COMPANY PROFILE November countries 145+ licences 65+ producing fields 2,000+ total workforce

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1 COMPANY PROFILE November 2014 Tullow Oil plc is Africa s leading independent oil company. Our exploration-led growth strategy is to generate value from the oil we find, through selective developments and the monetisation of assets. We are focused on commercial light oil in Africa and the Atlantic Margins. We are a highly successful explorer, opening five new oil basins in the last seven years. The Group continues to invest in its existing production assets and future development projects, which generate significant cash flow to fund the business. FOOTPRINT 22 countries 145+ licences 65+ producing fields 2,000+ total workforce Our portfolio of over 145 licences spans 22 countries and is organised into three regions. We are headquartered in London and have corporate offices in Ireland, Ghana, Uganda and South Africa. We have a total global workforce of over 2,000 people, with approximately 50% of these working in our African operations. Our shares are listed on the London, Irish and Ghana Stock Exchanges and the Group is a constituent of the FTSE 100 index. Our vision is to be the leading global independent exploration and production company and we believe we will achieve this through a continuing focus on core plays across Africa and the Atlantic Margins. Our portfolio of licences combines world-class exploration opportunities with further potential production growth from the discoveries we have made in Ghana, Uganda and Kenya. We are Africa s leading independent oil company with 49 licences in 12 countries across the continent. Ghana and Uganda have been the main focus of the company s capital spend and operational activities since 2007, where numerous fields have been discovered and developed. More recently, exploration in Kenya and Ethiopia has been a major focus for the business and will continue to be so as we look to make further discoveries and move to towards development of the discovered resources. In Uganda, Tullow has held interests in licences in the Lake Albert Rift Basin since To date, over 70 wells have been drilled and 1.7 billion barrels of recoverable oil resources have been discovered. In February 2014, a Memorandum of Understanding (MoU) was signed between the Government of Uganda and Tullow, CNOOC and Total, which outlines the framework for the Lake Albert Rift Basin development which is targeting over 200,000 bopd gross production. The export of the Ugandan and Kenyan crude will be an integrated project requiring a regional pipeline. The governments have signed an MoU and formed a Steering Committee to progress the pipeline project. In Ghana, the world-class Jubilee field was discovered in First oil production commenced on schedule in November 2010 and production averaged 103,000 bopd gross in 1H Tullow received Plan of Development (PoD) approval for the Tweneboa, Enyenra and Ntomme (TEN) fields in May 2013 and the development project is progressing on budget and is scheduled for first oil in mid-2016 with a gross facility capacity of 80,000 bopd. We have a well established growth strategy and take a long-term perspective on developing our business. Our clear strategic priorities focus on operating in a responsible way in order to build a more sustainable business and make positive contributions to the societies where we operate, whilst delivering substantial returns to shareholders. Vision To be the leading global independent exploration and production company Objective To deliver substantial returns to shareholders as well as fulfil our commitments to make a positive and lasting contribution where we operate Strategy To achieve sustainable long-term value growth Strategic Priorities Execute selective high-impact exploration and appraisal programmes Safely manage and deliver all major projects and production operations, increasing cash flow and commercial reserves Manage our assets to enhance our portfolio, replenish upside potential and support funding needs Ensure safe people, procedures and operations and minimise environmental impacts Achieve strong governance across all Tullow activities and continue to build trust and reputation with all stakeholders Build a strong unified team with excellent commercial, technical and financial skills and entrepreneurial flair Nurture long-term relationships with local governments, communities and key stakeholders Learn more about us online at /OurBusiness

