Tullow Oil (TLW) AGM 2025 summary

Opening remarks and agenda

• Meeting opened by the Chairman, confirming quorum and introducing board members and key advisors.

• Outlined meeting format: business update, Q&A session, then formal voting on resolutions.

• Proxy and poll voting procedures explained, with results to be published post-meeting.

Financial performance review

• 2024 saw continued deleveraging and successful extension of revolving credit facility (RCF).

• Operational challenges included production issues at Jubilee and a reserves write-down, attributed to well performance and water injection problems.

• Emissions reduced by 8% and top quartile drilling performance maintained.

• Key milestones in 2025: successful tax arbitration, repayment of 2025 notes, and agreements to sell Gabon and Kenya businesses for $300M and $120M.

• 4D seismic campaign completed ahead of schedule and maintenance shutdown at Jubilee finished on budget.

Board and executive committee updates

• Interim CEO in place; process for appointing a permanent CEO is ongoing.