Tullow Oil Geology before Geography - Finding · PDF fileTullow Oil –Geology before Geography Finding Petroleum Conference 20-21 January 2010 Angus McCoss, Exploration Director

Tullow Oil – Geology before GeographyFinding Petroleum Conference 20-21 January 2010

Angus McCoss, Exploration Director

Slide 4Finding Petroleum Conference 20-21 January 2010

Introduction – Tullow Oil


The Tullow footprint

Africa Rest of the World

Europe South Asia South America

1 French Guiana

E

2 Guyana E

3 Suriname E

1 Bangladesh

EDP

2 Pakistan EP

1 Netherlands E

2 Portugal E

3 United Kingdom

EDP

1

2

3

4

5

6

7

8

Key: E Exploration D Development P

ProductionAngola E

Congo (Brazzaville)

DP

Congo (DRC) E

Côte d'Ivoire EDP

Equatorial Guinea

DP

Gabon EDP

Ghana ED

Liberia E

Madagascar E

Mauritania

EDP

Namibia D

Senegal E

Sierra Leone

E

Tanzania E

Uganda ED

9

10

11

12

13

14

15

Group highlights – First Half

2009

South America

• 3 countries

• 4 licences

Europe

• 15,158 boepd• 3 countries• 31 licences• 18 producing fields

Africa

• 38,750 boepd

• 15 countries

• 49 licences

• 17 producing fields

South Asia

• 5,357 boepd

• 2 countries

• 8 licences

• 3 producing fields


Mid 2009 Reserves & Resources

1H 2009 production

Group Production & Development performance

6%

Europe OtherAfrica36%

2%Asia

Europe26%

9%Asia

Africa65%

Gas34%

Oil66%

Total Resource potential approaching 2.5bnboe

• Reserves & Resources - 807 mmboe*

- Commercial reserves - 303 mmboe

- Contingent resources - 504 mmboe

• Minor African additions offset by Asian disposal and Ketch underperformance

• Potential for year end Ghana and Uganda resource additions

- 2009 Uganda discoveries under review (>200 mboe)

- Tweneboa and Mahogany discoveries to be included post appraisal

*does not include Mahogany-3, Tweneboa-1 or H1 2009 Ugandan discoveries

First half production 59,265 boepd

• Excellent performance from African & Asian assets

- Ceiba and Okume exceeding expectation

- Espoir FPSO upgrade project ongoing

- M’Boundi water injection project on track for 200kbwpd

- Bangora workover completed & production upgraded

• UK impacted by mixed results from infill drilling

• 2009 full-year forecast 58,000 boepd

• 2010 focus on Ghana first oil and Uganda EWT

807mmboe

DevelopedReserves

UndevelopedReserves

ContingentResources

RiskedProspective

upside

23%Ghana

33%

Uganda

59,265boepd

~2.5bn boe


Geological & value focus for success in E & A and XBD

SourceCharge

Reservoir

Trap

Seal

The World100% (500 mln sq km)

The “Oil Patch”0.5% (2.5 mln sq km)

Highest Value Quartileof the “Oil Patch”

0.125% (0.625 mln sq km)

• Geology before Geography• Collaborative value-based exploration• Prospects compete against Prospects


Major discoveries:

• Giraffe-Buffalo

• Tweneboa-1

• Ngassa-2

• Venus B-1

• Mahogany-4

1,140 sqkm3D PSTM

Netherlands

Seismic Drilling

Acquisition

Processing

Full TensorGravity

Offshore

Onshore

142 sqkm of550 2D sqkm survey

Pakistan

Uganda – 9 wells

Giraffe-1 (Rii)

Mputa 5

Karuka-2

Nsoga-1

Awaka-1

Kigogole-3

Wahrindi-1

Ngara-1

Ngassa-2

2,700 sqkm FTG

1,768 sqkm 2D PSTM

527 sqkm 3D PSTM

50 sqkm 3D PSDM

1,064 sqkm3D PSDM

Mauritania

858 sqkm3D PSTM

Gabon

255 sqkm3D PSDM

Guyana

1,889 sqkm3D PSTM

93 sqkm of 3D1,889 sqkm survey

Tweneboa-1

Ghana – 4 well

570 sqkm 3D PSTM

4,022 sqkm of6,164 3D sqkmsurvey

Liberia

Côte d’Ivoire – 1 well

SGL-1

1,517 sqkm3D PSTM

Mahogany-4

Venus B-1

Sierra Leone – 1 well

1,348 sqkm3D

French Guiana

2,185 sqkm of 2,500 sqkm 3D survey

87% global exploration success rate in 2009

Odum-2

Mahogany Deep-2

http://www.westerngeco.com/content/services/marine/multicomponent/index.asp?












