Tullow: An African update

Tullow provided a trading update today which gives an overview on progress across a selection of Africa's key fields and developments.

Ghana

• Production in Q1 2018 at Jubilee averaged 63.8 mbopd - there were 19 days of shut-ins throughout the period. An updated shut-in/maintenance schedule plans for three weeks of downtime in May and one week at year end for a total of 47 days. Tullow’s production is insured at c.USD60/bbl, but with Brent to date hovering above USD70/bbl the company is incentivised to minimise down time.

• TEN production performed strongly at 68.6b mbbl/d.

Equatorial Guinea

• Ceiba and Okume in Equatorial Guinea performed "particularly well".

• These fields are under new ownership with Kosmos and Trident Energy's entry in October 2017, acquiring Hess' stake for USD650 million.

Uganda

• FID on Lake Albert is now expected in H2 2018 and the JV continues to await approval of the farm-out to CNOOC and TOTAL.

Kenya

• The appraisal campaign continues to be positive with the project slowly moving forward.

• The FEED contract is expected to be awarded imminently, and trucking for the Early Oil Production Scheme is scheduled to commence in the coming months.