Notice of Annual General Meeting
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TullowĀ OilĀ plc
2022 Notice of Annual General Meeting
25Ā MAYĀ 2022Ā atĀ 12Ā noon
TheĀ LondonĀ officesĀ ofĀ TullowĀ OilĀ plc,Ā 9Ā ChiswickĀ Park, 566 Chiswick High Road, London W4 5XT
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IMPORTANT
ThisĀ documentĀ isĀ importantĀ andĀ requiresĀ yourĀ immediateĀ attention.Ā IfĀ youĀ areĀ inĀ anyĀ doubtĀ asĀ toĀ theĀ actionĀ youĀ shouldĀ take,
orĀ anyĀ aspectĀ ofĀ theĀ proposalsĀ referredĀ toĀ inĀ thisĀ document,Ā youĀ shouldĀ contactĀ anĀ appropriateĀ independentĀ adviserĀ authorised under the Financial Services and Markets Act 2000 immediately. If you have sold or otherwise transferred all of your shares
inĀ TullowĀ OilĀ plcĀ youĀ shouldĀ forwardĀ thisĀ documentĀ (butĀ notĀ theĀ accompanyingĀ personalisedĀ FormĀ ofĀ Proxy)Ā toĀ theĀ purchaser orĀ transferee,Ā orĀ theĀ stockbroker,Ā bankĀ orĀ otherĀ agentĀ throughĀ whomĀ theĀ saleĀ orĀ transferĀ wasĀ effectedĀ forĀ transmissionĀ toĀ the purchaser or transferee.
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LetterĀ fromĀ theĀ ChairĀ ofĀ theĀ Board
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TullowĀ Oil plc
RegisteredĀ inĀ EnglandĀ andĀ WalesĀ No.Ā 3919249 Registered office: 9 Chiswick Park,
566Ā ChiswickĀ HighĀ Road,Ā LondonĀ W4Ā 5XT 22 April 2022
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DearĀ shareholder
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AnnualĀ GeneralĀ MeetingĀ 2022
The Annual General Meeting (AGM) of the Company will be heldĀ atĀ theĀ LondonĀ officesĀ ofĀ TullowĀ OilĀ plcĀ atĀ 9Ā ChiswickĀ Park, 566Ā ChiswickĀ HighĀ Road,Ā LondonĀ W4Ā 5XT,Ā onĀ 25Ā MayĀ 2022Ā at 12 noon. The Notice convening the AGM is set out on pages
8Ā toĀ 9Ā ofĀ thisĀ document.Ā AĀ FormĀ ofĀ ProxyĀ forĀ useĀ inĀ respectĀ of theĀ AGMĀ andĀ aĀ prepaidĀ replyĀ areĀ enclosed.Ā AĀ locationĀ mapĀ is shown on the reverse of the attendance card that detaches fromĀ theĀ FormĀ ofĀ Proxy.Ā IĀ wouldĀ likeĀ toĀ takeĀ thisĀ opportunity to give you some information about the Resolutions to be considered at the AGM.
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ResolutionĀ 1:Ā ReportsĀ and accounts
ThisĀ ResolutionĀ dealsĀ withĀ theĀ receiptĀ andĀ adoptionĀ ofĀ the accountsĀ forĀ theĀ financialĀ yearĀ endedĀ 31Ā DecemberĀ 2021 and the associated reports of the Directors and auditor.
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ResolutionĀ 2:Ā Directors'Ā remuneration
InĀ accordanceĀ withĀ theĀ CompaniesĀ ActĀ 2006Ā (theĀ Act),Ā the Company's Directors' Remuneration Report is divided into three parts: (i) the Annual Statement by the Chair of the RemunerationĀ Committee;Ā (ii)Ā theĀ Directors'Ā Remuneration PolicyĀ Report;Ā andĀ (iii)Ā theĀ AnnualĀ ReportĀ onĀ Remuneration.
-Ā TheĀ AnnualĀ StatementĀ byĀ theĀ ChairĀ ofĀ theĀ Remuneration Committee, which is set out on pages 71 to 72 of the AnnualĀ ReportĀ andĀ Accounts,Ā providesĀ aĀ summaryĀ ofĀ the Directors' Remuneration Policy Report and the Annual Report on Remuneration.
-Ā The Directors' Remuneration Policy Report which is set out on pages 85 to 87 of the Annual Report and Accounts sets outĀ theĀ Company'sĀ futureĀ policyĀ onĀ Directors'Ā remuneration. This Policy Report was approved by shareholders at the Annual General Meeting of the Company held in 2020. As no changes are proposed to be made to the Policy and
theĀ approvalĀ obtainedĀ inĀ 2020Ā isĀ effectiveĀ forĀ threeĀ years, shareholderĀ approvalĀ isĀ notĀ beingĀ soughtĀ inĀ respectĀ ofĀ the Policy Report this year.
-Ā TheĀ AnnualĀ ReportĀ onĀ RemunerationĀ isĀ setĀ outĀ onĀ pages 71 to 84 of the Annual Report and Accounts and gives details of the payments and share awards made to the Directors in connection with their and the Company's performanceĀ duringĀ theĀ yearĀ endedĀ 31Ā DecemberĀ 2021. It also details how the Company's policy on Directors'
remunerationĀ willĀ beĀ operatedĀ inĀ 2022Ā (although,Ā forĀ ease ofĀ reference,Ā thoseĀ detailsĀ haveĀ alsoĀ beenĀ presentedĀ within the Directors' Remuneration Policy Report).
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Resolution 2 invites shareholders to approve the Annual Statement by the Chair of the Remuneration Committee and the Annual Report on Remuneration for the financial year endedĀ 31Ā DecemberĀ 2021.Ā ResolutionĀ 2Ā isĀ anĀ advisoryĀ voteĀ and will not affect the way in which the Company's remuneration policy has been implemented during the year under review.
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Resolutions 3 to 10: Re-election or election of Directors TheseĀ ResolutionsĀ dealĀ withĀ theĀ re-electionĀ orĀ electionĀ of Directors.
InĀ accordanceĀ withĀ theĀ provisionsĀ ofĀ theĀ UKĀ Corporate GovernanceĀ Code,Ā eachĀ ofĀ theĀ DirectorsĀ willĀ standĀ for
re-election, save for: Phuthuma Nhleko, who will stand for electionĀ forĀ theĀ firstĀ timeĀ sinceĀ hisĀ appointmentĀ byĀ theĀ Board in October 2021 as a non-executive Director and Chair of
theĀ Board.
Following an internal evaluation of the Board's performance andĀ effectivenessĀ inĀ lateĀ 2020,Ā theĀ BoardĀ isĀ satisfiedĀ thatĀ each Director being proposed for re-election or election has the skills, experience and commitment necessary to contribute effectively to the Board. The Board therefore unanimously recommends the re-election and election (as applicable)
of the Directors set out in Resolutions 3 to 10. Biographical details of each of the Directors standing for re-election or election appear on pages 5 to 7 of this document, including theĀ reasonsĀ whyĀ theĀ BoardĀ believesĀ theĀ Director'sĀ contribution is,Ā andĀ continuesĀ toĀ be,Ā importantĀ toĀ theĀ Company'sĀ long-term sustainableĀ success.
In October 2022, Jeremy Wilson will have completed nine years on the Board. It is his intention to seek re-election at theĀ AGMĀ inĀ earlyĀ 2022Ā andĀ inĀ dueĀ courseĀ agreeĀ withĀ theĀ Board a date that is mutually convenient for him to retire before OctoberĀ 2022.
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ResolutionsĀ 11Ā andĀ 12:Ā AppointmentĀ ofĀ auditor
TheseĀ ResolutionsĀ dealĀ withĀ theĀ re-appointmentĀ ofĀ ErnstĀ & YoungĀ LLPĀ asĀ auditorĀ ofĀ theĀ CompanyĀ andĀ theĀ authorisation of the Audit Committee to determine its remuneration.
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ResolutionĀ 13:Ā Directors'Ā authorityĀ toĀ allotĀ shares
ThisĀ ResolutionĀ isĀ proposedĀ asĀ anĀ ordinaryĀ resolutionĀ toĀ give authorityĀ toĀ theĀ DirectorsĀ toĀ allotĀ shares.Ā ThisĀ ResolutionĀ will, if approved, renew the Directors' authority to allot shares untilĀ theĀ conclusionĀ ofĀ theĀ AGMĀ toĀ beĀ heldĀ inĀ 2023Ā orĀ 30Ā June 2023, whichever is the earlier. This authority is restricted to the allotment of shares having an aggregate nominal value
of Ā£47,874,631 representing approximately one-third of the Company's issued ordinary share capital on 18 April 2022, being the latest practicable date prior to the publication of thisĀ Notice.Ā TheĀ CompanyĀ doesĀ notĀ currentlyĀ holdĀ anyĀ shares inĀ treasury.
