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2026 Half Year Results 28 September 2026
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This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Tullow Oil plc believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond the control of it and its subsidiaries (together, the “Group”), or within the Group’s control where, for example, the Group decides on a change of plan or strategy. The Group undertakes no obligation to revise any such forward-looking statements to reflect any changes in the Group’s expectations or any change in circumstances, events or the Group’s plans and strategy. Accordingly no reliance may be placed on the figures contained in such forward looking statements. Nothing in the presentation should be deemed an admission of opinion of any party or person as to the value of Tullow Oil plc or any of its subsidiaries or of the Group as a whole, or of its or its subsidiaries’ assets. 2 Disclaimer Tullow | 2026 Half Year Results
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Overview 2026 Half Year Results 3
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Operational, financial and strategic initiatives delivering tangible success 4 Significant 1H26 progress and enhanced growth opportunities Tullow | 2026 Half Year Results Strong Government of Ghana alignment TEN FPSO purchase to further reduce costs and improve economics Comprehensive refinancing transaction complete Informative 4D/OBN surveys driving near-term performance and future potential Significant free cash flow upgrade to $170-250 million at $70-100/bbl Strategic Financial Operational 1H26 reserves1 replacement of c.380% supporting 2P value creation Successful de-risking of the Business Plan Material infrastructure-led and near-field growth potential Operational focus delivering strong production; on track to deliver at high end of guidance Foundations in place Growing opportunity set Strong business performance 1 2P reserves at 30 June 2026 based on Management estimates and adjusted for first half 2026 production
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Production 2026 Half Year Results 5
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Actions undertaken yielding tangible results 6 Production outperformance in the first half of 2026 Tullow | 2026 Half Year Results +2% +3% +3% +3% +8% c.20% ahead of expectations Uptime Dual riser NFA performance Existing well uplift New wells Total Jubilee and TEN oil production performance FPSO uptime at Jubilee and TEN averaging more than 99% in the first half of 2026 Dual riser operations relieving back pressure on existing wells Lower well downtime and reduced decline from key wells Optimisation of existing wells Strong performance from new wells, supported by 4D seismic data
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Operational focus is turning initiatives into sustainable delivery 7 High production performance yielding tangible results Tullow | 2026 Half Year Results Drilling performance Water injection FPSO uptime Tullow is a leader in African drilling and completion J76-P Jun-26 J74-P Jan-26 J75-P Mar-26 J77-P Jul-26 J50-P Aug-26 J73-WI Sep-26 J72-P Jul-25 216 222 1H26 c.230 FY26 2025 1H26 >97% >99% 2025 1H26 33% 9% 9% 2018-20 2021-24 2025-26 • Schedule: 2025-26 campaign complete on time and on budget • Production: All new wells in line with or exceeding expectations • Data: Accelerated 4D data processing de-risked wells Performance: industry top quartile at c.9% Seismic: insights on fluid and pressure driving well design Geo-steering wells: in real-time to hit targets Multiple target zones: contributes to higher initial rates and risk mitigation Voidage: replacement remains above 100% Capacity: increased from 275kbwd to 300kbw/d Topsides: addressing known vulnerabilities Optimisation: injection targeting high-value producers Power: two of three turbines replaced, joint spares with TEN Maintenance: successful 2025 shutdown Riser-based gas lift: addressing instability Optimisation: dual-riser flow and cyclical production of wells/zones Well configuration: continuous optimisation Non-productive rig time (NPT%) Jubilee water injection (kbwd) Uptime (%)
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Financial 2026 Half Year Results
