAEP

    Weighted Average Exercise Price

    WCTP

    West Cape Three Points

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Ghana and West African Equatorial Atlantic

In Ghana and Uganda, Tullow had major operational success throughout the year.

In the Equatorial Atlantic region offshore West Africa Tullow has interests in 10 blocks across four countries: Sierra Leone, Liberia, Côte d’Ivoire and Ghana. 2010 has been a period of strong delivery for Tullow’s operations in Ghana, culminating in the delivery of First Oil from the Jubilee field in November. Exploration and appraisal success continued throughout the year in Ghana and Sierra Leone where significant new fields have been discovered. The Group’s extensive 2011 drilling programme has the potential to transform this area into one of Africa’s most substantial oil producing regions.

First Oil from Jubilee field Phase 1 development

Production from the Phase 1 development of the Jubilee field commenced on 28 November and was inaugurated by the President of Ghana on 15 December 2010. This milestone was achieved around 40 months after discovery of the field, with top quartile safety performance, and the final cost is expected to be within 5% of the original $3.1 billion budget. The project has set a significant new global benchmark for the delivery of major deepwater developments.

39,000 boepd

Average working interest production

Gross production of over 69,000 bopd has been achieved from five wells and full production capacity of 120,000 bopd is expected to be reached in the next five months as the remaining four production wells are completed and brought on line. On 5 January 2011, the first lifting of Jubilee crude oil, a 650,000 barrel Tullow cargo, was successfully completed. Once plateau production is reached an average of three offtakes are expected each month. Water injection to two wells is currently around 110,000 bwpd and a further four water injection wells will be completed during 2011 to maintain plateau oil production levels. Gas injection will commence in March and a second injection well is expected to be completed in the third quarter of 2011.

Deep Pioneer installing subsea equipment on the Jubilee field, offshore Ghana.

Deep Pioneer installing subsea equipment on the Jubilee field, offshore Ghana

Further phases of Jubilee development

Planning work for Phase 1a of the Jubilee development, to comprise between five and eight further wells, commenced in the fourth quarter of 2010. This development will help maintain field production at plateau levels and develop further reserves. It is anticipated that the investment decision will be made in the third quarter of 2011 following analysis of reservoir performance and submission of plans to the Government of Ghana. Sub-surface planning work is well advanced and has already identified the additional well locations. A deepwater rig to execute the programme, starting early in 2012, is currently being tendered.

3.5 years

From Jubilee discovery to First Oil

The operator of the West Cape Three Points (WCTP) licence submitted a Declaration of Commerciality for the Mahogany East Area (previously known as Southeast Jubilee area) in September 2010. The Plan of Development for the Mahogany East Area is currently under discussion with the Government of Ghana. The development of the Mahogany East Area reservoirs, which are extensive but generally thinner than in the main Jubilee reservoirs, is currently planned to consist of a four-to-six well tie-back to the existing Jubilee subsea infrastructure when capacity is available. However, an accelerated development as part of an integrated project with other WCTP discoveries may be considered depending upon further exploration and appraisal success in the WCTP licence.

Enyenra (formerly Owo) and Tweneboa

In February 2010, the first appraisal well on the Tweneboa field, Tweneboa-2, in the Deepwater Tano licence offshore Ghana, intersected a significant combined hydrocarbon column. Coupled with the Tweneboa-1 discovery in 2009, Tweneboa was established as a major gas-condensate and oil field.

In July 2010, the Owo-1 and Owo-1 sidetrack wells continued the success of Tullow’s West African Equatorial Atlantic drilling campaign. The wells intersected a total of 69 metres of net oil pay in a substantial gross oil column of 200 metres and established Enyenra as a major new oil field in its own right. The wells also intersected 13 metres of net condensate pay and six metres of net gas pay below the Enyenra oil field.

A campaign of appraisal wells and flow tests has now commenced across both the Enyenra and Tweneboa fields. The programme is designed to determine reservoir extent and connectivity and to provide rock and fluid data. The first well in this campaign was Tweneboa-3, drilled in December 2010, which confirmed producible gas-condensate at this location. In February 2011, Enyenra-2A was drilled and encountered oil in excellent quality reservoirs which are in communication with the original Owo-1 discovery well located 7km up-dip. The result confirms Enyenra as a major light oil discovery. The activity programme this year will lead to a Declaration of Commerciality for the Enyenra and Tweneboa fields being submitted to the Government of Ghana later in 2011. The expected schedule of wells includes Tweneboa-4, Tweneboa-DST, Enyenra-3A, Enyenra-DST and Enyenra-4A.

Development studies for both fields are focused on optimising the recovery of the light oil discovered at Enyenra and maximising both liquid and gas recovery from the Tweneboa field. Conceptual developments include the use of a large FPSO with liquid rates in the range of 75,000 to 125,000 bopd. Water and gas is expected to be injected into the reservoirs to optimise both oil and condensate recovery levels. Gas export infrastructure to shore will also be put in place to satisfy the growing demand in Ghana. A Plan of Development will be prepared for submission in the first quarter of 2012 and, pending approvals and a timely sanction of the project, first production would be anticipated before the end of 2014.

Jubilee

On 15 December 2010, celebrations were held to mark First Oil from the Jubilee field offshore Ghana Link: Production and development