TheĀ extentĀ ofĀ theĀ authorityĀ isĀ inĀ lineĀ withĀ theĀ ShareĀ Capital ManagementĀ GuidelinesĀ issuedĀ byĀ theĀ InvestmentĀ Association.
ThereĀ areĀ noĀ presentĀ plansĀ toĀ allotĀ sharesĀ otherĀ thanĀ in respect of employee share schemes.
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ResolutionĀ 14:Ā DisapplicationĀ ofĀ pre-emptionĀ rights
This Resolution is proposed as a special resolution to disapplyĀ pre-emptionĀ rights.Ā SectionĀ 561Ā ofĀ theĀ ActĀ givesĀ all shareholders the right to participate on a pro rata basis in all issues of equity securities for cash, unless they agree thatĀ thisĀ rightĀ shouldĀ beĀ setĀ aside.Ā ResolutionĀ 14Ā empowers the Directors, until the conclusion of the AGM to be held in 2023Ā orĀ 30Ā JuneĀ 2023,Ā whicheverĀ isĀ theĀ earlier,Ā toĀ allotĀ equity securitiesĀ forĀ cash,Ā withoutĀ firstĀ offeringĀ themĀ onĀ aĀ proĀ rata basis to existing shareholders, but only up to a maximum nominalĀ amountĀ ofĀ Ā£7,181,195,Ā representingĀ approximately 5 per cent of the Company's issued ordinary share capital on 18 April 2022, being the latest practicable date prior to the publication of this Notice.
TheĀ DirectorsĀ alsoĀ confirmĀ theirĀ intentionĀ toĀ followĀ theĀ provisions ofĀ theĀ Pre-EmptionĀ Group'sĀ StatementĀ ofĀ PrinciplesĀ regarding cumulativeĀ usageĀ ofĀ authoritiesĀ withinĀ aĀ three-yearĀ rollingĀ period whereĀ theĀ PrinciplesĀ provideĀ thatĀ usageĀ inĀ excessĀ ofĀ 7.5Ā perĀ cent ofĀ theĀ Company'sĀ issuedĀ ordinaryĀ shareĀ capitalĀ shouldĀ notĀ take placeĀ withoutĀ priorĀ consultationĀ withĀ shareholders.
TheĀ DirectorsĀ considerĀ thatĀ itĀ isĀ appropriateĀ forĀ thisĀ authority and these powers to be granted to preserve maximum flexibility for the future.
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ResolutionĀ 15: Notice of general meetings
This Resolution is proposed as a special resolution and seeks shareholderĀ approvalĀ forĀ holdingĀ generalĀ meetingsĀ onĀ 14 clearĀ days'Ā notice.Ā UnderĀ theĀ Act,Ā theĀ noticeĀ periodĀ forĀ the holdingĀ ofĀ generalĀ meetingsĀ (otherĀ thanĀ anĀ annualĀ general meeting)Ā ofĀ aĀ companyĀ isĀ 21Ā clearĀ daysĀ unlessĀ shareholders agree to a shorter notice period and certain other conditions areĀ met.Ā TheĀ CompanyĀ currentlyĀ hasĀ theĀ powerĀ toĀ callĀ general meetingsĀ (otherĀ thanĀ AnnualĀ GeneralĀ Meetings)Ā onĀ 14Ā clear days'Ā notice.Ā TheĀ BoardĀ believesĀ itĀ isĀ inĀ theĀ bestĀ interests
ofĀ shareholdersĀ toĀ preserveĀ theĀ shorterĀ noticeĀ periodĀ and, accordingly, proposes that Resolution 15 be passed as a specialĀ resolution.
TheĀ BoardĀ confirmsĀ thatĀ itĀ willĀ onlyĀ callĀ generalĀ meetings onĀ shorterĀ noticeĀ forĀ non-routineĀ businessĀ andĀ whereĀ the
timingĀ ofĀ theĀ meetingĀ isĀ consideredĀ toĀ beĀ urgentĀ andĀ abridged noticeĀ isĀ consideredĀ toĀ beĀ inĀ theĀ interestsĀ ofĀ shareholdersĀ as aĀ whole.Ā IfĀ thisĀ ResolutionĀ isĀ passed,Ā theĀ authorityĀ toĀ convene
generalĀ meetingsĀ onĀ 14Ā clearĀ days'Ā noticeĀ willĀ remainĀ effective until the conclusion of the AGM to be held in 2023.
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ResolutionĀ 16:Ā ShareĀ purchases
ThisĀ ResolutionĀ isĀ proposedĀ asĀ aĀ specialĀ resolutionĀ andĀ seeks shareholder approval to allow the Company to make market purchasesĀ (withinĀ theĀ meaningĀ ofĀ sectionĀ 693(4)Ā ofĀ theĀ Act)
of the Company's ordinary shares on such terms and in such manner as the Directors may determine from time to time, subject to the limitations set out in this Resolution. If this Resolution is passed, the Company will be authorised to purchase up to a maximum of 143,623,893 ordinary shares, representing approximately 10 per cent of the Company's issuedĀ ordinaryĀ shareĀ capitalĀ onĀ 18Ā AprilĀ 2022,Ā beingĀ theĀ latest practicable date prior to the publication of this Notice.
ĀThis Resolution also sets out the minimum and maximum priceĀ thatĀ theĀ CompanyĀ mayĀ payĀ forĀ purchasesĀ ofĀ itsĀ ordinary shares.Ā IfĀ thisĀ ResolutionĀ isĀ passed,Ā theĀ authorityĀ forĀ theĀ Company to purchase its ordinary shares will remain effective until the conclusion of the AGM to be held in 2023 or 30 June 2023, whichever is the earlier. Under the authority sought by this Resolution, the Company may purchase its ordinary shares following the date on which the authorisation expires if such purchases are made pursuant to contracts entered into by
theĀ CompanyĀ onĀ orĀ priorĀ toĀ theĀ dateĀ onĀ whichĀ theĀ authority conferred by it expires.
The Directors will only exercise this buyback authority, afterĀ carefulĀ consideration,Ā whenĀ itĀ isĀ inĀ theĀ bestĀ interestĀ of
shareholdersĀ generally,Ā takingĀ intoĀ accountĀ marketĀ conditions prevailing at the time, other investment opportunities, appropriate gearing levels, the expected effect on earnings per share and the overall financial position of the Company. TheĀ DirectorsĀ doĀ notĀ haveĀ anyĀ currentĀ intentionĀ toĀ exerciseĀ the buyback authority if approved. Purchases would be financed outĀ ofĀ distributableĀ profitsĀ andĀ sharesĀ purchasedĀ wouldĀ either be cancelled (and the number of shares in issue reduced accordingly) or held as treasury shares.
The Company operates certain all-employee share option schemes under which awards may be satisfied by the allotment or transfer of ordinary shares to a scheme participant. As at 18 April 2022, being the latest practicable date prior to the publication of this Notice, options were subsistingĀ overĀ 57,248,800Ā ordinaryĀ sharesĀ (theĀ OptionĀ Shares) representing approximately 4 per cent of the Company's issued share capital. If the authority to purchase the Company's ordinary shares (as described in this Resolution) were exercised in full, the Option Shares would represent approximately 4 per cent of the Company's issued share capital as at 18 April 2022, being the latest practicable date prior to the publication of this Notice (as reduced by that purchaseĀ andĀ excludingĀ anyĀ ofĀ theĀ Company'sĀ sharesĀ thatĀ may thenĀ beĀ heldĀ inĀ treasury).Ā AsĀ atĀ 18Ā AprilĀ 2022,Ā beingĀ theĀ latest practicable date prior to the publication of this Notice, the Company did not hold any shares in treasury and there were no warrants over the Company's ordinary shares.
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ListingĀ RuleĀ 9.9.6Ā andĀ Directors'Ā Interests
InĀ accordanceĀ withĀ theĀ FinancialĀ ConductĀ Authority'sĀ Listing Rule 9.9.6, the Company confirms that the information in relationĀ toĀ substantialĀ shareholdings,Ā asĀ setĀ outĀ onĀ pageĀ 88 ofĀ theĀ AnnualĀ Report,Ā isĀ unchangedĀ asĀ atĀ 18Ā AprilĀ 2022.Ā The Directors' interests in the Company, set out on page 82 of the Annual Report, have changed as announced on 10 and 16 March 2022.