2 Financial and operational highlights 1H 2014 HALF-YEARLY RESULTS SUMMARY In the first half of 2014, Tullow made further important discoveries in Kenya and Norway and we have a concentrated exploration campaign planned for the next 18 months. We have also made good progress with the TEN project in Ghana, with our discussions with host governments on our developments in East Africa, and with our financing. With strong revenues and cash-flow from our existing production and a well funded and diverse balance sheet, Tullow is well placed for the remainder of this year and into H 2014 Production Reserves and Resources 1H 2014 Revenue 1H 2014 Capital Expenditure 78,400 BOEPD 1,396 MMBOE $1,265 M $1,048 M 63,900 BOEPD 655 MMBOE 580 MMBOE $1,100M $310M $165M $101M 14,500 BOEPD 161 MMBOE $637M West & North Africa South & East Africa Europe, South America & Asia 1H 2014 Half-yearly highlights Revenues and gross profit for the period in line with expectations; exploration write-offs and a loss relating to the Uganda farm-down result in a loss after tax; interim dividend remains unchanged at 4p Balance sheet well funded following second $650 million bond offer and $750 million re-financing of corporate revolving credit facility; net debt and unutilised debt capacity at period end of $2.8 billion and $2.3 billion respectively West African oil production averaged 63,900 boepd in the first half; strong underlying performance from core assets offset by nonbooking of c.3,000 boepd due to ongoing licence negotiations in Gabon. Full year guidance for the region remains 64-68,000 boepd. In Ghana, the Jubilee field is on target to average full year gross production of 100,000 bopd European gas production averaged 14,500 boepd in the first half, below expectations due to underperformance at Schooner-11. Full year guidance for the region revised to 13-14,000 boepd. Sale agreed for Schooner and Ketch in the UK Southern North Sea to Faroe Petroleum (U.K.) Limited for a total consideration of $75.6 million Good progress in major West and East Africa developments; TEN project in Ghana 30% complete, on budget and on track for First Oil in mid-2016; important MoU signed with Government of Uganda; Government of Kenya and the Partners are aligned in their ambition to reach project FID for development by the end of 2015/early 2016 Exploration in Kenya continues with wildcat successes at Amosing-1 and Ewoi-1 supporting the Pmean discovered resource estimate of 600 mmbo; E&A campaign continues in the second half and into 2015 with basin and play testing campaigns in Kenya, Norway, Suriname and Gabon FINANCIAL CALENDAR January Trading statement and operational update 11 February Full year results 30 April Interim management statement & AGM 1 July Trading statement and operational update 29 July Half year results 2014 Half-yearly results summary 1H H 2013 Change Sales revenue ($m) 1,265 1,347-6% Operating profit ($m) % Profit before tax ($m) % Profit after tax ($m) % Basic earnings per share (cents) % Interim dividend per share (pence) 4 4 No change Find the latest information in our reporting centre at /reports 02

3 Tullow at a glance WEST AND NORTH AFRICA Tullow s African production today accounts for around 80% of the Group s total production coming from Ghana, Equatorial Guinea, Gabon, Côte d Ivoire, Congo (Brazzaville) and Mauritania. Whilst the main development and operating focus is on the Jubilee and TEN projects offshore Ghana, Tullow has ongoing development activities across its non-operated areas to help maintain production across these fields at around 30,000 boepd. OVERVIEW 7 countries 34 licences 78,000+ acreage (sq km) TEN Development on track for first oil mid-2016 Jubilee Production in 2014 to average around 100,000 bopd Tullow s history began in North-West Africa when it acquired its first African licence in Senegal in Since then the region has grown to become a core area of Tullow s operations. The transformational acquisition of Energy Africa in 2004, added a further five producing countries to the portfolio. In 2007, the Hardman Resources acquisition brought Tullow further production from licences in Mauritania. The Jubilee field is now Tullow s largest producing asset and along with TEN, which is due on stream mid-2016, the West Africa business unit has the potential in the future to deliver over 100,000 bopd net to Tullow, generating over $2.5bn pre tax operating cash flow. Ghana Tullow has interests in two exploration licences offshore Ghana. In 2007, two successful exploration wells discovered the substantial Jubilee field, which straddles the Deepwater Tano and West Cape Three Points blocks. In November 2010, the Jubilee field was brought on stream having been successfully developed by Tullow (the operator), and the Jubilee partners. Jubilee gross field production averaged around 103,000 bopd in 1H The onshore gas processing facilities, which allow for the offtake of Jubilee associated gas, has been connected to the Jubilee FPSO. Testing will complete towards the end of 2014, and a gradual increase in production will occur during Capacity production of 120,000 bopd will be achieved in the fourth quarter In May 2013, the Government of Ghana formally approved the TEN PoD. This paved the way for Tullow and its partners to proceed with the development. The project is on target to deliver first oil in mid-2016, which will be followed by a steady ramp up to an expected FPSO gross production facility capacity of 80,000 bopd. Development of the TEN Project requires the drilling and completion of up to 24 development wells (10 ready for first oil) which will be connected through subsea infrastructure to an FPSO vessel, moored in approximately 1,500 metres of water. The overall cost of the development is estimated to be $4.9 billion, excluding FPSO lease costs. All major