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Meeting the Challenge Contents Tullow Oil plc Annual Report and Accounts 2007 Meeting the challenge Contents Group overview 2 What we do 6 Chairman’s statement Tullow is one of Europe’s leading By building on the progress made 2 What we do independent exploration and in 2007, Tullow has the potential to production companies. The Group more than double in size. As a Group, 4 Where we operate has a balanced portfolio of quality oil we have the ability and the appetite 6 Chairman’s statement and gas assets, across 23 countries to ensure we meet this challenge with an interest in 106 licences. and continue to deliver superior shareholder value. Directors’ report: Business review 8 Chief Executive’s review Tullow’s strategy is based on having a long-term view and continually 8 Chief Executive’s review investing to grow the value of the 12 Operations review business. This delivered again in 14 Africa 2007 with exceptional exploration success together with record 24 Europe production and cash flow. 30 South Asia 12 Operations review 34 Corporate responsibility Continued growth will bring with it 32 South America We provide sustainable support to new challenges and through case 34 Corporate and social responsibility local communities and work hard to studies on pages 18, 22, 28 and 36 protect people and the environment. 40 Finance review we show how we are meeting the 44 Risk factors challenges of successful partnership, 40 Finance review long-term growth, managing a mature With focused investment over basin and supporting education. the coming years, reserves and production have the potential to reach multiples of current levels. Directors’ report: Corporate governance 46 Board of Directors 48 Corporate governance Tullow is subject to a high degree of The Board’s overall objective is to regulation and stakeholder scrutiny provide strategic leadership, guidance 46 Board of Directors and it is paramount that the business and perspective to the business on 48 Corporate governance is effectively managed by the behalf of the shareholders. This year, 57 Directors’ remuneration report Executive and governed by the Board. the Chairman provides a new and personal introduction to Corporate 67 Other statutory information Governance which includes Board performance and development, Tullow’s governance structure and planning for the future. Financial statements 117 Shareholder information 121 Senior management Following the resolution passed at We continue to invest in the best last year’s Annual General Meeting, 68 Statement of Directors’ responsibilities talent to ensure we remain a great Tullow wrote to all shareholders place to work with a strong and 69 Independent auditors’ report explaining the new electronic versatile team. Tullow’s exciting and 70 Group financial statements communication arrangements and visible success has been a key factor consulted with shareholders to see 99 Independent auditors’ report in attracting top people. how they now wished to interact with 100 Parent company financial statements the Group. This year nearly 7,000 124 Glossary 109 Five year financial summary shareholders will receive this annual The oil and gas industry uses many technical terms. For ease of use 110 Licence interests report by e-delivery, which has significantly reduced the number and understanding we have included 116 Reserves summary of printed documents, leading to some of the key terms on this page a reduction in the environmental in a summary glossary. A full Supplementary information impact of waste paper. glossary can be found on page 124. 117 Shareholder information 118 Additional shareholder information 121 Senior management 122 Contacts 123 Index 124 Glossary Summary glossary Go online at: http://annualreport bbl Barrel KPI Key Performance Indicator 2007.tullowoil.com boe Barrels of oil equivalent LTI Lost Time Incident boepd Barrels of oil equivalent per day LTIFR LTI Frequency Rate measured in bopd Barrels of oil per day LTIs per million hours worked CSR Corporate and Social Responsibility mmbbl Million barrels EHS Environment, Health and Safety mmboe Millions of barrels of oil equivalent EPS Early Production System mmscfd Millions of standard cubic feet per day FPSO Floating Production, Storage and PSC Production Sharing Contract Offtake vessel TSR Total Shareholder Return 2007 was an exceptional year for Tullow. The Group recorded its largest ever discovery, the Jubilee field offshore Ghana, continued its successful exploration in Uganda, and generated record production, sales revenue, operating cashflow and growth in reserves and resources. Tullow is capable of growing substantially in the coming years and has the strategy, the assets and the team to achieve this. The outlook for 2008 and beyond is extremely promising. 