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PollĀ voting
EachĀ ofĀ theĀ ResolutionsĀ toĀ beĀ consideredĀ atĀ theĀ AGMĀ willĀ be voted on by way of a poll. This ensures that shareholders who are not able to attend the AGM, but who have appointed
proxies,Ā haveĀ theirĀ votesĀ fullyĀ takenĀ intoĀ account.Ā AnyĀ Directors who have been appointed as proxies will cast those votes as directed by the person who appointed them. The results of the polls will be announced to the London Stock Exchange andĀ publishedĀ onĀ theĀ Company'sĀ websiteĀ asĀ soonĀ asĀ possible afterĀ theĀ conclusionĀ ofĀ theĀ AGM,Ā andĀ noĀ laterĀ thanĀ 6.00pmĀ on 25 May 2022.
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Letter from theĀ Chair of theĀ BoardĀ continued
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ActionĀ toĀ beĀ taken
A Form of Proxy for use in respect of the AGM and a prepaid replyĀ envelopeĀ areĀ enclosed.Ā PleaseĀ complete,Ā signĀ andĀ return theĀ enclosedĀ FormĀ ofĀ ProxyĀ asĀ soonĀ asĀ possibleĀ inĀ accordance with the instructions printed thereon whether or not you intend to be present at the AGM. The Form of Proxy should
beĀ returnedĀ soĀ asĀ toĀ beĀ receivedĀ byĀ theĀ Company'sĀ Registrar, Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY, as soon as possible and byĀ noĀ laterĀ thanĀ 12Ā noonĀ onĀ 23Ā MayĀ 2022.Ā YouĀ canĀ alsoĀ appoint aĀ proxyĀ onlineĀ atĀ www.investorcentre.co.uk/eproxy orĀ through CREST.Ā FurtherĀ detailsĀ ofĀ howĀ toĀ doĀ soĀ areĀ setĀ outĀ inĀ theĀ notes to the Notice of AGM on pages 10 to 12 of this document.
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GhanaianĀ shareholders
ToĀ allowĀ ourĀ shareholdersĀ inĀ GhanaĀ toĀ participateĀ inĀ theĀ AGM, weĀ haveĀ putĀ inĀ placeĀ specialĀ proceduresĀ forĀ themĀ toĀ castĀ their votesĀ andĀ appointĀ aĀ proxy.Ā TheĀ proceduresĀ areĀ explainedĀ in advertisements we will shortly place in local newspapers in Ghana.Ā InĀ summary,Ā FormsĀ ofĀ ProxyĀ mayĀ beĀ obtainedĀ fromĀ our RegistrarĀ inĀ Ghana.Ā IfĀ anyĀ ofĀ ourĀ GhanaianĀ shareholdersĀ need further assistance, they should contact Central Securities Depository (GH) Limited, 4th Floor, Cedi House, P.M.B CT,
465Ā Cantonments,Ā Accra,Ā GhanaĀ (telephoneĀ +233Ā (0)Ā 303Ā 972
254/(0)Ā 302Ā 689Ā 313)Ā orĀ emailĀ info@csd.com.gh.
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Recommendation
YourĀ DirectorsĀ believeĀ thatĀ theĀ ResolutionsĀ toĀ beĀ proposed atĀ theĀ AGMĀ areĀ inĀ theĀ bestĀ interestsĀ ofĀ theĀ CompanyĀ andĀ its shareholdersĀ asĀ aĀ wholeĀ andĀ unanimouslyĀ recommendĀ that
youĀ voteĀ inĀ favourĀ ofĀ them,Ā asĀ theyĀ proposeĀ toĀ doĀ soĀ inĀ respect of their own shareholdings.
YoursĀ faithfully
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PhuthumaĀ Nhleko
ChairĀ ofĀ theĀ Board
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Directors'Ā biographies
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TheĀ followingĀ biographiesĀ areĀ ofĀ thoseĀ DirectorsĀ seeking re-electionĀ orĀ electionĀ (asĀ applicable)Ā atĀ theĀ AGMĀ andĀ set
out the key strengths and experience of each Director which are relevant to the long-term sustainable success of the Company and therefore the reason why the Board believes eachĀ Director'sĀ contributionĀ is,Ā andĀ continuesĀ toĀ be,Ā important to the Company's long-term sustainable success:
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MikeĀ Daly
Non-executiveĀ Director
Age: 68; Nationality: British; Appointment: 2014; Tenure: 7 years; Independent: Yes
Key strengths applicable to Tullow Oil plc's long-term sustainableĀ success:Ā Upstream business, exploration and appraisal executive leadership, business development, executiveĀ andĀ publicĀ companyĀ leadership,Ā technologyĀ and innovation,Ā environment,Ā health,Ā safetyĀ andĀ sustainability.
Experience relevant to Tullow Oil plc's long-term sustainable success: Mike brings significant upstream experience to Tullow from a 40-year career in the oil and gas business.
Mike spent 28 years at BP plc where he held a number of seniorĀ executiveĀ andĀ functionalĀ rolesĀ withinĀ theĀ exploration and production division across Europe, South America,
the Middle East and Asia, including eight years as head of explorationĀ andĀ newĀ businessĀ development.Ā HeĀ alsoĀ servedĀ on BP's executive team as executive vice president exploration, accountable for the leadership of BP's exploration business. Mike was a member of the World Economic Forum's Global Agenda Council on the Arctic and has served on the advisory board of the British Geological Survey. He is a visiting professor at the Department of Earth Sciences, Oxford University. He holds a BSc in Geology from the University CollegeĀ ofĀ WalesĀ andĀ aĀ PhDĀ inĀ GeologyĀ fromĀ LeedsĀ University. Mike is also a graduate of the Program for Management Development, Harvard Business School, and in 2014 was awarded The Geological Society of London's Petroleum
GroupĀ Medal.
CurrentĀ externalĀ roles: Non-executive director of Compagnie GĆ©nĆ©rale de GĆ©ophysique, a global provider of geoscience and geophysical services to the oil and gas industry, where heĀ isĀ chairĀ ofĀ theĀ health,Ā safety,Ā environmentĀ andĀ sustainable development committee and a member of the investment committee. President of the Geological Society of London,
aĀ registeredĀ UKĀ charity.
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RahulĀ Dhir
ChiefĀ ExecutiveĀ Officer
Age: 56; Nationality: British; Appointment: 2020; Tenure: 2 years; Independent: No
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Upstream business, exploration, development and operations, executive leadership, capital markets,Ā M&A,Ā environment,Ā health,Ā safetyĀ andĀ sustainability.
Experience applicable to Tullow Oil plc's long-term sustainable success: Rahul brings substantial leadership experience in the oil and gas industry to Tullow, having founded Delonex Energy, an Africa-focused oil and gas company in 2013. Prior to establishing Delonex, Rahul spent six years at Cairn India as chief executive officer and managing director. Under his leadership Cairn India
successfullyĀ completedĀ aĀ $2Ā billionĀ IPOĀ andĀ grewĀ toĀ aĀ market
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valueĀ ofĀ nearlyĀ $13Ā billionĀ withĀ operatedĀ productionĀ ofĀ over 200,000 barrels of oil equivalent per day. Rahul started
his career as a petroleum engineer, before moving into investmentĀ bankingĀ whereĀ heĀ ledĀ teamsĀ atĀ MorganĀ Stanley and Merrill Lynch, advising major oil & gas companies on merger and acquisition and capital market related issues.
CurrentĀ externalĀ roles: Member of the International Board of Advisors at the University of Texas at Austin.
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MartinĀ Greenslade
Non-executiveĀ Director
Age: 56; Nationality: British; Appointment: 2019; Tenure: 3 years; Independent: Yes
Key strengths applicable to Tullow Oil plc's long-term sustainableĀ success:Ā CorporateĀ finance,Ā accountingĀ andĀ audit, riskĀ managementĀ andĀ executiveĀ andĀ publicĀ companyĀ leadership.
Experience applicable to Tullow Oil plc's long-term sustainableĀ success:Ā Martin, a chartered accountant, brings extensiveĀ corporateĀ financialĀ experienceĀ toĀ TullowĀ fromĀ a
34-year career in the property, engineering and financial sectorsĀ inĀ theĀ UKĀ andĀ acrossĀ Africa,Ā ScandinaviaĀ andĀ Europe. From 2005 to 2021 Martin was chief financial officer at
Land Securities Group plc, a listed UK real estate company. Previously, he spent five years as group finance director of AlvisĀ plc,Ā anĀ internationalĀ defenceĀ andĀ engineeringĀ company. Martin holds an MA in Computer and Natural Sciences from CambridgeĀ UniversityĀ andĀ isĀ alsoĀ aĀ graduateĀ ofĀ theĀ Stanford Executive Program, Stanford University, California.