contracts, including the FPSO and subsea infrastructure were awarded at project sanction. The West Leo rig has been secured to carry out the drilling and completion of the development wells. In October 2013, the Centennial Jewel trading tanker arrived in the Jurong Shipyard in Singapore, where it begun its conversion into the TEN FPSO. By the end of 2014, Tullow expects the project to be 50% complete. Rest of West and North Africa Tullow has exploration, development and production activities in six other West and North African countries. Daily net production in 1H 2014 from Congo Brazzaville, Côte d Ivoire, Equatorial Guinea, Gabon and Mauritania averaged 27,200 boepd. Tullow continues to seek to minimise the decline of these mature fields. Ongoing infill drilling campaigns will maintain future average production at around 30,000 boepd. In October 2014, Tullow announced that the Sputnik-1 well in Gabon, exploring the offshore pre-salt Arouwe block had encountered non-commercial hydrocarbon pay. In addition, two wells were drilled offshore Mauritania in 2013 and 2014 and the results from these and other wells are being evaluated before plans are made for the future drilling programme in West & North Africa. Follow our progress online at /Operations 03

4 Tullow at a glance SOUTH AND EAST AFRICA Tullow has had significant exploration success in the South and East Africa rift basins opening the Lake Albert Rift Basin in Uganda and more recently the South Lokichar Rift Basin in Kenya. Appraisal and testing activities continue in Uganda and an accelerated exploration, appraisal and testing campaign is under way in Kenya. OVERVIEW 5 Countries 15 Licences 130,000+ acreage (sq km) Discoveries Nine successful wildcat discoveries from 11 exploration wells in South Lokichar, Kenya MoU Signed in Uganda; making progress towards East Africa development Kenya and Ethiopia Tullow s onshore acreage in Kenya and Ethiopia includes Blocks 10A, 10BA, 10BB, 12A, 12B & 13T in Kenya and the South Omo block in Ethiopia. Tullow operates all seven of these blocks, has a 50% interest in six of them and a 65% interest in Block 12A. The onshore acreage covers the Kenya- Ethiopia Rift Basins where a significant number of leads and prospects have already been identified on seismic. Exploration drilling commenced in January 2012 with the Ngamia-1 wildcat well in Block 10BB which made a significant oil discovery. This result demonstrates that substantial oil generation has occurred in the South Lokichar Basin, which is one of ten basins in the acreage, each of which is similar in magnitude to the Lake Albert Rift Basin in Uganda. This has since been followed by further exploration success with a total of 9 wildcat discoveries being made from 11 exploration wells. As a result of the significant discoveries made to date, Tullow estimates Pmean discovered resources in the South Lokichar basin to be over 600 mmbo gross. A significant programme of some 40 exploration, appraisal and testing wells in 2014 and 2015 will assess not only the South Lokichar Basin, but further Tertiary Rift Basins across Tullow s Kenyan and Ethiopian acreage. Tullow tested the first of these additional basins in October 2014 with the Kodos-1 well in the Kerio basin. No oil was found at the well, but hydrocarbon shows were encountered indicating the presence of a petroleum system. The Epir-1 well, in a northern sub-basin, began drilling in November, with a result expected around the end of Tullow is currently operating three rigs in the region, the PR Marriott 46, Weatherford 804 and SMP-106. Uganda Since entering the Lake Albert Rift basin in 2004 through the acquisition of Energy Africa, Tullow has drilled over 70 wells and discovered 1.7 billion barrels of recoverable resources. In February 2012, Tullow completed the $2.9bn farm-down of two thirds of its interests to CNOOC and Total, setting up an aligned partnership to develop and produce the significant discovered and potential resource base. Tullow, CNOOC and Total have now completed their joint technical work to define the conceptual basin development plan. This plan is based on three main oil and gas processing centres at Buliisa, Kaiso Tonya and Kingfisher, which will deliver a combined oil production rate in excess of 200,000 bopd from over 700 wells, linked by extensive control and export infrastructure. A Memorandum of Understanding (MoU) agreeing a commercialisation plan with the Government was signed on 5 February The MoU concept involves an integrated development of the upstream discoveries, an export pipeline and a refinery with capacity of 30,000 bopd which can be increased to 60,000 bopd in the future. Rest of South and East Africa In Namibia, Tullow has been discussing the future of its stake in the Kudu gas development project, and while Tullow is committed to assisting the government in moving it forward to a Final Investment Decision, the Group will not be investing capital in the development as other projects currently rank higher in the capital allocation process. Also in Namibia, in October 2014, Tullow completed a farm-in to offshore exploration licence PEL 0030 which covers Block 2012A and is operated by Eco Atlantic. Tullow s interest is 25% during the seismic phase but can increase to 40% with operatorship, if a prospect is selected for drilling. Follow our progress online at /Operations 04

