Tullow Oil Plc.: Operational momentum continues

Research evidence excerpt

Tullow Oil Plc.: Operational momentum continues

Equity Research

European Integrated Energy

10 June 2026

Tullow Oil Plc.

Operational momentum continues

Ahead of its AGM, Tullow released a trading update showing

continued strong YTD performance, with near-100% uptime

at Jubilee and TEN and solid price realisations. Guidance is TLW.L/TLW LN OVERWEIGHT Unchanged

unchanged, but sustained high production and potential European Integrated Energy POSITIVE

December 2026 cargo offer upside to FCF. Unchanged

Price Target GBp 35

Unchanged

Ahead of its AGM on Wednesday 10 June, Tullow Oil has provided a market update on its

Price (09-Jun-26) GBp 15financial performance. We note strong YTD operational momentum, supported by exceptionally

Potential Upside/Downside +138.1%high uptime at Jubilee and TEN, alongside robust realised prices. The company still plans to Source: Bloomberg, Barclays Research

drill three additional producer wells and one water injector at Jubilee over the rest of the year.

Guidance is broadly unchanged, although sustained high production could offer upside to FCF, if

Market Cap (GBP mn) 222

an additional cargo is lifted in December 2026. Overall, we see the release as a straightforward

Shares Outstanding (mn) 1515.02and positive update.

Free Float (%) 82.14

Key points from the January - May 2026 Trading update: 52 Wk Avg Daily Volume (mn) 11.2

Dividend Yield (%) N/A

• YTD production was 43.1kboed net, incl 7.3kboed of gas. Return on Equity TTM (%) N/A

Current BVPS (GBp) -17

• YTD uptime of Jubilee and TEN at more than 99%. Source: Bloomberg

• YTD average pre-hedge oil price realisations for 5 cargoes of c$96/bl (c$87/bl post hedge),

Price Performance Exchange-LSE

with with Tullow’s May Jubilee cargo achieving $119/bl, pre hedge.

52 Week range GBP 0.21-0.04