Current external roles: Martin is a board trustee of the UK armĀ ofĀ InternationalĀ JusticeĀ Mission,Ā aĀ humanĀ rightsĀ charity focused on protecting the poor from violence and ending humanĀ slavery.
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MitchellĀ Ingram
Non-executiveĀ Director
Age: 59; Nationality: British; Appointment: 2020; Tenure:Ā <2Ā years;Ā Independent:Ā Yes
Key strengths applicable to Tullow Oil plc's long-term sustainableĀ success:Ā Upstream business, corporate finance, accounting and audit, business development, risk management, executiveĀ leadership,Ā investorĀ andĀ governmentĀ relations.
Experience applicable to Tullow Oil plc's long-term sustainable success: Mitchell brings a wealth of oil and gasĀ executiveĀ experienceĀ toĀ Tullow,Ā havingĀ establishedĀ a
distinguished career spanning over 28 years of experience in the oil and natural gas industry. Mitchell joined Anadarko in 2015 and became executive vice-president of International, Deep Water and Exploration in 2018. Prior to this, he served as development director and then asset general manager for theĀ KarachaganackĀ fieldĀ inĀ KazakhstanĀ atĀ BGĀ Group,Ā following his time as managing director of QGC Australia. Mitchell began his career at Occidental and spent 22 years in a number of technical and operational roles in the UK North Sea, Qatar and Libya. Mitchell holds a BSc in Engineering Technology from Robert Gordon University in Aberdeen.
CurrentĀ externalĀ roles:Ā None.
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Directors'Ā biographiesĀ continued
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SheilaĀ Khama
Non-executiveĀ Director
Age: 64; Nationality: Motswana; Appointment: 2019; Tenure: 3 years; Independent: Yes
Key strengths applicable to Tullow Oil plc's long-term sustainableĀ success:Ā ExtractivesĀ projectĀ andĀ policyĀ reform, executive leadership, corporate governance, business development,Ā public-privateĀ partnershipĀ andĀ sustainability.
ExperienceĀ applicableĀ toĀ TullowĀ OilĀ plc'sĀ long-term sustainableĀ success:Ā SheilaĀ bringsĀ toĀ TullowĀ aĀ wealth ofĀ executiveĀ experienceĀ inĀ theĀ bankingĀ andĀ natural
resources sectors across Africa. Sheila served as the chief executive officer of De Beers Botswana from 2005 to 2010, after which she served as a director of the extractives advisory programme at the African Centre for Economic Transformation.Ā InĀ 2013,Ā SheilaĀ tookĀ upĀ aĀ positionĀ asĀ director ofĀ theĀ NaturalĀ ResourcesĀ CentreĀ atĀ theĀ AfricanĀ Development Bank, Abidjan, CĆ“te d'Ivoire. Sheila subsequently became
aĀ policyĀ adviserĀ atĀ theĀ WorldĀ BankĀ inĀ WashingtonĀ inĀ 2016. InĀ bothĀ rolesĀ sheĀ advisedĀ hostĀ governmentsĀ onĀ sustainable development policies for natural resources. During this time she also represented the African Development Bank
asĀ anĀ observerĀ onĀ theĀ internationalĀ boardĀ ofĀ directorsĀ ofĀ the ExtractiveĀ IndustriesĀ TransparencyĀ Initiative.Ā SheilaĀ holdsĀ a BA from the University of Botswana and an MBA from the Edinburgh University Business School.
CurrentĀ externalĀ roles: Sheila is currently a member of the Advisory Board of the Centre for Sustainable Development Investment, Columbia University, and the audit committee ofĀ theĀ UnitedĀ NationsĀ OfficeĀ ofĀ Operations,Ā aĀ non-executive director of the Development Partner Institute, as well as
aĀ non-executiveĀ DirectorĀ ofĀ TheĀ MetalsĀ Company,Ā whichĀ is listed on the NASDAQ Stock Exchange in New York.
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GenevieveĀ Sangudi
Non-executiveĀ Director
Age: 45; Nationality: Tanzanian; Appointment: 2019; Tenure: 3 years; Independent: Yes
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Corporate finance, accounting and audit,Ā businessĀ development,Ā riskĀ management,Ā executive leadership and investor relations.
Experience applicable to Tullow Oil plc's long-term sustainable success: Genevieve brings considerable marketing, investment and fund management experience to Tullow from a 22-year career in the financial sector in the US and across Africa. Genevieve began her career in businessĀ developmentĀ asĀ aĀ marketingĀ executiveĀ atĀ Procter
&Ā Gamble,Ā Boston,Ā beforeĀ joiningĀ EmergingĀ CapitalĀ Partners, aĀ pan-AfricanĀ privateĀ equityĀ firm,Ā asĀ aĀ partnerĀ andĀ managing director. At Emerging Capital Partners Genevieve served
on the boards of portfolio companies working closely with the executive teams and set up the company's operations in Nigeria.Ā SinceĀ 2011,Ā GenevieveĀ hasĀ beenĀ managingĀ director, Sub-SaharanĀ Africa,Ā forĀ theĀ AmericanĀ privateĀ equityĀ company Carlyle Group, based in Johannesburg, South Africa, leading on a number of significant transactions in Gabon, Tanzania, Nigeria and Uganda. Genevieve holds a BA from Macalester College, St Paul, Minnesota, an MA in International Affairs from Columbia University, New York, and an MBA from the Columbia Business School, Columbia University.
CurrentĀ externalĀ roles:Ā GenevieveĀ isĀ currentlyĀ managing director,Ā Sub-SaharanĀ Africa,Ā forĀ theĀ AmericanĀ privateĀ equity company Carlyle Group.
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PhuthumaĀ Nhleko
Non-executiveĀ ChairĀ ofĀ theĀ Board
Age:Ā 61;Ā Nationality:Ā SouthĀ African;Ā Appointment:Ā OctoberĀ 2021; Tenure:Ā <1Ā year;Ā Independent:Ā Yes
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Executive leadership, public company governanceĀ andĀ leadership,Ā emergingĀ markets,Ā engineering, investorĀ relations,Ā corporateĀ finance,Ā businessĀ development, riskĀ management,Ā technologyĀ andĀ innovation.
ExperienceĀ relevantĀ toĀ TullowĀ OilĀ plc'sĀ long-termĀ sustainable success:Ā PhuthumaĀ bringsĀ extensiveĀ emergingĀ markets experienceĀ toĀ TullowĀ havingĀ workedĀ successfullyĀ acrossĀ Africa overĀ theĀ pastĀ threeĀ decades.Ā PhuthumaĀ wasĀ chiefĀ executive
of MTN Group, the leading pan-African telecommunications company,Ā fromĀ 2002Ā toĀ 2011.Ā DuringĀ hisĀ timeĀ withĀ MTN,Ā the GroupĀ grewĀ rapidlyĀ inĀ AfricaĀ andĀ theĀ MiddleĀ East,Ā gainingĀ over 185 million subscribers to become one of the largest listed companies in Africa. In 2013, Phuthuma returned to MTN
as a non-executive director and chairman until 2019. This includedĀ aĀ periodĀ asĀ executiveĀ chairmanĀ fromĀ 2015Ā toĀ 2017. HeĀ remainedĀ partĀ ofĀ theĀ internationalĀ advisoryĀ boardĀ forĀ the business until August 2021. After stepping down as chief executive of MTN in 2011, Phuthuma was a non-executive directorĀ atĀ BPĀ plcĀ (2011-16)Ā andĀ Anglo-AmericanĀ plcĀ (2011- 15).Ā HeĀ alsoĀ servedĀ previouslyĀ onĀ theĀ boardsĀ ofĀ NedbankĀ and Old Mutual in South Africa.
Current external roles: Phuthuma is chairman of Phembani Group,Ā anĀ investmentĀ groupĀ whichĀ heĀ foundedĀ inĀ 1994,Ā and isĀ chairman-designateĀ ofĀ theĀ JohannesburgĀ StockĀ Exchange Ltd. Phuthuma is also a non-executive director of South African downstream energy company, Engen Petroleum, andĀ aĀ non-executiveĀ directorĀ ofĀ IHSĀ Towers,Ā theĀ NYSE-listed Emerging Markets Telecom Infrastructure Provider.
ĀJeremyĀ Wilson
Non-executiveĀ SeniorĀ IndependentĀ Director
Age: 57; Nationality; British; Appointment: 2013; Tenure: 8 years; Independent: Yes
In October 2022, Jeremy Wilson will have completed nine years on the Board. It is his intention to seek re-election at theĀ AGMĀ inĀ earlyĀ 2022Ā andĀ inĀ dueĀ courseĀ agreeĀ withĀ theĀ Board a date that is mutually convenient for him to retire before OctoberĀ 2022.