5 Tullow at a glance EUROPE, SOUTH AMERICA AND ASIA Tullow has traditionally looked to Europe and Asia to provide revenues from gas production. However, divestment of non-core assets is in progress in order to focus on exploration, particularly in Norway and South America. OVERVIEW 10 Countries 97 Licences 137,000+ acreage (sq km) Recent entries Jamaica exploration acreage added to portfolio Norway Basin opening exploration success in Barents Sea Divestment of mature Asian and North Sea gas assets ongoing Europe Tullow s activity in the UK formed an important part of the Group s growth story. In 2000, Tullow acquired a number of Southern North Sea producing gas assets from BP which were the catalyst for a transformational period of accelerated growth, sales and profits. Tullow became a leading player in the CMS and Thames/ Hewett areas and has since succeeded in extending the life of these mature assets through focused cost reduction, successful exploration and innovative developments. The Southern North Sea assets in the UK and Netherlands provide cash flow to the Group from gas production. In December 2012, Tullow announced its intent to sell these gas assets due to the continued focus on high-impact conventional light oil exploration activities in Africa and the Atlantic Margins. The sales process is ongoing but in October 2014, the sale of 53.1% of Schooner and 60% of Ketch to Faroe Petroleum (U.K.) Limited was completed. In September 2014, Tullow signed an agreement to sell its operated and non-operated interests in the L12/L15 area in the Netherlands along with non-operated interests in blocks Q4 and Q5 to AU Energy, a subsidiary of Mercuria Energy Group Ltd. This deal is expected to complete early in On 31 October 2014 Tullow completed an agreement to sell its interest in the Norwegian Brage field to Wintershall for a cash consideration of $6.8 milion with the sale being effective from 1 January In Norway, Tullow has a significant exploration position following the acquisition of Spring Energy in 2012 and subsequent acreage awards in recent licensing rounds. The Group built on the success of the basin opening Wisting Central discovery made in 2013 with a follow up discovery at Hanssen. A number of exploration wells are planned over the coming 18 months. South America Tullow has significant exploration acreage in South America with offshore exploration licences in French Guiana, Guyana, Suriname, Uruguay and Jamaica. The Group is seeking to repeat the success of the West African Jubilee play across the Atlantic in South America and establish this area as a new petroleum province. Tullow signed a new Production Sharing Agreement for a large prospective acreage position offshore Jamaica in November The Walton Morant licence covers 32,065 sq km and includes 10 full blocks and one part block in shallow water to the south of Jamaica. In the initial three and a half year exploration period, Tullow will carry out low cost studies, reprocessing work and, if the company elects to proceed, acquisition of new 2D and 3D seismic In September 2011, Tullow successfully drilled the Zaedyus-1 exploration well in French Guiana which was followed by an extensive appraisal and exploration programme which ended in November There is now be a break in drilling activities to allow a review of the well results and seismic across the licence. In Guyana, Tullow has a 30% interest in the offshore Kanuku Block. In Suriname, a 3D seismic programme in late 2012 on the Tullow operated Block 47, indicated the presence of a major deepwater turbidite system. An attractive prospect inventory has been completed and ranked. Offshore Suriname, Tullow has a 50% interest in Block 54 jointly with Statoil, and a 30% equity stake in Block 31 where the Spari prospect has been identified as a potential exploration well for Tullow also has acreage offshore Block 15 in Uruguay, with commitments to carry out 3D seismic. Asia Tullow is awaiting Government consent to complete the sale of its Pakistan subsidiary to Ocean Pakistan Ltd. 05

6 Management and corporate responsibility EXECUTIVE DIRECTORS The Board currently comprises a non-executive Chairman, five Executive Directors and seven independent non-executive Directors. Each of the Directors has extensive knowledge of the oil and gas industry. Aidan Heavey Chief Executive Officer A founding Director and shareholder of the Company, Aidan Heavey has played a key role in the development of Tullow from its foundation in 1985 to its current international status as a leading independent oil and gas exploration and production group. Angus McCoss Exploration Director Angus McCoss was appointed to the Board in December Prior to joining Tullow in April 2006 as General Manager Exploration, Angus had 21 years of wide-ranging exploration experience, working primarily with Shell in Africa, Europe. Ian Springett Chief Financial Officer A chartered accountant, Ian Springett was appointed both Chief Financial Officer and a member of