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Key full year guidance 9 2026 Half Year Results Tullow | 2026 Half Year Results 1H 2025 Actual 1H 2026 Actual (Unaudited) 2026 Guidance Production 40.6kboepd 43.7kboepd 34-42kboepd Oil price1 $71/bbl realised (pre-hedge) $95/bbl realised (pre-hedge) $70-100/bbl Operating cash flow2 $34million $222million $525-600million at $70-100/bbl Capital expenditure $103million $134million $200million Decommissioning3 $13million $13million $15million Free cash flow $(188)million $4million4 $170-250million5 at $70-100/bbl in 2H26 Net debt $1.6billion at MY25 $1.4billion at MY26 c.$1.2billion6 at YE26 1 Realised oil prices post-hedging: 1H25 $69/bbl and 1H26 $86/bbl 2 Operating cash flow, inclusive of TEN FPSO lease payment 3 Decommissioning expenditure inclusive of Ghana decommissioning escrow payments 4 1H 2026 free cash flow inclusive of $64 million cash interest payments and $70 million one -off refinancing costs 5 Full year free cash flow weighted towards 2H26 due to one-off refinancing costs and capex/cargo weighting 6 Year end 2026 net debt inclusive of accrued PIK and assuming no cash sweep
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Hedging secures downside protection and retains upside potential 10 Protecting cash flows and a clear financial runway Tullow | 2026 Half Year Results Downside protected and upside retained Improved liquidity • New $100 million super senior secured Cargo Prepayment Facility (CPF) provided by Glencore Reduced cash interest • Reduced cash interest profile via conversion of cash pay interest to PIK Platform to execute Business Plan • Extended maturities provide a stable platform to deliver the investment programme and optimise value and cashflows • Refinancing Transaction completed on 27 April 2026 1 Debt balances represent reinstated amounts and exclude accrued and capitalised interest post Transaction 2 New Senior Secured Notes post $100m redemption and $25m issued to Glencore as a transaction fee (private placement) 3 $400m plus (a) all accrued but unpaid interest deferred on Glencore Facility; and (b) 0.50% PIK Lock-Up Fee Refinancing Transaction extended maturities 400 423 3 1,285 1,210 2 100 2026 2027 2028 2029 2030 Cargo Prepayment Facility (undrawn) Senior Secured Notes Glencore Junior Notes 60% downside protection in Year 1 30% downside protection in Year 2 At least 60% exposure to oil price upside at all times As at 28 September 2026; table excludes 8kbopd sold puts with average strike price of $43/bbl in 2H26, 5kbod at $46/bbl in 1H27 and 4kbod at $47/bbl in 2H27 1H28 hedge portfolio currently consists of 3kbopd downside protection at $60/bbl with call spreads in a range of $88-98/bbl 2H26 1H27 2H27 Downside protected 17kbopd $58/bbl 18kbopd $60/bbl 14kbopd $62/bbl Capped upside 11kbopd $76/bbl 5kbopd $90/bbl 8kbopd $92/bbl 3-way capped ranges 1kbopd $83-93/bbl 7kbopd $76-86/bbl 3kbopd $84-94/bbl
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Constructive backdrop as we look ahead at holistic refinancing opportunities 11 Transformed cost base underpinning material FCF generation Tullow | 2026 Half Year Results $70/bbl $80/bbl $90/bbl $100/bbl $110/bbl $120/bbl $130/bbl $140/bbl $150/bbl 2026 free cash flow ($m) Material upside to oil price environmentSignificant net cost saving opportunities Initiative Progress Target run rate Net cash G&A c.$20 million Ghana opex1 c.$150 million TEN FPSO lease Zero Decommissioning (Legacy: UK/Mauritania) Zero >50 c.45 c.25 2024 2025 2026 2027 c.160 c.180 c.155 2024 2025 2026 2027 c.130 c.125 c.120 2024 2025 2026 2027 c.50 c.10 c.5 2024 2025 2026 2027 1 2025 opex higher due to successful Jubilee FPSO maintenance shutdown and CSV campaign c.$170m c.$119/bbl Realised price on most recent Jubilee cargo Guidance Upside c.$250m c.$380m
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Outlook 2026 Half Year Results
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13 Tullow | 2026 Half Year Results Jubilee reserves materially replenished and with further upside to mature Maturing and refreshing the Jubilee opportunity set Jubilee net reserves1 and resources maturation momentum 1H26 reserves replacement >420% Mid-year Jubilee reserves replacement ratio Material growth Licence extension to 2040 Development drilling commitments Production at the high end of expectations YTD Seismic unlocking upside2 Campaigns 4 and 5 (10 wells) Intervention campaigns 2 and 3 Lower Mahogany exploration potential Cenomanian exploration potential Near-term growth potential Project maturation Multi-phase pump project in FEED stage Intervention campaign 1 Further reserve bookings Potential at year end and beyond 1 2P reserves at 30 June 2026 based on Management estimates and adjusted for first half 2026 production 2 Unrisked upside 0 50 100 150 200Resources (MMBOE) Life extension YE25 2P Camp.2 Uplift Camp.3 Teak MPP Int.1 Camp.4 Camp.5 Int.2 Int.3 ILX 2P MY Position TLW Upside TLW BP 100 mmboe Oil Project 109 mmboe 199 mmboe Gas Project 80 mmboe Profile update Jubilee Reserves and Resources 2H 2026 prod. 1H 2026 prod.
