Tullow Oil Regulatory News (TLW)

TULLOW OIL PLC

Tullow ACCELERATES PROGRESS TOWARDS A BETTER FUTURE AS IT PUBLISHES ITS ANNUAL SUSTAINABILITY REPORT

· Achieved zero lost time injuries and zero Tier 1 process safety incidents

· Accelerated our socio-economic contributions through more than 6,000 secondary and tertiary students with Tullow STEM scholarships, bursaries and after school support in Ghana, Kenya, Guyana and Suriname

· Accelerated our investment in environment with further $15 million in our decarbonisation programme

· Accelerated our localisation, reaching 72% Ghanaian employees in our principal location of our operations

5 May 2023 - Tullow Oil ("Tullow") is pleased to announce the publication of its 2022 Sustainability Report and its 2022 Climate Risk and Resilience Report. These reports provide an update on Tullow's progress and performance in 2022 on the Group's strategic sustainability framework. This work forms a key part of Tullow's purpose to build a better future through responsible oil and gas development.

Rahul Dhir, Chief Executive Officer said:

"As an independent oil and gas operator, working almost exclusively in developing economies, we have an important role to play in supporting a global energy transition. While we believe that there will continue to be a demand for hydrocarbons into the foreseeable future, we remain laser focused on mitigating the climate impacts of our operations while generating significant social and economic benefit for our host nations. Partnering with our host nations to develop Africa's energy resources in a low-cost, environmentally and socially responsible manner adds a critical boost to local economies, improves the quality of life and creates a better future for current and future generations."

During 2022, Tullow accelerated the implementation of its sustainability strategy. The key achievements from the year are detailed in Tullow's Sustainability Report and include:

Accelerated our health and safety performance

Tullow achieved a strong health and safety performance and accelerated the focus on its safety culture. Key highlights include:

· Robust safety performance, with zero lost time injuries and zero Tier 1 process safety incidents across Tullow's global operations in 2022.

Accelerated our socio-economic contribution

Tullow's Shared Prosperity strategy delivered positive impact through focusing on young people's education, enterprise support, developing local supply chains and material fiscal contributions to host governments. Key highlights include:

· $645 million total socio-economic contribution in our host countries, bringing total five-year socio-economic contribution to $3.1 billion

· Supported more than 6,000 secondary and tertiary students with Tullow STEM scholarships, bursaries and after school support in Ghana, Kenya, Guyana and Suriname.

· Provided accommodation and classroom facilities for 3,000 pupils through a $10 million infrastructure commitment to promote enrolment in Free Senior High Schools in Ghana.

· The Fisherman's Anchor Project provided small loans to over 1,300 businesses; over 90% of the businesses are owned by women and nearly 90% are fish processing businesses.

· Spent $173 million with local suppliers in 2022, which represented 15% of local procurement spend, bringing total five year spend to c.$1.2 billion.

Accelerated our investment in reducing our environmental impacts

Tullow made strong progress on its decarbonisation roadmap to achieve Net Zero on its Scope 1 and 2 CO2e emissions by 2030 on a net equity basis:

· Significant progress was made on the commitment to eliminate routine flaring by 2025, the largest source of Scope 1 emissions. Tullow invested $15 million in its floating production, storage and offloading (FPSO) vessels in 2022 as part of a multi-year, $45 million decarbonisation programme that is expected to reduce Scope 1 and 2 emissions by c.40% against a 2020 baseline.

· Tullow completed a feasibility study for a nature-based carbon offset project that could off-set remaining, hard to abate CO2e emissions, estimated to be 600,000 tonnes per annum. In December 2022, Tullow signed a Letter of intent with the Ghana Forestry Commission, marking a key milestone for the project as part of Tullow's plans to reach Net Zero by 2030. This project can also support Ghana in meeting its Nationally Determined Contributions under the Paris Agreement. FID is expected in 2023.

Accelerated our progress on building a diverse and engaged workforce

On its transparency and equality agenda, Tullow continued to increase the localisation of its workforce worldwide and made progress on creating a diverse and inclusive workplace where our people are engaged and committed:

· Localisation in Ghana of 72% local nationals, on track to reach target of 90% by in the next three to five years.

· Employee engagement initiatives in place, including employee advisory panel and an 88% response rate to our most recent employee survey, with an overall positivity score of 70%.

The Reports can be read in full on the Tullow website - https://bit.ly/40rPHqO

Ends

CONTACTS

Notes to editors

Tullow is an independent oil & gas, exploration and production group which is quoted on the London and Ghanaian stock exchanges (symbol: TLW) and is a constituent of the FTSE250 index. The Group has interests in over 30 licences across eight countries. In March 2021, Tullow committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030. For further information, please refer to our website at www.tullowoil.com.

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