Key strengths applicable to Tullow Oil plc's long-term sustainableĀ success:Ā CorporateĀ finance,Ā accountingĀ and audit, business development, risk management, executive leadership,Ā publicĀ companyĀ governanceĀ andĀ leadershipĀ and investorĀ relations.
Experience applicable to Tullow Oil plc's long-term sustainableĀ success:Ā Jeremy brings extensive strategic
andĀ corporateĀ financeĀ experienceĀ toĀ TullowĀ developedĀ overĀ a 30-yearĀ businessĀ career.Ā MostĀ recentlyĀ JeremyĀ spentĀ 26Ā years at the investment bank JP Morgan where he held a number ofĀ seniorĀ executiveĀ rolesĀ includingĀ headĀ ofĀ EuropeanĀ mergers and acquisitions, co-head of global natural resources and diversified industrials and latterly vice chair of the bank's energyĀ group.Ā UpĀ untilĀ mid-2020Ā JeremyĀ wasĀ aĀ non-executive directorĀ ofĀ JohnĀ WoodĀ GroupĀ plc,Ā anĀ internationalĀ engineering company providing project and technical services to the energy industry, where he served as a senior independent director on the audit and nominations committees and chair of the remuneration committee. Jeremy holds an MSc in Engineering from Cambridge University.
CurrentĀ externalĀ roles:Ā JeremyĀ isĀ founder,Ā ownerĀ andĀ chair of the Lakeland Climbing Centre.
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NoticeĀ ofĀ AnnualĀ GeneralĀ MeetingĀ 2022
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Notice is hereby given that the Annual General Meeting of TullowĀ OilĀ plcĀ (theĀ Company)Ā willĀ beĀ heldĀ atĀ theĀ LondonĀ offices ofĀ TullowĀ OilĀ plcĀ atĀ 9Ā ChiswickĀ Park,Ā 566Ā ChiswickĀ HighĀ Road, LondonĀ W4Ā 5XT,Ā onĀ 25Ā MayĀ 2022Ā atĀ 12Ā noonĀ toĀ considerĀ and,
ifĀ thoughtĀ fit,Ā passĀ theĀ ResolutionsĀ setĀ outĀ below.
ResolutionsĀ 1Ā toĀ 13Ā willĀ beĀ proposedĀ asĀ ordinaryĀ resolutionsĀ and ResolutionsĀ 14Ā toĀ 16Ā willĀ beĀ proposedĀ asĀ specialĀ resolutions.
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OrdinaryĀ resolutions
1.Ā Ā Ā To receive and adopt the Company's annual accounts forĀ theĀ financialĀ yearĀ endedĀ 31Ā DecemberĀ 2021Ā andĀ the associated reports of the Directors and auditor.
2.Ā Ā Ā ToĀ approveĀ theĀ AnnualĀ StatementĀ byĀ theĀ ChairĀ ofĀ the Remuneration Committee and the Annual Report on RemunerationĀ setĀ outĀ onĀ pagesĀ 71Ā toĀ 72Ā andĀ 73Ā toĀ 84 ofĀ theĀ Company'sĀ AnnualĀ ReportĀ andĀ AccountsĀ forĀ the financial year ended 31 December 2021.
3.Ā Ā Ā ToĀ re-electĀ MikeĀ DalyĀ asĀ aĀ Director.
4.Ā Ā Ā ToĀ re-electĀ RahulĀ DhirĀ asĀ aĀ Director.
5.Ā Ā Ā ToĀ re-electĀ MartinĀ GreensladeĀ asĀ aĀ Director.
6.Ā Ā Ā ToĀ re-electĀ MitchellĀ IngramĀ asĀ aĀ Director.
7.Ā Ā Ā ToĀ re-electĀ SheilaĀ KhamaĀ asĀ aĀ Director.
8.Ā Ā Ā ToĀ re-electĀ GenevieveĀ SangudiĀ asĀ aĀ Director.
9.Ā Ā Ā ToĀ electĀ PhuthumaĀ NhlekoĀ asĀ aĀ Director.
10.Ā Ā ToĀ re-electĀ JeremyĀ WilsonĀ asĀ aĀ Director.
11.Ā Ā ToĀ re-appointĀ ErnstĀ &Ā YoungĀ LLPĀ asĀ auditorĀ ofĀ the CompanyĀ toĀ holdĀ officeĀ fromĀ theĀ conclusionĀ ofĀ theĀ Annual GeneralĀ MeetingĀ untilĀ theĀ conclusionĀ ofĀ theĀ Annual GeneralĀ MeetingĀ ofĀ theĀ CompanyĀ toĀ beĀ heldĀ inĀ 2023.
12.Ā Ā ToĀ authoriseĀ theĀ AuditĀ CommitteeĀ toĀ determineĀ the remuneration of Ernst & Young LLP.
ĀĀ
13.Ā Ā THATĀ theĀ BoardĀ ofĀ DirectorsĀ ofĀ theĀ CompanyĀ (theĀ Board) beĀ andĀ isĀ herebyĀ generallyĀ andĀ unconditionallyĀ authorised pursuant to and in accordance with section 551 of the Companies Act 2006 to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for or to convert any securities into shares in the Company up to an aggregate nominal amountĀ ofĀ Ā£47,874,631Ā providedĀ thatĀ thisĀ authorityĀ shall expire at the conclusion of the Annual General Meeting
ofĀ theĀ CompanyĀ toĀ beĀ heldĀ inĀ 2023Ā orĀ onĀ 30Ā JuneĀ 2023, whichever is the earlier, save that the Company may before such expiry make an offer or enter into an agreement which would or might require shares to be allotted,Ā orĀ rightsĀ toĀ subscribeĀ forĀ orĀ toĀ convertĀ securities intoĀ sharesĀ toĀ beĀ granted,Ā afterĀ suchĀ expiryĀ andĀ theĀ Board may allot shares or grant such rights in pursuance of such an offer or agreement as if the authority conferred hereby had not expired.
Ā
SpecialĀ resolutions
14.Ā Ā THAT, if Resolution 13 is passed, the Board of Directors ofĀ theĀ CompanyĀ (theĀ Board)Ā beĀ empoweredĀ toĀ allotĀ equity securities (as defined in the Companies Act 2006 (the Act))Ā (includingĀ theĀ grantĀ ofĀ rightsĀ toĀ subscribeĀ for,Ā orĀ to convert any securities into, equity securities) for cash
underĀ theĀ authorityĀ givenĀ byĀ thatĀ ResolutionĀ and/orĀ toĀ sell ordinary shares held by the Company as treasury shares forĀ cashĀ asĀ ifĀ sectionĀ 561Ā ofĀ theĀ ActĀ didĀ notĀ applyĀ toĀ any such allotment or sale, such power to be limited to the allotment of equity securities and the sale of treasury shares for cash:
a)Ā inĀ connectionĀ withĀ aĀ rightsĀ issue,Ā openĀ offerĀ orĀ other pre-emptive issue; and
b)Ā (otherwise than under paragraph (a) above) up to an aggregate nominal amount of Ā£7,181,195,
andĀ shallĀ expireĀ atĀ theĀ endĀ ofĀ theĀ AnnualĀ GeneralĀ Meeting ofĀ theĀ CompanyĀ toĀ beĀ heldĀ inĀ 2023Ā (or,Ā ifĀ earlier,Ā atĀ the close of business on 30 June 2023) but, in each case, prior to its expiry the Board may make offers, and enter into agreements, which would, or might, require equity securities to be allotted (and treasury shares to be sold) after the power expires and the Board may allot equity securitiesĀ (andĀ sellĀ treasuryĀ shares)Ā underĀ anyĀ suchĀ offer or agreement as if the power had not expired.
15.Ā Ā THAT the Company be and is hereby generally and unconditionallyĀ authorisedĀ toĀ holdĀ generalĀ meetings (other than Annual General Meetings) on no less thanĀ 14Ā clearĀ days'Ā notice,Ā suchĀ authorityĀ toĀ expireĀ at theĀ conclusionĀ ofĀ theĀ AnnualĀ GeneralĀ MeetingĀ ofĀ the Company to be held in 2023.
