REG - Tullow Oil PLC - AGM Trading Update

Tullow OilAnnouncement

Today 07:00

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RNS Number : 7308H  Tullow Oil PLC  10 June 2026

Tullow Oil plc

AGM Trading Update

 

10 June 2026 - Tullow Oil plc (Tullow) issues the following statement in
advance of the Group's Annual General Meeting (AGM). The meeting will take
place at Tullow Oil plc, Building 9, Chiswick Park, London, W4 5XT at 11:00
BST today. We are also enabling shareholders to listen to the AGM as well as
participate remotely. Instructions for joining the audio cast can be found at
the end of this statement or within the Notice of Meeting
(https://www.tullowoil.com/application/files/2217/7755/6189/Tullow_Oil_plc_Notice_of_Annual_General_Meeting_2026.pdf)
.

The information contained herein has not been audited and may be subject to
further review and amendment.

Ian Perks, Chief Executive Officer of Tullow, commented:

"Tullow has performed strongly since the outset of 2026, marked by significant
delivery across the business. Our drilling campaign in Ghana continues to
progress well with encouraging results to date reinforcing our growing
confidence in delivering production at the higher end of our guidance range,
reflecting our disciplined execution and focus on high operational
performance.

"With group production at the higher end of guidance and our significant
leverage to the oil price, including year to date realisations ahead of
expectations, we remain well placed to generate significant free cash flow in
2026 and beyond. Supported by a stable platform and strong momentum, we remain
focused on executing our growth strategy to realise the full potential of our
assets in Ghana and deliver value for all stakeholders."

Operational update

·      Group working interest production from January to May 2026 was
43.1 kboepd, including 7.3 kboepd of gas production, supporting the
expectation of being at the higher end of the previously announced 2026 range
of 34-42 kboepd.

·      The drill schedule for 2026 remains unchanged, with the third of
six Jubilee wells (J76-P) expected onstream this week. Logging results of the
well are supportive of a strong production well.

·      The remaining two producer wells (J77-P and J50-P) are expected
onstream in June and July, with the final well (water injection) due onstream
in September.

·      The outstanding operational uptime performance in the first
quarter of 2026 continued in April and May, with facility uptime across both
Jubilee and TEN FPSOs averaging more than 99% for January to May.

·      Greater Jubilee Plan of Further Development has been approved by
the Minister of Energy, which confirms support for further drilling of up to
20 wells in Jubilee after the end of the current campaign.

Financial update

·      2026 free cash flow guidance remains $70-175 million at
$70-100/bbl. This range is expected to grow to $110-230 million if an
additional cargo can be delivered in December 2026.

·      Average pre-hedge oil price realisations for five cargos, from
January to May, of c.$96/bbl (c.$87/bbl post-hedge), with Tullow's May Jubilee
cargo achieving $119/bbl.

·      Commodity hedge portfolio protecting 60% downside whilst
retaining access to 60% upside in 2026.

·      Group capital expenditure and decommissioning spend guidance for
2026 remains unchanged at c.$200 million and c.$25 million.

 

AGM audio cast

11:00am BST

We are enabling shareholders to listen to a live audio cast of the AGM, as
well as participate remotely.

In order to participate at the meeting, you will need to visit
www.meetnow.global/TULLAGM2026 on your device operating a compatible browser
using the latest version of Chrome, Firefox, Edge or Safari. Please note that
Internet Explorer is not supported. It is highly recommended that you check
your system capabilities in advance of the meeting day.

If you are a shareholder, you can use your unique Shareholder Reference Number
and PIN as displayed on your Form of Proxy/Attendance Card. If you are an
appointed proxy or a corporate representative, you will have had to be
provided with a unique invite code to enter the meeting and exercise your
rights. These credentials will be issued one working day prior to the meeting,
conditional on evidence of your proxy appointment or corporate representative
appointment having been received and accepted. If you have not been provided
with your meeting access credentials, please ensure you contact Computershare
on the morning of the meeting, but no later than one hour before the start of
the meeting.

Access to the meeting via www.meetnow.global/TULLAGM2026 will be available
from 10.00am. During the meeting, you must ensure you are connected to the
internet at all times in order to vote when the Chair commences polling on
Resolutions being put to the meeting. Therefore, it is your responsibility to
ensure connectivity for the duration of the meeting.

Technical issues

If you experience any technical issues with the site, you may either call our
Registrar on the telephone number provided on the site or once you have
entered the meeting, you can raise your question using the chat function. If
you have technical issues prior to the start of the meeting, you should
contact our Registrar on the shareholder helpline.

Process

The process of asking questions and accessing the AGM audio casting will be
further explained within the application and located on the information page.

 

 CONTACTS
 Tullow Investor Relations                    Camarco (Media)

                                            (+44 20 3757 4980)
 ir@tullowoil.com (mailto:ir@tullowoil.com)

                                            Billy Clegg
 Matthew Evans

                                            Georgia Edmonds
 Mel Folahan (Deputy Company Secretary)

                                            Rebecca Waterworth

 

Notes to editors

Tullow is an independent energy company committed to building a better future
through the responsible oil and gas development of its core producing assets
in Ghana. The Group is quoted on the London and Ghanaian stock exchanges
(symbol: TLW). For further information, please refer to: www.tullowoil.com
(http://www.tullowoil.com) .

 

Follow Tullow on:

LinkedIn: www.linkedin.com/company/Tullow-Oil
(http://www.linkedin.com/company/Tullow-Oil)

X: www.X.com/TullowOilplc (http://www.X.com/TullowOilplc)

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