Tullow at a glance
We are one of the largest independent oil and gas exploration and production companies in Europe. We are in our next phase of transformational growth with a major focus on Africa, where we are already a dominant player. Key to achieving our growth ambitions was delivery of first oil in Ghana in November 2010 and developing the significant resource base discovered in Uganda with our new partners CNOOC and Total.
We have a large portfolio of exploration and production assets including interests in over 90 licences in 22 countries. Production from nine countries averaged 58,100 boepd in 2010. We continue to be focused on our high-impact exploration program in West Africa and South America, and developing our Ugandan resources with our new partners CNOOC and Total.
Tullow was founded in 1985 and signed its first licence in Senegal in 1986. We became active in South Asia in 1990 and in the UK gas market in 2000. We doubled in size in 2004 with the acquisition of Energy Africa, completed the Hardman Resources acquisition in 2006 and completed our largest acquisition to date in 2010 of Heritage Oil's Ugandan licences. In 2007 we made our largest discovery to date – the Jubilee field offshore Ghana. Since then in Ghana further major discoveries have been made including Enyenra, Tweneboa and Teak. In Uganda, Tullow has discovered over 1bn barrels of oil to date in the Lake Albert Basin and in 2011 signed SPAs with CNOOC and Total, each now with one third interest across the three licences, and will embark upon a major development project in the coming years.
Today Tullow employs over 1000 people worldwide and is recognised as a leader in the oil and gas industry. We believe that people should be allowed to play to their strengths, given the freedom to operate and the skills to perform, whilst embracing our entrepreneurial approach.
We take a long-term view when investing in the countries where we operate and we manage our reputation and our responsibilities accordingly. Developing major oil projects in two countries in Africa gives us a significant role as a potential catalyst for new opportunities in support of economic and social development.
In 2010, Tullow demonstrated continued exploration and appraisal success and delivered first production from the Jubilee development in record time. The reported financial results for 2010 are materially ahead of 2009 and broadly in line with the market's expectations. The successful equity placing in 2010, coupled with the planned Uganda farm-down, and the increased cash flow from Ghana, will ensure that the Group remains well funded to execute its exploration-led strategy and continue to grow the business.
2010 full year results
Sales revenue ($m) $1,090 (FY 2009 $916)
Operating profit ($m) $235 (FY 2009 $151)
Profit after tax ($m) $73 (FY 2009 $31)
Basic earnings per share (US$ cent) 6.1 cents (FY 2009 3.2 cents)
Final dividend per share (pence) 4.0 pence (FY 2009 4.0 pence)
Tullow is quoted on the London and Irish Stock Exchanges and is a constituent of the FTSE 100 whose constituents are the 100 largest UK-listed companies by market capitalisation. (Symbol: TLW). There were 888,347,315 shares as at 09 March 2011.
Tullow Oil plc
9 Chiswick Park
566 Chiswick High Road
London W4 5XT
Tel: +44 (0) 20 3249 9000
Fax: +44 (0) 20 3249 8801