Ā
Ā
SpecialĀ resolutionsĀ continued
16.Ā Ā THAT the Company be and it is hereby generally authorised pursuant to section 701 of the Companies ActĀ 2006Ā (theĀ Act)Ā toĀ makeĀ marketĀ purchasesĀ (withinĀ the meaningĀ ofĀ sectionĀ 693(4)Ā ofĀ theĀ Act)Ā ofĀ ordinaryĀ shares of Ā£0.10 each in the capital of the Company ('Ordinary
Shares')Ā onĀ suchĀ termsĀ andĀ inĀ suchĀ mannerĀ asĀ theĀ Board of Directors of the Company may from time to time determine, provided that:
a)Ā theĀ numberĀ ofĀ suchĀ OrdinaryĀ SharesĀ herebyĀ authorised to be acquired by the Company shall not exceed 143,623,893;Ā and
b)Ā the price that may be paid by the Company for any of its Ordinary Shares shall not be less than Ā£0.10, beingĀ theĀ nominalĀ valueĀ ofĀ eachĀ OrdinaryĀ Share,Ā and shall not be greater than the higher of, exclusive
ofĀ expenses:
i.Ā Ā Ā an amount equal to 105 per cent of the average trading price of the Ordinary Shares as derived fromĀ theĀ middleĀ marketĀ quotationsĀ forĀ anĀ Ordinary ShareĀ onĀ theĀ LondonĀ StockĀ ExchangeĀ DailyĀ Official ListĀ forĀ theĀ fiveĀ tradingĀ daysĀ immediatelyĀ preceding the date on which a share is contracted to be purchased;Ā and
ii.Ā Ā theĀ higherĀ ofĀ theĀ priceĀ ofĀ theĀ lastĀ independent tradeĀ andĀ theĀ highestĀ currentĀ independentĀ bid on the trading venue where the purchase is carriedĀ out.
Unless previously revoked, renewed, extended or varied the authority hereby conferred shall expire atĀ theĀ conclusionĀ ofĀ theĀ AnnualĀ GeneralĀ MeetingĀ of the Company to be held in 2023 or on 30 June 2023,
whichever is the earlier, provided that the Company may effectĀ purchasesĀ followingĀ theĀ dateĀ onĀ whichĀ theĀ authority hereby conferred expires if such purchases are made pursuant to contracts for purchases of Ordinary Shares whichĀ areĀ enteredĀ intoĀ byĀ theĀ CompanyĀ onĀ orĀ priorĀ toĀ the date on which the authority hereby conferred expires.
ByĀ OrderĀ ofĀ theĀ Board
Ā
AdamĀ Holland
CompanyĀ Secretary
22Ā AprilĀ 2022
Ā
RegisteredĀ office:
9Ā Chiswick Park
566Ā ChiswickĀ HighĀ Road London W4 5XT
Ā
NoticeĀ ofĀ AnnualĀ GeneralĀ MeetingĀ 2022Ā continued
Ā
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Ā
Ā
Notes
1. AttendingĀ theĀ AnnualĀ GeneralĀ MeetingĀ inĀ person
IfĀ youĀ wishĀ toĀ attendĀ theĀ AnnualĀ GeneralĀ MeetingĀ (AGM)Ā in person,Ā youĀ shouldĀ arriveĀ atĀ theĀ venueĀ inĀ goodĀ timeĀ toĀ allow your attendance to be registered. It is advisable to have someĀ formĀ ofĀ identificationĀ withĀ youĀ asĀ youĀ mayĀ beĀ askedĀ to provideĀ evidenceĀ ofĀ yourĀ identityĀ toĀ theĀ Company'sĀ registrar,
ComputershareĀ InvestorĀ ServicesĀ PLCĀ (theĀ Registrar),Ā priorĀ to being admitted to the AGM.
Ā
2. AudioĀ castĀ andĀ AGMĀ website
ThisĀ year,Ā weĀ areĀ enablingĀ shareholdersĀ toĀ listenĀ toĀ aĀ live audio cast of the AGM as well as participate remotely.
In order to participate at the meeting, you will need to visit www.meetnow.global/TULLOILAGM22 on your device
operating a compatible browser using the latest version of Chrome, Firefox, Edge or Safari. Please note that Internet ExplorerĀ isĀ notĀ supported.Ā ItĀ isĀ highlyĀ recommendedĀ thatĀ you checkĀ yourĀ systemĀ capabilitiesĀ inĀ advanceĀ ofĀ theĀ meetingĀ day.
IfĀ youĀ areĀ aĀ shareholder,Ā youĀ canĀ useĀ yourĀ uniqueĀ Shareholder Reference Number and PIN as displayed on your Form of Proxy/AttendanceĀ Card.Ā IfĀ youĀ areĀ anĀ appointedĀ proxyĀ orĀ a corporate representative you will have had to be provided
with a unique invite code to enter the meeting and exercise your rights. These credentials will be issued one working day prior to the meeting, conditional on evidence of your proxy appointmentĀ orĀ corporateĀ representativeĀ appointmentĀ having beenĀ receivedĀ andĀ accepted.Ā IfĀ youĀ haveĀ notĀ beenĀ provided with your meeting access credentials, please ensure you contactĀ ComputershareĀ onĀ theĀ morningĀ ofĀ theĀ meeting,Ā butĀ no later than one hour before the start of the meeting.
AccessĀ toĀ theĀ meetingĀ viaĀ www.meetnow.global/TULLOILAGM22Ā will be available from 11.00am. Where telephone lines
are provided these will be activated 5 minutes prior to the meeting start time. During the meeting, you must ensure youĀ areĀ connectedĀ toĀ theĀ internetĀ atĀ allĀ timesĀ inĀ orderĀ toĀ vote whenĀ theĀ ChairĀ commencesĀ pollingĀ onĀ ResolutionsĀ beingĀ put to the meeting. Therefore, it is your responsibility to ensure connectivity for the duration of the meeting.
AccessingĀ theĀ telephoneĀ line
ToĀ beĀ ableĀ toĀ speakĀ orĀ askĀ aĀ questionĀ verballyĀ atĀ theĀ meeting, you must first log in to the meeting, where the telephone number and Access Code will be available.
ToĀ beĀ seenĀ andĀ heardĀ whileĀ askingĀ aĀ question
ToĀ beĀ ableĀ toĀ askĀ aĀ questionĀ andĀ beĀ seenĀ byĀ theĀ BoardĀ and thoseĀ attendingĀ theĀ meeting,Ā youĀ mustĀ logĀ inĀ toĀ theĀ meeting where the information on how to enter the virtual waiting room will be available.
TechnicalĀ issues
If you experience any technical issues with the site you may eitherĀ callĀ ourĀ RegistrarĀ onĀ theĀ telephoneĀ numberĀ providedĀ on theĀ siteĀ orĀ onceĀ youĀ haveĀ enteredĀ theĀ meeting,Ā youĀ canĀ raise your question using the chat function. If you have technical issuesĀ priorĀ toĀ theĀ startĀ ofĀ theĀ meetingĀ youĀ shouldĀ contactĀ our Registrar on the shareholder helpline.
ĀĀ
Process
TheĀ processĀ ofĀ askingĀ questionsĀ andĀ accessingĀ theĀ AGMĀ audio casting will be further explained within the application and located on the information page.
DulyĀ appointedĀ proxiesĀ andĀ corporateĀ representatives
PleaseĀ contactĀ theĀ Company'sĀ RegistrarĀ beforeĀ 5.30pmĀ onĀ 24 May 2022 on the shareholder helpline number: +44 (0) 370 703 6242Ā forĀ yourĀ ShareholderĀ ReferenceĀ NumberĀ (SRN)Ā andĀ PIN. LinesĀ areĀ openĀ 8.30amĀ toĀ 5.30pmĀ MondayĀ toĀ FridayĀ (excluding public holidays in England and Wales).
ShareholdersĀ shouldĀ noteĀ thatĀ electronicĀ entryĀ toĀ theĀ AGM willĀ openĀ atĀ 11.00amĀ onĀ 25Ā MayĀ 2022,Ā andĀ theĀ meetingĀ will formally start at 12 noon.
Ā
3. AppointmentĀ ofĀ proxies
Members are entitled to appoint one or more proxies to exerciseĀ allĀ orĀ anyĀ ofĀ theirĀ rightsĀ toĀ attend,Ā speakĀ andĀ vote atĀ theĀ AGM.Ā AĀ proxyĀ needĀ notĀ beĀ aĀ memberĀ ofĀ theĀ Company but must attend the AGM to represent a member. To be validly appointed, a proxy must be appointed using the procedures set out in these notes and in the notes to the accompanyingĀ FormĀ ofĀ Proxy.Ā IfĀ membersĀ wishĀ theirĀ proxy toĀ speakĀ onĀ theirĀ behalfĀ atĀ theĀ meeting,Ā membersĀ willĀ need toĀ appointĀ theirĀ ownĀ choiceĀ ofĀ proxyĀ (notĀ theĀ ChairĀ ofĀ the AGM)Ā andĀ giveĀ theirĀ instructionsĀ directlyĀ toĀ them.Ā Members canĀ onlyĀ appointĀ moreĀ thanĀ oneĀ proxyĀ whereĀ eachĀ proxyĀ is appointed to exercise rights attached to different shares.
