2018 Full Year Results

$1.9 billion sales revenue; $411 million free cash flow; 1.9x gearing; 4.8¢/share final dividend

Ghana gross production c. 180,000 bopd in 2019; FIDs targeted in East Africa

Three-well Guyana drilling campaign to commence mid-year

COMMENTING TODAY, PAUL McDADE, CHIEF EXECUTIVE OFFICER, SAID:

“Tullow has worked hard over the past few years to become a self-funding, cash-generating business with a robust balance sheet, low-cost assets and a rigorous focus on cost and capital discipline. This has allowed us to set a clear capital returns policy which will start with the 2018 final dividend announced today. Our high-margin producing assets in West Africa, substantial development assets in East Africa and exploration licences in industry hotspots provide Tullow with a strong foundation for growth in the years ahead.”

CLICK HERE  TO READ THE FULL RESULTS STATEMENT

Details of a presentation and webcast being held today are available here.

2018 FULL YEAR RESULTS SUMMARY

• Revenue of $1.9 billion; corporate Business Interruption insurance proceeds of $188 million
• Gross profit of $1.1 billion; profit after tax of $85 million; free cash flow of $411 million; opex reduced to $10/barrel
• Year-end net debt of $3.1 billion, $1 billion headroom; gearing of 1.9x; no near-term maturities
• 2018 capital investment of $423 million; 2019 forecast of $570 million
• Sustainable capital returns policy announced in November; 2018 final recommended dividend of 4.8¢/share (c.$67 million)
• West Africa 2018 net oil production averaged 88,200 bopd; 2019 forecast 93,000 - 101,000 bopd
• Principles agreed with Government of Uganda on CGT; completion of farm-down to follow
• JV Partners targeting Uganda development FID around mid-year; Kenya development targeting end 2019 FID
• Guyana exploration drilling to commence in mid-2019 with a three-well programme planned