the Board in September Prior to joining Tullow, Ian worked at BP for 23 years where he gained a wealth of international oil and gas experience. Paul McDade Chief Operating Officer Paul McDade was appointed to the Board in March 2006 after joining Tullow in An engineer with over 25 years experience, Paul has worked in various operational, commercial and management roles in Conoco, Lasmo and ERC. Graham Martin Executive Director & Company Secretary Graham Martin is a UK solicitor and joined Tullow as Legal and Commercial Director in Graham has over 30 years experience of UK and international corporate and energy transactions. He was appointed General Counsel in 2004 and Company Secretary in Find out more online at /Board CORPORATE RESPONSIBILITY Creating shared prosperity represents Tullow s commitment to ensuring that the success of the oil and gas industry brings long-term social and economic benefits to the communities and countries where we operate. Creating shared prosperity is a strategic priority for the Group and our approach focuses on eight components: Our financial performance underpins our ability to meet our commitments to our employees, suppliers and providers of capital. Our approach to governance, the environment, health & safety (EHS), people, supply chain, local content and social performance directly affect our ability to run our business successfully. Finally, stakeholder engagement is a critical tool across all aspects of our business, ensuring we operate effectively and responsibly, and provide our stakeholders with the channels to raise issues of concern or interest. We are committed to engaging with the citizens and governments of our host countries with integrity in transparency. We first published all our payments to governments in 2012, and we have further enhanced this disclosure in our 2013 Annual Report. In 2013, we paid over $870 million to governments and spent $217 million with local businesses, which represents a significant component of our overall economic contribution. Find out more Visit the Corporate Responsibility section of our website where you can also find our 2012 Corporate Responsibility Report. /cr 06

7 Glossary & Contacts GLOSSARY bn billion boepd barrels of oil equivalent per day bopd barrels of oil per day CNOOC Chinese National Offshore Oil Corporation Euros FPSO Floating Production Storage and Offtake vessel FTSE 100 Financial Time Share Index of largest 100 firms by market capitalisation listed on the London Stock Exchange km kilometres mm millions mmbo million barrels of oil mmboe million barrels of oil equivalent POD Plan of Development Rift Basin This is a regional accumulation of sediment deposited where the earth s crust has been extended and rifted by plate tectonics. Rift basins are typically bounded by long and parallel basin-bounding faults. A thick wedge of sediments, including reservoirs, is deposited between these faults. Other faults within the rift basin establish structural traps for petroleum, which is liberated from deeply buried shale rich in organic material. sq km square kilometres TEN Tweneboa, Enyenra, Ntomme cluster of fields discovered in Ghana US$ American dollars CONTACT US Head office Tullow Oil plc 9 Chiswick Park 566 Chiswick High Road London W4 5XT United Kingdom Tel: +44 (0) Fax: +44 (0) info@tullowoil.com Other contacts Company Secretary companysecretary@tullowoil.com Our websites Corporate website Corporate responsibility csr@tullowoil.com Mobile site /mobile Environment, health and safety ehs@tullowoil.com Ghana website /ghana Investor relations ir@tullowoil.com Investors /investors Supplier centre /supplier_centre Human resources /careers 2013 Annual Report /files/reports/ara Corporate Responsibility Report /cr 07

8 STAY UP TO DATE Our main corporate website has key information about our business, operations, investors, media, corporate responsibility and our people. ONLINE COMMUNICATIONS Financial results, events, corporate reports, webcasts and fact books are all stored in the Investor Relations section of our website. /investors 2013 Annual Report and Accounts /ara2013 Results, Reports and Presentations /reports INVESTOR RELATIONS APP Our Investor Relations & Media App for tablets and smart phones enables easy access to our suite of investor materials such as results announcements, presentations, videos, webcasts and images while on the move. You can access this directly by scanning the QR code below. SUPPLIER CENTRE Tullow s supplier centre provides local and international companies the facility to view expressions of interest and register their interest to become a supplier. /supplier_centre MOBILE Live news and share price information on your phone. m.tullowoil.com FOLLOW US twitter.com/tullowoilplc youtube.com/tullowoilplc facebook.com/tullowoilplc linkedin.com/tullowoilplc E-communications All documents on the website are available to view without any particular software requirement other than the software which is available on the Group s website. For every shareholder who signs up for electronic communications, a donation is made to the etree initiative run by Woodland Trust. You can register for communication at: 08