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14 Tullow | 2026 Half Year Results TEN reserves rebuilt on stronger performance Maturing and refreshing the TEN opportunity set TEN net reserves1 and resources maturation momentum 1H26 reserves replacement >170% Mid-year TEN reserves replacement ratio Material growth Driven by stronger than expected performance Seismic unlocking upside3 Improved economics Ntomme East gas project Tweneboa West exploration potential Cenomanian exploration potential Near-term growth potential Project maturation Reserves associated with life extension Oil infill drilling Intervention campaign 1 FPSO purchase Full benefits of ownership from 1Q27 onwards Gas sales agreement Significant opportunity within Business Plan 0 50 100Resources (MMBOE) 2P Life extension 2P YE25 NtE NtT2 Int1 GSA Nt East ILX TLW Upside 21 mmboe 98 mmboe4 TLW BP 48 mmboe Oil Project Gas Project 2P MY Position 20 mmboe 1H 2026 prod. Profile update TEN Reserves and Resources 2H 2026 prod. 1 2P reserves at 30 June 2026 based on Management estimates and adjusted for first half 2026 production 2 NtE and NtT are two TEN oil development wells 3 Unrisked upside
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Project maturation and upside potential lifting value creation by over 160%3 Tullow | 2026 Half Year Results 15 Evolution of the value creation potential 1 1 January 2027 point forward 2 Excluding J72-P well, onstream in July 2025 and six wells onstream in 2026 3 2P at year-end 2025 to Upside at mid-year 2026 Tangible value creation YE2025 to MY2026 Business Plan (then and now)2 8 Jubilee wells 11 Jubilee wells 5 TEN wells 9 TEN wells Campaigns 1-3 Campaigns 1-3 TEN Petroleum Agreement extension Upside (then and now)2 14 Jubilee wells 21 Jubilee wells 9 TEN wells 9 TEN wells Campaigns 1-5 Campaigns 1-5 3P/3C reserves/resources 2P/2C reserves/resources Over 30 wells across five ILX projects 2P (then and now)2 4 Jubilee wells 11 Jubilee wells 4 TEN wells 4 TEN wells Campaigns 1-2 Campaigns 1-2 Jubilee Petroleum Agreement extension NFA improvement 1.2 1.5 1.9 1.5 1.9 3.2 2P Business Plan Upside 2025 YE 2026 MY 2026 BP 2027 BP 2026 Upside 2027 Upside Group NPV12 at $70/bbl flat real1 ($bn)
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Conclusion 2026 Half Year Results 16
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Strategic, operational and financial progress across 2025-26 and beyond 17 Foundational successes leading to operational strength Tullow | 2026 Half Year Results Building on foundations laid, delivering exceptional performance and significant opportunities ahead Foundational delivery • Value accretive divestments with c.$400 million proceeds • Comprehensive refinancing transaction complete • Petroleum Agreement extensions ratified and gas payment security mechanism agreed with GoG • 4D/OBN data providing key well insights De-risked Business Plan • Reserves growth with over 380% 1H reserves replacement • Riser-based gas lift in western Jubilee • Multi-phase pump projects in FEED stage • Campaign 2 (2027-28) – wells increase and rig commitment • Campaign 3 (2029-30) – wells increase Positive growth outlook • Material infrastructure-led and near-field exploration prospects • Stable Ghanaian investment climate • Improving long-term project economics • Increasing confidence in addressing debt • At least 60% access to oil price upside Outstanding performance • High production performance from new wells • Improved production performance from existing wells • Cash flow management and receivables reduction • Lower geopolitical risk and higher oil price environment • Further cost optimisation 2025-26 2026 2026-30 Longer-term
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Tullow Oil plc 9 Chiswick Park, 566 Chiswick High Road London W4 5XT United Kingdom Tel: +44 (0)20 3249 9000 Email: ir@tullowoil.com Web: www.tullowoil.com