2007 Results summary • The financial performance of the Group overall was solid, including record operating cashflow before working capital of £474 million. • African assets have transformed the Group, driven by exceptional discoveries and strong production growth, up 21% to 40,300 boepd. • The UK delivered broadly stable production, two new field developments and a successful gas discovery. • South Asia reported a 143% increase in average production from gas field developments in Pakistan and Bangladesh. Key financial highlights Sales revenue (£ million) 2007 sales revenue Operating profit (£ million) Operating profit before increased by 10% as a exploration activities 2007 262.2639 result of increased sales 2007 189 declined 28% due to volumes and higher oil increased depreciation 2006 579 prices, offset by weaker 2006 263 charges, partly offset by 2005 445 UK gas prices. 2005 199 production growth and strong oil prices. Profit before tax (£ million) Increased finance costs Operating cash flow (£ million) Record operating cash and recognition of a loss flow before working 2007 114 on hedging significantly 2007 474 capital facilitated impacted profit before £370 million capital 2006 263 tax, which declined 57% 2006 447 investment in the 2005 179 to £114 million. 2005 309 Group’s exploration and development activities. Basic earnings per share (p) The decline in basic Dividend per share (p) The Board has a high earnings per share level of confidence in 2007 7.1 reflects lower UK gas 2007 6.0 the Group and its future prices and increased profit potential and has 2006 24.2 depreciation charges, 2006 5.5 proposed a 14% increase 2005 17.5 exploration write-offs 2005 4.0 in the final dividend. and interest charges. For further information on our results see the Finance review on page 40 to 43. Tullow Oil plc Annual Report and Accounts 2007 1 Group overview What we do Tullow Oil plc is one of Europe’slargest independent exploration and production companies and operates a versatile and balanced worldwide portfolio of quality oil and gas assets, managed by a team with excellent technical, commercial and financial skills. Production and development Our producing assets performed strongly during 2007, driving Group output to 73,100 boepd. 2008 has the potential to be another transformational year as we prepare to develop and operate the world-class Jubilee field in Ghana. Tullow has a high quality, diverse portfolio of production and development assets. Over the last few years the Group has developed a strong track record of reserves and production growth and has delivered material value. Tullow is now entering a new phase in its development, operating major projects in both Ghana and Uganda that individually have the potential to more than double current reserves and production. 73,100boepd +13% 2007 Working interest production Jim McCann with Marathon representative on Tchatamba platform in Gabon Exploration 2007 was an extraordinary year for Tullow’s exploration team with an overall success rate of 56% across our global exploration programme and the discovery of the Jubilee field, offshore Ghana, the Group’s largest oil discovery to date. Tullow’s exploration strategy is to build on the success of recent years, focusing on four core plays where our track record is strongest. Geology is considered over geography as a fundamental principle in Tullow’s exploration strategy and only the best prospects are targeted after rigorous technical and commercial evaluation. Exploration is undertaken via efficient regional campaigns, capitalising on success with material acreage positions. Six campaigns are currently ongoing. 551mmboe +9% Total reserves and resources Nabors 221 Rig in Uganda 2 Tullow Oil plc Annual Report and Accounts 2007 2008 Challenges • To establish the commerciality of the Group’s portfolio • To work with our partners to sanction the development of the of discoveries including assets in Mauritania, Ghana, Jubilee field in Ghana to ensure we achieve first oil in 2010 Uganda and the UK. from the first phase of field development. • To focus on achieving the full potential of Tullow’s current • To commence the development of reserves in Uganda through portfolio, which represents an excellent opportunity to an Early Production System (EPS). The EPS will allow Uganda transform the Group’s reserve and production profile. to start its first ever oil production in 2009 providing essential oil product and an important new power supply to the region. Outlook • To successfully implement a programme of development The Group expects to drill over 20 development wells and infill wells in the UK Southern North Sea, Africa and in 2008 with production expected to average between South Asia. 70,000 and 74,000 boepd. Working interest production by oil and gas (boepd) Working interest production by core area (boepd) 2007 40,900 32,200 2007 40,300 28,500 4,300 2006 33,420 31,300 2006 33,420 29,530 1,770 2005 36,420 22,030 2005 33,620 24,420 410 • Oil • Gas • Africa • Europe • South Asia 2008 Challenges • To efficiently deliver the high impact exploration campaigns • To successfully complete the exploratory appraisal programme in Uganda, Ghana, India, Mauritania and French Guiana, to extend the Jubilee field and to target additional high impact where considerable gross upside potential exists.
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