Ghana and extending the Jubilee play


When it all began: Cenomanian / Turonian 93.5 Ma


World-class opportunities offshore Ghana

New deepwater plays opened

• Jubilee field discovery – June/August 2007

• Odum discovery – February 2008

• Tweneboa discovery – March 2009

Jubilee field appraisal (600-1200-1800 mmbo)

• Multiple appraisal wells confirm giant discovery

• Exceptional reservoir and fluid properties

• Reservoir connectivity over several kilometres

Tweneboa area appraisal

• Tweneboa-2 finds thicker sands down-dip

• Major oil and gas-condensate field

• Owo-1 targets thick channel west of Tweneboa-1

Realising more upside

• Teak-1 to test plays up-dip from Jubilee

• Maturing options for Onyina & Walnut

• Large Turonian leads emerging east of Jubilee

Multiple TuronianJubilee-type leads

emerging fromongoing seismicinterpretation


Key Exploration & Appraisal wells in Ghana

Potential H1 2010 E&A wells

• Mahogany-5

• Teak-1

• Owo-1

• Other E&A wells

2010 being scheduled based on rig availability and budget approvals. Formal update in Trading Statement on 27th Jan.

Greater Jubilee appraisal area Tweneboa exploration & appraisal area

21m net light hydrocarbon pay

153m gross reservoir

32m net light hydrocarbon pay

15m net gas condensate

17m net oil

350m combined column


West African Equatorial Atlantic follow up of Jubilee play

• Commanding acreage position – working the Jubilee play westwards and eastwards

• Jubilee play expanded westwards with success at Tweneboa and now moves into Cote d’Ivoire

• A proven petroleum system at Venus has de-risked numerous prospects in Tullow’s acreage


Upside potential throughout Equatorial Atlantic region

Jubilee play follow-on strategy

• Capitalising on knowledge of working plays

• Aim to repeat transformational performance

• Building strong acreage position

• Leveraging expertise built

Positions strengthened in Africa

• Established in Ghana and Cote d’Ivoire

• New entrant in Liberia and Sierra Leone

Atlantic twin basins in South America

• Established in French Guiana and Suriname

• New entrant in Guyana

Cretaceous Period plate reconstruction


Atlantic twin basins in South America

French Guiana – Guyane Maritime licence

• Prospective Jubilee stratigraphic-trap analogues identified on Eastern Slope

• Billion barrel potential in giant Matamata prospect further supported by basin modelling

• Commenced a 2,500-3,000 sq km 3D seismic programme in September 2009

• Agreed to farm down 33% equity interest to Shell (option to farm in to an additional 12%)

• Agreed to farm down 25% equity interest to Total

• Tullow currently operator with 39.5% equity interest


Uganda – Successful exploration & commercialisation


Uganda exploration continues to deliver

Exceptional success in Lake Albert Rift Basin

• 27 wells drilled so far – 26 found hydrocarbons

• 8 discoveries out of 9 wells in 2009

• 700+ mmbo discovered (excluding Ngassa)

• Over 1.5bn barrels potential yet to find

Butiaba

• Giraffe-Buffalo 300mmbo oil field discovered

• Laterally extensive Kasamene sands proven

• Nsoga-1 makes material discovery

• Awaka-1 dry-hole but finds new sand fairway

• Block 1&2 drilling to recommence in early 2010

Ngassa

• Good quality oil and reservoir

• Potential for significant oil column down-dip

• Field may cover 150 sq km

• With further appraisal, Ngassa has the potential

to be the largest discovery in the basin


Butiaba acceleration through new low cost technology

Low cost “GraviSeisTM” accelerates appraisal

• Butiaba oil fields defined in 3D

• Identifies new prospects

• Significant cost savings (5% of 3D seismic)

• Negligible environmental impact

• Delivered in months not years

3D “GraviSeisTM” innovation

• Industry focus on Electromagnetic-Seismic

• Tullow leads 3D “GraviSeisTM” breakthrough

• Well, seismic & FTG data being integrated

Working closely with technology partners

• Ikon Science Limited

• Bell Geospace

Leading-edge integration of full tensor gravity gradiometry & 2D seismic data


Conclusion


Industry leading performance

• Outstanding drilling success rate in 2009 – 87%

• Continue to build an exciting exploration portfolio

• Major world class basins to be further explored and appraised

• Well positioned to create significant further shareholder value


Q&A


Tullow Oil plc

3rd Floor, Building 11Chiswick Park, 566 Chiswick High Road

London, W4 5YS

Tel: +44 20 8996 1000

Fax: +44 20 8994 5332

Investor Relations Contact

Chris Perry: [email protected]

Documents

Tullow Oil Geology before Geography - Finding · PDF fileTullow Oil –Geology before Geography Finding Petroleum Conference 20-21 January 2010 Angus McCoss, Exploration Director