Tullow Oil (TLW) investor relations material

Executive summary

• Achieved strong operational momentum in 2025, with excellent results from the Jubilee well and five more wells due onstream to support production targets.

• Significant cost reductions and sale of non-core assets streamlined the portfolio and strengthened the financial position.

• Free cash flow was negatively impacted by lower commodity prices and delayed receipts from the Government of Ghana and Kenya disposal.

• Refinancing transaction enables focus on cost efficiencies, cashflow management, and production optimization.

Financial highlights

• 2025 revenue was approximately $847 million at an average realized oil price of $67.8/bbl.

• Free cash flow for 2025 was about $100 million, reduced due to delayed Kenya disposal proceeds, Ghana receivables, and lower year-end revenue.

• Year-end net debt reduced to around $1.35 billion, with liquidity headroom exceeding $300 million.

• Free cash at year-end was $322 million, expected to remain stable through May 2026.

• Cost base optimization delivered $10 million in savings, reducing 2025 net G&A to $43 million.

Outlook and guidance

• 2026 group working interest production expected to average 34-42 kboepd, including about 6 kboepd of gas.

• Capital expenditure forecast at $200 million and decommissioning at $25 million for 2026.

• Pre-financing cash flow for 2026 projected at $150-180 million at $65/bbl, with sensitivity to oil price changes.

• Five new Jubilee wells planned for 2026, with additional infill drilling and subsea pump projects under evaluation.

• Liquidity headroom expected to exceed $200 million post-refinancing, providing a buffer for working capital swings.