Members cannot appoint more than one proxy to exercise theĀ rightsĀ attachedĀ toĀ theĀ sameĀ share(s).Ā IfĀ aĀ memberĀ wishes toĀ appointĀ moreĀ thanĀ oneĀ proxy,Ā theyĀ shouldĀ contactĀ the RegistrarĀ byĀ telephoneĀ onĀ +44Ā (0)Ā 370Ā 703Ā 6242Ā orĀ byĀ logging on to www.investorcentre.co.uk/contactus. A member may instructĀ theirĀ proxyĀ toĀ abstainĀ fromĀ votingĀ onĀ anyĀ Resolution to be considered at the AGM by marking the 'Vote Withheld' optionĀ whenĀ appointingĀ theirĀ proxy.Ā ItĀ shouldĀ beĀ notedĀ that
aĀ voteĀ withheldĀ isĀ notĀ aĀ voteĀ inĀ lawĀ andĀ willĀ notĀ beĀ counted inĀ theĀ calculationĀ ofĀ theĀ proportionĀ ofĀ votesĀ 'For'Ā orĀ 'Against' theĀ Resolution.Ā TheĀ appointmentĀ ofĀ aĀ proxyĀ willĀ notĀ prevent a member from attending the AGM and voting in person if
theyĀ wish.Ā AĀ personĀ whoĀ isĀ notĀ aĀ memberĀ ofĀ theĀ CompanyĀ but who has been nominated by a member to enjoy information rights does not have a right to appoint any proxies under
theĀ proceduresĀ setĀ outĀ inĀ theseĀ notesĀ andĀ shouldĀ read note 10 below.
Ā
4. AppointmentĀ ofĀ aĀ proxyĀ online
As an alternative to appointing a proxy using the Form of Proxy or CREST, members can appoint a proxy online at: www.investorcentre.co.uk/eproxy. InĀ orderĀ toĀ appointĀ aĀ proxy usingĀ thisĀ website,Ā membersĀ willĀ needĀ theirĀ ControlĀ Number,
Shareholder Reference Number and PIN. This information isĀ printedĀ onĀ theĀ FormĀ ofĀ Proxy.Ā IfĀ forĀ anyĀ reasonĀ aĀ member doesĀ notĀ haveĀ thisĀ information,Ā theyĀ willĀ needĀ toĀ contactĀ the RegistrarĀ byĀ telephoneĀ onĀ +44Ā (0)Ā 370Ā 703Ā 6242Ā orĀ byĀ logging on to www.investorcentre.co.uk/contactus. Members must appoint a proxy using the website no later than 48 hours (excluding non-working days) before the time of the AGM
orĀ anyĀ adjournmentĀ ofĀ thatĀ meeting.
Ā
Ā
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5. AppointmentĀ ofĀ aĀ proxyĀ usingĀ aĀ FormĀ ofĀ Proxy
A Form of Proxy for use in connection with the AGM is enclosed. To be valid, a Form of Proxy or other instrument appointingĀ aĀ proxy,Ā togetherĀ withĀ anyĀ powerĀ ofĀ attorneyĀ or other authority under which it is signed or a certified copy thereof,Ā mustĀ beĀ receivedĀ byĀ postĀ orĀ (duringĀ normalĀ business hours only) by hand by the Registrar at The Pavilions, Bridgwater Road, Bristol BS99 6ZY, no later than 48 hours (excludingĀ non-workingĀ days)Ā beforeĀ theĀ timeĀ ofĀ theĀ AGMĀ or anyĀ adjournmentĀ ofĀ thatĀ meeting.Ā IfĀ youĀ doĀ notĀ haveĀ aĀ Form ofĀ ProxyĀ andĀ believeĀ thatĀ youĀ shouldĀ haveĀ one,Ā orĀ youĀ require additional Forms of Proxy, please contact the Registrar
byĀ telephoneĀ onĀ +44Ā (0)Ā 370Ā 703Ā 6242Ā orĀ byĀ loggingĀ onĀ to www.investorcentre.co.uk/contactus.
Ā
6. AppointmentĀ ofĀ aĀ proxyĀ throughĀ CREST
CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so by using the procedures described in the CRESTĀ ManualĀ andĀ byĀ loggingĀ onĀ toĀ theĀ followingĀ website: www.euroclear.com. CREST personal members or other
CRESTĀ sponsoredĀ members,Ā andĀ thoseĀ CRESTĀ membersĀ who haveĀ appointedĀ (a)Ā votingĀ serviceĀ provider(s),Ā shouldĀ referĀ to theirĀ CRESTĀ sponsorĀ orĀ votingĀ serviceĀ provider(s),Ā whoĀ willĀ be able to take the appropriate action on their behalf.
In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a CREST Proxy Instruction) must be properly authenticated in accordance with Euroclear UK & Ireland Limited's specifications and must contain the information required for such instruction, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy must, in orderĀ toĀ beĀ valid,Ā beĀ transmittedĀ soĀ asĀ toĀ beĀ receivedĀ byĀ the RegistrarĀ (IDĀ 3RA50)Ā noĀ laterĀ thanĀ 48Ā hoursĀ (excludingĀ non- workingĀ days)Ā beforeĀ theĀ timeĀ ofĀ theĀ AnnualĀ GeneralĀ Meeting or any adjournment of that meeting. For this purpose, the time of receipt will be taken to be the time (as determined
by the timestamp applied to the message by the CREST Application Host) from which the Registrar is able to retrieve the message by enquiry to CREST in the manner prescribed byĀ CREST.Ā AfterĀ thisĀ timeĀ anyĀ changeĀ ofĀ instructionsĀ toĀ proxies appointed through CREST should be communicated to the appointee through other means.
CREST members and, where applicable, their CRESTĀ sponsors or voting service provider(s) should note that Euroclear UK & Ireland Limited does not make available special procedures in CREST for any particular message. NormalĀ systemĀ timingsĀ andĀ limitationsĀ will,Ā therefore,Ā applyĀ in relation to the input of CREST Proxy Instructions.
ItĀ isĀ theĀ responsibilityĀ ofĀ theĀ CRESTĀ memberĀ concerned to take (or, if the CREST member is a CREST personal
member,Ā orĀ sponsoredĀ member,Ā orĀ hasĀ appointedĀ (a)Ā voting service provider(s), to procure that their CREST sponsor
or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by meansĀ ofĀ theĀ CRESTĀ systemĀ byĀ anyĀ particularĀ time.Ā InĀ this connection,Ā CRESTĀ membersĀ and,Ā whereĀ applicable,Ā their
CREST sponsors or voting system providers are referred, in particular,Ā toĀ thoseĀ sectionsĀ ofĀ theĀ CRESTĀ ManualĀ concerning practical limitations of the CREST system and timings.
ĀTheĀ CompanyĀ mayĀ treatĀ asĀ invalidĀ aĀ CRESTĀ ProxyĀ Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001 (as amended).
Ā
7. AppointmentĀ ofĀ proxyĀ throughĀ Proxymity
IfĀ youĀ areĀ anĀ institutionalĀ investorĀ youĀ mayĀ beĀ ableĀ toĀ appoint a proxy electronically via the Proxymity platform, a process whichĀ hasĀ beenĀ agreedĀ byĀ theĀ CompanyĀ andĀ approvedĀ byĀ the Registrar.Ā ForĀ furtherĀ informationĀ regardingĀ Proxymity,Ā please go to www.proxymity.io. Your proxy must be lodged by 12 noon onĀ 23Ā MayĀ 2022Ā inĀ orderĀ toĀ beĀ consideredĀ valid.Ā BeforeĀ youĀ can appointĀ aĀ proxyĀ viaĀ thisĀ processĀ youĀ willĀ needĀ toĀ haveĀ agreed toĀ Proxymity'sĀ associatedĀ termsĀ andĀ conditions.Ā ItĀ isĀ important thatĀ youĀ readĀ theseĀ carefullyĀ asĀ youĀ willĀ beĀ boundĀ byĀ themĀ and they will govern the electronic appointment of your proxy.
Ā
8. AppointmentĀ ofĀ proxyĀ byĀ jointĀ holders
InĀ theĀ caseĀ ofĀ jointĀ holders,Ā whereĀ moreĀ thanĀ oneĀ ofĀ theĀ joint holders purports to appoint one or more proxies, only the purported appointment submitted by the most senior holder willĀ beĀ accepted.Ā SeniorityĀ shallĀ beĀ determinedĀ byĀ theĀ orderĀ in which the names of the joint holders stand in the Company's register of members in respect of the joint holding.
