DAVY VIEW

Tullow’s trading summary comment will likely focus on the Q1 production slip. However, this should not distract from a strong production profile over the full year and the potential for free cash generation and subsequent debt reduction. At the same time, the new venture portfolio continues to expand and Tullow will participate in three high impact wells in the Guyana sector in the second half of the year. The stock remains leveraged to better oil prices and a growing portfolio of high quality but controlled cost new venture opportunities.