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12006 Capital Markets Day
John McKennaAsia
1
High Impact Opportunities that are Focussed to Succeed
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22006 Capital Markets Day
South Asia Exploration Interests
□ A long history in Asia− First licence in Pakistan in 1990
□ Current licence interests −Bangladesh (2)− India (3) − Pakistan (5)
□ Run by the Dublin office technical group−5 Geologists and 5 Geophysicists−2 Technical Support and other relevant disciplines −With a local technical group in Islamabad
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32006 Capital Markets Day
Core Plays: Current Exploration
Indus Basin
Cambay Basin
Bengal Basin
Assam Arakan
Potwar Basin
Fold Belts
Rift Basins
Salt Basins
Strat TrapsCO
RE
PLA
YS
Gulf of Kutch
□ All within Core Plays
□ Bangladesh− 2 exploration/appraisal licences − Fold Belt/Strat Traps
□ India − 3 exploration licences− Rift basins/Fold Belts
□ Pakistan − 8 exploration/development licences − Fold Belts
□ Asian exploration resourced to deliver− Appropriate expertise and core competencies− Recent recruitment− In-house expertise
• Seismic data acquisition• Complex seismic processing techniques
− Can call on Tullow’s Global expertise
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42006 Capital Markets Day
Bangladesh Block 9: Completed Activities
Highly Attractive Block
□ Second licensing round, signed in 2001
□ Known discoveries (Ring Fenced Zones)
□ Pipeline infrastructure through the Block
□ Bangora and Lalmai discoveries in 2004
Focused Appraisal in 2006□ Acquisition of 630 km2 3D seismic programme
□ Successful appraisal drilling
− Bangora–2 (July)
− Bangora-3 (Sept)
□ Bangora-4 spudded October 12
□ Tie-in the Bangora-1 / Bangora-2 wells into the national grid
□ Currently producing ~ 50 mmscfd
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52006 Capital Markets Day
Bangladesh Block 9: A Refinement of the Geological Model
Prospective Section
□ 2D / 3D Seismic Data Acquisition
□ G&G integration and integration with offset wells resulted in the identification of potential Hydrocarbon bearing targets
□ Plan and execute a drilling programme to test these targets
Prospective Section
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62006 Capital Markets Day
?
Gas sand Water-wet sand
A, B & C Sand’s
E SandD Sand (Upper & Lower
Bangladesh Block 9: Bangora-1 Discovery Well Interpretation
□ A and B sands apparently not filled to spill
□ D and E sands trapped in part stratigraphically by channel-fill
□ Gas column in D may be > mapped closure, E may have GDT
□ Apparently random distribution of gas and water sands “typical” of area
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72006 Capital Markets Day
Bangladesh Block 9: Bangora/Lalmai Discovery Appraisal Drilling
Upper D Sand Amplitude Map
Appraisal Wells
□ Bangora-1 & Bangora-2 from Bangora site
□ Bangora-3 from Gopalnagar site
□ Bangora-4 from Gumti site (currently mobilising)
Bangora-1
Bangora-2
GopalnagarBangora-3
Bangora-4 SubSurface Target
Gumti
Shale filledchannels
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82006 Capital Markets Day
□ Completion of the appraisal of the Bangora – Lalmai Discovery
□ Initiate full field development planning
□ Continue to integrate the well results
□ Further evaluate the remaining prospectivity in the Block
□ Possible new seismic programme
Bangladesh Block 9: 2007 Planned Activities
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92006 Capital Markets Day
□ 13,700 km2 high risk/high reward Block, Tullow 32%
□ Large structures on Sangu Trend (Reju-1 drilled 1999)
□ Material Oil prospects and active seeps SE of Block
□ Significant regional activity upgrades prospectivity
− (Bay of Bengal, Myanmar)
□ 2006 activities
− Negotiate farm out to Total
− Seek GOB approval to equity assignment and three year extension to the PSC (2009), under consideration
− Acquired 300 km 2D TZ programme in St. Martin’s Island area (Block 18)
Bangladesh Block 17 & 18
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102006 Capital Markets Day
BODC 1
PROFILE 2
TEKNAF ANTICLINE
NILA ANTICLINE
OKB97-1275-20-275-20-175-20-2ONSHOREOFFSHORE
OKF
UPPERMOST CHANNELLING
OKD
BOKABIL (3)TIPAM (2)
BHUBAN (4)
1
DUPITILA (1)
23
4
Bangladesh Block 17 & 18: Seismic Example
□ Intensity of deformation increases West to East
□ Low amplitude gentle anticlines in West with faulting only depth
□ High amplitude compressional features in East, fault bounded and with highly deformed cores
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112006 Capital Markets Day
Current Status
□ Awaiting Government approval to assign 60% interest to Total
□ Awaiting Government approval to extend the current period for an additional 3 years
2007 Activities
□ Initiate and complete 3D seismic programme
□ Extensive G & G work to integrate the new data into our existing understanding of the Block
Bangladesh Block 17 & 18
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122006 Capital Markets Day
□Excess demand of ~ 200 mmscfd−Current supply 1.4 bcf per day
− Forecast demand in 2011 is c. 2 bcfand in 2020 4 bcf
□Bangladesh Growth − Limited opportunities
□Ring Fenced Zones in Block 9−Srikail – BAPEX
−Bakhrabad etc
□New Licences−Block 11 (BAPEX)
− 3rd Round Blocks offshore Bay of Bengal
Asian New Ventures in Bangladesh
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132006 Capital Markets Day
