2011 was a very good year for Tullow.
The Group delivered record results and industry-leading exploration success.
I take over as Chairman at a very exciting time for Tullow. 2011 has been a good year for the Group.
The highlight of the year was the new Zaedyus discovery, offshore French Guiana.
Tullow is ready to embark on the development of Uganda's oil industry. First material oil production is likely to
In 2011, Group working interest production increased 35%.
In 2011, Tullow achieved the best safety performance in its history.
371 new people joined Tullow in 2011, 36% of whom joined our African operations.
In October 2011, over 150 delegates attended the first Ghana-Ireland Trade and Investment Forum in Dublin.
At Board level, we seek to provide strong leadership, to set the tone for the organisation.
In accordance with the UK Corporate Governance Code all the Directors will stand for re-election at the AGM in May 2012.
Our remuneration policy seeks to align the interests of their shareholders and Executive Directors.
2010: $90 670 %
2010: 0.8 billion 132 %
Download the full 2011 Annual Reports and Accounts PDF or select elements from within the report and generate a bespoke zip file. Excel files are also available.
In recent years we have discovered two new oil basins in Africa, one in the Tano Basin, offshore Ghana, and the other in the Lake Albert Rift Basin, onshore Uganda.
2011 was a record year for Tullow. The Group delivered record results and industry-leading exploration success.
"This has been a period of rapid growth for the Group based on exceptional exploration discoveries and successful delivery of major development projects."
Aidan Heavey, Chief Executive Officer
Tullow has a world-class portfolio of exploration, development and production assets covering over 100 licenses in 22 countries.
Creating shared prosperity brings together the eight key aspects of our business that support our commitment to making a positive and lasting contribution where we operate.
Reserves & resources replacement
The Group has total reserves and resources of 1,742.8 mmboe. Post completion of the farm-down in Uganda, total reserves and resources are expected to be 1,139.0 mmboe.
Working interest production
Working interest production increased 35% in 2011 but was below the Group's baseline and stretch targets due to productivity issues with some of the Jubilee wells.
Cash operating cost per boe
Cash operating cost per boe were higher than the Group's baseline and stretch targets as a result lower than expected production rates.
Operating cash flow before working capital
Operating cash flow before working capital increased by 132% driven by higher sales volumes and realised oil prices.
Total shareholder return
Tullow's TSR was 12% in 2011, which represents a top quartile performance versus the comparator group.