Tullow Oil (TLW) Trading update summary

Operational performance

• Group production from January to May 2026 reached 43.1 kboepd, with gas production at 7.3 kboepd, supporting expectations for the higher end of the 2026 guidance range of 34-42 kboepd.

• Drilling in Ghana is progressing well, with the third of six Jubilee wells expected onstream this week and strong logging results.

• Two more producer wells are scheduled for June and July, with a water injection well due in September.

• Facility uptime across Jubilee and TEN FPSOs averaged over 99% from January to May.

• Approval for the Greater Jubilee Plan of Further Development allows for up to 20 additional wells after the current campaign.

Financial outlook

• 2026 free cash flow guidance remains $70-175 million at $70-100/bbl, potentially rising to $110-230 million if an extra cargo is delivered in December.

• Average pre-hedge oil price realisations for five cargos were around $96/bbl, with May's Jubilee cargo achieving $119/bbl.

• Hedge portfolio protects 60% downside while retaining 60% upside exposure in 2026.

• Capital expenditure and decommissioning spend guidance for 2026 remain at approximately $200 million and $25 million, respectively.

Shareholder engagement

• Shareholders can participate in the AGM remotely via a live audio cast, with instructions and technical support provided.

• Voting and question submission are enabled online, with access credentials required for participation.