LONDON (dpa-AFX) - Tullow Oil Plc (TLW.L) reported Wednesday that its fiscal
2023 revenue was around $1.6 billion, including around $140 million hedge costs,
at an average realised oil price (post-hedging) of $77.5/bbl.

Full-year working interest production averaged around 63 kboepd in 2023,
including around 6 kboepd of Jubilee gas.

Capital and decommissioning expenditure were around $380 million and around $70
million, respectively.

Looking ahead for fiscal 2024, the Irish oil and gas company's group working
interest production is expected to average between 62 to 68 kboepd, including
c.7 kboepd of gas.

It is expected that five Jubilee wells would come onstream in 2024.

Later in 2024, Tullow and its Joint Venture Partners intend to take a drilling
break in Ghana while existing well stock sustains production at Jubilee, and TEN
decline continues to be effectively minimised. Drilling is expected to resume in
2025, and the procurement process for a new rig will commence in 2024.

The 2024 capital expenditure would be around $250 million with approximately 60%
allocated to Jubilee and 25% to non-operated assets.

The company forecast free cash flow of $200-300 million at $80/bbl, with the
range largely driven by timing of revenue receipts for 18 to 19 cargoes lifted
in Ghana during the year.

Tullow Oil added that it is 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.

Tullow Oil is scheduled to release its full-year results on March 6.



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