□ Three exploration licenses−CB-ON/1
−GK-OS-5
−AA-ONJ/2
□High impact potential Cambay Basin
□Core plays −Rift basins - Cambay and Gujarat
− Fold belts - Assam
India Exploration Acreage
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142006 Capital Markets Day
India CB-ON-1: 2006 and 2007 Activity
□ 50% Equity
□ Operated by Reliance
2006 Activity
□ Focused on the acquisition of a 1500 km 2D seismic
□ Initial results encouraging
□ Confirm a number of leads in the Southern portion
□ Northern seismic acquisition ongoing
2006 Activity
□ G & G work towards identification and drilling multi-well campaign
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152006 Capital Markets Day
Palaeocene – Eocene
Tilted Fault Block Targets
Eocene - Miocene
Inversion Structure Targets
India CB-ON-1 Line 29 Recent Acquisition
□ Initial interpretation results of the current 2D programme are encouraging
□ Point towards the identification of a number of prospect for drilling in Q3 2007
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162006 Capital Markets Day
India CB-ON-1 Initial Results
□ Geological affinities− Barmer-Sanchor Basin to North
(3.6 Bboe in place)
− Cambay basin to South (2.8 Bbo and 5.2 BCFG initally in place)
□ Large tilted fault block structures analogous to Mangala and Bhagyam Fields in Barmer Basin
□ Increased depth to target in CB-ON-1 improves chances of oil quality being higher
□ Structural definition indicates presence of central basin high features analogous to Barmer Basin, acting as a locus for updipmigration and concentration of fields (egRaageshwari, Guda)
□ Robust inversion structures directly overlying hydrocarbon source kitchen. Similar to producing fields in Cambay Basin
□ Stratigraphic objectives in Cambay Shale highlighted by new seismic
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172006 Capital Markets Day
□ Recognised emerging market
□ Supply outstripping demand − both oil and gas
□ Indian growth− Licensing Round (NELP?)
− Farm-in
− Corporate Acquisition
□ Licensing Round (NELP)− unlikely to offer material exploration
opportunities and be hotly contested
− NELP evidence – 10 to 16 well bid on recent Blocks
□ Farm in – Acquisitions− opportunities where our “core play”
experience can be utilised
India New Ventures
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182006 Capital Markets Day
□ Five exploration licences1. Kohat
2. Bannu West
3. Block 28
4. Kohlu
5. Kohat
□ Three development leases1. Sara
2. Suri
3. Chachar
□ Core Play Fold Belts
Pakistan Exploration Acreage
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192006 Capital Markets Day
Pakistan Kohat and Bannu West: 2006 / 2007 Activity
Kohat (40% OP)
□ 2006 Activity – 2D seismic acquisition programme (300 km) / processing / interpretation.
□ 2007 Activity – processing / interpretation / prospect generation / drilling in Q3
Bannu West (40% OP)
□ 2006 – no activity due to security situation
□ 2007 Activity – unclear but security situation is unlikely to change significantly
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202006 Capital Markets Day
□Significant acreage position in emerging new play area
□ Large structural traps identified on existing seismic
□Close to multi-TCF discoveries
□Kohat – structural trend with reserve potential ~ 1 tcf
□Bannu West – 2 structural leads with reserve potential of ~ 900 bcf
Exploration Potential Pakistan: Kohat and Bannu West
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212006 Capital Markets Day
□Highly prospective acreage position, close to significant gas producing area
□ Licence areas ~ 11,000 km2, but security situation currently prevents access
□ Large untested structures
□Block 28 – 2 tcf/500 mmboe
□Kohlu / Kalchas – significant exploration upside
Exploration Potential Pakistan: Block 28/Kohlu/Kalchas
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222006 Capital Markets Day
Indonesia Licence Round and individual
farm in opportunities being evaluated
Asian Core Plays: ‘Step Out’ beyond the Sub-Continent
□ Focused ‘step out’ using core competencies and expertise
□New opportunities under review include
− Vietnam− Indonesia− PNG
− Philippines
Philippines Farm in opportunity being assessed
PNG Roadshow / Data Room in London early October
Vietnam Visit early October
Fold Belts
Rift Basins
Salt Basins
Strat TrapsCO
RE
PLA
YS
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232006 Capital Markets Day
2006Q1 Q2 Q3 Q4
2007Q1 Q2 Q3 Q4
2008Q1 Q2 Q3 Q4 Q1
2009
Asia 2007 Drilling Summary
ExplorationDrilling/Seismic activity
Kohat
CB-ON-1
Block 9
Block 17 & 18
2D
2D
2D
Drilled well Currently drilling Planned well Probable well
Seismic acq. Seismic proc./reproc. End of current period End of licencePossible seismic acq.
Possible well
Pakistan
India
Bangladesh
Teknaf – Coral Dip 3D
Jan ‘08
Jan ’09 ?
2D
Kohat 2Kohat 1 April ‘08
Sept ‘08
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242006 Capital Markets Day
Summary: Asia
Current Acreage
□ Continue to utilise Tullow’s core competencies
□ Focus on high impact exploration opportunities
□ Define and deliver a clear work programme
□ Targeting an aggressive drilling campaign in India and Pakistan in 2007
New Opportunities
□ Utilise our core competencies and core plays
□ Identify/deliver growth prospects in demand-led emerging energy markets
□ Focused ‘step-out’ beyond the boundaries of the Indian sub-continent