Tullow Oil

Half-year results confirmed Ghana drilling completed ahead of schedule.

“Five new Jubilee wells (three producers and two water injectors) were brought onstream during the first half of 2024, bringing the current drilling programme to an end, approximately six months ahead of schedule and with no recordable safety incidents.”7 Aug 2024 · 2024 Half Year Results

Net debt at end 2024 was $1,452m, slightly above the target.

“On track to reduce net debt to less than $1.4 billion and cash gearing of net debt to EBITDAX to c.1x at $80/bbl by the end of 2024.”16 May 2024 · AGM Trading Update “Net debt1 at year end reduced to $1,452 million (2023: $1,608 million); cash gearing of net debt1 to adjusted EBITDAX1 of 1.3 times (2023: 1.4 times)”25 Mar 2025 · Final Results

Completed 29 July 2025 for $307m, slightly after mid-year.

29 Jul 2025 · Tullow completes sale of Gabon assets

First well onstream by August 2025; second well (J73-P) slipped to around year-end.

“We have recommenced drilling and have successfully completed and brought onstream the first of two planned 2025 production wells at Jubilee, with better than expected net pay during drilling.”6 Aug 2025 · 2025 Half Year Results “Drilling on Jubilee recommenced at the start of November, with the second new production well (J73-P) to come onstream around the end of the year.”21 Nov 2025 · November Trading Update

Later guidance cut 2024 free cash flow to $150-200m; actual 2024 was $156m and 2025 about $100m, so the cumulative target was not met.

“On track to deliver targeted c.$800 million free cash flow over 2023 to 2025 period, with over $600 million free cash flow expected to be generated over 2024 to 2025 at $80/bbl.”6 Mar 2024 · Final Results “Free cash flow is expected to be $150-200 million, below previous guidance of $200-300 million due to timing of payments, namely the incremental Jubilee lifting now expected in early January 2025 and overdue gas payments from the Government of Ghana.”28 Nov 2024 · November Trading Update

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Refinancing only completed on 24 April 2026.

“27 April 2026 - Tullow Oil plc ("Tullow" or the "Company") is pleased to announce the successful completion of the refinancing transaction (the "Refinancing Transaction").”27 Apr 2026 · Refinancing Transaction successfully completed

Completed September 2025 with $40m Tranche A received.

“Tullow Oil plc (Tullow) is pleased to announce that it has successfully completed the sale of its entire working interest in Kenya to Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd, following satisfaction of all conditions precedent under the Sale and Purchase Agreement (SPA) announced on 21 July 2025. Tullow has received the full proceeds of Tranche A (US$40 million) under the terms of the SPA.”25 Sep 2025 · Tullow completes sale of Kenya assets

$36m received in March 2026; final $4m pending transition services.

9 Mar 2026 · Receipt of Tranche B payment for Kenya assets sale

Four independent non-executive directors appointed in April 2026.

8 Apr 2026 · Appointment of four Independent NEDs

Completed 24 April 2026 with new notes due 2028.

“issued c. $1.185 billion senior secured notes due 2028 (the "New Notes") pursuant to the Indenture”27 Apr 2026 · Refinancing Transaction successfully completed “Tullow Oil plc ("Tullow" or the "Company") is pleased to announce the successful completion of the refinancing transaction”27 Apr 2026 · Refinancing Transaction successfully completed

2025 Notes repaid March 2025; 2026 notes refinanced to 2028 on 24 April 2026.

“issued c. $1.185 billion senior secured notes due 2028 (the "New Notes")”27 Apr 2026 · Refinancing Transaction successfully completed

Petroleum agreements extended to 31 December 2040 in February 2026.

“the extension of its West Cape Three Points and Deep Water Tano Petroleum Agreements, which cover the Jubilee and TEN fields in Ghana, have been ratified by the Ghanaian Parliament. Accordingly, these agreements have been extended to 31 December 2040.”20 Feb 2026 · Ghana Petroleum Agreements Extended

Guidance raised to $170-250m in August 2026.

“Full year free cash flow guidance has been upgraded to $170-250 million (previously $70-175 million) at $70-100/bbl, reflecting positive production performance, higher than expected oil price realisations (c.$93/bbl) through January to end of July and progress on recoverability of Government of Ghana receivables.”5 Aug 2026 · Trading Statement “As previously reported in August 2026, full year free cash flow guidance has been upgraded to $170-250 million at $70-100/bbl, reflecting positive production performance, higher than expected oil price realisations and progress on recovery of Government of Ghana receivables.”28 Sep 2026 · 2026 Half Year Results

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