Tullow Gives Global Exploration Update

Tullow and JV Partners have continued to seek a strategic partner for its global projects and constructive discussions progress with interested parties.

Tullow exited 11 exploration blocks in 2021, including all of its licences in Suriname and Peru, reorienting its exploration effort towards near-field and infrastructure-led exploration activities to enhance value in core areas. In January 2022, Tullow also exited the PEL 90 licence in Namibia, further optimising its portfolio.

Exploration capex in 2022 is expected to be c.$45 million, which includes capital exposure to historic commitments in Guyana and Argentina. Tullow continues to seek strategic partners to unlock value and reduce its capital exposure in these emerging basins.

In Côte d’Ivoire, Tullow, together with its JV Partner PetroCi, has elected to proceed into the second exploration phase in Block CI-524, adjacent to the TEN fields in Ghana. Whilein Kenya as at December 2021, as regards to the licence extension obligations provided by the Government of Kenya in September 2020, the Project Oil Kenya JV Partners submitted a Field Development Plan for the 10BB and 13T licences, including the additional exploration and appraisal (E&A) opportunities within the 10BB and 13T licences. The E&A plan for 10BA was also submitted.

Guyana, the Kanuku JV (Repsol operated) is planning to spud the Beebei-Potaro commitment well during the second quarter of 2022, targeting the Cretaceous light oil play of the Guyana-Suriname Basin.

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