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9. CorporateĀ representatives
Any corporation which is a member can appoint one or more corporate representatives. Members can only appoint more than one corporate representative where each corporate representative is appointed to exercise rights attached to different shares. Members cannot appoint more than one corporateĀ representativeĀ toĀ exerciseĀ theĀ rightsĀ attachedĀ toĀ the sameĀ share(s).
Ā
10.Ā EntitlementĀ toĀ attendĀ and vote
ToĀ beĀ entitledĀ toĀ attendĀ andĀ voteĀ atĀ theĀ AGMĀ (andĀ forĀ the purpose of determining the votes they may cast), members must be registered in the Company's register of members at 6.00pmĀ onĀ 23Ā MayĀ 2022Ā (or,Ā ifĀ theĀ AGMĀ isĀ adjourned,Ā atĀ 6.00pm onĀ theĀ dayĀ twoĀ daysĀ (excludingĀ non-workingĀ days)Ā priorĀ to
theĀ adjournedĀ meeting).Ā ChangesĀ toĀ theĀ registerĀ ofĀ members afterĀ theĀ relevantĀ deadlineĀ willĀ beĀ disregardedĀ inĀ determining the rights of any person to attend and vote at the AGM.
Ā
11.Ā VotesĀ toĀ beĀ takenĀ byĀ aĀ poll
AtĀ theĀ AGMĀ allĀ votesĀ willĀ beĀ takenĀ byĀ aĀ pollĀ ratherĀ thanĀ on aĀ showĀ ofĀ hands.Ā ItĀ isĀ intendedĀ thatĀ theĀ resultsĀ ofĀ theĀ poll
votesĀ willĀ beĀ announcedĀ toĀ theĀ LondonĀ StockĀ ExchangeĀ and published on the Company's website as soon as possible afterĀ theĀ conclusionĀ ofĀ theĀ AGM,Ā andĀ noĀ laterĀ thanĀ 6.00pm on 26 May 2022.
Ā
12.Ā NominatedĀ persons
Any person to whom this Notice is sent who is a person nominated under section 146 of the Companies Act 2006 (the Act) to enjoy information rights (a Nominated Person) may, under an agreement between them and the member byĀ whomĀ theyĀ wereĀ nominated,Ā haveĀ aĀ rightĀ toĀ beĀ appointed (orĀ toĀ haveĀ someoneĀ elseĀ appointed)Ā asĀ aĀ proxyĀ forĀ theĀ AGM. IfĀ aĀ NominatedĀ PersonĀ hasĀ noĀ suchĀ proxyĀ appointmentĀ right or does not wish to exercise it, they may, under any such agreement,Ā haveĀ aĀ rightĀ toĀ giveĀ instructionsĀ toĀ theĀ member as to the exercise of voting rights.
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NoticeĀ ofĀ AnnualĀ GeneralĀ MeetingĀ 2022Ā continued
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13.Ā WebsiteĀ givingĀ informationĀ regardingĀ the Annual General Meeting
Information regarding the AGM, including information requiredĀ byĀ sectionĀ 311AĀ ofĀ theĀ Act,Ā andĀ aĀ copyĀ ofĀ thisĀ Notice of AGM are available from www.tullowoil.com.
Ā
14.Ā Audit concerns
Members should note that it is possible that, pursuant to requests made by members of the Company under section 527Ā ofĀ theĀ Act,Ā theĀ CompanyĀ mayĀ beĀ requiredĀ toĀ publishĀ on aĀ websiteĀ aĀ statementĀ settingĀ outĀ anyĀ matterĀ relatingĀ to:Ā (a) theĀ auditĀ ofĀ theĀ Company'sĀ accountsĀ (includingĀ theĀ Auditor's
ReportĀ andĀ theĀ conductĀ ofĀ theĀ audit)Ā thatĀ areĀ toĀ beĀ laidĀ before theĀ AGM;Ā orĀ (b)Ā anyĀ circumstanceĀ connectedĀ withĀ theĀ auditor ofĀ theĀ CompanyĀ ceasingĀ toĀ holdĀ officeĀ sinceĀ theĀ previous meetingĀ atĀ whichĀ annualĀ accountsĀ andĀ reportsĀ wereĀ laidĀ in accordanceĀ withĀ sectionĀ 437Ā ofĀ theĀ Act.Ā TheĀ CompanyĀ mayĀ not requireĀ theĀ membersĀ requestingĀ anyĀ suchĀ websiteĀ publication to pay its expenses in complying with sections 527 or 528 of theĀ Act.Ā WhereĀ theĀ CompanyĀ isĀ requiredĀ toĀ placeĀ aĀ statement onĀ aĀ websiteĀ underĀ sectionĀ 527Ā ofĀ theĀ Act,Ā itĀ mustĀ forwardĀ the statementĀ toĀ theĀ Company'sĀ auditorĀ notĀ laterĀ thanĀ theĀ time whenĀ itĀ makesĀ theĀ statementĀ availableĀ onĀ theĀ website.Ā The businessĀ whichĀ mayĀ beĀ dealtĀ withĀ atĀ theĀ AGMĀ includesĀ any statementĀ thatĀ theĀ CompanyĀ hasĀ beenĀ requiredĀ underĀ section 527Ā ofĀ theĀ ActĀ toĀ publishĀ onĀ aĀ website.
Ā
15.Ā Voting rights
As at 18 April 2022, being the latest practicable date prior to the publication of this Notice, the Company's issued share capital consisted of 1,436,238,927 Ordinary Shares, carrying oneĀ voteĀ each.Ā NoĀ sharesĀ areĀ heldĀ byĀ theĀ CompanyĀ inĀ treasury. Therefore,Ā theĀ totalĀ votingĀ rightsĀ inĀ theĀ CompanyĀ asĀ atĀ 18Ā April 2022Ā wereĀ 1,436,238,927Ā votes.
Ā
16.Ā NotificationĀ ofĀ shareholdings
Any person holding 3 per cent or more of the total voting rights of the Company who appoints a person other than the Chair of the AGM as their proxy will need to ensure thatĀ bothĀ they,Ā andĀ theirĀ proxy,Ā complyĀ withĀ theirĀ respective disclosure obligations under the UK Disclosure Guidance
andĀ TransparencyĀ Rules.Ā AsĀ atĀ 18Ā AprilĀ 2022,Ā beingĀ theĀ latest practicable date prior to the publication of this Notice, no notifications in respect of substantial shareholdings had beenĀ receivedĀ otherĀ thanĀ asĀ setĀ outĀ onĀ pageĀ 88Ā ofĀ theĀ Annual Report and Accounts.
ĀĀ
17.Ā FurtherĀ questionsĀ andĀ communication
Under section 319A of the Act, the Company must cause toĀ beĀ answeredĀ anyĀ questionĀ relatingĀ toĀ theĀ businessĀ being dealt with at the AGM put by a member attending the meeting unless answering the question would interfere undulyĀ withĀ theĀ preparationĀ forĀ theĀ meetingĀ orĀ involveĀ the disclosure of confidential information, or the answer has alreadyĀ beenĀ givenĀ onĀ aĀ websiteĀ inĀ theĀ formĀ ofĀ anĀ answer to a question, or it is undesirable in the interests of the
CompanyĀ orĀ theĀ goodĀ orderĀ ofĀ theĀ meetingĀ thatĀ theĀ question be answered. Members who have any queries about the AGM should contact the Company Secretary by email at TullowCompanySecretary@tullowoil.com. Members may not use any electronic address or fax number provided in this Notice or in any related documents (including the Form of Proxy) to communicate with the Company for any purpose other than those expressly stated.
Ā
18.Ā DocumentsĀ availableĀ forĀ inspection
The following documents will be available for inspection on theĀ dateĀ ofĀ theĀ AGMĀ atĀ theĀ LondonĀ officesĀ ofĀ TullowĀ OilĀ plcĀ at 9 Chiswick Park, 566 Chiswick High Road, London W4 5XT, from 11.45am until the conclusion of the AGM:
-Ā copiesĀ ofĀ allĀ contractsĀ ofĀ serviceĀ underĀ whichĀ Directors are employed by the Company or any of its subsidiary undertakings;Ā and
-Ā copiesĀ ofĀ theĀ lettersĀ ofĀ appointmentĀ ofĀ theĀ non-executive Directors of the Company.
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TullowĀ Oil plc
9Ā Chiswick Park
566Ā ChiswickĀ HighĀ Road London
W4Ā 5XT
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Tel:Ā +44Ā (0)Ā 20Ā 3249Ā 9000
Fax:Ā +44Ā (0)Ā 20Ā 3249Ā 8801
Email:Ā info@tullowoil.com Website:Ā www.tullowoil.com
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